man-10q_20210331.htm
0000871763 --12-31 2021 Q1 false true true true true 0000871763 2021-01-01 2021-03-31 xbrli:shares 0000871763 2021-05-05 iso4217:USD 0000871763 2021-03-31 0000871763 2020-12-31 iso4217:USD xbrli:shares 0000871763 2020-01-01 2020-03-31 0000871763 2019-12-31 0000871763 2020-03-31 0000871763 us-gaap:CommonStockMember 2020-12-31 0000871763 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0000871763 us-gaap:RetainedEarningsMember 2020-12-31 0000871763 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0000871763 us-gaap:TreasuryStockMember 2020-12-31 0000871763 us-gaap:NoncontrollingInterestMember 2020-12-31 0000871763 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0000871763 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0000871763 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0000871763 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0000871763 us-gaap:TreasuryStockMember 2021-01-01 2021-03-31 0000871763 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-03-31 0000871763 us-gaap:CommonStockMember 2021-03-31 0000871763 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0000871763 us-gaap:RetainedEarningsMember 2021-03-31 0000871763 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0000871763 us-gaap:TreasuryStockMember 2021-03-31 0000871763 us-gaap:NoncontrollingInterestMember 2021-03-31 0000871763 us-gaap:CommonStockMember 2019-12-31 0000871763 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000871763 us-gaap:RetainedEarningsMember 2019-12-31 0000871763 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000871763 us-gaap:TreasuryStockMember 2019-12-31 0000871763 us-gaap:NoncontrollingInterestMember 2019-12-31 0000871763 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0000871763 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0000871763 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0000871763 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0000871763 us-gaap:TreasuryStockMember 2020-01-01 2020-03-31 0000871763 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0000871763 us-gaap:CommonStockMember 2020-03-31 0000871763 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000871763 us-gaap:RetainedEarningsMember 2020-03-31 0000871763 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000871763 us-gaap:TreasuryStockMember 2020-03-31 0000871763 us-gaap:NoncontrollingInterestMember 2020-03-31 0000871763 2020-07-01 2020-09-30 xbrli:pure 0000871763 srt:MinimumMember 2021-01-01 2021-03-31 0000871763 man:UnitedKingdomSubsegmentMember 2021-01-01 2021-03-31 0000871763 man:UnitedKingdomSubsegmentMember us-gaap:MeasurementInputDiscountRateMember 2021-03-31 0000871763 man:UnitedKingdomSubsegmentMember us-gaap:MeasurementInputLongTermRevenueGrowthRateMember 2021-03-31 0000871763 man:UnitedKingdomSubsegmentMember man:MeasurementInputOperatingUnitProfitMember 2021-03-31 0000871763 man:NetherlandsSubsegmentMember 2021-01-01 2021-03-31 0000871763 man:NetherlandsSubsegmentMember us-gaap:MeasurementInputDiscountRateMember 2021-03-31 0000871763 man:NetherlandsSubsegmentMember us-gaap:MeasurementInputLongTermRevenueGrowthRateMember 2021-03-31 0000871763 man:NetherlandsSubsegmentMember man:MeasurementInputOperatingUnitProfitMember 2021-03-31 0000871763 man:NetherlandsSubsegmentMember man:NorthernEuropeMember 2021-03-31 0000871763 man:UnitedKingdomSubsegmentMember man:NorthernEuropeMember 2021-03-31 0000871763 man:OtherReportingUnitsMember srt:MinimumMember 2021-01-01 2021-03-31 0000871763 us-gaap:AccountingStandardsUpdate201912Member 2021-03-31 0000871763 man:AccountingStandardsUpdateEquityMethodInvestmentsMember 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember man:StaffingandInterimMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember man:OutcomeBasedSolutionsandConsultingMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember man:PermanentRecruitmentMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember man:ProductsandServicesOtherMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember man:StaffingandInterimMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember man:OutcomeBasedSolutionsandConsultingMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember man:PermanentRecruitmentMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember man:ProductsandServicesOtherMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember man:StaffingandInterimMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember man:OutcomeBasedSolutionsandConsultingMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember man:PermanentRecruitmentMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember man:ProductsandServicesOtherMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember man:StaffingandInterimMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember man:OutcomeBasedSolutionsandConsultingMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember man:PermanentRecruitmentMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember man:ProductsandServicesOtherMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:StaffingandInterimMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:OutcomeBasedSolutionsandConsultingMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:PermanentRecruitmentMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:ProductsandServicesOtherMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:StaffingandInterimMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:OutcomeBasedSolutionsandConsultingMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:PermanentRecruitmentMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:ProductsandServicesOtherMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember man:StaffingandInterimMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember man:OutcomeBasedSolutionsandConsultingMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember man:PermanentRecruitmentMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember man:ProductsandServicesOtherMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember man:StaffingandInterimMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember man:OutcomeBasedSolutionsandConsultingMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember man:PermanentRecruitmentMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember man:ProductsandServicesOtherMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember man:StaffingandInterimMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember man:OutcomeBasedSolutionsandConsultingMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember man:PermanentRecruitmentMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember man:ProductsandServicesOtherMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember man:StaffingandInterimMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember man:OutcomeBasedSolutionsandConsultingMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember man:PermanentRecruitmentMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember man:ProductsandServicesOtherMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember man:StaffingandInterimMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember man:OutcomeBasedSolutionsandConsultingMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember man:PermanentRecruitmentMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember man:ProductsandServicesOtherMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember man:StaffingandInterimMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember man:OutcomeBasedSolutionsandConsultingMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember man:PermanentRecruitmentMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember man:ProductsandServicesOtherMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:StaffingandInterimMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:OutcomeBasedSolutionsandConsultingMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:PermanentRecruitmentMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:ProductsandServicesOtherMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:StaffingandInterimMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:OutcomeBasedSolutionsandConsultingMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:PermanentRecruitmentMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:ProductsandServicesOtherMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember 2020-01-01 2020-03-31 0000871763 man:NorthernEuropeMember man:StaffingandInterimMember 2021-01-01 2021-03-31 0000871763 man:NorthernEuropeMember man:OutcomeBasedSolutionsandConsultingMember 2021-01-01 2021-03-31 0000871763 man:NorthernEuropeMember man:PermanentRecruitmentMember 2021-01-01 2021-03-31 0000871763 man:NorthernEuropeMember man:ProductsandServicesOtherMember 2021-01-01 2021-03-31 0000871763 man:NorthernEuropeMember 2021-01-01 2021-03-31 0000871763 man:NorthernEuropeMember man:StaffingandInterimMember 2020-01-01 2020-03-31 0000871763 man:NorthernEuropeMember man:OutcomeBasedSolutionsandConsultingMember 2020-01-01 2020-03-31 0000871763 