0001564590-21-006974 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Feb. 17, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	MANPOWERGROUP INC.
Entity Central Index Key	0000871763
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 3,991,124,225
Entity Common Stock, Shares Outstanding		54,994,858
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	MAN
Security Exchange Name	NYSE
Entity File Number	1-10686
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1672779
Entity Address, Address Line One	100 manpower place
Entity Address, City or Town	milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53212
City Area Code	414
Local Phone Number	961-1000
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Part III is incorporated by reference from the Proxy Statement for the Annual Meeting of Shareholders to be held on May 7, 2021.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues from services	$ 18,001,000,000.0	$ 20,863,500,000	$ 21,991,200,000
Cost of services	15,176,300,000	17,488,400,000	18,412,200,000
Gross profit	2,824,700,000	3,375,100,000	3,579,000,000.0
Selling and administrative expenses, excluding goodwill impairment charges	2,570,300,000	2,666,200,000	2,782,300,000
Goodwill impairment charges	66,800,000	64,000,000.0
Selling and administrative expenses	2,637,100,000	2,730,200,000	2,782,300,000
Operating profit	187,600,000	644,900,000	796,700,000
Interest and other expenses (income), net	39,900,000	(40,600,000)	42,000,000.0
Earnings before income taxes	147,700,000	685,500,000	754,700,000
Provision for income taxes	123,900,000	219,800,000	198,000,000.0
Net earnings	$ 23,800,000	$ 465,700,000	$ 556,700,000
Net earnings per share - basic	$ 0.41	$ 7.78	$ 8.62
Net earnings per share - diluted	$ 0.41	$ 7.72	$ 8.56
Weighted average shares - basic	58.0	59.9	64.6
Weighted average shares - diluted	58.3	60.3	65.1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net earnings	$ 23.8	$ 465.7	$ 556.7
Other comprehensive income (loss):
Foreign currency translation	188.4	(11.0)	(135.5)
Translation adjustments on derivative instruments, net of income taxes of $(25.8), $3.8 and $10.2, respectively	(94.3)	17.8	35.2
Translation adjustments on long-term intercompany loans	(11.8)	15.7	(8.4)
Defined benefit pension plans and retiree health care plan, net of income taxes of $(11.6), $(8.1) and $4.6, respectively	(47.9)	(37.4)	12.4
Pension settlements, net of taxes of $4.5	9.3
Total other comprehensive income (loss)	43.7	(41.2)	(96.3)
Comprehensive income	$ 67.5	424.5	$ 460.4
Manpower Switzerland
Other comprehensive income (loss):
Reclassification of currency translation adjustment to income related to disposition of partially held equity interest (see Note 4)		(32.5)
ManpowerGroup Greater China Limited
Other comprehensive income (loss):
Reclassification of currency translation adjustment to income related to disposition of partially held equity interest (see Note 4)		$ 6.2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other comprehensive income (loss):
Income tax expense (benefit) on translation adjustments on derivative instruments	$ (25.8)	$ 3.8	$ 10.2
Income tax expense on defined benefit pension plans and retiree health care plan	(11.6)	$ (8.1)	$ 4.6
Income tax expense on pension plan settlement	$ 4.5

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 1,567.1	$ 1,025.8
Accounts receivable, less allowance for doubtful accounts of $128.1 and $113.5, respectively	4,912.4	5,273.1
Prepaid expenses and other assets	186.9	185.6
Total current assets	6,666.4	6,484.5
Other Assets
Goodwill	1,225.8	1,260.1
Intangible assets, less accumulated amortization of $425.4 and $389.4, respectively	248.6	268.6
Operating lease right-of-use asset	400.7	448.5
Other assets	651.6	618.8
Total other assets	2,526.7	2,596.0
Property and Equipment
Land, buildings, leasehold improvements and equipment	614.7	605.5
Less: accumulated depreciation and amortization	479.6	462.2
Net property and equipment	135.1	143.3
Total assets	9,328.2	9,223.8
Current Liabilities
Accounts payable	2,527.4	2,474.9
Employee compensation payable	231.8	206.4
Accrued liabilities	602.1	545.4
Accrued payroll taxes and insurance	752.0	649.7
Value added taxes payable	551.1	504.0
Short-term borrowings and current maturities of long-term debt	20.4	61.0
Total current liabilities	4,684.8	4,441.4
Other liabilities
Long-term debt	1,103.5	1,012.4
Long-term operating lease liability	305.1	336.7
Other long-term liabilities	781.2	671.8
Total other liabilities	2,189.8	2,020.9
Shareholders’ Equity
Preferred stock, $.01 par value, authorized 25,000,000 shares, none issued	0.0	0.0
Common stock, $.01 par value, authorized 125,000,000 shares, issued 117,555,991 and 117,190,883 shares, respectively	1.2	1.2
Capital in excess of par value	3,402.5	3,370.6
Retained earnings	3,388.8	3,494.1
Accumulated other comprehensive loss	(397.3)	(441.0)
Treasury stock at cost, 61,990,021 and 58,517,128 shares, respectively	(3,954.2)	(3,681.9)
Total ManpowerGroup shareholders' equity	2,441.0	2,743.0
Noncontrolling interests	12.6	18.5
Total shareholders’ equity	2,453.6	2,761.5
Total liabilities and shareholders’ equity	$ 9,328.2	$ 9,223.8

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Allowance for doubtful accounts	$ 128.1	$ 113.5
Other Assets
Accumulated amortization on intangible assets	$ 425.4	$ 389.4
Shareholders' Equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	125,000,000	125,000,000
Common stock, issued (in shares)	117,555,991	117,190,883
Treasury stock at cost (in shares)	61,990,021	58,517,128

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities
Net earnings	$ 23.8	$ 465.7	$ 556.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	76.3	77.2	85.8
Non-cash gain on disposition of previously held equity interest		(80.4)
Non-cash gain on disposition of previously held controlling interest		(30.4)
Non-cash goodwill and other impairment charges	71.3	64.0
Non-cash operating lease right-of-use assets impairment	27.3
Deferred income taxes	(10.4)	(43.0)	(11.9)
Provision for doubtful accounts	20.3	21.8	23.0
Share-based compensation	24.2	26.3	27.8
Change in operating assets and liabilities, excluding the impact of acquisitions:
Accounts receivable	586.9	(80.2)	(146.4)
Other assets	29.9	122.3	58.7
Other liabilities	86.8	271.1	(110.6)
Cash provided by operating activities	936.4	814.4	483.1
Cash Flows from Investing Activities
Capital expenditures	(50.7)	(52.9)	(64.7)
Acquisitions of businesses, net of cash acquired	(0.7)	77.8	(9.1)
Impact to cash resulting from deconsolidation of subsidiaries		(57.9)
Proceeds from the sale of subsidiaries, investments, property and equipment	9.0	16.8	18.9
Cash used in investing activities	(42.4)	(16.2)	(54.9)
Cash Flows from Financing Activities
Net change in short-term borrowings	(40.8)	11.2	3.5
Proceeds from long-term debt	2.7	9.6	583.3
Repayments of long-term debt	(0.4)	(1.3)	(408.6)
Payments for debt issuance costs			(2.5)
Payments of contingent consideration for acquisitions	(1.9)	(22.8)	(18.6)
Proceeds from share-based awards and sale of subsidiaries	7.4	7.5	5.2
Payments to noncontrolling interests	(0.8)	(2.1)	(1.9)
Other share-based award transactions	(7.6)	(7.2)	(17.3)
Repurchases of common stock	(264.7)	(203.0)	(500.7)
Dividends paid	(129.1)	(129.3)	(127.3)
Cash used in financing activities	(435.2)	(337.4)	(484.9)
Effect of exchange rate changes on cash	82.5	(26.9)	(40.4)
Change in cash and cash equivalents	541.3	433.9	(97.1)
Cash and cash equivalents, beginning of year	1,025.8	591.9	689.0
Cash and cash equivalents, end of year	1,567.1	1,025.8	591.9
Cash paid during the period for:
Interest	40.8	42.4	49.9
Income taxes, net	149.8	179.2	$ 184.6
Operating lease liabilities	142.0	150.1
Non-cash operating activity:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 63.6	$ 129.3

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Non- controlling Interests
Balance, beginning of period at Dec. 31, 2017	$ 2,857.6	$ 1.2	$ 3,302.6	$ 2,713.0	$ 15.3	$ (288.2)	$ (15.3)	$ (2,953.7)	$ 82.7
Balance, beginning of period (in shares) at Dec. 31, 2017		116,303,729
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Net earnings	$ 556.7			556.7
Other comprehensive income (loss)	(96.3)					(96.3)
Issuances under equity plans	(12.1)		5.2					(17.3)
Issuances under equity plans (in shares)		492,170
Share-based compensation expense	27.8		27.8
Dividends	(127.3)			(127.3)
Repurchases of common stock	(500.7)							(500.7)
Noncontrolling interest transactions	(7.2)		1.9						(9.1)
Balance, end of period at Dec. 31, 2018	2,698.5	$ 1.2	3,337.5	3,157.7		(399.8)		(3,471.7)	73.6
Balance, end of period (in shares) at Dec. 31, 2018		116,795,899
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	465.7			465.7
Other comprehensive income (loss)	(41.2)					(41.2)
Issuances under equity plans	(0.2)		7.0					(7.2)
Issuances under equity plans (in shares)		394,984
Share-based compensation expense	26.3		26.3
Dividends	(129.3)			(129.3)
Repurchases of common stock	(203.0)							(203.0)
Noncontrolling interest transactions	(55.3)		(0.2)						(55.1)
Balance, end of period at Dec. 31, 2019	2,761.5	$ 1.2	3,370.6	3,494.1		(441.0)		(3,681.9)	18.5
Balance, end of period (in shares) at Dec. 31, 2019		117,190,883
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	23.8			23.8
Other comprehensive income (loss)	43.7					43.7
Issuances under equity plans	0.1		7.7					(7.6)
Issuances under equity plans (in shares)		365,108
Share-based compensation expense	24.2		24.2
Dividends	(129.1)			(129.1)
Repurchases of common stock	(264.7)							(264.7)
Noncontrolling interest transactions	(5.9)								(5.9)
Balance, end of period at Dec. 31, 2020	$ 2,453.6	$ 1.2	$ 3,402.5	$ 3,388.8		$ (397.3)		$ (3,954.2)	$ 12.6
Balance, end of period (in shares) at Dec. 31, 2020		117,555,991

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Stockholders Equity [Abstract]
Dividends per share (in dollars per share)	$ 1.17	$ 0	$ 1.09	$ 0	$ 1.09	$ 0	$ 1.09	$ 0	$ 2.26	$ 2.18	$ 2.02

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(1) Summary of Significant Accounting Policies

Nature of Operations

ManpowerGroup Inc. is a world leader in the innovative workforce solutions and services industry. Our global network of over 2,200 offices in 75 countries and territories allows us to meet the needs of our global, multinational and local clients across all major industry segments. Our largest operations, based on revenues, are located in France, the United States, the United Kingdom and Italy. We specialize in permanent, temporary and contract recruitment and assessment; training and development; outsourcing; career management and workforce consulting services. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates.

COVID-19

The global spread of COVID-19, which was declared a global pandemic by the World Health Organization in March 2020, has created significant volatility, uncertainty and global macroeconomic disruption. Our business, operations and consolidated financial statements for 2020 were significantly negatively impacted by the COVID-19 crisis. By the end of March, significant lockdown measures had been implemented in our main markets in Europe and North America, as well as in certain other countries. At the beginning of the third quarter, the impact of the COVID-19 crisis stabilized in many parts of the world, and economies slowly reopened. However, in late 2020, a number of countries started to see increased cases of COVID-19 that led to the implementation of new restrictions in an effort to mitigate the spread. Unlike the lockdowns and restrictions experienced earlier in the year, the same country-wide lockdowns did not occur, but more targeted and localized restrictions. Continued uncertainty remains as to the future impact of the pandemic on global and local economies.

We are continuing to monitor and assess the impacts of the COVID-19 pandemic and we expect that our financial condition, liquidity and future results of operations will continue to be adversely affected. However, we cannot predict with certainty what the impact will be on future periods. For further information on the impacts of COVID-19 on our business, operations and financial results, see Part I, Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Basis of Consolidation

The Consolidated Financial Statements include our operating results and the operating results of all of our majority-owned subsidiaries and entities in which we have a controlling financial interest. We have a controlling financial interest if we own a majority of the outstanding voting common stock and the noncontrolling shareholders do not have substantive participating rights, or we have significant control over an entity through contractual or economic interests in which we are the primary beneficiary. We account for equity investments in companies over which we have the ability to exercise significant influence, but not control, using the equity method of accounting. We recognize our ownership share of earnings of these equity method investments, amortization of basis differences, and related gains or losses in the Consolidated Financial Statements. These investments, as well as certain other relationships, are also evaluated for consolidation under the accounting guidance on consolidation of variable interest entities. These investments were $106.6 and $97.8 as of December 31, 2020 and 2019, respectively, and

are included in other assets in the Consolidated Balance Sheets. Included in shareholders’ equity as of December 31, 2020 and 2019 are $8.0 and $3.4, respectively, of unremitted earnings from investments accounted for using the equity method. The remaining amounts as of December 31, 2020 relate to accounting for our remaining interest in ManpowerGroup Greater China under the equity method subsequent to deconsolidation (see Note 4 for further information). All significant intercompany accounts and transactions have been eliminated in consolidation.

As described further in Note 14, effective in the first quarter of 2020 our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation.

Revenues

As of January 1, 2018, we adopted the new accounting guidance on revenue recognition using the modified retrospective approach applied to those contracts that were not completed as of January 1, 2018. We determined that no cumulative effect adjustment to retained earnings was necessary upon adoption as there were no significant revenue recognition differences identified between the new and previous accounting guidance.

We recognize revenues when control of the promised services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services. Our revenues are recorded net of any sales, value added, or other taxes collected from our clients.

A performance obligation is a promise in a contract to transfer a distinct service to the client, and it is the unit of account in the new accounting guidance for revenue recognition. The majority of our contracts have a single performance obligation as the promise to transfer the individual services is not separately identifiable from other promises in our contracts and, therefore, is not distinct. However, we have multiple performance obligations within our Recruitment Process Outsourcing (RPO) contracts as discussed below. For performance obligations that we satisfy over time, revenues are recognized by consistently applying a method of measuring progress toward satisfaction of that performance obligation. We generally utilize an input measure of time (e.g., hours, weeks, months) of service provided, which most accurately depicts the progress toward completion of each performance obligation.

We generally determine standalone selling prices based on the prices included in the client contracts, using expected costs plus margin, or other observable prices. The price as specified in our client contracts is generally considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar client in similar circumstances. Certain client contracts have variable consideration, including credits, sales allowances, rebates or other similar items that generally reduce the transaction price. We estimate variable consideration using whichever method, either the expected value method or most likely amount method, better predicts the amount of consideration to which we will become entitled based on the terms of the client contract and historical evidence. These amounts may be constrained and are only included in revenues to the extent we do not expect a significant reversal when the uncertainty associated with the variable consideration is resolved. Our variable consideration amounts are not material, and we do not believe that there will be significant changes to our estimates.

Our client contracts generally include standard payment terms acceptable in each of the countries and territories in which we operate. The payment terms vary by the type and location of our clients and services offered. Client payments are typically due approximately 60 days after invoicing but may be a shorter or longer term depending on the contract. Our client contracts are generally short-term in nature with a term of one year or less. The timing between satisfaction of the performance obligation, invoicing and payment is not significant. For certain services and client types, we may require payment prior to delivery of services to the client, for which deferred revenue is recorded.

In certain scenarios where a third-party vendor is involved in our revenue transactions with our clients, we evaluate whether we are the principal or the agent in the transaction. In situations where we act as principal in the transaction, we control the performance obligation prior to transfer to the client, and we report the related amounts as gross revenues and cost of services. When we act as agent in the transaction, we do not control the performance obligation prior to transfer to the client, and we report the related amounts as revenues on a net basis.

A majority of these agent transactions occur within our TAPFIN - Managed Service Provider (MSP) programs where our performance obligation is to manage our client’s contingent workforce, and we earn a commission based on the amount of staffing services that are managed through the program. We are the agent in these transactions as we do not control the third-party providers' staffing services provided to the client through our MSP program prior to those services being transferred to the client.

For certain client contracts where we recognize revenues over time, we recognize the amount that we have the right to invoice, which corresponds directly to the value provided to the client of our performance to date.

As allowed under the new guidance, we do not disclose the amount of unsatisfied performance obligations for client contracts with an original expected length of one year or less and those client contracts for which we recognize revenues at the amount to which we have the right to invoice for services performed. We have other contracts with revenues expected to be recognized subsequent to December 31, 2020 related to remaining performance obligations, which are not material.

Accounts Receivable, Contract Assets and Contract Liabilities

We record accounts receivable when our right to consideration becomes unconditional. Contract assets primarily relate to our rights to consideration for services provided that they are conditional on satisfaction of future performance obligations. We record contract liabilities (deferred revenue) when payments are made or due prior to the related performance obligations being satisfied. The current portion of our contract liabilities is included in accrued liabilities in our Consolidated Balance Sheets. We do not have any material contract assets or long-term contract liabilities.

Our deferred revenue was $34.9 at December 31, 2020 and $44.5 at December 31, 2019. We recognized the entire amount of the deferred revenue balance as of December 31, 2019 as revenue during the year ended December 31, 2020. We expect to recognize the entire amount of deferred revenue balance as of December 31, 2020 as revenue during the year ended December 31, 2021.

Allowance for Doubtful Accounts

We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables, market conditions and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances.

	Balance at Beginning of Year		Provisions Charged to Earnings		Write-Offs			Translation Adjustments			Reclassifications and Other		Balance at End of Year
2020	$	113.5	$	20.3	$	(17.8	)	$	8.1		$	4.0	$	128.1
2019		115.7		21.8		(19.1	)		(5.0	)		0.1		113.5
2018		110.8		23.0		(12.0	)		(6.3	)		0.2		115.7

Bad debt expense is recorded as selling and administrative expenses in our Consolidated Statements of Operations and was $20.3, $21.8 and $23.0 in 2020, 2019 and, 2018 respectively. Factors that would cause this provision to increase primarily relate to increased bankruptcies by our clients and other difficulties collecting amounts billed. On the other hand, an improved write-off experience and aging of receivables would result in a decrease to the provision. Write-offs were $17.8, $19.1 and $12.0 for 2020, 2019 and 2018, respectively.

Advertising Costs

We expense production costs of advertising as they are incurred. Advertising expenses were $22.2, $25.7 and $27.9 in 2020, 2019 and 2018, respectively.

Restructuring Costs

We recorded net restructuring costs of $110.7, $42.0 and $39.3 in 2020, 2019 and 2018, respectively, in selling and administrative expenses, primarily related to severances and office closures and consolidations in multiple countries and territories. As a result of the adoption of the new accounting guidance on leases as of

January 1, 2019, the office closure costs of $27.3 during 2020 were recorded as an impairment to the operating lease right-of-use asset and, thus, are not included in the restructuring reserve balance as of December 31, 2020. The costs paid, utilized or transferred out of our restructuring reserve were $71.9 and $50.2 in 2020 and 2019, respectively. We expect a majority of the remaining $46.1 reserve will be paid by the end of 2021.

