8-K
0000871763false00008717632023-01-312023-01-31

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 31, 2023

 

MANPOWERGROUP INC.

(Exact name of registrant as specified in its charter)

 

Wisconsin

 

1-10686

 

39-1672779

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(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

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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. 

 

 

 


 

Item 2.02 Results of Operations and Financial Condition

 

The information in this Item 2.02, including exhibit 99.1 attached hereto, is furnished solely pursuant to Item 2.02 of Form 8-K. Consequently, such information is not deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Further, the information in this Item 2.02, including exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.

On January 31, 2023, we issued a press release announcing our results of operations for the three and twelve months ended December 31, 2022 and 2021. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01. Exhibits

 

Exhibit No.

 

Description

99.1

 

Press Release dated January 31, 2023

99.2

 

Presentation materials for January 31, 2023 Conference Call

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 

 

 

 

 

 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

MANPOWERGROUP INC.

 

 

 

 

 

 

 

Dated:

 

January 31, 2023

 

 

By:

 

/s/ John T. McGinnis

 

 

 

 

Name:

 

John T. McGinnis

 

 

 

 

Title:

 

Executive Vice President and

Chief Financial Officer

 

 


EX-99.1

 

Exhibit 99.1

 

https://cdn.kscope.io/cd80579c904eadb75c07687af038810a-img66454475_0.jpg 

 

FOR IMMEDIATE RELEASE

 

Contact:

 

 

 

 

 

Nick Hengst

 

 

+1.414.906.7356

 

 

nicholas.hengst@manpowergroup.com

 

 

ManpowerGroup Reports 4th Quarter 2022 Results

Revenues of $4.8 billion (-11% as reported, -1% constant currency (CC))
Gross profit margin of 18.2%, up 100 basis points year over year reflecting business mix progress and solid permanent recruitment trends
Talent Solutions experienced good revenue growth driven by RPO and Right Management
Experis and Manpower revenue trends impacted by softening environment in Europe and North America
Non-cash goodwill impairment charge of $50 million in the fourth quarter
Repurchased $25 million of common stock

 

MILWAUKEE, January 31, 2023 -- ManpowerGroup (NYSE: MAN) today reported net earnings of $0.95 per diluted share for the three months ended December 31, 2022 compared to $2.02 per diluted share in the prior year period. Net earnings in the quarter were $48.7 million compared to $111.1 million a year earlier. Revenues for the fourth quarter were $4.8 billion, an 11% decrease from the prior year period.

The current year quarter included restructuring costs, final integration costs from the U.S. Experis acquisition, and other special items consisting of a loss on sale of our Hungary business and non-cash goodwill impairment and pension settlement charges. These costs reduced earnings per share by $1.13 in the fourth quarter. Excluding these costs, earnings per share was $2.08 per diluted share in the quarter representing an increase of 8% in constant currency[1].

Financial results in the quarterwere also impacted by the strongerU.S. dollar relativeto foreign currencies comparedto the prior year period, resulting in a 30 cent negative impact to earnings per share in the quarter compared to the prior year[2]. On a constant currency basis, revenues decreased 1% compared to the prior year period.
 

[1] The prior year period included acquisition transaction and integration costs which reduced earnings per share by $0.18 which are also excluded when determining the year over year trend.

[2] This represented an eight cent lower impact from foreign currency than was anticipated in our fourth quarter guidance.

 

 


 

Jonas Prising, ManpowerGroup Chairman & CEO, said, “Our fourth quarter results reflect a softening demand environment, particularly in Europe and North America. We continue to invest resources into markets and brands where demand is strong and are exercising financial discipline where demand is slower.

We remain focused on continuing to accelerate our strategic priorities and advancing our Diversification, Digitization and Innovation initiatives across our organization throughout 2023. I want to thank all of our talented teams for their continued energy, passion and resilience – helping our clients achieve their business outcomes while finding meaningful and fulfilling work for millions of people.

We anticipate diluted earnings per share in the first quarter will be between $1.61 and $1.71, which includes an estimated unfavorable currency impact of 15 cents.”