man:NorthernEuropeMember man:PermanentRecruitmentMember 2020-01-01 2020-03-31 0000871763 man:NorthernEuropeMember man:ProductsandServicesOtherMember 2020-01-01 2020-03-31 0000871763 man:NorthernEuropeMember 2020-01-01 2020-03-31 0000871763 man:ApmeMember man:StaffingandInterimMember 2021-01-01 2021-03-31 0000871763 man:ApmeMember man:OutcomeBasedSolutionsandConsultingMember 2021-01-01 2021-03-31 0000871763 man:ApmeMember man:PermanentRecruitmentMember 2021-01-01 2021-03-31 0000871763 man:ApmeMember man:ProductsandServicesOtherMember 2021-01-01 2021-03-31 0000871763 man:ApmeMember 2021-01-01 2021-03-31 0000871763 man:ApmeMember man:StaffingandInterimMember 2020-01-01 2020-03-31 0000871763 man:ApmeMember man:OutcomeBasedSolutionsandConsultingMember 2020-01-01 2020-03-31 0000871763 man:ApmeMember man:PermanentRecruitmentMember 2020-01-01 2020-03-31 0000871763 man:ApmeMember man:ProductsandServicesOtherMember 2020-01-01 2020-03-31 0000871763 man:ApmeMember 2020-01-01 2020-03-31 0000871763 man:StaffingandInterimMember 2021-01-01 2021-03-31 0000871763 man:OutcomeBasedSolutionsandConsultingMember 2021-01-01 2021-03-31 0000871763 man:PermanentRecruitmentMember 2021-01-01 2021-03-31 0000871763 man:ProductsandServicesOtherMember 2021-01-01 2021-03-31 0000871763 man:StaffingandInterimMember 2020-01-01 2020-03-31 0000871763 man:OutcomeBasedSolutionsandConsultingMember 2020-01-01 2020-03-31 0000871763 man:PermanentRecruitmentMember 2020-01-01 2020-03-31 0000871763 man:ProductsandServicesOtherMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember us-gaap:TransferredOverTimeMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember us-gaap:TransferredOverTimeMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember us-gaap:TransferredOverTimeMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember us-gaap:TransferredOverTimeMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember us-gaap:TransferredOverTimeMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember us-gaap:TransferredOverTimeMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember us-gaap:TransferredOverTimeMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember us-gaap:TransferredOverTimeMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember us-gaap:TransferredOverTimeMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember us-gaap:TransferredOverTimeMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember us-gaap:TransferredOverTimeMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember us-gaap:TransferredOverTimeMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember us-gaap:TransferredOverTimeMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember us-gaap:TransferredOverTimeMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-03-31 0000871763 man:NorthernEuropeMember us-gaap:TransferredOverTimeMember 2021-01-01 2021-03-31 0000871763 man:NorthernEuropeMember us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-03-31 0000871763 man:NorthernEuropeMember us-gaap:TransferredOverTimeMember 2020-01-01 2020-03-31 0000871763 man:NorthernEuropeMember us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-03-31 0000871763 man:ApmeMember us-gaap:TransferredOverTimeMember 2021-01-01 2021-03-31 0000871763 man:ApmeMember us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-03-31 0000871763 man:ApmeMember us-gaap:TransferredOverTimeMember 2020-01-01 2020-03-31 0000871763 man:ApmeMember us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-03-31 0000871763 us-gaap:TransferredOverTimeMember 2021-01-01 2021-03-31 0000871763 us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-03-31 0000871763 us-gaap:TransferredOverTimeMember 2020-01-01 2020-03-31 0000871763 us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-03-31 0000871763 man:DeferredStockMember 2021-01-01 2021-03-31 0000871763 man:DeferredStockMember 2020-01-01 2020-03-31 0000871763 us-gaap:RestrictedStockMember 2021-01-01 2021-03-31 0000871763 us-gaap:RestrictedStockMember 2020-01-01 2020-03-31 0000871763 us-gaap:PerformanceSharesMember 2021-01-01 2021-03-31 0000871763 us-gaap:PerformanceSharesMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember us-gaap:OperatingSegmentsMember 2020-12-31 0000871763 man:SouthernEuropeMember us-gaap:OperatingSegmentsMember 2020-12-31 0000871763 man:NorthernEuropeMember us-gaap:OperatingSegmentsMember 2020-12-31 0000871763 man:ApmeMember us-gaap:OperatingSegmentsMember 2020-12-31 0000871763 us-gaap:CorporateNonSegmentMember 2020-12-31 0000871763 man:AmericasSegmentMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-03-31 