Changes in the restructuring reserve by reportable segment and Corporate are shown below:

	Americas⁽¹⁾			Southern Europe⁽²⁾			Northern Europe			APME			Corporate			Total
Balance, December 31, 2018	$	0.5		$	1.9		$	13.1		$	—		$	—		$	15.5
Severance costs		3.8			5.2			17.6			3.5			2.3			32.4
Office closure costs		5.8			0.1			2.0			0.9			0.8			9.6
Costs paid or utilized		(9.7	)		(6.5	)		(26.5	)		(4.4	)		(3.1	)		(50.2	)
Balance, December 31, 2019	$	0.4		$	0.7		$	6.2		$	—		$	—		$	7.3
Severance costs		5.5			16.2			49.8			2.5			0.2			74.2
Office closure costs		19.6			5.1			2.1			0.5			—			27.3
Other costs		4.4			3.2			0.5			1.1			—			9.2
Costs paid, utilized or transferred out		(28.0	)		(21.7	)		(17.9	)		(4.1	)		(0.2	)		(71.9	)
Balance, December 31, 2020	$	1.9		$	3.5		$	40.7		$	—		$	—		$	46.1

(1) Balance related to United States was $0.3 as of December 31, 2018. In 2019, United States incurred $1.3 for severance costs and $5.4 for office closure costs and paid/utilized $6.7, leaving a $0.3 liability as of December 31, 2019. In 2020, United States incurred $3.8 for severance costs, $17.8 for office closure costs and $4.2 for other costs and paid/utilized $24.7, leaving a $1.4 liability as of December 31, 2020.

(2) Balance related to France was $1.1 as of December 31, 2018. In 2019, France paid/utilized $1.1, leaving no liability as of December 31, 2019. In 2020, France incurred $2.6 for office closure costs and $1.2 for other costs and paid/utilized $3.2, leaving a $0.6 liability as of December 31, 2020. Balance related to Italy was $0.5 as of December 31, 2018. In 2019, Italy incurred $2.3 for severance costs and paid/utilized $2.5, leaving a $0.3 liability as of December 31, 2019. In 2020, Italy incurred $1.9 for severance costs, $0.5 for office closure costs and $1.0 for other costs and paid/utilized $2.3, leaving a $1.4 liability as of December 31, 2020.

Income Taxes

We account for income taxes in accordance with the accounting guidance on income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We record a valuation allowance against deferred tax assets to reduce the assets to the amounts more likely than not to be realized.

Fair Value Measurements

The assets and liabilities measured and recorded at fair value on a recurring basis were as follows:

	Fair Value Measurements Using								Fair Value Measurements Using
	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Deferred compensation plan assets	$	119.4	$	119.4	$	—	$	—	$	107.3	$	107.3	$	—	$	—
Cross-currency swaps		12.1		—		12.1		—		9.7		—		9.7		—
Foreign currency forward contracts		1.0		—		1.0		—		—		—		—		—
	$	132.5	$	119.4	$	13.1	$	—	$	117.0	$	107.3	$	9.7	$	—
Liabilities
Cross-currency swaps	$	30.5	$	—	$	30.5	$	—	$	6.0	$	—	$	6.0	$	—
	$	30.5	$	—	$	30.5	$	—	$	6.0	$	—	$	6.0	$	—

We determine the fair value of our deferred compensation plan assets, comprised of publicly traded securities, by using market quotes as of the last day of the period. The fair value of the cross-currency swaps and foreign currency forward contracts are measured at the value based on a third party valuation model that performs a discounted cash flow analysis based on the terms of the contracts and market observable inputs such as current and forward interest rates and current and forward foreign exchange rates

The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair values because of the short-term nature of these instruments. The carrying value of our variable-rate long-term debt approximates fair value. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $1,094.5 and $1,062.5 as of December 31, 2020 and 2019, respectively, compared to a carrying value of $1,159.1 and $1,002.9, respectively.

Goodwill and Other Intangible Assets

We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows:

	December 31, 2020						December 31, 2019
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Goodwill⁽¹⁾	$	1,225.8	$	—	$	1,225.8	$	1,260.1	$	—	$	1,260.1
Intangible assets:
Finite-lived:
Customer relationships	$	473.0	$	403.8	$	69.2	$	460.5	$	375.7	$	84.8
Other		21.9		21.6		0.3		20.9		13.7		7.2
		494.9		425.4		69.5		481.4		389.4		92.0
Indefinite-lived:
Tradenames⁽²⁾		52.0		—		52.0		52.0		—		52.0
Reacquired franchise rights		127.1		—		127.1		124.6		—		124.6
		179.1		—		179.1		176.6		—		176.6
Total intangible assets	$	674.0	$	425.4	$	248.6	$	658.0	$	389.4	$	268.6

(1) Balances were net of accumulated impairment loss of $644.2 and $577.4 as of December 31, 2020 and 2019, respectively.

(2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2020 and 2019.

The consolidated amortization expense related to intangibles was $27.2, $29.8 and $35.1 in 2020, 2019 and 2018, respectively. Amortization expense expected in each of the next five years related to acquisitions completed as of December 31, 2020 is as follows: 2021 - $16.8, 2022 - $13.4, 2023 - $10.7, 2024 - $8.4 and 2025 - $6.3. The weighted-average useful lives of the customer relationships and other are approximately 12 and 3 years, respectively. The tradenames have been assigned an indefinite life based on our expectation of renewing the tradenames, as required, without material modifications and at a minimal cost, and our expectation of positive cash flows beyond the foreseeable future. Indefinite-lived reacquired franchise rights resulted from our franchise acquisitions in the United States, Switzerland and Canada. These rights entitled the franchisees with unilateral control to operate perpetually in particular territories, and have therefore been assigned an indefinite life. (See Note 4 to the Consolidated Financial Statements for further information on our acquisition of the remaining controlling interest in Manpower Switzerland.)

In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived intangible assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2020, 2019 and 2018, and determined that there was no impairment of our goodwill or indefinite-lived intangible as a result of our annual tests.

The fair value of each reporting unit was at least 20% in excess of the respective reporting unit’s carrying value with the exception of the United Kingdom and Netherlands reporting units. The United Kingdom reporting unit had a fair value exceeding carrying value of approximately 12%. Key assumptions included in the United Kingdom (Northern Europe Segment) discounted cash flow valuation performed during the third quarter of 2020 were a discount rate of 11.5%, a terminal value revenue growth rate of 1.0%, and a terminal value OUP margin of 3.1%. The Netherlands reporting unit fair value exceeded its carrying value by less than 10%, approximating 3.3%. The Netherlands is part of the Northern Europe Segment. Key assumptions included in the Netherlands discounted cash flow valuation performed during the third quarter of 2020 included a discount rate of 10.9%, a terminal value revenue growth rate of 2.0%, and a terminal value OUP margin of 3.5%. Should the operations of the United Kingdom and Netherlands businesses incur further decreases in the operating results, including declines in profitability and cash flow due to continued deterioration in macroeconomic, industry and market conditions, including uncertainty of the financial impacts from COVID-19, some or all of the recorded goodwill for the Netherlands or United Kingdom reporting units, which were $119.3 and $100.2, respectively, as of December 31, 2020 could be subject to impairment.

We determine the fair value of the reporting unit by utilizing an income approach derived from a discounted cash flow methodology. The income approach is developed from management’s forecasted cash flow data. Significant assumptions used in our annual goodwill impairment test during the third quarter of 2020 included: expected future revenue growth rates, operating unit profit (“OUP”) margins, working capital levels, discount rates ranging from 9.1% to 13.5%, and a terminal value multiple. The expected future revenue growth rates and OUP margins were determined after taking into consideration our historical revenue growth rates and OUP margins, our assessment of future market potential, and our expectations of future business performance. We would record a goodwill impairment charge by the amount for which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill. We are also required to test our indefinite-lived intangible assets for impairment by comparing the fair value of the intangible asset with its carrying value. If the intangible asset’s fair value is less than its carrying value, an impairment loss is recognized for the difference.

For the second quarter of 2020, in connection with the preparation of our quarterly financial statements, we assessed the changes in circumstances that occurred during the quarter to determine if it was more likely than not that the fair value of any reporting unit was below its carrying amount. We identified several factors related to our Germany reporting unit that led us to conclude that it was more likely than not that the fair value of the reporting unit was below its carrying amount. These factors included sustained operating losses resulted from the ongoing decline and increased uncertainty in the outlook of the manufacturing sector, particularly the automotive sector in Germany, coupled with the significant implications of COVID-19.

As we determined that it was more likely than not that the fair value of the Germany reporting unit was below its carrying amount, we performed an interim impairment test on this reporting unit as of June 30, 2020. As a result of

our interim test, we recognized a non-cash impairment loss of $66.8, which resulted in full impairment of the remaining goodwill in the Germany reporting unit. The Germany reporting unit is included in the Northern Europe segment. The goodwill impairment charge resulted from reductions in the estimated fair value for our Germany reporting unit based on lower expectations for future revenue, profitability and cash flows as compared to the expectations of the 2019 annual goodwill impairment test and our quarterly assessments in the intervening periods due to the factors discussed above.

During the second quarter of 2019, we determined that it was more likely than not that the fair value of the Germany reporting unit was below its carrying amount and performed an interim goodwill impairment test. As a result of the interim test, we wrote down the carrying value of the Germany reporting unit to its estimated fair value and recognized a non-cash impairment charge loss of $60.2 during the second quarter of 2019.

In addition, during the second quarter of 2019, we recorded a goodwill impairment charge of $3.8 related to our New Zealand operations as a result of it not meeting profitability expectations. The New Zealand reporting unit is included in the APME segment.

Marketable Securities

Prior to April 2019, when we acquired the remaining 51% controlling interest in our Swiss franchise to obtain full ownership of the entity, we accounted for our 49% interest in our Swiss franchise under the equity method of accounting. The Swiss franchise maintained an investment portfolio with a market value of $219.9 as of December 31, 2018. The portfolio was comprised of a wide variety of European and United States debt and equity securities and various professionally-managed funds, all of which were classified as available-for-sale, as well as cash and cash equivalents. Since January 1, 2018, upon adoption of the new accounting guidance on financial instruments, we recognized all the changes in fair value on the investment portfolio in the current period earnings. Our share of net unrealized gains and unrealized losses that were determined to be temporary related to these investments was included in accumulated other comprehensive loss, with the offsetting amount increasing or decreasing our investment in the franchise. For the years ended December 31, 2020, 2019 and 2018, realized gains totaled $0.0, $0.3 and $12.7, respectively, and realized losses totaled $0.0, $0.2 and $2.1, respectively. Other-than-temporary impairment amounts were insignificant for 2020, 2019 and 2018.

Capitalized Software for Internal Use

We capitalize purchased software as well as internally developed software. Internal software development costs are capitalized from the time when the internal-use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation, selection and software maintenance costs are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the software which ranges from 3 to 10 years. The net capitalized software balance of $19.2 and $7.5 as of December 31, 2020 and 2019, respectively, is included in other assets in the Consolidated Balance Sheets. Amortization expense related to the capitalized software costs was $1.8, $2.0 and $1.5 for 2020, 2019 and 2018, respectively.

Property and Equipment

A summary of property and equipment as of December 31 is as follows:

	2020		2019
Land	$	0.5	$	0.5
Buildings		7.1		10.2
Furniture, fixtures, and autos		167.1		164.8
Computer equipment		133.8		130.3
Leasehold improvements		306.2		299.7
Property and equipment	$	614.7	$	605.5

Property and equipment are stated at cost and are depreciated using primarily the straight-line method over the following estimated useful lives: buildings - up to 40 years; furniture, fixtures, autos and computer equipment - 2 to

15 years; leasehold improvements - lesser of life of asset or expected lease term. Expenditures for renewals and betterments are capitalized whereas expenditures for repairs and maintenance are charged to income as incurred. Upon sale or disposition of property and equipment, the difference between the unamortized cost and the proceeds is recorded as either a gain or a loss and is included in our Consolidated Statements of Operations. Long-lived assets are evaluated for impairment in accordance with the provisions of the accounting guidance on the impairment or disposal of long-lived assets.

Leases

As of January 1, 2019, we adopted the new accounting guidance on leases, which requires a lessee to recognize right-of-use (“ROU”) assets and lease liabilities of the balance sheet for leases with lease terms longer than 12 months. The recognition, measurement and presentation of lease expenses and cash flows depend on the classification by the lessee as a finance or operating lease. Results for reporting periods beginning after January 1, 2019 are presented under the new guidance, while prior periods continue to be reported in accordance with previous accounting guidance. We determined that no cumulative effect adjustment to retained earnings was necessary upon adoption.

We have operating leases for real estate, vehicles, and equipment. Our leases have remaining lease terms of 1 month to 11 years. Our lease agreements may include renewal or termination options for varying periods that are generally at our discretion. In our lease term, we only include those periods related to renewal options we are reasonably certain to exercise. However, we generally do not include these renewal options as we are not reasonably certain to renew at the lease commencement date. This determination is based on our consideration of certain economic, strategic and other factors that we evaluate at lease commencement date and reevaluate throughout the lease term. Some leases also include options to terminate the leases and we only include those periods beyond the termination date if we are reasonably certain not to exercise the termination option.

Some leasing arrangements require variable payments that are dependent on usage or may vary for other reasons, such as payments for insurance and tax payments. The variable portion of lease payments is not included in our ROU assets or lease liabilities. Rather, variable payments, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred and are included in lease expenses recorded in selling and administrative expenses on the Consolidated Statements of Operations.

We have lease agreements with both lease and non-lease components that are treated as a single lease component for all underlying asset classes. Accordingly, all expenses associated with a lease contract are accounted for as lease expenses.

We elected the package of three practical expedients which lessened the transitional burden of implementing the new guidance. Accordingly, we did not reassess: 1) whether any expired or existing contracts are or contain leases; 2) the lease classification for any expired or existing leases; or 3) the initial direct costs for any existing leases. We have also elected the practical expedient to not separate lease and non-lease components. Lastly, we have elected to apply the short-term lease exception for all underlying asset classes. That is, leases with a term of 12 months or less are not recognized on the balance sheet, but rather expensed on a straight-line basis over the lease term. We do not include significant restrictions or covenants in our lease agreements, and residual value guarantees are generally not included within our operating leases. As of December 31, 2020, we did not have any material additional operating leases that have not yet commenced.

Derivative Financial Instruments

We account for our derivative instruments in accordance with the accounting guidance on derivative instruments and hedging activities. Derivative instruments are recorded on the balance sheet as either an asset or liability measured at their fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of the changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the Consolidated Statements of Operations when the hedged item affects earnings. The ineffective portions of the changes in the fair value of cash flow hedges are recognized in earnings.

Foreign Currency Translation

The financial statements of our non-United States subsidiaries have been translated in accordance with the accounting guidance on foreign currency translation. Under the accounting guidance, asset and liability accounts are translated at the current exchange rates and income statement items are translated at the average exchange rates each month. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in shareholders’ equity.

As of July 1, 2018, the Argentina economy was designated as highly-inflationary and was treated as such for accounting purposes starting in the third quarter of 2018.

A portion of our Euro-denominated notes is accounted for as a hedge of our net investment in our subsidiaries with a Euro-functional currency. For this portion of the Euro-denominated notes, since our net investment in these subsidiaries exceeds the amount of the related borrowings, net of tax, the related translation gains or losses are included as a component of accumulated other comprehensive loss.

Shareholders’ Equity

The Board of Directors authorized the repurchase of 6.0 million shares of our common stock in each of August 2019, August 2018 and July 2016. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During 2020, we repurchased a total of 3.4 million shares comprised of 0.8 million shares under the 2018 authorization and 2.6 million shares under the 2019 authorization, at a total cost of $264.7. The repurchases in 2020 occurred within the first quarter and fourth quarter of 2020. In 2019, we repurchased a total of 2.4 million shares at a total cost of $203.0 under the 2018 authorization. In 2018, we repurchased a total of 5.7 million shares, comprised of 2.9 million shares under the 2018 authorization and 2.8 million shares under the 2016 authorization, at a total cost of $500.7. As of December 31, 2020, there were 3.4 million shares remaining authorized for repurchase under the 2019 authorization and no shares remaining authorized for repurchase under either the 2018 or 2016 authorization.

During 2020, 2019 and 2018, the Board of Directors declared total cash dividends of $2.26, $2.18 and $2.02 per share, respectively, resulting in total dividend payments of $129.1, $129.3 and $127.3, respectively.

Noncontrolling interests, included in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other expenses in our Consolidated Statements of Operations. We recorded income of $4.7 and $4.9 for 2020 and 2018, respectively, and expense of $1.8 for 2019. The income recorded in 2020 was due to losses in a joint venture in Germany. The income recorded in 2018 was due to a revision in one of our joint venture agreements.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand, term deposits with banks and short-term highly-liquid financial investments that are readily convertible to known amounts of cash which are subject to insignificant risk of changes in value; and have a maturity of three months or less from the date of acquisition.

Payroll Tax Credit

In January 2013, the French government passed legislation, Credit d’Impôt pour la Compétitivité et l’Emploi (“CICE”), that provided payroll tax credits based on a percentage of wages paid to employees receiving less than two-and-a-half times the French minimum wage. The payroll tax credit was equal to 4% of eligible wages in 2013, 6% of eligible wages in 2014 to 2016, 7% of eligible wages in 2017, and 6% of eligible wages in 2018. The CICE payroll tax credit was accounted for as a reduction of our cost of services in the period earned. In January 2019, the French government replaced the CICE program with a new subsidy program.

The payroll tax credit was creditable against our current French income tax payable, with any remaining amount being paid after three years. Given the amount of our current income taxes payable, we would generally receive

the vast majority of these payroll tax credits after the three-year period. In April 2019 and April 2018, we entered into agreements to sell the credits earned in 2018 and 2017, respectively, for net proceeds of $103.5 (€92.0) and $234.5 (€190.9),respectively, which represented approximately half of the credits earned in 2018 and substantially all the credits earned in 2017. We derecognized these receivables upon the sale as the terms of the agreement were such that the transaction qualified for sale treatment according to the accounting guidance on the transfer and servicing of assets. The discount on the sale of these receivables was recorded in cost of services as a reduction of the payroll tax credits earned in the respective year.

Accounting Standards Effective as of January 1, 2020

In June 2016, the FASB issued new accounting guidance on financial instruments. The new guidance requires application of an impairment model known as the current expected credit loss (“CECL”) model to certain financial instruments. Using the CECL model, an entity recognizes an allowance for expected credit losses based on historical experience, current conditions, and forecasted information rather than the current methodology of delaying recognition of credit losses until it is probable loss has been incurred. The new guidance was effective for us as of January 1, 2020. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements.

In August 2018, the FASB issued new guidance on disclosures related to fair value measurements. The guidance is intended to improve the effectiveness of the notes to financial statements by facilitating clearer communication, and it includes multiple new, eliminated and modified disclosure requirements. The guidance was effective for us as of January 1, 2020. The adoption of this guidance had no impact on our Consolidated Financial Statements.

In August 2018, the FASB issued new guidance on the accounting for internal-use software. The guidance aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The guidance was effective for us as of January 1, 2020. The adoption of this guidance had no impact on our Consolidated Financial Statements.

In August 2018, the FASB issued new guidance on disclosures related to defined benefit plans. The guidance amends the current disclosure requirements to add, remove and clarify disclosure requirements for defined benefit pension and other postretirement plans. The guidance was effective for us as of January 1, 2020. The adoption of this guidance had no impact on our Consolidated Financial Statements.

In March 2020, the FASB issued new guidance on accounting for contract modifications, including hedging relationships, due to the transition from LIBOR and other interbank offerings related to alternative reference interest rates. The guidance is effective upon issuance and can be applied to applicable contract modifications through December 31, 2022. We are currently assessing the impact of the transition from LIBOR to alternative reference interest rates. We do not expect a material impact on our Consolidated Financial Statements.

Recently Issued Accounting Standards

In December 2019, the FASB issued new guidance on income taxes. The guidance removes certain exceptions to the general income tax accounting principles and clarifies and amends existing guidance to facilitate consistent application of the accounting principles. The new guidance is effective for us as of January 1, 2021. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements.