Net earnings for the year ended December 31, 2022 were $373.8 million, or net earnings of $7.08 per diluted share compared to net earnings of $382.4 million, or net earnings of $6.91 per diluted share in the prior year. Earnings per share for the year were negatively impacted by 88 cents due to changes in foreign currencies compared to the prior year. The full year period included integration costs from the U.S. Experis acquisition, restructuring costs, and special items related to losses on business exits and non-cash goodwill impairment and pension settlement charges, which reduced earnings per share by $1.44. Excluding these costs, earnings per share for the year was $8.52 per diluted share representing an increase of 31% in constant currency[1]. Revenues for the year were $19.8 billion, a decrease of 4% compared to the prior year or an increase of 5% in constant currency.

In conjunction with its fourth quarter earnings release, ManpowerGroup will host a conference call live online on January 31, 2023 at 7:30 a.m. central time (8:30 a.m. eastern time). Prepared remarks for the conference call, webcast details, presentation and recordings are included within the Investor Relations section of manpowergroup.com.

Supplemental financial information referenced in the conference call can be found at http://investor.manpowergroup.com/.

 

 

 

 


 

[1] The prior year period included acquisition transaction and integration costs which reduced earnings per share by $0.33 which are also excluded when determining the year over year trend.

 

 

 

 

 

 

 

 


 

About ManpowerGroup

ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis and Talent Solutions – creates substantially more value for candidates and clients across more than 75 countries and territories and has done so for over 70 years. We are recognized consistently for our diversity - as a best place to work for Women, Inclusion, Equality and Disability and in 2022 ManpowerGroup was named one of the World's Most Ethical Companies for the 13th year - all confirming our position as the brand of choice for in-demand talent.

 

Forward-Looking Statements

This press release contains statements, including statements regarding economic uncertainty, financial outlook, labor demand, supply-chain disruptions brought on by the Russia/Ukraine war and other geopolitical uncertainty, the Company’s strategic initiatives and technology investments, the positioning for future growth of our brands and the Company’s efforts to deliver on its ESG strategy, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company’s expected future results. The Company’s actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company’s reports filed with the SEC, including the information under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2021, as well as the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, which information is incorporated herein by reference.

 

The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com.

 

 

 

###

 

 


 

ManpowerGroup

Results of Operations

(In millions, except per share data)

 

 

 

Three Months Ended December 31

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2022

 

 

2021

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

4,809.2

 

 

$

5,382.3

 

 

 

-10.6

%

 

 

-0.9

%

Cost of services

 

 

3,933.6

 

 

 

4,456.0

 

 

 

-11.7

%

 

 

-1.9

%

Gross profit

 

 

875.6

 

 

 

926.3

 

 

 

-5.5

%

 

 

3.7

%

Selling and administrative expenses,
   excluding goodwill impairment charge

 

 

724.8

 

 

 

759.7

 

 

 

-4.6

%

 

 

3.7

%

Goodwill impairment charge (b)

 

 

50.0

 

 

 

 

 

N/A

 

 

N/A

 

Selling and administrative expenses

 

 

774.8

 

 

 

759.7

 

 

 

2.0

%

 

 

10.7

%

Operating profit

 

 

100.8

 

 

 

166.6

 

 

 

-39.5

%

 

 

-28.0

%

Interest and other expenses, net

 

 

10.5

 

 

 

4.2

 

 

 

153.5

%

 

 

 

Earnings before income taxes

 

 

90.3

 

 

 

162.4

 

 

 

-44.4

%

 

 

-33.1

%

Provision for income taxes

 

 

41.6

 

 

 

51.3

 

 

 

-19.0

%

 

 

 

Net earnings

 

$

48.7

 

 

$

111.1

 

 

 

-56.2

%

 

 

-47.3

%

Net earnings per share - basic

 

$

0.96

 

 

$

2.05

 

 

 

-53.2

%

 

 

 

Net earnings per share - diluted

 

$

0.95

 

 

$

2.02

 

 

 

-53.1

%

 

 

-43.6

%

Weighted average shares - basic

 

 

50.8

 

 

 

54.2

 

 

 

-6.3

%

 

 

 

Weighted average shares - diluted

 

 

51.4

 

 

 

55.0

 

 

 

-6.5

%

 

 

 

(a)
Revenues from services include fees received from our franchise offices of $3.8 million and $4.3 million for the three months ended December 31, 2022 and 2021, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $253.6 million and $361.0 million for the three months ended December 31, 2022 and 2021, respectively.
(b)
The goodwill impairment charge for the three months ended December 31, 2022 relates to our investment in the Netherlands.