0000871763 man:NorthernEuropeMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-03-31 0000871763 man:ApmeMember us-gaap:OperatingSegmentsMember 2021-01-01 2021-03-31 0000871763 us-gaap:CorporateNonSegmentMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember us-gaap:OperatingSegmentsMember 2021-03-31 0000871763 man:SouthernEuropeMember us-gaap:OperatingSegmentsMember 2021-03-31 0000871763 man:NorthernEuropeMember us-gaap:OperatingSegmentsMember 2021-03-31 0000871763 man:ApmeMember us-gaap:OperatingSegmentsMember 2021-03-31 0000871763 us-gaap:CorporateNonSegmentMember 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember 2020-12-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember 2021-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember 2020-12-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember 2021-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember 2020-12-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember 2021-03-31 0000871763 us-gaap:MinistryOfTheEconomyFinanceAndIndustryFranceMember 2021-01-01 2021-03-31 0000871763 us-gaap:EarliestTaxYearMember 2021-01-01 2021-03-31 0000871763 us-gaap:LatestTaxYearMember 2021-01-01 2021-03-31 0000871763 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-03-31 0000871763 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-03-31 0000871763 man:NonStockOptionAwardsMember 2021-01-01 2021-03-31 0000871763 man:NonStockOptionAwardsMember 2020-01-01 2020-03-31 0000871763 us-gaap:StockCompensationPlanMember 2021-01-01 2021-03-31 0000871763 us-gaap:StockCompensationPlanMember 2020-01-01 2020-03-31 0000871763 us-gaap:CustomerRelationshipsMember 2021-03-31 0000871763 us-gaap:OtherIntangibleAssetsMember 2021-03-31 0000871763 us-gaap:CustomerRelationshipsMember 2020-12-31 0000871763 us-gaap:OtherIntangibleAssetsMember 2020-12-31 0000871763 us-gaap:TradeNamesMember 2021-03-31 0000871763 man:ReacquiredFranchiseRightsMember 2021-03-31 0000871763 us-gaap:TradeNamesMember 2020-12-31 0000871763 man:ReacquiredFranchiseRightsMember 2020-12-31 0000871763 man:RightManagementMember 2021-03-31 0000871763 man:JeffersonWellsMember 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember man:JeffersonWellsMember 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember man:JeffersonWellsMember 2020-12-31 0000871763 man:NorthernEuropeMember man:NetherlandsSubsegmentMember 2020-12-31 0000871763 man:NorthernEuropeMember man:UnitedKingdomSubsegmentMember 2020-12-31 0000871763 man:OtherReportingUnitsMember 2021-03-31 0000871763 man:OtherReportingUnitsMember 2020-12-31 0000871763 us-gaap:PensionPlansDefinedBenefitMember 2021-01-01 2021-03-31 0000871763 us-gaap:PensionPlansDefinedBenefitMember 2020-01-01 2020-03-31 0000871763 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2021-01-01 2021-03-31 0000871763 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2020-01-01 2020-03-31 0000871763 us-gaap:PensionPlansDefinedBenefitMember 2021-03-31 0000871763 country:US 2020-01-01 2020-01-31 0000871763 country:US 2020-02-01 2020-02-29 0000871763 us-gaap:AccumulatedTranslationAdjustmentMember 2021-03-31 0000871763 us-gaap:AccumulatedTranslationAdjustmentMember 2020-12-31 0000871763 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-03-31 0000871763 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-12-31 0000871763 man:AccumulatedTranslationGainLossOnIntercompanyLoansMember 2021-03-31 0000871763 man:AccumulatedTranslationGainLossOnIntercompanyLoansMember 2020-12-31 0000871763 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:PensionPlansDefinedBenefitMember 2021-03-31 0000871763 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:PensionPlansDefinedBenefitMember 2020-12-31 0000871763 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2021-03-31 0000871763 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2020-12-31 0000871763 2019-08-31 0000871763 2018-08-03 0000871763 man:AugustTwoThousandNineteenAuthorizationMember 2021-01-01 2021-03-31 0000871763 man:AugustTwoThousandEighteenAuthorizationMember 2020-01-01 2020-03-31 0000871763 man:AugustTwoThousandNineteenAuthorizationMember 2020-01-01 2020-03-31 0000871763 man:AugustTwoThousandNineteenAuthorizationMember 2021-03-31 0000871763 man:AugustTwoThousandEighteenAuthorizationMember 2021-03-31 0000871763 country:US 2020-01-01 2020-03-31 0000871763 us-gaap:DesignatedAsHedgingInstrumentMember man:NotesDueSeptember2022Member man:EurodenominatedNotesMember 2021-03-31 iso4217:EUR 0000871763 us-gaap:DesignatedAsHedgingInstrumentMember