In January 2020, the FASB issued new guidance on equity method investments. The guidance clarifies the interactions between the existing accounting standards on equity securities, equity method and joint ventures, and derivatives and hedging. The new guidance addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The new guidance is effective for us as of January 1, 2021. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements.

Revenue Recognition

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition

(2) Revenue Recognition

Revenue Service Types

The following is a description of our revenue service types, including Staffing and Interim, Outcome-Based Solutions and Consulting, Permanent Recruitment and Other services.

Staffing and Interim

Staffing and Interim services include the augmentation of clients’ workforce with our contingent employees performing services under the client’s supervision, which provides our clients with a source of flexible labor. Staffing and Interim client contracts are generally short-term in nature, and we generally enter into contracts that include only a single performance obligation. We recognize revenues over time based on a fixed amount for each hour of Staffing and Interim service provided as our clients benefit from our services as we provide them.

Outcome-Based Solutions and Consulting

Our Outcome-Based Solutions and Consulting services include utilizing consultants and contingent employees who are generally experts in a specific field advising the client to help find strategic solutions to specific matters or achieve a particular outcome. Our services may also include managing certain processes and functions within the client’s organization. We recognize revenues over time based on (i) our clients benefiting from our services as we are providing them, (ii) our clients controlling an asset as it is created or enhanced, or (iii) our performance not creating an asset with an alternative use and having an enforceable right to payment for the services we have provided to date. We generally utilize an input measure of time for the service provided, which most accurately depicts the progress toward completion of these performance obligations. The price as specified in our client contracts is generally considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar client in similar circumstances.

Permanent Recruitment

Permanent Recruitment services include providing qualified candidates to our clients to hire on a permanent basis. We recognize revenues for our Permanent Recruitment services at a point in time when we place the qualified candidate, because we have determined that control of the performance obligation has transferred to the client (i.e., service performed) as we have the right to payment for our service and the client has accepted our service of providing a qualified candidate to fill a permanent position. Revenues recognized from our Permanent Recruitment services are based upon either a fixed fee per placement or as a percentage of the candidate’s salary.

Our RPO services are also included in our Permanent Recruitment revenues. RPO services include the various activities of managing a client's permanent workforce, which can include candidate assessments, screening, conducting candidate interviews, providing sourcing technology, and providing our marketing and recruiting expertise. We perform these activities to fulfill the overall obligation to provide permanent workforce management services, so they are not individually distinct and, therefore, we account for them as a single performance obligation. We generally utilize an input measure of time in months, but we do have a few contracts for which we use labor hours of management services provided as this more accurately depicts the progress toward completion of the performance obligation. We recognize revenues over time for each month of management services provided, as each month of management services is distinct and the client benefits from each month of management services as we provide them. For those contracts for which we use labor hours as the input measure, we recognize revenues over time based on a fixed amount for each labor hour of management services provided as our clients benefit from our services as we provide them.

We consider the RPO management services and placement services to be distinct and, therefore, separate performance obligations within our RPO contracts as (i) our clients can benefit from each service on its own, and (ii) each service is separately identifiable within the client contract. The prices as specified in our contracts will generally be broken out between management fees and placement fees, which we consider the standalone selling price of each service as they are the observable inputs which depict the prices as if they were sold to a similar client in similar circumstances. The consideration from our client contracts is allocated to each performance obligation based on the relative standalone selling price.

Other Services

Other services include revenues from outplacement services, MSP services, training services and franchise fees.

•

Outplacement services include assisting our clients in managing their workforce transitions and their employees in managing career changes by developing additional skills and finding new employment. We recognize revenues over time as we provide the service (i.e., transfer control of the performance obligation) using the input measure of hours of service to measure progress toward completion of the performance obligation.

•

MSP services include overall program management of our clients’ contingent workforce and generally include various activities such as reporting and tracking, supplier selection and management and order distribution, depending on each client contract. We provide these services to fulfill the overall obligation of contingent workforce management services so the individual activities are not distinct and therefore we account for them as a single performance obligation. We recognize revenues over time for each month of MSP services provided, as each month of MSP services is distinct and the client benefits from each month of MSP services as we provide them.

•

Training services include teaching skills that relate to specific competencies in order for our client’s workforce to acquire knowledge and develop skills proficiencies. We recognize revenues over time for each hour of training service provided as our clients benefit from our services as we provide them.

•

Our franchise fees include the performance obligation of providing the right to use our intellectual property in a specifically defined exclusive territory as defined in a franchise agreement. Our franchise agreements generally state that franchise fees are calculated based on a percentage of revenues earned by the franchise operations and are payable on a monthly basis. As such, we record franchise fee revenues monthly over time calculated based on the specific fee percentage and the monthly revenues of the franchise operations. Franchise fees were $14.1, $18.4 and $24.1 for the years ended December 31, 2020, 2019 and 2018, respectively.

Disaggregation of Revenues

In the following table, revenue is disaggregated by service types and timing of revenue recognition and includes a reconciliation of the disaggregated revenues by reportable segment.

	Year Ended December 31,
	2020										2019
	Staffing and Interim		Outcome- Based Solutions and Consulting		Permanent Recruitment		Other		Total		Staffing and Interim		Outcome- Based Solutions and Consulting		Permanent Recruitment		Other		Total
Americas:
United States	$	1,942.9	$	125.3	$	88.4	$	170.6	$	2,327.2	$	2,186.8	$	150.7	$	98.0	$	155.1	$	2,590.6
Other Americas		1,393.0		41.8		17.8		12.6		1,465.2		1,596.6		53.0		25.4		13.0		1,688.0
		3,335.9		167.1		106.2		183.2		3,792.4		3,783.4		203.7		123.4		168.1		4,278.6
Southern Europe:
France		3,985.6		295.7		39.7		17.1		4,338.1		5,159.5		237.8		52.1		30.2		5,479.6
Italy		1,296.7		30.1		27.0		16.9		1,370.7		1,401.9		45.5		37.6		23.3		1,508.3
Other Southern Europe		1,752.0		341.5		39.9		13.0		2,146.4		1,800.7		333.8		58.9		13.1		2,206.5
		7,034.3		667.3		106.6		47.0		7,855.2		8,362.1		617.1		148.6		66.6		9,194.4
Northern Europe		3,545.7		264.9		100.3		65.8		3,976.7		4,180.9		339.9		145.6		69.1		4,735.5
APME		1,876.3		340.7		121.6		38.1		2,376.7		2,159.7		301.7		159.9		33.7		2,655.0
Total	$	15,792.2	$	1,440.0	$	434.7	$	334.1	$	18,001.0	$	18,486.1	$	1,462.4	$	577.5	$	337.5	$	20,863.5

	Year Ended December 31,
	2020						2019
	Services transferred over time		Services transferred at a point in time		Total		Services transferred over time		Services transferred at a point in time		Total
Americas:
United States	$	2,281.7	$	45.5	$	2,327.2	$	2,536.7	$	53.9	$	2,590.6
Other Americas		1,453.6		11.6		1,465.2		1,670.6		17.4		1,688.0
		3,735.3		57.1		3,792.4		4,207.3		71.3		4,278.6
Southern Europe:
France		4,301.8		36.3		4,338.1		5,430.7		48.9		5,479.6
Italy		1,345.4		25.3		1,370.7		1,473.6		34.7		1,508.3
Other Southern Europe		2,113.0		33.4		2,146.4		2,157.7		48.8		2,206.5
		7,760.2		95.0		7,855.2		9,062.0		132.4		9,194.4
Northern Europe		3,889.2		87.5		3,976.7		4,608.7		126.8		4,735.5
APME		2,310.0		66.7		2,376.7		2,554.1		100.9		2,655.0
Total	$	17,694.7	$	306.3	$	18,001.0	$	20,432.1	$	431.4	$	20,863.5

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation Plans

(3) Share-Based Compensation Plans

During 2020, 2019 and 2018, we recognized $24.2, $26.3 and $27.8, respectively, in share-based compensation expense related to stock options, deferred stock, restricted stock and performance share units, all of which is recorded in selling and administrative expenses. Consideration received from share-based awards for 2020, 2019 and 2018 was $7.4, $7.0 and $5.2, respectively. The total income tax benefit recognized related to share-based compensation during 2020, 2019 and 2018 was $1.7, $1.8 and $4.5, respectively. We recognize compensation expense on grants of share-based compensation awards on a straight-line basis over the vesting period of each award.

Stock Options

All share-based compensation is granted under the 2011 Equity Incentive Plan of ManpowerGroup Inc. (“2011 Plan”). Options and stock appreciation rights are granted at a price not less than 100% of the fair market value of the common stock at the date of grant. Generally, options are granted with a ratable vesting period of up to four years and expire ten years from date of grant. No stock appreciation rights had been granted or were outstanding as of December 31, 2020 or 2019. A summary of stock option activity is as follows:

	Shares (000)	Wtd. Avg. Exercise Price Per Share	Wtd. Avg. Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding, January 1, 2018	574	$77
Granted	122	123
Exercised	(24)	78		$1
Expired or cancelled	—	—
Outstanding, December 31, 2018	672	$85	5.9	$1
Exercisable, December 31, 2018	401	$76	4.5	$1
Outstanding, January 1, 2019	672	$85
Granted	174	84
Exercised	(79)	65		$2
Expired or cancelled	(44)	91
Outstanding, December 31, 2019	723	$87	6.1	$10
Exercisable, December 31, 2019	426	$82	4.5	$8
Outstanding, January 1, 2020	723	$87
Granted	156	93
Exercised	(90)	59		$3
Expired or cancelled	(1)	54
Outstanding, December 31, 2020	788	$91	6.2	$4
Exercisable, December 31, 2020	455	$90	4.5	$3

Options outstanding and exercisable as of December 31, 2020 were as follows:

	Options Outstanding			Options Exercisable
Exercise Price	Shares (000)	Weighted- Average Remaining Contractual Life (years)	Weighted- Average Exercise Price	Shares (000)	Weighted- Average Exercise Price
$75-$79	208	4.3	$76	208	$76
$80-$89	180	7.5	84	65	84
$90-$99	287	7.1	95	108	97
$100-$123	113	5.2	123	74	123
	788	6.2	$91	455	$90

We recognized expense of $3.3, $4.0 and $4.0 related to stock options for the years ended December 31, 2020, 2019 and 2018, respectively. The total fair value of options vested during the same periods was $2.3, $2.3 and $3.1, respectively. As of December 31, 2020, total unrecognized compensation cost was approximately $2.0, net of estimated forfeitures, which we expect to recognize over a weighted-average period of approximately 1 year.

We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions:

Year Ended December 31	2020			2019			2018
Average risk-free interest rate		1.5	%		2.5	%		2.6	%
Expected dividend yield		2.5	%		2.9	%		1.6	%
Expected volatility		27.0	%		27.0	%		27.0	%
Expected term (years)		6.0			6.0			6.0

The average risk-free interest rate is based on United States Treasury security rates corresponding to the expected term in effect as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of our common stock as of the grant date. We determined expected volatility using a weighted average of daily historical volatility (weighted 75%) of our stock price over the past five years and implied volatility (weighted 25%) based upon exchange traded options for our common stock. We believe that a blend of historical volatility and implied volatility better reflects future market conditions and better indicates expected volatility than considering purely historical volatility. We determined the expected term of the stock options using historical data. The weighted-average grant-date fair value per option granted during the year was $18.95, $17.78 and $31.46 in 2020, 2019 and 2018, respectively.

Deferred Stock

Our non-employee directors may elect to receive deferred stock in lieu of part or all of their annual cash retainer otherwise payable to them. The number of shares of deferred stock is determined pursuant to a formula set forth in the terms and conditions adopted under the 2011 Plan; the deferred stock is settled in shares of common stock according to these terms and conditions. During December 31, 2020, 2019 and 2018, there were 1,432, 1,275 and 5,551, respectively, shares of deferred stock awarded under this arrangement, all of which are vested.

Non-employee directors also receive an annual grant of deferred stock (or restricted stock, if they so elect) as additional compensation for board service. The award vests in equal quarterly installments over one year and the vested portion of the deferred stock is settled in shares of common stock either upon a director’s termination of service or three years after the date of grant (which may in most cases be extended at the directors’ election) in accordance with the terms and conditions under the 2011 Plan. During 2020, 2019 and 2018, there were 11,004, 18,172 and 10,152, respectively, shares of deferred stock and 7,208, 7,407 and 6,345, respectively, shares of restricted stock granted under this arrangement, all of which are vested except for 1,666 shares of restricted stock granted in 2018 that were cancelled. We recognized expense of $1.3, $1.4 and $1.9 related to deferred stock in 2020, 2019 and 2018, respectively.

Restricted Stock

We grant restricted stock and restricted stock unit awards to certain employees and to non-employee directors who may elect to receive restricted stock rather than deferred stock as described above. Restrictions lapse over periods ranging up to six years, and in some cases upon retirement. We value restricted stock awards at the closing market value of our common stock on the date of grant.

A summary of restricted stock activity is as follows:

	Shares (000)	Wtd. Avg. Price Per Share	Wtd. Avg. Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Unvested, January 1, 2018	448	$77	1.2
Granted	145	119
Vested	(174)	77
Forfeited	(23)	89
Unvested, December 31, 2018	396	$92	1.3
Granted	236	$84
Vested	(150)	76
Forfeited	(36)	93
Unvested, December 31, 2019	446	$97	1.5
Granted	200	$92
Vested	(145)	95
Forfeited	(17)	93
Unvested, December 31, 2020	484	$94	1.4	$44

During 2020, 2019 and 2018, we recognized $15.7, $15.5 and $13.3, respectively, of expense related to restricted stock awards. As of December 31, 2020, there was approximately $17.2 of total unrecognized compensation cost related to unvested restricted stock, which we expect to recognize over a weighted-average period of approximately 2.0 years.

Performance Share Units

Our 2011 Plan allows us to grant performance share units. Historically, our performance shares have been granted with a typical performance period of three years. Vesting of units occurs at the end of the performance period or after a subsequent holding period, except in the case of termination of employment where the units are forfeited immediately. Upon retirement, a prorated number of units vest depending on the period worked from the grant date to retirement date or in certain cases all of the units vest. In the case of death or disability, the units immediately vest at the Target Award level if the death or disability date is during the performance period, or at the level determined by the performance criteria met during the performance period if the death or disability occurs during the subsequent holding period. The units are settled in shares of our common stock. A payout multiple is applied to the units awarded based on the performance criteria determined by the Executive Compensation and Human Resources Committee of the Board of Directors at the time of grant.

In the event the performance criteria exceeds the Target Award level, an additional number of shares, up to the Outstanding Award level, may be granted. In the event the performance criteria falls below the Target Award level, a reduced number of shares, as low as the Threshold Award level, may be granted. If the performance criteria falls below the Threshold Award level, no shares will be granted.

A summary of the performance share units detail by grant year is as follows:

	2017		2018		2019		2020
Grant Date(s)	February 9, 2017		February 15, 2018		February 15, 2019		February 14, 2020
Performance Period (years)	2017-2019		2018-2020		2019-2021		2020-2022
Vesting Date	February 2020(a)		February 2021(a)		February 2022(a)		February 2023(a)
Payout Levels (in units):
Threshold Award		57,563		42,361		61,381		59,698
Target Award		115,125		84,726		122,761		119,395
Outstanding Award		230,250		169,452		245,522		238,790
Shares Issued in 2020		88,807		—		—		—
Payout Achieved Over Performance Period		—		42,361		—		—

(a) 2018, 2019 and 2020 awards are scheduled to vest in February 2021, 2022 and 2023, respectively, when the Executive Compensation and Human Resources Committee of the Board of Directors determines the achievement of the performance criteria.

We recognize and adjust compensation expense based on the likelihood of the performance criteria specified in the award being achieved. The compensation expense is recognized over the performance and holding periods and is recorded in selling and administrative expenses. We have recognized total compensation expense of $3.7, $5.2 and $8.4 in 2020, 2019 and 2018, respectively, related to the performance share units.

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Acquisitions and Dispositions

(4) Acquisitions and Dispositions

Switzerland Acquisitions

On April 3, 2019, we acquired the remaining 51% controlling interest in our Swiss franchise (“Manpower Switzerland”) to obtain full ownership of the entity. Additionally, as part of the purchase agreement we acquired the remaining 20% interest in Experis AG. Manpower Switzerland provides contingent staffing services under our Manpower brand in the four main language regions in Switzerland. Both Manpower Switzerland and Experis AG are reported in our Southern Europe segment. The aggregate cash consideration paid was $219.5 and was funded through cash on hand. Of the total consideration paid, $58.3 was for the acquired interests and the remaining $161.2 was for cash and cash equivalents. The acquisition of the remaining interest of Experis AG was accounted for as an equity transaction as we previously consolidated the entity.

Our investment in Manpower Switzerland prior to the acquisition was accounted for under the equity method of accounting and we recorded our share of equity income or loss in interest and other expenses (income), net on the Consolidated Statements of Operations. The acquisition of the remaining controlling interest in Manpower Switzerland was accounted for as a business combination, and the assets and liabilities of Manpower Switzerland were included in the Consolidated Balance Sheets as of the acquisition date and the results of its operations have been included in the Consolidated Statements of Operations subsequent to the acquisition date.

The total cash impact of the acquisition was an inflow of $98.0, net of cash acquired of $317.5 In connection with the business combination, we recognized a one-time, non-cash gain on the disposition of our previously held equity interest in Manpower Switzerland of $80.4, which is included within interest and other expenses (income), net on the Consolidated Statements of Operations. Of the $80.4, $32.5 represented foreign currency translation adjustments related to the previously held equity interest from accumulated other comprehensive loss.

The following table summarizes the fair value of the assets and liabilities as of the acquisition date of April 3, 2019:


Cash and cash equivalents	$	317.5
Accounts receivable		60.4
Prepaid expenses and other assets		31.4
Goodwill		33.8
Intangible assets subject to amortization, customer relationship		19.6
Intangible assets not subject to amortization, reacquired franchise rights		25.5
Property and equipment		0.4
Accounts payable		(21.6	)
Employee compensation payable		(2.5	)
Accrued liabilities		(9.9	)
Accrued payroll taxes and insurance		(7.5	)
Value added taxes payable		(7.4	)
Other long-term liabilities		(24.6	)
Total assets acquired and liabilities assumed	$	415.1

Other Acquisitions

From time to time, we acquire and invest in companies throughout the world, including franchises. The total cash consideration paid for acquisitions excluding Manpower Switzerland and Experis AG, net of cash acquired, for the years ended December 31, 2020, 2019 and 2018 was $2.6, $47.7 and $51.8, respectively. The 2020 and 2019 balances include consideration payments for franchises in the United States and contingent consideration payments related to previous acquisitions, of which $1.9 and $13.0, respectively, had been recognized as a liability at the acquisition date. The 2018 balance includes initial acquisition payments of $9.1 and contingent consideration payments of $42.7, of which $18.6 had been recognized as a liability at the acquisition date.

No goodwill and intangible assets resulted from acquisitions in 2020. As of December 31, 2019, goodwill and intangible assets resulting from the 2019 acquisitions, excluding Manpower Switzerland, were $14.2 and $9.0, respectively. As of December 31, 2018, goodwill and intangible assets resulting from the 2018 acquisitions were $6.1 and $0.7, respectively.

