8-K
0000871763false00008717632023-07-202023-07-20

 

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): July 20, 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 July 20, 2023, we issued a press release announcing our results of operations for the three and six months ended June 30, 2023 and 2022. 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 July 20, 2023

99.2

 

Presentation materials for July 20, 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:

 

July 20, 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/9ae30a01066433afde0bcb63ae83754b-img66454475_0.jpg 

 

FOR IMMEDIATE RELEASE

 

Contact:

 

 

 

 

 

Nick Hengst

 

 

+1.414.906.7356

 

 

nicholas.hengst@manpowergroup.com

 

 

ManpowerGroup Reports 2nd Quarter 2023 Results

Revenues of $4.9 billion (-4% as reported, -3% constant currency (CC))
Challenging operating environment in the U.S. and Europe contributed to revenue declines in Manpower, Experis and Talent Solutions
Gross profit margin of 17.8%. Staffing margins consistent with year earlier period; permanent recruitment demand weaker
$50 million of common stock repurchased during the quarter
Decision taken to wind down Proservia managed services business in Germany

 

MILWAUKEE, July 20, 2023 -- ManpowerGroup (NYSE: MAN) today reported net earnings of $1.29 per diluted share for the three months ended June 30, 2023 compared to $2.29 per diluted share in the prior year period. Net earnings in the quarter were $65.2 million compared to $122.2 million a year earlier. Revenues for the second quarter were $4.9 billion, a 4% decrease from the prior year period.

The current year quarter included restructuring costs and Argentina related non-cash currency translation losses which reduced earnings per share by $0.29 in the current quarter. Excluding these costs, earnings per share was $1.58 per diluted share in the quarter representing a decrease of 31% in constant currency.[1] Argentina is required to be treated as a hyperinflationary economy and the currency translation losses reflect the devaluation of the Argentine peso during the quarter.

Financial results in the quarter were also impacted by the stronger U.S. dollar relative to foreign currencies compared to the prior year period, resulting in a 4 cent negative impact to earnings per share in the quarter compared to the prior year. On a constant currency basis, revenues decreased 3% compared to the prior year period. The foreign currency impact to earnings per share represented an additional 1 cent negative impact than was anticipated in our second quarter guidance.

 

[1] The prior year period included integration costs from our U.S. Experis acquisition which reduced earnings per share by $0.04 which are also excluded when determining the year over year trend.
 

 


 

Jonas Prising, ManpowerGroup Chairman & CEO, said, “Our second quarter results reflect a challenging operating environment for recruitment and resourcing in the U.S. and Europe. However, we continued to see demand in certain segments within these markets and ongoing strength in Latin America and Asia Pacific Middle East. We are prioritizing improved productivity and the advancement of our strategic initiatives to position us well for strong performance when market conditions improve.

As we start the third quarter, we have made the decision to wind down our Proservia managed services buisness in Germany. Although a difficult decision, this outsourcing business is not part of our go-forward strategy and will improve the profitability of our Northern Europe business going forward.

We anticipate diluted earnings per share in the third quarter will be between $1.32 and $1.42, which includes an estimated favorable currency impact of 8 cents. Our guidance excludes expected restructuring costs and the aforementioned Argentina related impact of non-cash currency translation losses.”

Net earnings for the six months ended June 30, 2023 were $143.0 million, or net earnings of $2.80 per diluted share compared to net earnings of $213.8 million, or net earnings of $3.97 per diluted share in the prior year, respectively. The current year to date period included restructuring costs and the aforementioned Argentina related non-cash currency translation losses which reduced earnings per share by 39 cents. Excluding the net impact of these charges, earnings per share for the six-month period was $3.19 per diluted share representing a decrease of 20% in constant currency.[2] Revenues for the six-month period were $9.6 billion, representing a decrease of 6% compared to the prior year or a decrease of 3% in constant currency. Earnings per share for the six-month period were negatively impacted by 18 cents due to changes in foreign currencies compared to the prior year.

In conjunction with its second quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on July 20, 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/.

 

 

 

 

 

 

 

 

[2] The prior year period included integration costs from the U.S. Experis acquisition and the net loss related to the sale of our Russia business which reduced earnings per share by $0.24 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 70 countries and territories and has done so for 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2023 ManpowerGroup was named one of the World's Most Ethical Companies for the 14th time – all confirming our position as the brand of choice for in-demand talent. For more information, visit www.manpowergroup.com.