man:NotesDueJune2026Member man:EurodenominatedNotesMember 2021-03-31 0000871763 man:EurodenominatedNotesMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-03-31 0000871763 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-03-31 0000871763 man:EurodenominatedNotesMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-03-31 0000871763 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-03-31 0000871763 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember 2019-04-30 0000871763 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember 2019-09-30 0000871763 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-03-31 0000871763 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-03-31 0000871763 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember man:InterestAndOtherIncomeExpensesNetMember 2021-01-01 2021-03-31 0000871763 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember man:InterestAndOtherIncomeExpensesNetMember 2020-01-01 2020-03-31 0000871763 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember man:InterestAndOtherIncomeExpensesNetMember 2021-01-01 2021-03-31 0000871763 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember man:InterestAndOtherIncomeExpensesNetMember 2020-01-01 2020-03-31 0000871763 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CurrencySwapMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:CashFlowHedgingMember 2021-03-31 0000871763 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CurrencySwapMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:CashFlowHedgingMember 2020-12-31 0000871763 us-gaap:NondesignatedMember us-gaap:ForeignExchangeForwardMember us-gaap:AccountsReceivableMember 2020-12-31 0000871763 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongTermDebtMember man:EurodenominatedNotesMember us-gaap:NetInvestmentHedgingMember 2021-03-31 0000871763 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LongTermDebtMember man:EurodenominatedNotesMember us-gaap:NetInvestmentHedgingMember 2020-12-31 0000871763 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:AccruedLiabilitiesMember us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember 2021-03-31 0000871763 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:AccruedLiabilitiesMember us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember 2020-12-31 0000871763 us-gaap:NondesignatedMember us-gaap:AccruedLiabilitiesMember us-gaap:ForeignExchangeForwardMember 2021-03-31 0000871763 us-gaap:EstimateOfFairValueFairValueDisclosureMember man:EurodenominatedNotesMember us-gaap:FairValueInputsLevel2Member 2021-03-31 0000871763 us-gaap:EstimateOfFairValueFairValueDisclosureMember man:EurodenominatedNotesMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0000871763 us-gaap:CarryingReportedAmountFairValueDisclosureMember man:EurodenominatedNotesMember us-gaap:FairValueInputsLevel2Member 2021-03-31 0000871763 us-gaap:CarryingReportedAmountFairValueDisclosureMember man:EurodenominatedNotesMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0000871763 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-03-31 0000871763 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2020-12-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember us-gaap:ReportableSubsegmentsMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember us-gaap:ReportableSubsegmentsMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember us-gaap:ReportableSubsegmentsMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:OtherAmericasReportableSegmentMember us-gaap:ReportableSubsegmentsMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember us-gaap:ReportableSubsegmentsMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:FranceSubsegmentMember us-gaap:ReportableSubsegmentsMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember us-gaap:ReportableSubsegmentsMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:ItalySubsegmentMember us-gaap:ReportableSubsegmentsMember 2020-01-01 2020-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember us-gaap:ReportableSubsegmentsMember 2021-01-01 2021-03-31 0000871763 man:SouthernEuropeMember man:OtherSouthernEuropeReportableSegmentMember us-gaap:ReportableSubsegmentsMember 2020-01-01 2020-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember us-gaap:FranchiseMember 2021-01-01 2021-03-31 0000871763 man:AmericasSegmentMember man:UnitedStatesSubsegmentMember us-gaap:FranchiseMember 2020-01-01 2020-03-31 0000871763 us-gaap:FranchiseMember 2021-01-01 2021-03-31 0000871763 us-gaap:FranchiseMember 2020-01-01 2020-03-31