ManpowerGroup Greater China Limited Disposition

On July 10, 2019, our joint venture in Greater China, ManpowerGroup Greater China Limited, became listed on the Main Board of the Stock Exchange of Hong Kong Limited through an initial public offering. Prior to the initial public offering, we owned a 51% controlling interest in the joint venture and consolidated the financial position and results of its operations into our Consolidated Financial Statements as part of our APME segment. As a result of the offering, in which ManpowerGroup Greater China Limited issued new shares representing 25% of the equity of the company, our ownership interest was diluted to 38.25%, and then further diluted to 36.87% as the underwriters exercised their overallotment option in full on August 7, 2019. As a result, we deconsolidated the joint venture as of the listing date and account for our remaining interest under the equity method of accounting and record our share of equity income or loss in interest and other expenses (income), net in the Consolidated Statement of Operations. In connection with the deconsolidation of the joint venture, we recognized a one-time non-cash gain of $30.4, which was included in selling and administrative expenses in the Consolidated Statement of Operations in the year ended December 31, 2019. Included in the $30.4 was foreign currency translation adjustment losses of $6.2 related to the joint venture from accumulated other comprehensive loss.

Other Dispositions

Occasionally, we dispose of parts of our operations in order to optimize our global strategic and geographic footprint and synergies.

On September 30, 2020 we disposed of four businesses (Serbia, Croatia, Slovenia, Bulgaria) in our Southern Europe segment for $5.8 subject to normal post close working capital adjustments, and simultaneously entered into

franchise agreements with the new ownership of these businesses. In connection with the disposition, we recognized a one-time loss on disposition of $5.8, which was included in the selling and administrative expenses in the Consolidated Statement of Operations for the year ended December 31, 2020.

In December 2018, we sold one of our business units in the Netherlands for an after tax net gain of $3.8 and divested a majority interest in a fully consolidated entity in China for an immaterial gain.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

(5) Income Taxes

The provision for income taxes was as follows:

Year Ended December 31	2020			2019			2018
Current
United States
Federal	$	5.2		$	16.7		$	17.2
State		4.5			2.5			10.8
Non-United States		124.6			243.6			181.9
Total current		134.3			262.8			209.9
Deferred
United States
Federal		(11.0	)		(22.1	)		(7.5	)
State		(4.9	)		1.1			1.0
Non-United States		5.5			(22.0	)		(5.4	)
Total deferred		(10.4	)		(43.0	)		(11.9	)
Total provision	$	123.9		$	219.8		$	198.0

A tax reconciliation between taxes computed at the United States federal statutory rate of 21% and the consolidated effective tax rate is as follows:

Year Ended December 31	2020			2019			2018
Income tax based on statutory rate	$	31.0		$	143.9		$	158.5
Increase (decrease) resulting from:
Non-United States tax rate difference:
French business tax⁽¹⁾		43.7			54.9			59.1
French CICE⁽²⁾		—			—			(39.9	)
Other⁽¹⁾⁽²⁾		9.7			37.3			20.0
Repatriation of non-United States earnings		(2.0	)		(17.8	)		2.5
State income taxes, net of federal benefit		(1.3	)		3.1			8.2
Change in valuation allowance⁽³⁾		48.5			20.0			0.7
Work Opportunity Tax Credit⁽⁴⁾		(4.9	)		(10.4	)		(8.8	)
Foreign-Derived Intangible Income deduction		(8.8	)		(11.9	)		(12.5	)
United States Tax Act and French tax reform		—			—			3.2
Goodwill impairment⁽⁵⁾		13.4			11.9			—
Gain related to Manpower Switzerland and Greater China transactions⁽⁶⁾		—			(22.8	)		—
Other, net		(5.4	)		11.6			7.0
Tax provision	$	123.9		$	219.8		$	198.0

(1) The French business tax is allowed as a deduction for French income tax purposes. The gross amount of the French business tax was $55.3, $69.5 and $74.8 for 2020, 2019 and 2018, respectively. The amounts in the table above of $43.7, $54.9 and $59.1 for 2020, 2019 and 2018, respectively, represent the French business tax expense net of the French tax benefit using the United States federal rate of 21%. Included in Other Non-United States tax rate differences are benefits of $6.1, $9.3 and $10.1 for 2020, 2019 and 2018, respectively, related to the difference between the United States federal rate and the French tax rate applied to the respective gross amounts of the French business tax. In December 2020, the French Parliament approved the Finance Bill for 2021 which lowered the business tax rate from 1.5% to 0.75%. The benefit of this tax rate reduction will be reflected in our 2021 Consolidated Financial Statements.

(2) The French CICE was a payroll tax credit that was tax-free for French tax purposes and increased French earnings. The amount in the table above of $39.9 for 2018 represents the French tax benefit using the United States federal rate of 21%. Included in Other Non-United States tax rate differences is a benefit of $25.5 for 2018 related to the difference between the United States federal rate and French tax rate applied to the respective gross French CICE amount. In January 2019, the French government replaced the CICE subsidy with new subsidies that are taxable.

(3) In 2020, we determined that it was more likely than not that certain deferred tax assets in Germany and the Netherlands would not be realized and recorded income tax expense of $36.9 and $8.1, respectively, to establish valuation allowances.

(4) In December 2020, the Consolidation Appropriations Act, 2021 was signed into law, which includes a five-year extension of the Work Opportunity Tax Credit through December 31, 2025.

(5) Non-deductible portion of the goodwill impairment charges recorded in Germany in June 2020 and 2019.

(6) Non-taxable gains on the disposition of our previously held equity interest in Manpower Switzerland in April 2019 and the deconsolidation of ManpowerGroup Greater China Limited in July 2019.

Deferred income taxes are recorded based on temporary differences at the tax rate expected to be in effect when the temporary differences reverse. Temporary differences, which give rise to the deferred taxes, are as follows:

December 31	2020			2019
Future Income Tax Benefits (Expense)
Accrued payroll taxes and insurance	$	32.2		$	12.8
Employee compensation payable		26.2			27.2
Pension and postretirement benefits		79.1			62.3
Intangible assets		(113.6	)		(108.7	)
Repatriation of non-United States earnings		(10.0	)		(8.8	)
Loans denominated in foreign currencies		13.5			(16.4	)
Operating lease ROU assets		(106.2	)		(115.8	)
Operating lease liabilities		112.0			118.1
Net operating losses		136.2			89.5
Other		127.9			135.0
Valuation allowance		(149.4	)		(87.8	)
Total future tax benefits	$	147.9		$	107.4
Deferred tax asset	$	165.7		$	126.2
Deferred tax liability		(17.8	)		(18.8	)
Total future tax benefits	$	147.9		$	107.4

Pre-tax earnings of non-United States operations were $86.3, $416.6 and $551.0 in 2020, 2019 and 2018, respectively. We have not provided deferred taxes on $439.0 of unremitted earnings of non-United States subsidiaries that are considered permanently invested. We have not estimated the deferred tax liability on these earnings as such estimation is not practicable to determine. As of December 31, 2020, deferred taxes for non-United States withholding and other taxes were provided on $2,077.6 of unremitted earnings of non-United States subsidiaries that may be remitted to the United States. As of December 31, 2020 and 2019, we have recorded a deferred tax liability of $10.0 and $8.8, respectively, related to these non-United States earnings that may be remitted.

We had United States federal and non-United States net operating loss carryforwards and United States state net operating loss carryforwards totaling $658.6 and $167.2, respectively, as of December 31, 2020. The net operating loss carryforwards expire as follows:

	United States Federal and Non-United States		United States State
2021	$	5.2	$	4.6
2022		6.7		5.0
2023		3.9		9.8
2024		7.2		55.9
2025		20.7		5.6
Thereafter		49.6		85.5
No expirations		565.3		0.8
Total net operating loss carryforwards	$	658.6	$	167.2

We have recorded a deferred tax asset of $136.2 as of December 31, 2020, for the benefit of these net operating losses. Realization of this asset is dependent on generating sufficient taxable income prior to the expiration of the loss carryforwards. A related valuation allowance of $115.2 was recorded as of December 31, 2020, as management believes that realization of certain net operating loss carryforwards is unlikely.

We had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $64.5, $69.5 and $34.2 in 2020, 2019 and 2018, respectively, that would favorably affect the effective tax rate if recognized. We do not expect our unrecognized tax benefits to change significantly over the next year.

We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. We accrued net interest and penalties of $0.0 and $1.6 in 2020 and 2019, respectively. In 2018, we recognized a reduction of interest and penalties of $18.4 due to the settlement of tax litigation.

The following table summarizes the activity related to our unrecognized tax benefits during 2020, 2019 and 2018:

	2020			2019			2018
Gross unrecognized tax benefits, beginning of year	$	65.9		$	32.2		$	46.1
Increases in prior year tax positions		1.4			35.7			11.4
Decreases in prior year tax positions		(4.1	)		(2.6	)		(1.8	)
Increases for current year tax positions		3.2			4.7			5.9
Expiration of statute of limitations and audit settlements		(5.5	)		(4.1	)		(29.4	)
Gross unrecognized tax benefits, end of year	$	60.9		$	65.9		$	32.2
Potential interest and penalties		3.6			3.6			2.0
Balance, end of year	$	64.5		$	69.5		$	34.2

We conduct business globally in various countries and territories. We are routinely audited by the tax authorities of the various tax jurisdictions in which we operate. Generally, the tax years that could be subject to examination are 2013 through 2020 for our major operations in France, Italy, the United Kingdom and the United States. As of December 31, 2020, we were subject to tax audits in Austria, Denmark, France, Germany and the United States. We believe that the resolution of these audits will not have a material impact on earnings.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Earnings Per Share

(6) Net Earnings Per Share

The calculation of net earnings per share - basic and net earnings per share - diluted were as follows:

Year Ended December 31	2020		2019		2018
Net earnings available to common shareholders:	$	23.8	$	465.7	$	556.7
Weighted-average common shares outstanding (in millions):
Weighted-average common shares outstanding - basic		58.0		59.9		64.6
Effect of dilutive securities - stock options		—		—		0.1
Effect of other share-based awards		0.3		0.4		0.4
Weighted-average common shares outstanding - diluted		58.3		60.3		65.1
Net earnings per share - basic	$	0.41	$	7.78	$	8.62
Net earnings per share - diluted	$	0.41	$	7.72	$	8.56

There were 0.6 million, 0.4 million, and 0.3 million share-based awards excluded from the calculation of net earnings per share - diluted for the year ended December 31, 2020, 2019 and 2018, respectively, because their impact was anti-dilutive.

Goodwill

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

(7) Goodwill

Changes in the carrying value of goodwill by reportable segment and Corporate were as follows:

	Americas⁽¹⁾		Southern Europe⁽²⁾			Northern Europe			APME			Corporate⁽³⁾			Total⁽⁴⁾
Balance, January 1, 2019	$	519.9	$	112.2		$	435.4		$	102.0		$	127.6		$	1,297.1
Goodwill acquired		14.2		33.8			—			—			—			48.0
Goodwill allocated to business units deconsolidated⁽⁵⁾		—		—			—			(18.5	)		(1.6	)		(20.1	)
Impairment charge⁽⁶⁾		—		—			(60.2	)		(3.8	)		—			(64.0	)
Currency impact and other		1.5		(1.2	)		(0.6	)		(0.6	)		—			(0.9	)
Balance, December 31, 2019		535.6		144.8			374.6			79.1			126.0			1,260.1
Impairment charge⁽⁷⁾		—		—			(66.8	)		—			—			(66.8	)
Currency impact and other		1.0		10.1			18.8			2.6			—			32.5
Balance, December 31, 2020	$	536.6	$	154.9		$	326.6		$	81.7		$	126.0		$	1,225.8

(1) Balances related to United States were $490.3 as of January 1, 2019 and December 31, 2019 and $490.2 as of December 31, 2020.

(2) Balances related to France were $68.9, $67.3 and $73.3 as of January 1, 2019, December 31, 2019 and December 31, 2020, respectively. Balances related to Italy were $4.8, $4.6 and $4.2 as of January 1, 2019, December 31, 2019 and December 31, 2020, respectively.

(3) The majority of the Corporate balance as of December 31, 2019 and 2020 relates to goodwill attributable to our acquisitions of Right Management ($62.1) and Jefferson Wells ($55.5). Jefferson Wells is part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the Corporate balance to the respective reportable segments as this is commensurate with how we operate our business. We do, however, include these balances within the appropriate reporting units for our goodwill impairment testing. See table below for the breakout of goodwill balances by reporting unit.

(4) Balances were net of accumulated impairment loss of $513.4 ($235.2 related to Right Management and $278.2 related to Corporate) as of January 1, 2019, $577.4 ($60.2 related to Northern Europe, $3.8 related to APME, $235.2 related to Right Management and $278.2 related to Corporate) as of December 31, 2019, and $644.2 ($127.0 related to Northern Europe, $3.8 related to APME, $235.2 related to Right Management and $278.2 related to Corporate) as of December 31, 2020.

(5) Reductions relate to our China and Hong Kong reporting units, which were deconsolidated as of July 10, 2019. See Note 4 to the Consolidated Financial Statements for further information.

(6) The 2019 impairment charges of $60.2 and $3.8 relate to our Germany and New Zealand reporting units, respectively, which were recorded during the second quarter of 2019. See Note 1 to the Consolidated Financial Statements for further information.

(7) The 2020 impairment charge of $66.8 relates to our Germany reporting unit, which was recorded during the second quarter of 2020. See Note 1 to the Consolidated Financial Statements for further information.

Goodwill balances by reporting unit were as follows:

December 31	2020		2019
United States	$	545.7	$	545.8
Netherlands		119.3		109.5
United Kingdom		100.2		97.3
France		73.3		67.3
Germany		—		67.2
Other reporting units		387.3		373.0
Total goodwill	$	1,225.8	$	1,260.1

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

(8) Debt

Information concerning short-term borrowings is as follows:

December 31	2020			2019
Short-term borrowings	$	20.4		$	61.0
Weighted-average interest rates		7.9	%		7.7	%

We maintain separate bank credit lines with financial institutions to meet working capital needs of our subsidiary operations. As of December 31, 2020, such uncommitted credit lines totaled $340.3, of which $310.9 was unused. Under our revolving credit agreement, total subsidiary borrowings cannot exceed $300.0 in the first, second and fourth quarters, and $600.0 in the third quarter of each year. Due to these limitations, additional borrowings of $270.6 could have been made under these lines as of December 31, 2020.

A summary of long-term debt is as follows:

December 31	2020		2019
Euro-denominated notes:
€500.0 due June 2026	$	606.7	$	555.8
€400.0 due September 2022		487.8		447.1
Other		9.0		9.5
		1,103.5		1,012.4
Less current maturities		—		—
Long-term debt	$	1,103.5	$	1,012.4

Euro Notes

On June 22, 2018, we offered and sold €500.0 aggregate principal amount of the Company’s 1.750% notes due June 2026 (the “€500.0 notes”). The net proceeds from the €500.0 notes of €495.7 were used to repay our €350.0 notes due June 22, 2018, with the remaining balance used for general corporate purposes, which included share repurchases. The €500.0 notes were issued at a price of 99.564% to yield an effective interest rate of 1.809%. Interest on the €500.0 notes is payable in arrears on June 22 of each year. The €500.0 notes are unsecured senior obligations and will rank equally with all of the Company’s existing and future senior unsecured debt and other liabilities.

Our €400.0 aggregate principal amount 1.875% notes (the "€400.0 notes") are due September 2022. When the notes mature, we plan to repay the amounts with available cash, borrowings under our $600.0 revolving credit facility or a new borrowing. The credit terms, including interest rate and facility fees, of any replacement borrowings will be dependent upon the condition of the credit markets at that time. We currently do not anticipate any problems accessing the credit markets should we decide to replace either the €500.0 notes or the €400.0 notes.

Both the €500.0 notes and €400.0 notes contain certain customary non-financial restrictive covenants and events of default and are unsecured senior obligations and rank equally with all of our existing and future senior unsecured debt and other liabilities. These notes have been designated as a hedge of our net investment in subsidiaries with a Euro-functional currency as of December 31, 2020. Since our net investment in these subsidiaries exceeds the respective amount of the designated borrowings, the related translation gains or losses are included as a component of accumulated other comprehensive loss. (See Note 12 to the Consolidated Financial Statements for further information.)

Revolving Credit Agreement

We have a Five Year Credit Agreement with a syndicate of commercial banks with a termination date of June 18, 2023. The Credit Agreement allows for borrowing of $600.0 in various currencies, and up to $150.0 may be used for the issuance of stand-by letters of credit. We had no borrowings under this facility as of both December 31, 2020 and 2019. Outstanding letters of credit issued under the Credit Agreement totaled $0.5 as of both

December 31, 2020 and 2019. Additional borrowings of $599.5 were available to us under the facility as of both December 31, 2020 and 2019.

Under the Credit Agreement, a credit ratings-based pricing grid determines the facility fee and the credit spread that we add to the applicable interbank borrowing rate on all borrowings. At our current credit rating, the annual facility fee is 12.5 basis points paid on the entire facility and the credit spread is 100.0 basis points on any borrowings.

The Credit Agreement contains customary restrictive covenants pertaining to our management and operations, including limitations on the amount of subsidiary debt that we may incur and limitations on our ability to pledge assets, as well as financial covenants requiring, among other things, that we comply with a leverage ratio (Net Debt-to-Net Earnings before interest and other expenses, provision for income taxes, intangible asset amortization expense, depreciation and amortization expense ("EBITDA")) of not greater than 3.5 to 1 and a fixed charge coverage ratio of not less than 1.5 to 1. The Credit Agreement also contains customary events of default, including, among others, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy or involuntary proceedings, certain monetary and non-monetary judgments, change of control and customary ERISA defaults.

Debt Maturities

The maturities of long-term debt payable within each of the four years subsequent to December 31, 2021 are as follows: 2022 - $494.0, 2023 - $0.0, 2024 - $0.0, 2025 - $0.0.

Retirement and Deferred Compensation Plans

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Retirement and Deferred Compensation Plans

(9) Retirement and Deferred Compensation Plans

For all of our United States defined benefit and retiree health care plans, we adopted the Society of Actuaries’ Pri-2012 Mortality Table with MP-2020 Mortality Improvement Scale in determining the plans’ benefit obligations as of December 31, 2020.

Defined Benefit Pension Plans

We sponsor several qualified and nonqualified pension plans covering permanent employees.

In 2020, we fully settled our United States Qualified Retirement Plan (the “Plan”) liability. We purchased annuities of $19.2 and settled lump sum payments of $3.2 from the Plan in January and February 2020, respectively. The completion of lump sum payments in February and transfer of remaining participants to the Pension Benefit Guarantee Corporation (“PBGC”) in March triggered final settlement of the plan. Upon settlement of the pension liability, we reclassified the related pension losses of $6.6, net of tax, recorded in accumulated other comprehensive loss to the Consolidated Statements of Comprehensive Income (Loss). The total amount of the required payout to plan participants was determined based on employee elections and market conditions at the time of settlement. The remaining plan assets of $16.6, which were in excess of the pension liability upon settlement, will be utilized to fund future qualified 401(k) plan contributions following the conclusion of the standard PBGC audit.

In 2020 we recognized a partial settlement in our Switzerland pension plan as a result of local regulations and turnover common to our industry. As a result of the partial settlement we reclassified pension losses of $2.7, net of tax, recorded in accumulated other comprehensive loss to the Consolidated Statements of Comprehensive Income (Loss).

In 2019, a new pension plan was added as a result of our acquisition of the remaining controlling interest in Manpower Switzerland. (See Note 4 to the Consolidated Financial Statements for further information.)

The reconciliation of the changes in the plans’ benefit obligations and the fair value of plan assets and the funded status of the plans are as follows. The actuarial (gain) loss related to the Non-United States plans benefit obligation as of December 31, 2020 was primarily related to changes in discount rates.