 

 

 

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Three Months Ended December 31

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2022

 

 

2021

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States (a)

 

$

819.4

 

 

$

860.8

 

 

 

-4.8

%

 

 

-4.8

%

Other Americas

 

 

362.6

 

 

 

358.1

 

 

 

1.3

%

 

 

13.0

%

 

 

 

1,182.0

 

 

 

1,218.9

 

 

 

-3.0

%

 

 

0.4

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

1,194.9

 

 

 

1,318.6

 

 

 

-9.4

%

 

 

1.5

%

Italy

 

 

412.5

 

 

 

467.1

 

 

 

-11.7

%

 

 

-1.1

%

Other Southern Europe

 

 

493.8

 

 

 

595.8

 

 

 

-17.2

%

 

 

-8.7

%

 

 

 

2,101.2

 

 

 

2,381.5

 

 

 

-11.8

%

 

 

-1.5

%

Northern Europe

 

 

972.6

 

 

 

1,179.6

 

 

 

-17.5

%

 

 

-5.4

%

APME

 

 

578.5

 

 

 

622.6

 

 

 

-7.1

%

 

 

8.3

%

 

 

 

4,834.3

 

 

 

5,402.6

 

 

 

 

 

 

 

Intercompany Eliminations

 

 

(25.1

)

 

 

(20.3

)

 

 

 

 

 

 

 

 

 

4,809.2

 

 

 

5,382.3

 

 

 

-10.6

%

 

 

-0.9

%

Operating Unit Profit:

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

41.5

 

 

$

40.6

 

 

 

2.4

%

 

 

2.4

%

Other Americas

 

 

16.3

 

 

 

13.7

 

 

 

18.1

%

 

 

37.2

%

 

 

 

57.8

 

 

 

54.3

 

 

 

6.4

%

 

 

11.2

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

58.2

 

 

 

63.6

 

 

 

-8.4

%

 

 

2.8

%

Italy

 

 

29.4

 

 

 

33.4

 

 

 

-12.0

%

 

 

-1.5

%

Other Southern Europe

 

 

18.2

 

 

 

19.9

 

 

 

-9.1

%

 

 

1.0

%

 

 

 

105.8

 

 

 

116.9

 

 

 

-9.5

%

 

 

1.3

%

Northern Europe

 

 

15.5

 

 

 

28.6

 

 

 

-45.5

%

 

 

-33.6

%

APME

 

 

22.9

 

 

 

20.9

 

 

 

9.2

%

 

 

29.0

%

 

 

 

202.0

 

 

 

220.7

 

 

 

 

 

 

 

Corporate expenses

 

 

(42.2

)

 

 

(43.8

)

 

 

 

 

 

 

Goodwill impairment charge (b)

 

 

(50.0

)

 

 

 

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(9.0

)

 

 

(10.3

)

 

 

 

 

 

 

Operating profit

 

 

100.8

 

 

 

166.6

 

 

 

-39.5

%

 

 

-28.0

%

Interest and other expenses, net (c)

 

 

(10.5

)

 

 

(4.2

)

 

 

 

 

 

 

Earnings before income taxes

 

$

90.3

 

 

$

162.4

 

 

 

 

 

 

 

(a) In the United States, revenues from services include fees received from our franchise offices of $3.1 million and $3.4 million for the three months ended December 31, 2022 and 2021, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $115.3 million and $124.2 million for the three months ended December 31, 2022 and 2021, respectively.

(b) The goodwill impairment charge for the three months ended December 31, 2022 relates to our investment in the Netherlands.