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended:

March 31, 2021  

or

Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from: ______to______

Commission file number: 1-10686

MANPOWERGROUP INC.

(Exact name of registrant as specified in its charter)

 

 

Wisconsin

39-1672779

 

(State or other jurisdiction of incorporation)

(IRS Employer Identification No.)

 

 

 

 

100 Manpower Place

 

 

Milwaukee, Wisconsin

53212

 

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code:  (414) 961-1000

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

 

 

 

 

 

Common Stock, $.01 par value

 

MAN

 

New York Stock Exchange

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒  No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes  ☒  No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

 

Shares Outstanding

Class

 

at May 5, 2021

Common Stock, $.01 par value

 

54,525,722

 

 

 

 


 

 

ManpowerGroup Inc.

INDEX

 

 

 

 

 

Page

Number

PART I

 

FINANCIAL INFORMATION

 

 

Item 1

 

Financial Statements (unaudited)

 

 

 

 

Consolidated Balance Sheets

 

3-4

 

 

Consolidated Statements of Operations

 

5

 

 

Consolidated Statements of Comprehensive Income (Loss)

 

5

 

 

Consolidated Statements of Cash Flows

 

6

 

 

Consolidated Statements of Shareholders' Equity

 

          7

 

 

Notes to Consolidated Financial Statements

 

8-20

Item 2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21-30

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

 

30

Item 4

 

Controls and Procedures

 

30

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

Item 1A

 

Risk Factors

 

31

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

32

Item 5

 

Other Information

 

32

Item 6

 

Exhibits

 

33

 

 

 

 

 

SIGNATURES

 

 

 

34

 

2


 

 

PART I - FINANCIAL INFORMATION

Item 1 – Financial Statements (unaudited)

ManpowerGroup Inc.

Consolidated Balance Sheets (Unaudited)

(in millions)

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

2021

 

 

December 31,

2020

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,522.7

 

 

$

1,567.1

 

Accounts receivable, less allowance for doubtful accounts of

$124.1 and $128.1, respectively

 

 

4,892.7

 

 

 

4,912.4

 

Prepaid expenses and other assets

 

 

208.9

 

 

 

186.9

 

Total current assets

 

 

6,624.3

 

 

 

6,666.4

 

 

 

 

 

 

 

 

 

 

Other Assets:

 

 

 

 

 

 

 

 

Goodwill

 

 

1,215.0

 

 

 

1,225.8

 

Intangible assets, less accumulated amortization of

$427.0 and $425.4, respectively

 

 

240.4

 

 

 

248.6

 

Operating lease right-of-use assets

 

 

378.2

 

 

 

400.7

 

Other assets

 

 

660.0

 

 

 

651.6

 

Total other assets

 

 

2,493.6

 

 

 

2,526.7

 

 

 

 

 

 

 

 

 

 

Property and Equipment:

 

 

 

 

 

 

 

 

Land, buildings, leasehold improvements and equipment

 

 

599.0

 

 

 

614.7

 

Less: accumulated depreciation and amortization

 

 

472.4

 

 

 

479.6

 

Net property and equipment

 

 

126.6

 

 

 

135.1

 

Total assets

 

$

9,244.5

 

 

$

9,328.2

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

3


 

ManpowerGroup Inc.

 

Consolidated Balance Sheets (Unaudited)

(in millions, except share and per share data)

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

2021

 

 

December 31,

2020

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,723.5

 

 

$

2,527.4

 

Employee compensation payable

 

 

205.7

 

 

 

231.8

 

Accrued liabilities

 

 

590.4

 

 

 

602.1

 

Accrued payroll taxes and insurance

 

 

692.1

 

 

 

752.0

 

Value added taxes payable

 

 

513.6

 

 

 

551.1

 

Short-term borrowings and current maturities of long-term debt

 

 

25.1

 

 

 

20.4

 

Total current liabilities

 

 

4,750.4

 

 

 

4,684.8

 

 

 

 

 

 

 

 

 

 

Other Liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

1,057.5

 

 

 

1,103.5

 

Long-term operating lease liability

 

 

285.3

 

 

 

305.1

 

Other long-term liabilities

 

 