	United States Plans						Non-United States Plans
Year Ended December 31	2020			2019			2020			2019
Change in Benefit Obligation
Benefit obligation, beginning of year	$	52.8		$	48.9		$	794.8		$	450.0
Service cost		—			—			21.0			15.1
Interest cost		0.8			1.8			8.6			10.9
Acquisitions		—			—			—			201.2
Settlements		(22.3	)		—			(42.2	)		(40.9	)
Transfers		—			—			27.0			52.7
Actuarial (gain) loss		(0.4	)		6.3			90.9			100.1
Plan participant contributions		—			—			11.6			9.0
Benefits paid		(2.4	)		(4.2	)		(13.2	)		(11.3	)
Currency exchange rate changes		—			—			67.1			8.0
Benefit obligation, end of year	$	28.5		$	52.8		$	965.6		$	794.8

	United States Plans						Non-United States Plans
Year Ended December 31	2020			2019			2020			2019
Change in Plan Assets
Fair value of plan assets, beginning of year	$	38.8		$	36.1		$	655.4		$	354.1
Actual return on plan assets		0.1			4.4			49.7			69.5
Acquisitions		—			—			—			196.8
Settlements		(22.3	)		—			(42.2	)		(40.9	)
Transfers		—			—			26.2			51.6
Plan participant contributions		—			—			11.6			9.0
Company contributions		(14.2	)		2.5			16.1			15.4
Benefits paid		(2.4	)		(4.2	)		(13.2	)		(11.3	)
Currency exchange rate changes		—			—			50.0			11.2
Fair value of plan assets, end of year	$	—		$	38.8		$	753.6		$	655.4
Funded Status at End of Year
Funded status, end of year	$	(28.5	)	$	(14.0	)	$	(211.9	)	$	(139.4	)
Amounts Recognized
Noncurrent assets	$	—		$	15.0		$	32.1		$	41.4
Current liabilities		(2.4	)		(2.5	)		(1.2	)		(0.7	)
Noncurrent liabilities		(26.1	)		(26.5	)		(242.8	)		(180.1	)
Net amount recognized	$	(28.5	)	$	(14.0	)	$	(211.9	)	$	(139.4	)

Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of:

	United States Plans				Non-United States Plans
Year Ended December 31	2020		2019		2020		2019
Net loss	$	8.6	$	15.8	$	95.2	$	50.5
Prior service cost		—		—		7.6		7.8
Total	$	8.6	$	15.8	$	102.8	$	58.3

The accumulated benefit obligation (ABO) for all qualified defined benefit pension plans was $957.0 and $817.6 as of December 31, 2020 and 2019, respectively. The ABO for plans that have plan assets was $841.6 and $717.2 as of December 31, 2020 and 2019, respectively. The accumulated benefit obligation for some of our plans exceeded the fair value of plan assets as follows:

December 31	2020		2019
Accumulated benefit obligation	$	491.5	$	163.8
Plan assets		368.8		80.4

In 2020, one of our larger plans became further underfunded and its accumulated benefit obligation exceeded its plan assets as of December 31, 2020. As a result, this plan was included in the amounts disclosed above for 2020 but not for 2019.

The projected benefit obligation (PBO) for all qualified defined benefit pension plans was $994.1 and $847.6 as of December 31, 2020 and 2019. The PBO for some of our plans exceeded the fair value of plan assets as follows:

December 31	2020		2019
Projected benefit obligation	$	503.2	$	414.6
Plan assets		368.8		324.3

By their nature, certain of our plans do not have plan assets. The accumulated benefit obligation for these plans was $115.4 and $100.4 as of December 31, 2020 and 2019, respectively.

The components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for all plans were as follows:

Year Ended December 31	2020			2019			2018
Net Periodic Benefit Cost
Service cost	$	21.0		$	15.1		$	10.9
Interest cost		9.4			12.7			11.6
Expected return on assets		(13.5	)		(12.9	)		(10.6	)
Settlements		13.8			0.4			—
Net loss		2.7			1.2			1.4
Prior service cost		0.7			0.7			0.6
Net periodic benefit cost		34.1			17.2			13.9
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss
Net loss (gain)		44.1			45.5			(16.6	)
Prior service cost		0.4			1.0			1.4
Amortization of net loss		(6.3	)		(1.6	)		(1.4	)
Amortization of prior service cost		(0.7	)		(0.7	)		(0.6	)
Total recognized in other comprehensive income/loss		37.5			44.2			(17.2	)
Total recognized in net periodic benefit cost and other comprehensive income/loss	$	71.6		$	61.4		$	(3.3	)

The weighted-average assumptions used in the measurement of the benefit obligation were as follows:

	United States Plans						Non-United States Plans
Year Ended December 31	2020			2019			2020			2019
Discount rate		2.1	%		2.5	%		0.6	%		1.1	%
Rate of compensation increase		—			3.0	%		1.7	%		1.7	%

The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows:

	United States Plans									Non-United States Plans
Year Ended December 31	2020			2019			2018			2020			2019			2018
Discount rate - service cost		2.5	%		4.2	%		3.6	%		1.1	%		1.8	%		2.1	%
Discount rate - interest cost		2.5	%		4.2	%		3.2	%		1.1	%		1.8	%		2.1	%
Expected long-term return on plan assets		—			4.3	%		4.5	%		2.2	%		2.7	%		2.7	%
Rate of compensation increase		—			3.0	%		3.0	%		1.7	%		1.7	%		1.8	%
Interest crediting rates for cash balance plans		—			—			—			2.0	%		2.0	%		—

We determine our assumption for the discount rate based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the end of each fiscal year.

Our overall expected long-term rate of return used in the measurement of the 2020 net periodic benefit cost on non-United States plans varied by country and ranged from 0.6% to 3.0%. None of our United States plans had plan assets as of December 31, 2020 due to the settlement of the Qualified Retirement Plan liability during the first quarter of 2020. For a majority of our plans, a building block approach has been employed to establish this return. Historical markets are studied and long-term historical relationships between equity securities and fixed income instruments are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over time. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is established with proper consideration of diversification and rebalancing. We also use guaranteed insurance contracts for four of our foreign plans. Peer data and historical returns are reviewed to check for reasonableness and appropriateness of our expected rate of return.

Projected salary levels utilized in the determination of the projected benefit obligation for the pension plans are based upon historical experience and the future expectations for each respective country.

Our plans’ investment policies are to optimize the long-term return on plan assets at an acceptable level of risk and to maintain careful control of the risk level within each asset class. Our long-term objective is to minimize plan expenses and contributions by outperforming plan liabilities. We have historically used a balanced portfolio strategy based primarily on a target allocation of equity securities and fixed-income instruments, which vary by location. These target allocations, which are similar to the 2020 allocations, are determined based on the favorable risk tolerance characteristics of the plan and, at times, may be adjusted within a specified range to advance our overall objective.

The fair values of our Level 1 and Level 2 pension plan assets are primarily determined by using market quotes and other relevant information that is generated by market transactions involving identical or comparable assets. Insurance contracts and annuity contracts are measured at the present value of expected future benefit payments primarily using associated interest curves. Hedge funds consist of a number of diversified funds including those investing in international securities, equity and private partnership interests valued using market available data and various models and assumptions.

The fair value of our pension plan assets by asset category was as follows. As of December 31, 2020, all of our plan assets were associated with non-United States plans.


	Fair Value Measurements Using
	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category
Cash and cash equivalents	$	16.1	$	16.1	$	—	$	—
Equity securities:
Mutual funds		116.1		116.1		—		—
Common stock		25.4		25.4		—		—
Fixed income instruments:
Fixed income funds		185.6		—		185.6		—
Annuity contract		56.2		—		—		56.2
Bonds		41.4		—		41.4		—
Guaranteed insurance contracts		21.0		—		21.0		—
Other types of investments:
Insurance contracts		157.8		—		—		157.8
Real estate funds		92.1		—		90.8		1.3
Hedge funds		32.0		—		11.4		20.6
Other		9.9		—		3.2		6.7
	$	753.6	$	157.6	$	353.4	$	242.6

	United States Plans								Non-United States Plans
	Fair Value Measurements Using								Fair Value Measurements Using
	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category
Cash and cash equivalents ⁽¹⁾	$	5.8	$	—	$	5.8	$	—	$	5.5	$	5.5	$	—	$	—
Equity securities:
Mutual funds		7.8		7.8		—		—		98.0		98.0		—		—
Common stock		—		—		—		—		22.3		22.3		—		—
Fixed income instruments:
Fixed income funds		25.2		—		25.2		—		160.0		—		160.0		—
Annuity contract		—		—		—		—		52.5		—		—		52.5
Bonds		—		—		—		—		37.0		—		37.0		—
Guaranteed insurance contracts		—		—		—		—		18.5		—		18.5		—
Other types of investments:
Insurance contracts		—		—		—		—		130.6		—		—		130.6
Real estate funds		—		—		—		—		93.3		—		87.3		6.0
Hedge funds		—		—		—		—		29.3		—		9.6		19.7
Other		—		—		—		—		8.4		—		2.4		6
	$	38.8	$	7.8	$	31.0	$	—	$	655.4	$	125.8	$	314.8	$	214.8

(1) This category includes a prime obligations money market portfolio.

The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. We determined that transfers between fair-value-measurement levels occurred on the date of the event that caused the transfer.

Year Ended December 31	2020			2019
Balance, beginning of year	$	214.8		$	153.9
Actual return on plan assets		16.4			30.5
Acquisitions		—			27.6
Purchases, sales and settlements, net		(6.3	)		2.5
Currency exchange rate changes		17.7			0.3
Balance, end of year	$	242.6		$	214.8

Retiree Health Care Plan

We provide medical and dental benefits to certain eligible retired employees in the United States. Due to the nature of the plan, there are no plan assets. The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows:

Year Ended December 31	2020			2019
Change in Benefit Obligation
Benefit obligation, beginning of year	$	14.1		$	13.7
Interest cost		0.4			0.5
Actuarial loss		1.0			0.8
Benefits paid		(0.9	)		(0.9	)
Benefit obligation, end of year	$	14.6		$	14.1
Funded Status at End of Year
Funded status, end of year	$	(14.6	)	$	(14.1	)
Amounts Recognized
Current liabilities	$	(1.1	)	$	(1.1	)
Noncurrent liabilities		(13.5	)		(13.0	)
Net amount recognized	$	(14.6	)	$	(14.1	)

The amount recognized in accumulated other comprehensive loss, net of tax, consists of a net loss of $2.3 and $1.5 as of December 31, 2020 and 2019, respectively, and a prior service credit of $2.9 and $3.5 as of December 31, 2020 and 2019, respectively.

The discount rate used in the measurement of the benefit obligation was 2.2% and 3.0% in 2020 and 2019, respectively. The discount rate used in the measurement of net periodic benefit cost was 3.0%, 4.2% and 3.2% in 2020, 2019, and 2018, respectively.

The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows:

Year Ended December 31	2020			2019			2018
Net Periodic Benefit Credit
Interest cost	$	0.4		$	0.5		$	0.5
Net loss		0.1			—			0.1
Prior service credit		(0.8	)		(0.8	)		(0.8	)
Net periodic benefit credit	$	(0.3	)	$	(0.3	)	$	(0.2	)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income/Loss
Net loss (gain)	$	1.1		$	0.8		$	(0.5	)
Amortization of net loss		(0.1	)		—			(0.1	)
Amortization of prior service credit		0.8			0.8			0.8
Total recognized in other comprehensive income/loss		1.8			1.6			0.2
Total recognized in net periodic benefit cost and other comprehensive income/loss	$	1.5		$	1.3		$	—

The health care cost trend rate is assumed to be 6.5% for 2021, decreasing gradually to an ultimate rate of 4.5% in 2027. Assumed health care cost trend rates are not expected to have a material effect on the amounts reported.

Future Contributions and Payments

During 2021, we plan to contribute approximately $16.0 to our pension plans and to fund our retiree health care payments as incurred. Projected benefit payments from the plans as of December 31, 2020 were estimated as follows:

Year	Pension Plans		Retiree Health Care Plan
2021	$	65.8	$	1.1
2022		35.6		1.1
2023		27.1		1.1
2024		25.7		1.0
2025		25.0		1.0
2026–2029		150.0		4.6
Total projected benefit payments	$	329.2	$	9.9

Defined Contribution Plans and Deferred Compensation Plans

We have defined contribution plans covering substantially all permanent United States employees and various other employees throughout the world. With our company-sponsored plans, employees may elect to contribute a portion of their salary to the plans and we match a portion of their contributions up to a maximum percentage of the employee’s salary. In addition, profit sharing contributions are made if a targeted earnings level is reached at management’s discretion. The total expense for our match and any profit sharing contributions was $16.6, $16.9 and $17.7 for the years ended December 31, 2020, 2019 and 2018, respectively. In certain countries with statutory defined contribution plans, we pay a percentage of the employees' salary in pension premiums. The total expense for the statutory defined contribution plans was $27.5, $32.1 and $37.4 for the years ended December 31, 2020, 2019 and 2018, respectively.

We also have deferred compensation plans in the United States. One of the plans had an asset and liability of $118.4 and $106.2 as of December 31, 2020 and 2019, respectively, with the remaining plans holding immaterial amounts of assets and liabilities.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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+ Details

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Accumulated Other Comprehensive Loss

(10) Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of tax, were as follows:

December 31	2020			2019
Foreign currency translation	$	(72.1	)	$	(260.5	)
Translation (loss) gain on derivative instruments, net of income taxes of $(34.9) and $(9.1), respectively		(81.2	)		13.1
Translation loss on long-term intercompany loans		(133.3	)		(121.5	)
Defined benefit pension plans, net of income taxes of $(38.2) and $(30.9), respectively		(111.4	)		(74.1	)
Retiree health care plan, net of income taxes of $1.8 and $1.6, respectively		0.7			2.0
Accumulated other comprehensive loss	$	(397.3	)	$	(441.0	)

Interest and Other Expenses (Income), Net

12 Months Ended

Dec. 31, 2020

Other Nonoperating Income Expense [Abstract]

Interest and Other Expenses (Income), Net

(11) Interest and Other Expenses (Income), Net

Interest and other expenses (income), net consisted of the following:

Year Ended December 31	2020			2019			2018
Interest expense	$	43.3		$	44.4		$	47.0
Interest income		(13.1	)		(6.0	)		(6.0	)
Foreign exchange loss		4.9			6.7			1.4
Miscellaneous expenses (income), net ⁽¹⁾		4.8			(85.7	)		(0.4	)
Interest and other expenses (income), net	$	39.9		$	(40.6	)	$	42.0

(1) Included in 2019 is an $80.4 gain related to our acquisition of the remaining controlling interest in Manpower Switzerland. See Note 4 to the Consolidated Financial Statements for further information.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

(12) Derivative Financial Instruments

We are exposed to various market risks relating to our ongoing business operations. The primary market risks, which are managed using derivative instruments, are foreign currency exchange rate risk and interest rate risk. In certain circumstances, we enter into cross-currency swaps and foreign currency forward exchange contracts (“forward contracts”) to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations. We have historically managed interest rate risk through the use of a combination of fixed and variable rate borrowings.

Net Investment Hedges

We use cross-currency swaps, forward contracts and a portion of our foreign currency denominated debt, a non-derivative financial instrument, to protect the value of our net investments in certain of our foreign subsidiaries. For derivative instruments that are designated and qualify as hedges of our net investments in foreign operations, the changes in fair values of the derivative instruments are recognized in foreign currency translation adjustments, a component of accumulated other comprehensive loss (“AOCL”), to offset the changes in the values of the net investments being hedged. For non-derivative financial instruments that are designated and qualify as hedges of net investments in foreign operations, the change in the carrying value of the designated portion of the non-derivative financial instrument due to changes in foreign currency exchange rates is recorded in foreign currency translation adjustments.

The €400.0 ($487.8) notes due September 2022 and the €500.0 ($606.7) notes due June 2026 were designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of December 31, 2020.

In September 2019, we entered into a cross-currency swap agreement that net converts fixed-rate Swiss franc (“CHF”) payments to fixed-rate United States dollar payments. This swap was designated as a net investment hedge of our foreign subsidiary with CHF functional currency.

The effect of our net investment hedges on OCI for the year ended December 31, 2020, and 2019 was as follows:


	(Loss) Gain Recognized in Other Comprehensive Income
	Year Ended December 31,
Instrument	2020			2019
Euro Notes	$	(90.3	)	$	22.9
Cross-currency swaps		(23.0	)		(9.0	)

Cash Flow Hedges

We use cross-currency swaps to hedge the changes in cash flows of certain of our foreign currency denominated debt due to changes in foreign currency exchange rates. For our cross-currency swaps, we record the change in carrying value of the foreign currency denominated debt due to changes in exchange rates into earnings each

period. The changes in fair value of the cross-currency swap derivatives are recorded in other comprehensive income (“OCI”) with an immediate reclassification into earnings for the change in fair value attributable to fluctuations in foreign currency exchange rates.

In April 2019, we entered into a cross-currency swap agreement to convert our intercompany fixed-rate, CHF denominated note, including the annual interest payment and the payment of remaining principal at maturity, to a fixed-rate Euro denominated note. The economic effect of the swap agreement is to eliminate the uncertainty of cash flows in CHF associated with the note by fixing the principal at €202.3 with a fixed annual interest rate of 1.256%. This hedging arrangement has been designated as a cash flow hedge. The swap matures in April 2022, which matches the term of the intercompany note. Gains and losses from the hedge offset the changes in the value of principal and interest payments as a result of changes in foreign exchange rates. In September 2019, we entered into to a cross-currency swap agreement to convert an additional intercompany fixed-rate CHF note, including the annual interest payment and the payment of remaining principal at maturity, to a fixed-rate Euro denominated note. The economic effect of the swap is identical to the original April 2019 swap, and fixes the principal of €55.4 with a fixed interest rate of 1.143%. The swap matures in September 2022, which matches the term of the intercompany note.

We assessed the hedging relationship at the inception of the hedge in order to determine whether the derivatives that are used in the hedging transaction are highly effective in offsetting the cash flows of the hedged item and will continue to assess the relationship on an ongoing basis. We apply the hypothetical derivative method in conjunction with regression analysis using a third-party valuation to measure effectiveness of our cross-currency swap agreement.

The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCL and earnings for the year ended December 31, 2020, and 2019:

						Gain Reclassified
	Gain Recognized in OCI					from AOCL into Income
	Year Ended December 31,				Location of Gain Reclassified	Year Ended December 31,
Instrument	2020		2019		from AOCL into Income	2020		2019
Cross-currency swaps	$	1.4	$	7.3	Interest and other expenses (income), net	$	1.1	$	8.3

We expect the net amount of pre-tax derivative gains and losses included in AOCL at December 31, 2020 to be reclassified into earnings to approximate $1.0 over the next twelve months. The actual amount that will be reclassified to earnings will vary due to future currency exchange rates.

Non-Designated Instruments

We also use certain derivatives, which are not designated as hedging instruments, as economic hedges of foreign currency and interest rate exposure. For our forward contracts that are not designated as hedges, any gain or loss resulting from the change in fair value is recognized in current period earnings. These gains or losses are offset by the exposure related to receivables and payables with our foreign subsidiaries and to interest due on our Euro-denominated notes, which is paid annually in June and September. The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the year ended December 31, 2020 was as follows:

	Location of Gain	Amount of Gain Recognized in Income
Instrument	Recognized in Income	Year Ended December 31,
		2020		2019
Foreign currency forward contracts	Interest and other expenses (income), net	$	1.1	$	11.9

Derivative and Non-Derivative Assets and Liabilities

The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of December 31, 2020, and 2019:

	Assets
		December 31,
	Balance Sheet Location	2020		2019
Instruments designated as cash flow hedges:
Cross-currency swaps	Prepaid expenses and other assets	$	12.1	$	9.7
Instruments not designated as hedges:
Foreign currency forward contracts	Accounts receivable, net		1.0		—
Total instruments		$	13.1	$	9.7

	Liabilities
		December 31,
	Balance Sheet Location	2020		2019
Instruments designated as net investment hedges:
Euro Notes	Long-term debt	$	1,094.5	$	1,002.9
Cross-currency swaps	Accrued liabilities		30.5		6.0
Total instruments		$	1,125.0	$	1,008.9

The fair value measurements of these items recorded in our Consolidated Balance Sheets for the years ended December 31, 2020 and 2019 are disclosed in Note 1 to the Consolidated Financial Statements.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

(13) Leases

The components of lease expense were as follows:

	Year Ended December 31,
	2020		2019
Operating lease expense	$	143.1	$	153.5
Short-term lease expense		11.3		17.6
Other lease expense⁽¹⁾		16.7		15.8
Total lease expense	$	171.1	$	186.9

(1) Other lease expense includes variable lease expense and sublease income.