(c) The components of interest and other expenses, net were:

 

 

2022

 

 

2021

 

Interest expense

 

$

15.2

 

 

$

9.3

 

Interest income

 

 

(7.9

)

 

 

(2.9

)

Foreign exchange loss

 

 

3.0

 

 

 

0.7

 

Miscellaneous expense (income), net

 

 

0.2

 

 

 

(2.9

)

 

 

$

10.5

 

 

$

4.2

 

 

 


 

ManpowerGroup

Results of Operations

(In millions, except per share data)

 

 

 

Twelve Months Ended December 31

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2022

 

 

2021

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

19,827.5

 

 

$

20,724.4

 

 

 

-4.3

%

 

 

4.9

%

Cost of services

 

 

16,255.1

 

 

 

17,316.9

 

 

 

-6.1

%

 

 

3.1

%

Gross profit

 

 

3,572.4

 

 

 

3,407.5

 

 

 

4.8

%

 

 

13.8

%

Selling and administrative expenses,
   excluding goodwill impairment charge

 

 

2,940.7

 

 

 

2,822.1

 

 

 

4.2

%

 

 

12.4

%

Goodwill impairment charge (b)

 

 

50.0

 

 

 

 

 

N/A

 

 

N/A

 

Selling and administrative expenses

 

 

2,990.7

 

 

 

2,822.1

 

 

 

6.0

%

 

 

14.3

%

Operating profit

 

 

581.7

 

 

 

585.4

 

 

 

-0.6

%

 

 

11.7

%

Interest and other expenses, net

 

 

24.6

 

 

 

17.3

 

 

 

42.4

%

 

 

 

Earnings before income taxes

 

 

557.1

 

 

 

568.1

 

 

 

-1.9

%

 

 

10.2

%

Provision for income taxes

 

 

183.3

 

 

 

185.7

 

 

 

-1.3

%

 

 

 

Net earnings

 

$

373.8

 

 

$

382.4

 

 

 

-2.2

%

 

 

9.9

%

Net earnings per share - basic

 

$

7.17

 

 

$

7.01

 

 

 

2.2

%

 

 

 

Net earnings per share - diluted

 

$

7.08

 

 

$

6.91

 

 

 

2.6

%

 

 

15.3

%

Weighted average shares - basic

 

 

52.2

 

 

 

54.5

 

 

 

-4.4

%

 

 

 

Weighted average shares - diluted

 

 

52.8

 

 

 

55.4

 

 

 

-4.7

%

 

 

 

(a)
Revenues from services include fees received from our franchise offices of $15.7 million and $15.3 million for the year ended December 31, 2022 and 2021, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $1,058.4 million and $1,116.9 million for the year ended December 31, 2022 and 2021, respectively.
(b)
The goodwill impairment charge for the year ended December 31, 2022 relates to our investment in the Netherlands.

 

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Twelve Months Ended December 31

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2022

 

 

2021

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States (a)

 

$

3,499.3

 

 

$

2,743.3

 

 

 

27.6

%

 

 

27.6

%

Other Americas

 

 

1,436.4

 

 

 

1,520.4

 

 

 

-5.5

%

 

 

0.9

%

 

 

 

4,935.7

 

 

 

4,263.7

 

 

 

15.8

%

 

 

18.1

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

4,785.0

 

 

 

5,171.3

 

 

 

-7.5

%

 

 

4.0

%

Italy

 

 

1,706.9

 

 

 

1,795.4

 

 

 

-4.9

%

 

 

6.8

%

Other Southern Europe

 

 

2,044.4

 

 

 

2,380.1

 

 

 

-14.1

%

 

 

-6.2

%

 

 

 

8,536.3

 

 

 

9,346.8

 

 

 

-8.7

%

 

 

2.0

%

Northern Europe

 

 

4,048.3

 

 

 

4,670.5

 

 

 

-13.3

%

 

 

-2.5

%

APME

 

 

2,387.3

 

 

 

2,481.1

 

 

 

-3.8

%

 

 

9.0

%

 

 

 

19,907.6

 

 

 

20,762.1

 

 

 

 

 

 

 

Intercompany Eliminations

 