773.9

 

 

 

781.2

 

Total other liabilities

 

 

2,116.7

 

 

 

2,189.8

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

ManpowerGroup shareholders' equity

 

 

 

 

 

 

 

 

   Preferred stock, $.01 par value, authorized 25,000,000 shares, none issued

 

 

 

 

 

 

Common stock, $.01 par value, authorized 125,000,000 shares, issued

117,725,183 and 117,555,991 shares, respectively

 

 

1.2

 

 

 

1.2

 

Capital in excess of par value

 

 

3,411.0

 

 

 

3,402.5

 

Retained earnings

 

 

3,450.8

 

 

 

3,388.8

 

Accumulated other comprehensive loss

 

 

(437.8

)

 

 

(397.3

)

Treasury stock at cost, 63,086,793 and 61,990,021 shares, respectively

 

 

(4,058.9

)

 

 

(3,954.2

)

Total ManpowerGroup shareholders’ equity

 

 

2,366.3

 

 

 

2,441.0

 

Noncontrolling interests

 

 

11.1

 

 

 

12.6

 

Total shareholders’ equity

 

 

2,377.4

 

 

 

2,453.6

 

Total liabilities and shareholders’ equity

 

$

9,244.5

 

 

$

9,328.2

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

4


 

ManpowerGroup Inc.

Consolidated Statements of Operations (Unaudited)

(in millions, except per share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Revenues from services

 

$

4,924.4

 

 

$

4,619.1

 

Cost of services

 

 

4,156.3

 

 

 

3,895.1

 

Gross profit

 

 

768.1

 

 

 

724.0

 

  Selling and administrative expenses

 

 

669.7

 

 

 

686.3

 

Operating profit

 

 

98.4

 

 

 

37.7

 

Interest and other expenses, net

 

 

5.4

 

 

 

20.5

 

Earnings before income taxes

 

 

93.0

 

 

 

17.2

 

Provision for income taxes

 

 

31.0

 

 

 

15.5

 

Net earnings

 

 

62.0

 

 

$

1.7

 

Net earnings per share – basic

 

$

1.12

 

 

$

0.03

 

Net earnings per share – diluted

 

$

1.11

 

 

$

0.03

 

Weighted average shares – basic

 

 

55.1

 

 

 

58.7

 

Weighted average shares – diluted

 

 

55.7

 

 

 

59.0

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

 

 

ManpowerGroup Inc.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(in millions)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Net earnings

 

$

62.0

 

 

$

1.7

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(96.5

)

 

 

(84.9

)

Translation adjustments on derivative instruments, net of income taxes of $14.4 and $5.4, respectively

 

 

49.6

 

 

 

10.7

 

Translation adjustments of long-term intercompany loans

 

 

5.6

 

 

 

1.5

 

Defined benefit pension plans and retiree health care plan, net of income taxes of $0.3 and $7.7, respectively

 

 

0.8

 

 

 

1.3

 

Pension settlement related to a U.S. plan, net of income taxes of $(3.9) for 2020

 

 

 

 

 

6.6

 

Total other comprehensive loss

 

 

(40.5

)

 

 

(64.8

)

Comprehensive income (loss)

 

$

21.5

 

 

$

(63.1

)

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

5


 

ManpowerGroup Inc.

Consolidated Statements of Cash Flows (Unaudited)

(in millions)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

  Net earnings

 

$

62.0

 

 

$

1.7

 

  Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

 

 

      Depreciation and amortization

 

 

17.9

 

 

 

18.6

 

      Non-cash operating lease right-of-use assets impairment

 

 

-

 

 

 

8.2

 

      Deferred income taxes

 

 

(10.6

)

 

 

(5.0

)

      Provision for doubtful accounts

 

 

5.2

 

 

 

5.2

 

      Share-based compensation

 

 

7.5

 

 

 

4.6

 

      Changes in operating assets and liabilities, excluding the impact of acquisitions:

 

 

 

 

 

 

 

 

           Accounts receivable

 

 

(94.5

)

 

 

378.3

 