Other information related to leases was as follows:

	Year Ended December 31,
Supplemental Cash Flow Information	2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	142.0	$	150.1
Operating ROU assets obtained in exchange for lease obligations		63.6		129.3

	December 31,
Supplemental Balance Sheet Information	2020		2019
Operating Leases

Operating lease ROU assets	$	400.7	$	448.5

Operating lease liabilities - current⁽¹⁾	$	119.3	$	122.1
Operating lease liabilities - long-term		305.1		336.7
Total operating lease liabilities	$	424.4	$	458.8

(1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets.

	December 31,
	2020			2019
Weighted Average Remaining Lease Term
Operating leases	5.2 years			5.6 years
Weighted Average Discount Rate
Operating leases		2.9	%		3.1	%

Maturities of operating lease liabilities as of December 31, 2020 were as follows:


Period Ending December 31, 2020	Operating Leases
2021	$	129.6
2022		99.9
2023		69.9
2024		50.6
2025		34.0
Thereafter		77.3
Total future undiscounted lease payments	$	461.3
Less imputed interest	$	(36.9	)
Total operating lease liabilities	$	424.4

Segment Data

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Data

(14) Segment Data

Effective January 1, 2020, our segment reporting was realigned due to our Right Management business being combined with each of our respective country business units. Accordingly, our former reportable segment, Right Management, is now reported within each of our respective reportable segments. All previously reported results have been restated to conform to the current year presentation.

We are organized and managed primarily on a geographic basis. Each country and business unit generally has its own distinct operations and management team, providing services under our global brands, and maintains its own financial reports. We have an executive sponsor for each global brand who is responsible for ensuring the integrity and consistency of delivery locally. Each operation reports directly or indirectly through a regional manager, to a member of executive management. Given this reporting structure, we operate using the following reporting segments: Americas, which includes United States and Other Americas; Southern Europe, which includes France, Italy and Other Southern Europe; Northern Europe; and APME.

The segments derive a significant majority of their revenues from our staffing and interim services. The remaining revenues within these segments are derived from our outcome-based solutions and consulting services, permanent recruitment services, outplacement services, talent management services, and other services. Segment revenues represent sales to external clients. We provide services to a wide variety of clients, none of which individually comprise a significant portion of revenues for us as a whole. Due to the nature of our business, we generally do not have export sales.

Total assets for the segments are reported after the elimination of investments in subsidiaries and intercompany accounts.

Year Ended December 31	2020			2019			2018
Revenues from Services^(a)
Americas:
United States^(b)	$	2,327.2		$	2,590.6		$	2,608.9
Other Americas		1,465.2			1,688.0			1,650.0
		3,792.4			4,278.6			4,258.9
Southern Europe:
France		4,338.1			5,479.6			5,846.4
Italy		1,370.7			1,508.3			1,673.9
Other Southern Europe		2,146.4			2,206.5			1,879.6
		7,855.2			9,194.4			9,399.9
Northern Europe		3,976.7			4,735.5			5,417.5
APME		2,376.7			2,655.0			2,914.9
		18,001.0			20,863.5			21,991.2
Operating Unit Profit (Loss)
Americas:
United States	$	60.9		$	128.0		$	149.9
Other Americas		55.1			75.4			75.0
		116.0			203.4			224.9
Southern Europe:
France		149.0			284.9			290.9
Italy		64.2			102.5			111.3
Other Southern Europe		23.8			67.9			66.5
		237.0			455.3			468.7
Northern Europe		(27.6	)		74.4			129.9
APME		70.1			127.5			118.3
	$	395.5		$	860.6		$	941.8
Corporate expenses		(113.9	)		(121.9	)		(110.0	)
Goodwill impairment charges		(66.8	)		(64.0	)		—
Intangible asset amortization expense^(c)		(27.2	)		(29.8	)		(35.1	)
Interest and other (expenses) income, net		(39.9	)		40.6			(42.0	)
Earnings before income taxes	$	147.7		$	685.5		$	754.7

(a) Further breakdown of revenues from services by geographical region was as follows:

Revenues from Services	2020		2019		2018
United States	$	2,327.2	$	2,590.6	$	2,608.9
France		4,338.1		5,479.6		5,846.4
Italy		1,370.7		1,508.3		1,673.9
United Kingdom		1,402.9		1,598.6		1,672.1
Total Foreign		15,673.8		18,272.9		19,382.3

(b) The United States revenues above represent revenues from our company-owned branches and franchise fees received from our franchise operations, which were $12.6, $15.6 and $16.1 for 2020, 2019 and 2018, respectively.

(c) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately.

Year Ended December 31	2020			2019			2018
Depreciation and Amortization Expense
Americas:
United States	$	7.8		$	8.6		$	9.8
Other Americas		2.3			2.4			2.5
		10.1			11.0			12.3
Southern Europe:
France		14.4			13.9			14.2
Italy		2.1			1.8			1.9
Other Southern Europe		5.3			4.9			5.0
		21.8			20.6			21.1
Northern Europe		8.9			9.8			11.4
APME		8.2			5.9			5.8
Corporate expenses		0.1			0.1			0.1
Intangible asset amortization expense(a)		27.2			29.8			35.1
	$	76.3		$	77.2		$	85.8

Earnings from Equity Investments
Americas:
United States	$	—		$	—		$	—
Other Americas		—			—			—
		—			—			—
Southern Europe:
France		—			—			—
Italy		(0.1	)		(0.1	)		(0.2	)
Other Southern Europe		—			47.5			1.7
		(0.1	)		47.4			1.5
Northern Europe		—			—			—
APME		—			—			—
Corporate		4.7			3.1			(0.3	)
	$	4.6		$	50.5		$	1.2

(a) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately.

As of December 31	2020		2019		2018
Total Assets
Americas:
United States	$	2,103.8	$	2,153.8	$	1,888.1
Other Americas		381.3		382.4		344.0
		2,485.1		2,536.2		2,232.1
Southern Europe:
France		2,778.3		2,732.6		2,740.9
Italy		540.4		464.2		406.5
Other Southern Europe		848.5		778.7		583.5
		4,167.2		3,975.5		3,730.9
Northern Europe		1,366.7		1,478.5		1,240.9
APME		806.0		744.2		795.0
Corporate^(a)		503.2		489.4		520.9
	$	9,328.2	$	9,223.8	$	8,519.8
Equity Investments
Americas:
United States	$	—	$	—	$	—
Other Americas		—		—		—
		—		—		—
Southern Europe:
France		—		—		—
Italy		0.1		0.3		0.3
Other Southern Europe		—		—		157.8
		0.1		0.3		158.1
Northern Europe		—		—		—
APME		—		—		2.3
Corporate		106.5		97.5		1.0
	$	106.6	$	97.8	$	161.4

(a) Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash.

As of and Year Ended December 31	2020		2019		2018
Long-lived Assets^(a)
Americas:
United States	$	16.5	$	20.5	$	22.4
Other Americas		7.5		8.2		6.3
		24.0		28.7		28.7
Southern Europe:
France		44.8		46.9		50.1
Italy		6.0		5.2		5.0
Other Southern Europe		21.0		23.5		23.4
		71.8		75.6		78.5
Northern Europe		26.5		27.5		30.6
APME		25.5		18.9		22.1
Corporate		6.5		0.2		0.1
	$	154.3	$	150.9	$	160.0
Additions to Long-Lived Assets
Americas:
United States	$	7.0	$	8.3	$	7.7
Other Americas		2.5		4.4		2.9
		9.5		12.7		10.6
Southern Europe:
France		9.3		12.9		18.1
Italy		2.6		2.1		2.2
Other Southern Europe		4.4		5.0		5.9
		16.3		20.0		26.2
Northern Europe		7.3		7.7		16.6
APME		14.1		8.2		6.8
Corporate		—		0.1		0.1
	$	47.2	$	48.7	$	60.3

(a) Further breakdown of long-lived assets by geographical region was as follows:

Long-Lived Assets	2020		2019		2018
United States	$	16.5	$	20.5	$	22.4
France		44.8		46.9		50.1
Italy		6.0		5.2		5.0
United Kingdom		5.0		5.8		7.0
Total Foreign		137.8		130.4		137.6

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 21
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Contingencies

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Contingencies

(15) Contingencies

Litigation

In the normal course of business, the Company is named as a defendant in various legal proceedings in which claims are asserted against the Company. We record accruals for loss contingencies based on the circumstances of each claim, when it is probable that a loss has been incurred as of the balance sheet date and can be reasonably estimated. Although the outcome of litigation cannot be predicted with certainty, we believe the ultimate resolution of these legal proceedings will not have a material effect on our business or financial condition.

Guarantees

We have entered into certain guarantee contracts and stand-by letters of credit that total $890.0 as of December 31, 2020 ($838.4 for guarantees and $51.6 for stand-by letters of credit, respectively). The guarantees primarily relate to staffing license requirements, operating leases and indebtedness. The stand-by letters of credit mainly relate to workers’ compensation in the United States. If certain conditions were met under these arrangements, we would be required to satisfy our obligation in cash. Due to the nature of these arrangements and our historical experience, we do not expect to make any significant payments under these arrangements.

Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Data (Unaudited)

(16) Quarterly Data (Unaudited)

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
Year Ended December 31, 2020
Revenues from services	$	4,619.1	$	3,742.2		$	4,584.8	$	5,054.9	$	18,001.0
Gross profit		724.0		576.7			725.1		798.9		2,824.7
Operating profit (loss) ^(a)(^c^)(d)^(e)		37.7		(50.0	)		61.6		138.3		187.6
Net earnings (loss) ^(a)(b)(c)(d)^(e)(f)		1.7		(64.4	)		10.3		76.2		23.8
Net earnings (loss) per share - basic	$	0.03	$	(1.11	)	$	0.18	$	1.34	$	0.41
Net earnings (loss) per share - diluted⁽^g⁾		0.03		(1.11	)		0.18		1.33		0.41
Dividends per share		—		1.09			—		1.17		2.26

Year Ended December 31, 2019
Revenues from services	$	5,044.9	$	5,373.1		$	5,248.9	$	5,196.6	$	20,863.5
Gross profit		804.8		870.4			840.3		859.6		3,375.1
Operating profit⁽^h⁾^(i)(k)		105.5		130.8			217.0		191.6		644.9
Net earnings⁽^h⁾^(i)(j)(k)		53.5		127.3			146.1		138.8		465.7
Net earnings per share - basic	$	0.88	$	2.12		$	2.44	$	2.35	$	7.78
Net earnings per share - diluted⁽^l⁾		0.88		2.11			2.42		2.33		7.72
Dividends per share		—		1.09			—		1.09		2.18

(a) Included restructuring costs of $48.2, $40.2 net of tax, $49.9, $42.1 net of tax, and $12.6, $8.7 net of tax, recorded in the first, third and fourth quarter, respectively.

(b) Included pension settlement expenses related to one of our United States plans of $10.2, $6.3 net of tax, recorded in the first quarter.

(c) Included goodwill impairment charge of $66.8 recorded in selling and administrative expenses and related tax charges of $3.7 recorded in provision for income taxes in the second quarter.

(d) Included software impairment charge of $6.0, $4.5 net of tax, recorded in the second quarter.

(e) Included loss on the disposition of subsidiaries of $5.8, $5.2 net of tax, recorded in the third quarter.

(f) Included discrete valuation allowance in Germany of $12.4 recorded in the third quarter.

(g) Included in the results are restructuring costs per diluted share of $(0.69), $(0.72), and $(0.15) for the first, third, and fourth quarter, respectively, pension settlement expenses per diluted share of $(0.11) for the first quarter, goodwill and related tax charges per diluted share of $(1.21) for the second quarter, software impairment charge of $(0.08) for the second quarter, loss on the disposition of subsidiaries of $(0.09) for the third quarter, and discrete valuation allowance in Germany of $(0.21) for the third quarter.

(h) Included restructuring costs of $39.8, $31.4 net of tax, recorded in the first quarter.

(i) Included goodwill impairment and related charges of $65.6 recorded in selling and administrative expenses and related tax charges of $10.3 recorded in provision for income taxes in the second quarter.

(j) Included gain of $80.4 from the acquisition of the remaining controlling interest in Manpower Switzerland recorded in interest and other expenses (income), net in the second quarter.

(k) Included gain of $30.4 from the ManpowerGroup Greater China Limited IPO recorded in the third quarter.

(l) Included in the results are restructuring costs per diluted share of $(0.51) for the first quarter, goodwill and related tax and other charges per diluted share of $(1.26) for the second quarter, Manpower Switzerland acquisition gain per diluted share of $1.32 for the second quarter and ManpowerGroup Greater China Limited IPO gain per diluted share of $0.50 for the third quarter.

Schedule II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2020

Valuation And Qualifying Accounts [Abstract]

Schedule II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II—Valuation and Qualifying Accounts

For the years ended December 31, 2020, 2019 and 2018, in millions:

Allowance for Doubtful Accounts:

	Balance at Beginning of Year		Provisions Charged to Earnings		Write-Offs			Translation Adjustments			Reclassifications and Other		Balance at End of Year
2020	$	113.5	$	20.3	$	(17.8	)	$	8.1		$	4.0	$	128.1
2019		115.7		21.8		(19.1	)		(5.0	)		0.1		113.5
2018		110.8		23.0		(12.0	)		(6.3	)		0.2		115.7

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Use of Estimates

COVID-19

Basis of Consolidation

Revenues

Accounts Receivable, Contract Assets and Contract Liabilities

Allowance for Doubtful Accounts

	Balance at Beginning of Year		Provisions Charged to Earnings		Write-Offs			Translation Adjustments			Reclassifications and Other		Balance at End of Year
2020	$	113.5	$	20.3	$	(17.8	)	$	8.1		$	4.0	$	128.1
2019		115.7		21.8		(19.1	)		(5.0	)		0.1		113.5
2018		110.8		23.0		(12.0	)		(6.3	)		0.2		115.7

Advertising Costs

We expense production costs of advertising as they are incurred. Advertising expenses were $22.2, $25.7 and $27.9 in 2020, 2019 and 2018, respectively.

Restructuring Costs

Changes in the restructuring reserve by reportable segment and Corporate are shown below:

	Americas⁽¹⁾			Southern Europe⁽²⁾			Northern Europe			APME			Corporate			Total
Balance, December 31, 2018	$	0.5		$	1.9		$	13.1		$	—		$	—		$	15.5
Severance costs		3.8			5.2			17.6			3.5			2.3			32.4
Office closure costs		5.8			0.1			2.0			0.9			0.8			9.6
Costs paid or utilized		(9.7	)		(6.5	)		(26.5	)		(4.4	)		(3.1	)		(50.2	)
Balance, December 31, 2019	$	0.4		$	0.7		$	6.2		$	—		$	—		$	7.3
Severance costs		5.5			16.2			49.8			2.5			0.2			74.2
Office closure costs		19.6			5.1			2.1			0.5			—			27.3
Other costs		4.4			3.2			0.5			1.1			—			9.2
Costs paid, utilized or transferred out		(28.0	)		(21.7	)		(17.9	)		(4.1	)		(0.2	)		(71.9	)
Balance, December 31, 2020	$	1.9		$	3.5		$	40.7		$	—		$	—		$	46.1

Income Taxes

Fair Value Measurements

The assets and liabilities measured and recorded at fair value on a recurring basis were as follows:

	Fair Value Measurements Using								Fair Value Measurements Using
	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Deferred compensation plan assets	$	119.4	$	119.4	$	—	$	—	$	107.3	$	107.3	$	—	$	—
Cross-currency swaps		12.1		—		12.1		—		9.7		—		9.7		—
Foreign currency forward contracts		1.0		—		1.0		—		—		—		—		—
	$	132.5	$	119.4	$	13.1	$	—	$	117.0	$	107.3	$	9.7	$	—
Liabilities
Cross-currency swaps	$	30.5	$	—	$	30.5	$	—	$	6.0	$	—	$	6.0	$	—
	$	30.5	$	—	$	30.5	$	—	$	6.0	$	—	$	6.0	$	—

Goodwill and Other Intangible Assets

We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows:

	December 31, 2020						December 31, 2019
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Goodwill⁽¹⁾	$	1,225.8	$	—	$	1,225.8	$	1,260.1	$	—	$	1,260.1
Intangible assets:
Finite-lived:
Customer relationships	$	473.0	$	403.8	$	69.2	$	460.5	$	375.7	$	84.8
Other		21.9		21.6		0.3		20.9		13.7		7.2
		494.9		425.4		69.5		481.4		389.4		92.0
Indefinite-lived:
Tradenames⁽²⁾		52.0		—		52.0		52.0		—		52.0
Reacquired franchise rights		127.1		—		127.1		124.6		—		124.6
		179.1		—		179.1		176.6		—		176.6
Total intangible assets	$	674.0	$	425.4	$	248.6	$	658.0	$	389.4	$	268.6

(1) Balances were net of accumulated impairment loss of $644.2 and $577.4 as of December 31, 2020 and 2019, respectively.

(2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2020 and 2019.

Marketable Securities

Capitalized Software for Internal Use

Property and Equipment

A summary of property and equipment as of December 31 is as follows:

	2020		2019
Land	$	0.5	$	0.5
Buildings		7.1		10.2
Furniture, fixtures, and autos		167.1		164.8
Computer equipment		133.8		130.3
Leasehold improvements		306.2		299.7
Property and equipment	$	614.7	$	605.5

Leases

Derivative Financial Instruments

Foreign Currency Translation

As of July 1, 2018, the Argentina economy was designated as highly-inflationary and was treated as such for accounting purposes starting in the third quarter of 2018.