 

(80.1

)

 

 

(37.7

)

 

 

 

 

 

 

 

 

 

19,827.5

 

 

 

20,724.4

 

 

 

-4.3

%

 

 

4.9

%

Operating Unit Profit:

 

 

 

 

 

 

 

 

 

 

 

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

219.2

 

 

$

136.0

 

 

 

61.2

%

 

 

61.2

%

Other Americas

 

 

63.4

 

 

 

59.2

 

 

 

7.0

%

 

 

16.5

%

 

 

 

282.6

 

 

 

195.2

 

 

 

44.8

%

 

 

47.7

%

Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

France

 

 

226.7

 

 

 

233.5

 

 

 

-2.9

%

 

 

9.4

%

Italy

 

 

122.9

 

 

 

115.3

 

 

 

6.6

%

 

 

20.0

%

Other Southern Europe

 

 

63.4

 

 

 

67.5

 

 

 

-6.1

%

 

 

1.6

%

 

 

 

413.0

 

 

 

416.3

 

 

 

-0.8

%

 

 

11.1

%

Northern Europe

 

 

42.4

 

 

 

67.8

 

 

 

-37.4

%

 

 

-26.2

%

APME

 

 

87.8

 

 

 

84.6

 

 

 

3.6

%

 

 

19.8

%

 

 

 

825.8

 

 

 

763.9

 

 

 

 

 

 

 

Corporate expenses

 

 

(157.0

)

 

 

(154.3

)

 

 

 

 

 

 

Goodwill impairment charge (b)

 

 

(50.0

)

 

 

 

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(37.1

)

 

 

(24.2

)

 

 

 

 

 

 

Operating profit

 

 

581.7

 

 

 

585.4

 

 

 

-0.6

%

 

 

11.7

%

Interest and other expenses, net (c)

 

 

(24.6

)

 

 

(17.3

)

 

 

 

 

 

 

Earnings before income taxes

 

$

557.1

 

 

$

568.1

 

 

 

 

 

 

 

(a) In the United States, revenues from services include fees received from our franchise offices of $12.8 million for both the years ended December 31, 2022 and 2021, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $476.1 million and $477.6 million for the year ended December 31, 2022 and 2021, respectively.

(b) The goodwill impairment charge for the year ended December 31, 2022 relates to our investment in the Netherlands.

(c) The components of interest and other expenses, net were:

 

 

2022

 

 

2021

 

Interest expense

 

$

46.9

 

 

$

38.8

 

Interest income

 

 

(17.9

)

 

 

(12.0

)

Foreign exchange loss

 

 

11.9

 

 

 

5.2

 

Miscellaneous income

 

 

(16.3

)

 

 

(14.7

)

 

 

$

24.6

 

 

$

17.3

 

 

 


 

ManpowerGroup

Consolidated Balance Sheets

(In millions)

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

639.0

 

 

$

847.8

 

Accounts receivable, net

 

 

5,137.4

 

 

 

5,448.2

 

Prepaid expenses and other assets

 

 

158.0

 

 

 

126.7

 

Total current assets

 

 

5,934.4

 

 

 

6,422.7

 

Other assets:

 

 

 

 

 

 

Goodwill

 

 

1,628.1

 

 

 

1,722.2

 

Intangible assets, net

 

 

549.5

 

 

 

583.6

 

Operating lease right-of-use asset

 

 

365.7

 

 

 

373.4

 

Other assets

 

 

540.5

 

 

 

610.2

 

Total other assets

 

 

3,083.8

 

 

 

3,289.4

 

Property and equipment:

 

 

 

 

 

 

Land, buildings, leasehold improvements and equipment

 

 

584.9

 

 

 

594.9

 

Less: accumulated depreciation and amortization

 

 

472.7

 

 

 

478.1

 

Net property and equipment

 

 

112.2

 

 

 

116.8

 

Total assets

 

$

9,130.4

 

 

$

9,828.9

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,831.4

 

 

$

3,039.2

 

Employee compensation payable

 

 

271.7

 

 

 

299.4

 

Accrued liabilities

 

 

582.7