           Other assets

 

 

(39.5

)

 

 

-

 

           Other liabilities

 

 

192.9

 

 

 

(230.6

)

                 Cash provided by operating activities

 

 

140.9

 

 

 

181.0

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

  Capital expenditures

 

 

(12.7

)

 

 

(9.1

)

  Acquisition of businesses, net of cash acquired

 

 

(7.1

)

 

 

-

 

  Proceeds from the sale of investments, property and equipment

 

 

0.7

 

 

 

0.8

 

                 Cash used in investing activities

 

 

(19.1

)

 

 

(8.3

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

  Net change in short-term borrowings

 

 

4.9

 

 

 

(9.6

)

  Proceeds from long-term debt

 

 

0.1

 

 

 

0.3

 

  Repayments of long-term debt

 

 

(2.2

)

 

 

(0.1

)

  Payments of contingent consideration for acquisitions

 

 

(5.8

)

 

 

-

 

  Proceeds from share-based awards

 

 

1.7

 

 

 

10.0

 

  Other share-based award transactions

 

 

(4.6

)

 

 

(6.5

)

  Repurchases of common stock

 

 

(100.1

)

 

 

(63.8

)

                 Cash used in financing activities

 

 

(106.0

)

 

 

(69.7

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

(60.2

)

 

 

(29.3

)

Change in cash and cash equivalents

 

 

(44.4

)

 

 

73.7

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

 

1,567.1

 

 

 

1,025.8

 

Cash and cash equivalents, end of period

 

$

1,522.7

 

 

$

1,099.5

 

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

 

 

 

 

Interest Paid

 

$

4.8

 

 

$

6.0

 

Income taxes paid, net

 

$

19.8

 

 

$

19.8

 

Non-cash operating activity:

    Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

11.0

 

 

$

15.3

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

6


 

ManpowerGroup Inc.

Consolidated Statements of Shareholders' Equity (Unaudited)

(in millions, except share and per share data)

 

 

ManpowerGroup Shareholders

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

Issued

 

 

Par Value

 

 

Capital in

Excess of

Par Value

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Non-

Controlling

Interests

 

 

Total

 

Balance, December 31, 2020

 

 

117,555,991

 

 

$

1.2

 

 

$

3,402.5

 

 

$

3,388.8

 

 

$

(397.3

)

 

$

(3,954.2

)

 

$

12.6

 

 

$

2,453.6

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62.0

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40.5

)

 

 

 

 

 

 

 

 

 

 

(40.5

)

Issuances under equity plans

 

 

169,192

 

 

 

 

 

 

 

1.0

 

 

 

 

 

 

 

 

 

 

 

(4.6

)

 

 

 

 

 

 

(3.6

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

7.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.5

 

Repurchases of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(100.1

)

 

 

 

 

 

 

(100.1

)

Noncontrolling interest transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.5

)

 

 

(1.5

)

Balance, March 31, 2021

 

 

117,725,183

 

 

$

1.2

 

 

$

3,411.0

 

 

$

3,450.8

 

 

$

(437.8

)

 

$

(4,058.9

)

 

$

11.1

 

 

$

2,377.4

 

 

 

 

ManpowerGroup Shareholders

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

Issued

 

 

Par Value

 

 

Capital in

Excess of

Par Value

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Non-

Controlling

Interests

 

 

Total

 

Balance, December 31, 2019

 

 

117,190,883

 

 

$

1.2

 

 

$

3,370.6

 

 

$

3,494.1

 

 

$

(441.0

)

 

$

(3,681.9

)

 

$

18.5

 

 

$

2,761.5

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.7

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(64.8

)

 

 

 

 

 

 

 

 

 

 

(64.8

)

Issuances under equity plans

 

 

293,298

 

 

 

 

 

 

 

5.9

 

 

 

 

 

 

 

 

 

 

 

(6.4

)

 

 

 

 

 

 

(0.5

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

4.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.6

 

Repurchases of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(63.8

)

 

 

 

 

 

 

(63.8

)

Noncontrolling interest transactions