Shareholders' Equity

Shareholders’ Equity

Cash and Cash Equivalents

Payroll Tax Credit

Recently Issued Accounting Standards

Accounting Standards Effective as of January 1, 2020

Recently Issued Accounting Standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Rollforward of Allowance for Doubtful Accounts

	Balance at Beginning of Year		Provisions Charged to Earnings		Write-Offs			Translation Adjustments			Reclassifications and Other		Balance at End of Year
2020	$	113.5	$	20.3	$	(17.8	)	$	8.1		$	4.0	$	128.1
2019		115.7		21.8		(19.1	)		(5.0	)		0.1		113.5
2018		110.8		23.0		(12.0	)		(6.3	)		0.2		115.7

Schedule of Changes in Restructuring Reserve

Changes in the restructuring reserve by reportable segment and Corporate are shown below:

	Americas⁽¹⁾			Southern Europe⁽²⁾			Northern Europe			APME			Corporate			Total
Balance, December 31, 2018	$	0.5		$	1.9		$	13.1		$	—		$	—		$	15.5
Severance costs		3.8			5.2			17.6			3.5			2.3			32.4
Office closure costs		5.8			0.1			2.0			0.9			0.8			9.6
Costs paid or utilized		(9.7	)		(6.5	)		(26.5	)		(4.4	)		(3.1	)		(50.2	)
Balance, December 31, 2019	$	0.4		$	0.7		$	6.2		$	—		$	—		$	7.3
Severance costs		5.5			16.2			49.8			2.5			0.2			74.2
Office closure costs		19.6			5.1			2.1			0.5			—			27.3
Other costs		4.4			3.2			0.5			1.1			—			9.2
Costs paid, utilized or transferred out		(28.0	)		(21.7	)		(17.9	)		(4.1	)		(0.2	)		(71.9	)
Balance, December 31, 2020	$	1.9		$	3.5		$	40.7		$	—		$	—		$	46.1

Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis

The assets and liabilities measured and recorded at fair value on a recurring basis were as follows:

	Fair Value Measurements Using								Fair Value Measurements Using
	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Deferred compensation plan assets	$	119.4	$	119.4	$	—	$	—	$	107.3	$	107.3	$	—	$	—
Cross-currency swaps		12.1		—		12.1		—		9.7		—		9.7		—
Foreign currency forward contracts		1.0		—		1.0		—		—		—		—		—
	$	132.5	$	119.4	$	13.1	$	—	$	117.0	$	107.3	$	9.7	$	—
Liabilities
Cross-currency swaps	$	30.5	$	—	$	30.5	$	—	$	6.0	$	—	$	6.0	$	—
	$	30.5	$	—	$	30.5	$	—	$	6.0	$	—	$	6.0	$	—

Schedule of Goodwill, Finite-Lived Intangible Assets and Indefinite-Lived Intangible Assets

We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows:

	December 31, 2020						December 31, 2019
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Goodwill⁽¹⁾	$	1,225.8	$	—	$	1,225.8	$	1,260.1	$	—	$	1,260.1
Intangible assets:
Finite-lived:
Customer relationships	$	473.0	$	403.8	$	69.2	$	460.5	$	375.7	$	84.8
Other		21.9		21.6		0.3		20.9		13.7		7.2
		494.9		425.4		69.5		481.4		389.4		92.0
Indefinite-lived:
Tradenames⁽²⁾		52.0		—		52.0		52.0		—		52.0
Reacquired franchise rights		127.1		—		127.1		124.6		—		124.6
		179.1		—		179.1		176.6		—		176.6
Total intangible assets	$	674.0	$	425.4	$	248.6	$	658.0	$	389.4	$	268.6

(1) Balances were net of accumulated impairment loss of $644.2 and $577.4 as of December 31, 2020 and 2019, respectively.

(2) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2020 and 2019.

Summary of Property and Equipment

A summary of property and equipment as of December 31 is as follows:

	2020		2019
Land	$	0.5	$	0.5
Buildings		7.1		10.2
Furniture, fixtures, and autos		167.1		164.8
Computer equipment		133.8		130.3
Leasehold improvements		306.2		299.7
Property and equipment	$	614.7	$	605.5

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Disaggregation of Revenue

In the following table, revenue is disaggregated by service types and timing of revenue recognition and includes a reconciliation of the disaggregated revenues by reportable segment.

	Year Ended December 31,
	2020										2019
	Staffing and Interim		Outcome- Based Solutions and Consulting		Permanent Recruitment		Other		Total		Staffing and Interim		Outcome- Based Solutions and Consulting		Permanent Recruitment		Other		Total
Americas:
United States	$	1,942.9	$	125.3	$	88.4	$	170.6	$	2,327.2	$	2,186.8	$	150.7	$	98.0	$	155.1	$	2,590.6
Other Americas		1,393.0		41.8		17.8		12.6		1,465.2		1,596.6		53.0		25.4		13.0		1,688.0
		3,335.9		167.1		106.2		183.2		3,792.4		3,783.4		203.7		123.4		168.1		4,278.6
Southern Europe:
France		3,985.6		295.7		39.7		17.1		4,338.1		5,159.5		237.8		52.1		30.2		5,479.6
Italy		1,296.7		30.1		27.0		16.9		1,370.7		1,401.9		45.5		37.6		23.3		1,508.3
Other Southern Europe		1,752.0		341.5		39.9		13.0		2,146.4		1,800.7		333.8		58.9		13.1		2,206.5
		7,034.3		667.3		106.6		47.0		7,855.2		8,362.1		617.1		148.6		66.6		9,194.4
Northern Europe		3,545.7		264.9		100.3		65.8		3,976.7		4,180.9		339.9		145.6		69.1		4,735.5
APME		1,876.3		340.7		121.6		38.1		2,376.7		2,159.7		301.7		159.9		33.7		2,655.0
Total	$	15,792.2	$	1,440.0	$	434.7	$	334.1	$	18,001.0	$	18,486.1	$	1,462.4	$	577.5	$	337.5	$	20,863.5

	Year Ended December 31,
	2020						2019
	Services transferred over time		Services transferred at a point in time		Total		Services transferred over time		Services transferred at a point in time		Total
Americas:
United States	$	2,281.7	$	45.5	$	2,327.2	$	2,536.7	$	53.9	$	2,590.6
Other Americas		1,453.6		11.6		1,465.2		1,670.6		17.4		1,688.0
		3,735.3		57.1		3,792.4		4,207.3		71.3		4,278.6
Southern Europe:
France		4,301.8		36.3		4,338.1		5,430.7		48.9		5,479.6
Italy		1,345.4		25.3		1,370.7		1,473.6		34.7		1,508.3
Other Southern Europe		2,113.0		33.4		2,146.4		2,157.7		48.8		2,206.5
		7,760.2		95.0		7,855.2		9,062.0		132.4		9,194.4
Northern Europe		3,889.2		87.5		3,976.7		4,608.7		126.8		4,735.5
APME		2,310.0		66.7		2,376.7		2,554.1		100.9		2,655.0
Total	$	17,694.7	$	306.3	$	18,001.0	$	20,432.1	$	431.4	$	20,863.5

Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

A summary of stock option activity is as follows:

	Shares (000)	Wtd. Avg. Exercise Price Per Share	Wtd. Avg. Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding, January 1, 2018	574	$77
Granted	122	123
Exercised	(24)	78		$1
Expired or cancelled	—	—
Outstanding, December 31, 2018	672	$85	5.9	$1
Exercisable, December 31, 2018	401	$76	4.5	$1
Outstanding, January 1, 2019	672	$85
Granted	174	84
Exercised	(79)	65		$2
Expired or cancelled	(44)	91
Outstanding, December 31, 2019	723	$87	6.1	$10
Exercisable, December 31, 2019	426	$82	4.5	$8
Outstanding, January 1, 2020	723	$87
Granted	156	93
Exercised	(90)	59		$3
Expired or cancelled	(1)	54
Outstanding, December 31, 2020	788	$91	6.2	$4
Exercisable, December 31, 2020	455	$90	4.5	$3

Schedule of Options Outstanding and Exercisable

Options outstanding and exercisable as of December 31, 2020 were as follows:

	Options Outstanding			Options Exercisable
Exercise Price	Shares (000)	Weighted- Average Remaining Contractual Life (years)	Weighted- Average Exercise Price	Shares (000)	Weighted- Average Exercise Price
$75-$79	208	4.3	$76	208	$76
$80-$89	180	7.5	84	65	84
$90-$99	287	7.1	95	108	97
$100-$123	113	5.2	123	74	123
	788	6.2	$91	455	$90

Assumptions Used to Estimate Fair Value of Share Awards

We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions:

Year Ended December 31	2020			2019			2018
Average risk-free interest rate		1.5	%		2.5	%		2.6	%
Expected dividend yield		2.5	%		2.9	%		1.6	%
Expected volatility		27.0	%		27.0	%		27.0	%
Expected term (years)		6.0			6.0			6.0

Summary of Restricted Stock Activity

A summary of restricted stock activity is as follows:

	Shares (000)	Wtd. Avg. Price Per Share	Wtd. Avg. Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Unvested, January 1, 2018	448	$77	1.2
Granted	145	119
Vested	(174)	77
Forfeited	(23)	89
Unvested, December 31, 2018	396	$92	1.3
Granted	236	$84
Vested	(150)	76
Forfeited	(36)	93
Unvested, December 31, 2019	446	$97	1.5
Granted	200	$92
Vested	(145)	95
Forfeited	(17)	93
Unvested, December 31, 2020	484	$94	1.4	$44

Performance Share Units

A summary of the performance share units detail by grant year is as follows:

	2017		2018		2019		2020
Grant Date(s)	February 9, 2017		February 15, 2018		February 15, 2019		February 14, 2020
Performance Period (years)	2017-2019		2018-2020		2019-2021		2020-2022
Vesting Date	February 2020(a)		February 2021(a)		February 2022(a)		February 2023(a)
Payout Levels (in units):
Threshold Award		57,563		42,361		61,381		59,698
Target Award		115,125		84,726		122,761		119,395
Outstanding Award		230,250		169,452		245,522		238,790
Shares Issued in 2020		88,807		—		—		—
Payout Achieved Over Performance Period		—		42,361		—		—

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Preliminary Allocation of Assets and Liabilities

The following table summarizes the fair value of the assets and liabilities as of the acquisition date of April 3, 2019:


Cash and cash equivalents	$	317.5
Accounts receivable		60.4
Prepaid expenses and other assets		31.4
Goodwill		33.8
Intangible assets subject to amortization, customer relationship		19.6
Intangible assets not subject to amortization, reacquired franchise rights		25.5
Property and equipment		0.4
Accounts payable		(21.6	)
Employee compensation payable		(2.5	)
Accrued liabilities		(9.9	)
Accrued payroll taxes and insurance		(7.5	)
Value added taxes payable		(7.4	)
Other long-term liabilities		(24.6	)
Total assets acquired and liabilities assumed	$	415.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

The provision for income taxes was as follows:

Year Ended December 31	2020			2019			2018
Current
United States
Federal	$	5.2		$	16.7		$	17.2
State		4.5			2.5			10.8
Non-United States		124.6			243.6			181.9
Total current		134.3			262.8			209.9
Deferred
United States
Federal		(11.0	)		(22.1	)		(7.5	)
State		(4.9	)		1.1			1.0
Non-United States		5.5			(22.0	)		(5.4	)
Total deferred		(10.4	)		(43.0	)		(11.9	)
Total provision	$	123.9		$	219.8		$	198.0

Income Tax Reconciliation

A tax reconciliation between taxes computed at the United States federal statutory rate of 21% and the consolidated effective tax rate is as follows:

Year Ended December 31	2020			2019			2018
Income tax based on statutory rate	$	31.0		$	143.9		$	158.5
Increase (decrease) resulting from:
Non-United States tax rate difference:
French business tax⁽¹⁾		43.7			54.9			59.1
French CICE⁽²⁾		—			—			(39.9	)
Other⁽¹⁾⁽²⁾		9.7			37.3			20.0
Repatriation of non-United States earnings		(2.0	)		(17.8	)		2.5
State income taxes, net of federal benefit		(1.3	)		3.1			8.2
Change in valuation allowance⁽³⁾		48.5			20.0			0.7
Work Opportunity Tax Credit⁽⁴⁾		(4.9	)		(10.4	)		(8.8	)
Foreign-Derived Intangible Income deduction		(8.8	)		(11.9	)		(12.5	)
United States Tax Act and French tax reform		—			—			3.2
Goodwill impairment⁽⁵⁾		13.4			11.9			—
Gain related to Manpower Switzerland and Greater China transactions⁽⁶⁾		—			(22.8	)		—
Other, net		(5.4	)		11.6			7.0
Tax provision	$	123.9		$	219.8		$	198.0

(4) In December 2020, the Consolidation Appropriations Act, 2021 was signed into law, which includes a five-year extension of the Work Opportunity Tax Credit through December 31, 2025.

(5) Non-deductible portion of the goodwill impairment charges recorded in Germany in June 2020 and 2019.

(6) Non-taxable gains on the disposition of our previously held equity interest in Manpower Switzerland in April 2019 and the deconsolidation of ManpowerGroup Greater China Limited in July 2019.

Deferred Income Taxes Temporary Differences

Temporary differences, which give rise to the deferred taxes, are as follows:

December 31	2020			2019
Future Income Tax Benefits (Expense)
Accrued payroll taxes and insurance	$	32.2		$	12.8
Employee compensation payable		26.2			27.2
Pension and postretirement benefits		79.1			62.3
Intangible assets		(113.6	)		(108.7	)
Repatriation of non-United States earnings		(10.0	)		(8.8	)
Loans denominated in foreign currencies		13.5			(16.4	)
Operating lease ROU assets		(106.2	)		(115.8	)
Operating lease liabilities		112.0			118.1
Net operating losses		136.2			89.5
Other		127.9			135.0
Valuation allowance		(149.4	)		(87.8	)
Total future tax benefits	$	147.9		$	107.4
Deferred tax asset	$	165.7		$	126.2
Deferred tax liability		(17.8	)		(18.8	)
Total future tax benefits	$	147.9		$	107.4

Summary of Net Operating Loss Carryforwards

The net operating loss carryforwards expire as follows:

	United States Federal and Non-United States		United States State
2021	$	5.2	$	4.6
2022		6.7		5.0
2023		3.9		9.8
2024		7.2		55.9
2025		20.7		5.6
Thereafter		49.6		85.5
No expirations		565.3		0.8
Total net operating loss carryforwards	$	658.6	$	167.2

Summary of Unrecognized Tax Benefit Activity

The following table summarizes the activity related to our unrecognized tax benefits during 2020, 2019 and 2018:

	2020			2019			2018
Gross unrecognized tax benefits, beginning of year	$	65.9		$	32.2		$	46.1
Increases in prior year tax positions		1.4			35.7			11.4
Decreases in prior year tax positions		(4.1	)		(2.6	)		(1.8	)
Increases for current year tax positions		3.2			4.7			5.9
Expiration of statute of limitations and audit settlements		(5.5	)		(4.1	)		(29.4	)
Gross unrecognized tax benefits, end of year	$	60.9		$	65.9		$	32.2
Potential interest and penalties		3.6			3.6			2.0
Balance, end of year	$	64.5		$	69.5		$	34.2

Net Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Calculations of Net Earnings Per Share - Basic and Diluted

The calculation of net earnings per share - basic and net earnings per share - diluted were as follows:

Year Ended December 31	2020		2019		2018
Net earnings available to common shareholders:	$	23.8	$	465.7	$	556.7
Weighted-average common shares outstanding (in millions):
Weighted-average common shares outstanding - basic		58.0		59.9		64.6
Effect of dilutive securities - stock options		—		—		0.1
Effect of other share-based awards		0.3		0.4		0.4
Weighted-average common shares outstanding - diluted		58.3		60.3		65.1
Net earnings per share - basic	$	0.41	$	7.78	$	8.62
Net earnings per share - diluted	$	0.41	$	7.72	$	8.56

Goodwill (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Changes in Carrying Value of Goodwill by Reportable Segment

Changes in the carrying value of goodwill by reportable segment and Corporate were as follows:

	Americas⁽¹⁾		Southern Europe⁽²⁾			Northern Europe			APME			Corporate⁽³⁾			Total⁽⁴⁾
Balance, January 1, 2019	$	519.9	$	112.2		$	435.4		$	102.0		$	127.6		$	1,297.1
Goodwill acquired		14.2		33.8			—			—			—			48.0
Goodwill allocated to business units deconsolidated⁽⁵⁾		—		—			—			(18.5	)		(1.6	)		(20.1	)
Impairment charge⁽⁶⁾		—		—			(60.2	)		(3.8	)		—			(64.0	)
Currency impact and other		1.5		(1.2	)		(0.6	)		(0.6	)		—			(0.9	)
Balance, December 31, 2019		535.6		144.8			374.6			79.1			126.0			1,260.1
Impairment charge⁽⁷⁾		—		—			(66.8	)		—			—			(66.8	)
Currency impact and other		1.0		10.1			18.8			2.6			—			32.5
Balance, December 31, 2020	$	536.6	$	154.9		$	326.6		$	81.7		$	126.0		$	1,225.8

(1) Balances related to United States were $490.3 as of January 1, 2019 and December 31, 2019 and $490.2 as of December 31, 2020.

(5) Reductions relate to our China and Hong Kong reporting units, which were deconsolidated as of July 10, 2019. See Note 4 to the Consolidated Financial Statements for further information.

Schedule of Goodwill Balances by Reporting Unit

Goodwill balances by reporting unit were as follows:

December 31	2020		2019
United States	$	545.7	$	545.8
Netherlands		119.3		109.5
United Kingdom		100.2		97.3
France		73.3		67.3
Germany		—		67.2
Other reporting units		387.3		373.0
Total goodwill	$	1,225.8	$	1,260.1

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Short-Term Borrowings

Information concerning short-term borrowings is as follows:

December 31	2020			2019
Short-term borrowings	$	20.4		$	61.0
Weighted-average interest rates		7.9	%		7.7	%

Summary of Long-Term Debt

A summary of long-term debt is as follows:

December 31	2020		2019
Euro-denominated notes:
€500.0 due June 2026	$	606.7	$	555.8
€400.0 due September 2022		487.8		447.1
Other		9.0		9.5
		1,103.5		1,012.4
Less current maturities		—		—
Long-term debt	$	1,103.5	$	1,012.4

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
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-Name Accounting Standards Codification
-Topic 835
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Retirement and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Reconciliation of Changes in Benefit Obligations and the Statement of Funded Status of Plan

	United States Plans						Non-United States Plans
Year Ended December 31	2020			2019			2020			2019
Change in Benefit Obligation
Benefit obligation, beginning of year	$	52.8		$	48.9		$	794.8		$	450.0
Service cost		—			—			21.0			15.1
Interest cost		0.8			1.8			8.6			10.9
Acquisitions		—			—			—			201.2
Settlements		(22.3	)		—			(42.2	)		(40.9	)
Transfers		—			—			27.0			52.7
Actuarial (gain) loss		(0.4	)		6.3			90.9			100.1
Plan participant contributions		—			—			11.6			9.0
Benefits paid		(2.4	)		(4.2	)		(13.2	)		(11.3	)
Currency exchange rate changes		—			—			67.1			8.0
Benefit obligation, end of year	$	28.5		$	52.8		$	965.6		$	794.8

	United States Plans						Non-United States Plans
Year Ended December 31	2020			2019			2020			2019
Change in Plan Assets
Fair value of plan assets, beginning of year	$	38.8		$	36.1		$	655.4		$	354.1
Actual return on plan assets		0.1			4.4			49.7			69.5
Acquisitions		—			—			—			196.8
Settlements		(22.3	)		—			(42.2	)		(40.9	)
Transfers		—			—			26.2			51.6
Plan participant contributions		—			—			11.6			9.0
Company contributions		(14.2	)		2.5			16.1			15.4
Benefits paid		(2.4	)		(4.2	)		(13.2	)		(11.3	)
Currency exchange rate changes		—			—			50.0			11.2
Fair value of plan assets, end of year	$	—		$	38.8		$	753.6		$	655.4
Funded Status at End of Year
Funded status, end of year	$	(28.5	)	$	(14.0	)	$	(211.9	)	$	(139.4	)
Amounts Recognized
Noncurrent assets	$	—		$	15.0		$	32.1		$	41.4
Current liabilities		(2.4	)		(2.5	)		(1.2	)		(0.7	)
Noncurrent liabilities		(26.1	)		(26.5	)		(242.8	)		(180.1	)
Net amount recognized	$	(28.5	)	$	(14.0	)	$	(211.9	)	$	(139.4	)

The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows:

Year Ended December 31	2020			2019
Change in Benefit Obligation
Benefit obligation, beginning of year	$	14.1		$	13.7
Interest cost		0.4			0.5
Actuarial loss		1.0			0.8
Benefits paid		(0.9	)		(0.9	)
Benefit obligation, end of year	$	14.6		$	14.1
Funded Status at End of Year
Funded status, end of year	$	(14.6	)	$	(14.1	)
Amounts Recognized
Current liabilities	$	(1.1	)	$	(1.1	)
Noncurrent liabilities		(13.5	)		(13.0	)
Net amount recognized	$	(14.6	)	$	(14.1	)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Tax

Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of:

	United States Plans				Non-United States Plans
Year Ended December 31	2020		2019		2020		2019
Net loss	$	8.6	$	15.8	$	95.2	$	50.5
Prior service cost		—		—		7.6		7.8
Total	$	8.6	$	15.8	$	102.8	$	58.3

Schedule of Plans With Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The accumulated benefit obligation for some of our plans exceeded the fair value of plan assets as follows:

December 31	2020		2019
Accumulated benefit obligation	$	491.5	$	163.8
Plan assets		368.8		80.4

Schedule of Plans With Projected Benefit Obligation in Excess of Fair Value of Plan Assets

The PBO for some of our plans exceeded the fair value of plan assets as follows:

December 31	2020		2019
Projected benefit obligation	$	503.2	$	414.6
Plan assets		368.8		324.3

Schedule of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss

The components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for all plans were as follows:

Year Ended December 31	2020			2019			2018
Net Periodic Benefit Cost
Service cost	$	21.0		$	15.1		$	10.9
Interest cost		9.4			12.7			11.6
Expected return on assets		(13.5	)		(12.9	)		(10.6	)
Settlements		13.8			0.4			—
Net loss		2.7			1.2			1.4
Prior service cost		0.7			0.7			0.6
Net periodic benefit cost		34.1			17.2			13.9
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss
Net loss (gain)		44.1			45.5			(16.6	)
Prior service cost		0.4			1.0			1.4
Amortization of net loss		(6.3	)		(1.6	)		(1.4	)
Amortization of prior service cost		(0.7	)		(0.7	)		(0.6	)
Total recognized in other comprehensive income/loss		37.5			44.2			(17.2	)
Total recognized in net periodic benefit cost and other comprehensive income/loss	$	71.6		$	61.4		$	(3.3	)

The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows:

Year Ended December 31	2020			2019			2018
Net Periodic Benefit Credit
Interest cost	$	0.4		$	0.5		$	0.5
Net loss		0.1			—			0.1
Prior service credit		(0.8	)		(0.8	)		(0.8	)
Net periodic benefit credit	$	(0.3	)	$	(0.3	)	$	(0.2	)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income/Loss
Net loss (gain)	$	1.1		$	0.8		$	(0.5	)
Amortization of net loss		(0.1	)		—			(0.1	)
Amortization of prior service credit		0.8			0.8			0.8
Total recognized in other comprehensive income/loss		1.8			1.6			0.2
Total recognized in net periodic benefit cost and other comprehensive income/loss	$	1.5		$	1.3		$	—

Schedule of Weighted-Average Assumptions Used in Measurement of Benefit Obligation and Net Periodic Benefit Cost

The weighted-average assumptions used in the measurement of the benefit obligation were as follows:

	United States Plans						Non-United States Plans
Year Ended December 31	2020			2019			2020			2019
Discount rate		2.1	%		2.5	%		0.6	%		1.1	%
Rate of compensation increase		—			3.0	%		1.7	%		1.7	%

The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows:

	United States Plans									Non-United States Plans
Year Ended December 31	2020			2019			2018			2020			2019			2018
Discount rate - service cost		2.5	%		4.2	%		3.6	%		1.1	%		1.8	%		2.1	%
Discount rate - interest cost		2.5	%		4.2	%		3.2	%		1.1	%		1.8	%		2.1	%
Expected long-term return on plan assets		—			4.3	%		4.5	%		2.2	%		2.7	%		2.7	%
Rate of compensation increase		—			3.0	%		3.0	%		1.7	%		1.7	%		1.8	%
Interest crediting rates for cash balance plans		—			—			—			2.0	%		2.0	%		—

Schedule of Fair Value of Plan Assets By Asset Category

The fair value of our pension plan assets by asset category was as follows. As of December 31, 2020, all of our plan assets were associated with non-United States plans.


	Fair Value Measurements Using
	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category
Cash and cash equivalents	$	16.1	$	16.1	$	—	$	—
Equity securities:
Mutual funds		116.1		116.1		—		—
Common stock		25.4		25.4		—		—
Fixed income instruments:
Fixed income funds		185.6		—		185.6		—
Annuity contract		56.2		—		—		56.2
Bonds		41.4		—		41.4		—
Guaranteed insurance contracts		21.0		—		21.0		—
Other types of investments:
Insurance contracts		157.8		—		—		157.8
Real estate funds		92.1		—		90.8		1.3
Hedge funds		32.0		—		11.4		20.6
Other		9.9		—		3.2		6.7
	$	753.6	$	157.6	$	353.4	$	242.6

	United States Plans								Non-United States Plans
	Fair Value Measurements Using								Fair Value Measurements Using
	December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category
Cash and cash equivalents ⁽¹⁾	$	5.8	$	—	$	5.8	$	—	$	5.5	$	5.5	$	—	$	—
Equity securities:
Mutual funds		7.8		7.8		—		—		98.0		98.0		—		—
Common stock		—		—		—		—		22.3		22.3		—		—
Fixed income instruments:
Fixed income funds		25.2		—		25.2		—		160.0		—		160.0		—
Annuity contract		—		—		—		—		52.5		—		—		52.5
Bonds		—		—		—		—		37.0		—		37.0		—
Guaranteed insurance contracts		—		—		—		—		18.5		—		18.5		—
Other types of investments:
Insurance contracts		—		—		—		—		130.6		—		—		130.6
Real estate funds		—		—		—		—		93.3		—		87.3		6.0
Hedge funds		—		—		—		—		29.3		—		9.6		19.7
Other		—		—		—		—		8.4		—		2.4		6
	$	38.8	$	7.8	$	31.0	$	—	$	655.4	$	125.8	$	314.8	$	214.8

(1) This category includes a prime obligations money market portfolio.

Schedule of Changes in Fair Value of Pension Assets Measured Using Level 3 Inputs

Year Ended December 31	2020			2019
Balance, beginning of year	$	214.8		$	153.9
Actual return on plan assets		16.4			30.5
Acquisitions		—			27.6
Purchases, sales and settlements, net		(6.3	)		2.5
Currency exchange rate changes		17.7			0.3
Balance, end of year	$	242.6		$	214.8

Schedule of Projected Future Benefit Payments

Projected benefit payments from the plans as of December 31, 2020 were estimated as follows:

Year	Pension Plans		Retiree Health Care Plan
2021	$	65.8	$	1.1
2022		35.6		1.1
2023		27.1		1.1
2024		25.7		1.0
2025		25.0		1.0
2026–2029		150.0		4.6
Total projected benefit payments	$	329.2	$	9.9

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Components of Accumulated Other Comprehensive Loss, Net of Tax

The components of accumulated other comprehensive loss, net of tax, were as follows:

December 31	2020			2019
Foreign currency translation	$	(72.1	)	$	(260.5	)
Translation (loss) gain on derivative instruments, net of income taxes of $(34.9) and $(9.1), respectively		(81.2	)		13.1
Translation loss on long-term intercompany loans		(133.3	)		(121.5	)
Defined benefit pension plans, net of income taxes of $(38.2) and $(30.9), respectively		(111.4	)		(74.1	)
Retiree health care plan, net of income taxes of $1.8 and $1.6, respectively		0.7			2.0
Accumulated other comprehensive loss	$	(397.3	)	$	(441.0	)

Interest and Other Expenses (Income), Net (Tables)

12 Months Ended

Dec. 31, 2020

Other Nonoperating Income Expense [Abstract]

Schedule of Interest and Other Expenses (Income), Net

Interest and other expenses (income), net consisted of the following:

Year Ended December 31	2020			2019			2018
Interest expense	$	43.3		$	44.4		$	47.0
Interest income		(13.1	)		(6.0	)		(6.0	)
Foreign exchange loss		4.9			6.7			1.4
Miscellaneous expenses (income), net ⁽¹⁾		4.8			(85.7	)		(0.4	)
Interest and other expenses (income), net	$	39.9		$	(40.6	)	$	42.0

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Effect of Net Investment Hedges on OCI

The effect of our net investment hedges on OCI for the year ended December 31, 2020, and 2019 was as follows:


	(Loss) Gain Recognized in Other Comprehensive Income
	Year Ended December 31,
Instrument	2020			2019
Euro Notes	$	(90.3	)	$	22.9
Cross-currency swaps		(23.0	)		(9.0	)

Impact of Changes in Fair Values of Derivatives Designated as Cash Flow Hedges on OCI, AOCL and Earnings

The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on OCI, AOCL and earnings for the year ended December 31, 2020, and 2019:

						Gain Reclassified
	Gain Recognized in OCI					from AOCL into Income
	Year Ended December 31,				Location of Gain Reclassified	Year Ended December 31,
Instrument	2020		2019		from AOCL into Income	2020		2019
Cross-currency swaps	$	1.4	$	7.3	Interest and other expenses (income), net	$	1.1	$	8.3

Effect of Forward Contracts not Designated as Hedging Instrument

The effect of our forward contracts that are not designated as hedging instruments on the consolidated statements of operations for the year ended December 31, 2020 was as follows:

	Location of Gain	Amount of Gain Recognized in Income
Instrument	Recognized in Income	Year Ended December 31,
		2020		2019
Foreign currency forward contracts	Interest and other expenses (income), net	$	1.1	$	11.9

Fair Value of Derivative and Non-Derivative Assets and Liabilities on the Consolidated Balance Sheets

The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of December 31, 2020, and 2019:

	Assets
		December 31,
	Balance Sheet Location	2020		2019
Instruments designated as cash flow hedges:
Cross-currency swaps	Prepaid expenses and other assets	$	12.1	$	9.7
Instruments not designated as hedges:
Foreign currency forward contracts	Accounts receivable, net		1.0		—
Total instruments		$	13.1	$	9.7

	Liabilities
		December 31,
	Balance Sheet Location	2020		2019
Instruments designated as net investment hedges:
Euro Notes	Long-term debt	$	1,094.5	$	1,002.9
Cross-currency swaps	Accrued liabilities		30.5		6.0
Total instruments		$	1,125.0	$	1,008.9

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of Lease Expense and Other Information

The components of lease expense were as follows:

	Year Ended December 31,
	2020		2019
Operating lease expense	$	143.1	$	153.5
Short-term lease expense		11.3		17.6
Other lease expense⁽¹⁾		16.7		15.8
Total lease expense	$	171.1	$	186.9

(1) Other lease expense includes variable lease expense and sublease income.

Other information related to leases was as follows:

	Year Ended December 31,
Supplemental Cash Flow Information	2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	142.0	$	150.1
Operating ROU assets obtained in exchange for lease obligations		63.6		129.3

	December 31,
	2020			2019
Weighted Average Remaining Lease Term
Operating leases	5.2 years			5.6 years
Weighted Average Discount Rate
Operating leases		2.9	%		3.1	%

Supplemental Balance Sheet Information

	December 31,
Supplemental Balance Sheet Information	2020		2019
Operating Leases

Operating lease ROU assets	$	400.7	$	448.5

Operating lease liabilities - current⁽¹⁾	$	119.3	$	122.1
Operating lease liabilities - long-term		305.1		336.7
Total operating lease liabilities	$	424.4	$	458.8

(1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets.

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2020 were as follows:


Period Ending December 31, 2020	Operating Leases
2021	$	129.6
2022		99.9
2023		69.9
2024		50.6
2025		34.0
Thereafter		77.3
Total future undiscounted lease payments	$	461.3
Less imputed interest	$	(36.9	)
Total operating lease liabilities	$	424.4

Segment Data (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Segment Data

Year Ended December 31	2020			2019			2018
Revenues from Services^(a)
Americas:
United States^(b)	$	2,327.2		$	2,590.6		$	2,608.9
Other Americas		1,465.2			1,688.0			1,650.0
		3,792.4			4,278.6			4,258.9
Southern Europe:
France		4,338.1			5,479.6			5,846.4
Italy		1,370.7			1,508.3			1,673.9
Other Southern Europe		2,146.4			2,206.5			1,879.6
		7,855.2			9,194.4			9,399.9
Northern Europe		3,976.7			4,735.5			5,417.5
APME		2,376.7			2,655.0			2,914.9
		18,001.0			20,863.5			21,991.2
Operating Unit Profit (Loss)
Americas:
United States	$	60.9		$	128.0		$	149.9
Other Americas		55.1			75.4			75.0
		116.0			203.4			224.9
Southern Europe:
France		149.0			284.9			290.9
Italy		64.2			102.5			111.3
Other Southern Europe		23.8			67.9			66.5
		237.0			455.3			468.7
Northern Europe		(27.6	)		74.4			129.9
APME		70.1			127.5			118.3
	$	395.5		$	860.6		$	941.8
Corporate expenses		(113.9	)		(121.9	)		(110.0	)
Goodwill impairment charges		(66.8	)		(64.0	)		—
Intangible asset amortization expense^(c)		(27.2	)		(29.8	)		(35.1	)
Interest and other (expenses) income, net		(39.9	)		40.6			(42.0	)
Earnings before income taxes	$	147.7		$	685.5		$	754.7

(a) Further breakdown of revenues from services by geographical region was as follows:

Revenues from Services	2020		2019		2018
United States	$	2,327.2	$	2,590.6	$	2,608.9
France		4,338.1		5,479.6		5,846.4
Italy		1,370.7		1,508.3		1,673.9
United Kingdom		1,402.9		1,598.6		1,672.1
Total Foreign		15,673.8		18,272.9		19,382.3

(c) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately.

Schedule of Revenues from Services by Geographical Region

Further breakdown of revenues from services by geographical region was as follows:

Revenues from Services	2020		2019		2018
United States	$	2,327.2	$	2,590.6	$	2,608.9
France		4,338.1		5,479.6		5,846.4
Italy		1,370.7		1,508.3		1,673.9
United Kingdom		1,402.9		1,598.6		1,672.1
Total Foreign		15,673.8		18,272.9		19,382.3

Schedule of Segment Information - Depreciation and Amortization Expense, Earnings from Equity Investment, Total Assets, Equity Investments, Long-Lived Assets and Additions to Long-Lived Assets

Year Ended December 31	2020			2019			2018
Depreciation and Amortization Expense
Americas:
United States	$	7.8		$	8.6		$	9.8
Other Americas		2.3			2.4			2.5
		10.1			11.0			12.3
Southern Europe:
France		14.4			13.9			14.2
Italy		2.1			1.8			1.9
Other Southern Europe		5.3			4.9			5.0
		21.8			20.6			21.1
Northern Europe		8.9			9.8			11.4
APME		8.2			5.9			5.8
Corporate expenses		0.1			0.1			0.1
Intangible asset amortization expense(a)		27.2			29.8			35.1
	$	76.3		$	77.2		$	85.8

Earnings from Equity Investments
Americas:
United States	$	—		$	—		$	—
Other Americas		—			—			—
		—			—			—
Southern Europe:
France		—			—			—
Italy		(0.1	)		(0.1	)		(0.2	)
Other Southern Europe		—			47.5			1.7
		(0.1	)		47.4			1.5
Northern Europe		—			—			—
APME		—			—			—
Corporate		4.7			3.1			(0.3	)
	$	4.6		$	50.5		$	1.2

(a) Intangible asset amortization related to acquisitions is excluded from operating costs within the reportable segments and corporate expenses, and shown separately.

As of December 31	2020		2019		2018
Total Assets
Americas:
United States	$	2,103.8	$	2,153.8	$	1,888.1
Other Americas		381.3		382.4		344.0
		2,485.1		2,536.2		2,232.1
Southern Europe:
France		2,778.3		2,732.6		2,740.9
Italy		540.4		464.2		406.5
Other Southern Europe		848.5		778.7		583.5
		4,167.2		3,975.5		3,730.9
Northern Europe		1,366.7		1,478.5		1,240.9
APME		806.0		744.2		795.0
Corporate^(a)		503.2		489.4		520.9
	$	9,328.2	$	9,223.8	$	8,519.8
Equity Investments
Americas:
United States	$	—	$	—	$	—
Other Americas		—		—		—
		—		—		—
Southern Europe:
France		—		—		—
Italy		0.1		0.3		0.3
Other Southern Europe		—		—		157.8
		0.1		0.3		158.1
Northern Europe		—		—		—
APME		—		—		2.3
Corporate		106.5		97.5		1.0
	$	106.6	$	97.8	$	161.4

(a) Corporate assets include assets that were not used in the operations of any segment, the most significant of which were purchased intangibles and cash.

As of and Year Ended December 31	2020		2019		2018
Long-lived Assets^(a)
Americas:
United States	$	16.5	$	20.5	$	22.4
Other Americas		7.5		8.2		6.3
		24.0		28.7		28.7
Southern Europe:
France		44.8		46.9		50.1
Italy		6.0		5.2		5.0
Other Southern Europe		21.0		23.5		23.4
		71.8		75.6		78.5
Northern Europe		26.5		27.5		30.6
APME		25.5		18.9		22.1
Corporate		6.5		0.2		0.1
	$	154.3	$	150.9	$	160.0
Additions to Long-Lived Assets
Americas:
United States	$	7.0	$	8.3	$	7.7
Other Americas		2.5		4.4		2.9
		9.5		12.7		10.6
Southern Europe:
France		9.3		12.9		18.1
Italy		2.6		2.1		2.2
Other Southern Europe		4.4		5.0		5.9
		16.3		20.0		26.2
Northern Europe		7.3		7.7		16.6
APME		14.1		8.2		6.8
Corporate		—		0.1		0.1
	$	47.2	$	48.7	$	60.3

(a) Further breakdown of long-lived assets by geographical region was as follows:

Long-Lived Assets	2020		2019		2018
United States	$	16.5	$	20.5	$	22.4
France		44.8		46.9		50.1
Italy		6.0		5.2		5.0
United Kingdom		5.0		5.8		7.0
Total Foreign		137.8		130.4		137.6

Schedule of Long-Lived Assets by Geographical Region

Further breakdown of long-lived assets by geographical region was as follows:

Long-Lived Assets	2020		2019		2018
United States	$	16.5	$	20.5	$	22.4
France		44.8		46.9		50.1
Italy		6.0		5.2		5.0
United Kingdom		5.0		5.8		7.0
Total Foreign		137.8		130.4		137.6

Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Data

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
Year Ended December 31, 2020
Revenues from services	$	4,619.1	$	3,742.2		$	4,584.8	$	5,054.9	$	18,001.0
Gross profit		724.0		576.7			725.1		798.9		2,824.7
Operating profit (loss) ^(a)(^c^)(d)^(e)		37.7		(50.0	)		61.6		138.3		187.6
Net earnings (loss) ^(a)(b)(c)(d)^(e)(f)		1.7		(64.4	)		10.3		76.2		23.8
Net earnings (loss) per share - basic	$	0.03	$	(1.11	)	$	0.18	$	1.34	$	0.41
Net earnings (loss) per share - diluted⁽^g⁾		0.03		(1.11	)		0.18		1.33		0.41
Dividends per share		—		1.09			—		1.17		2.26

Year Ended December 31, 2019
Revenues from services	$	5,044.9	$	5,373.1		$	5,248.9	$	5,196.6	$	20,863.5
Gross profit		804.8		870.4			840.3		859.6		3,375.1
Operating profit⁽^h⁾^(i)(k)		105.5		130.8			217.0		191.6		644.9
Net earnings⁽^h⁾^(i)(j)(k)		53.5		127.3			146.1		138.8		465.7
Net earnings per share - basic	$	0.88	$	2.12		$	2.44	$	2.35	$	7.78
Net earnings per share - diluted⁽^l⁾		0.88		2.11			2.42		2.33		7.72
Dividends per share		—		1.09			—		1.09		2.18