Forward-Looking Statements

This press release contains statements, including statements regarding economic and geopolitical uncertainty, financial outlook, labor demand, the outlook for our business in key countries, the Company’s strategic initiatives and technology investments, and the positioning of future growth for our brands 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, 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 June 30

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2023

 

 

2022

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

4,856.1

 

 

$

5,074.1

 

 

 

-4.3

%

 

 

-3.5

%

Cost of services

 

 

3,993.8

 

 

 

4,152.9

 

 

 

-3.8

%

 

 

-3.0

%

  Gross profit

 

 

862.3

 

 

 

921.2

 

 

 

-6.4

%

 

 

-5.7

%

Selling and administrative expenses

 

 

754.7

 

 

 

740.5

 

 

 

1.9

%

 

 

2.5

%

  Operating profit

 

 

107.6

 

 

 

180.7

 

 

 

-40.4

%

 

 

-39.1

%

Interest and other expenses, net

 

 

11.8

 

 

 

6.7

 

 

 

76.7

%

 

 

 

  Earnings before income taxes

 

 

95.8

 

 

 

174.0

 

 

 

-45.0

%

 

 

-43.4

%

Provision for income taxes

 

 

30.6

 

 

 

51.8

 

 

 

-41.0

%

 

 

 

  Net earnings

 

$

65.2

 

 

$

122.2

 

 

 

-46.6

%

 

 

-45.2

%

Net earnings per share - basic

 

$

1.30

 

 

$

2.32

 

 

 

-43.9

%

 

 

 

Net earnings per share - diluted

 

$

1.29

 

 

$

2.29

 

 

 

-43.8

%

 

 

-42.2

%

Weighted average shares - basic

 

 

50.2

 

 

 

52.7

 

 

 

-4.9

%

 

 

 

Weighted average shares - diluted

 

 

50.7

 

 

 

53.4

 

 

 

-5.1

%

 

 

 

(a)
Revenues from services include fees received from our franchise offices of $3.3 million and $3.9 million for the three months ended June 30, 2023 and 2022, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $250.6 million and $275.6 million for the three months ended June 30, 2023 and 2022, respectively.

 

 

 

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Three Months Ended June 30

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2023

 

 

2022

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

  Americas:

 

 

 

 

 

 

 

 

 

 

 

 

      United States (a)

 

$

736.7

 

 

$

903.9

 

 

 

-18.5

%

 

 

-18.5

%

      Other Americas

 

 

362.0

 

 

 

358.8

 

 

 

0.9

%

 

 

14.0

%

 

 

1,098.7

 

 

 

1,262.7

 

 

 

-13.0

%

 

 

-9.3

%

  Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

      France

 

 

1,278.2

 

 

 

1,238.2

 

 

 

3.2

%

 

 

0.9

%

      Italy

 

 

457.8

 

 

 

454.3

 

 

 

0.8

%

 

 

-1.5

%

      Other Southern Europe

 

 

490.9

 

 

 

508.9

 

 

 

-3.5

%

 

 

-4.7

%

 

 

2,226.9

 

 

 

2,201.4

 

 

 

1.2

%

 

 

-0.9

%

  Northern Europe

 

 

952.5

 

 

 

1,027.1

 

 

 

-7.3

%

 

 

-6.3

%

  APME

 

 

599.4

 

 

 

603.7

 

 

 

-0.7

%

 

 

4.2

%

 

 

 

4,877.5

 

 

 

5,094.9

 

 

 

 

 

 

 

  Intercompany Eliminations

 

 

(21.4

)

 

 

(20.8

)

 

 

 

 

 

 

 

$

4,856.1

 

 

$

5,074.1

 

 

 

-4.3

%

 

 

-3.5

%

Operating Unit Profit:

 

 

 

 

 

 

 

 

 

 

 

 

  Americas:

 

 

 

 

 

 

 

 

 

 

 

 

      United States

 

$

26.2

 

 

$

64.7

 

 

 

-59.5

%

 

 

-59.5

%

      Other Americas

 

 

17.0

 

 

 

16.2

 

 

 

5.0

%

 

 

22.8

%

 

 

43.2

 

 

 

80.9

 

 

 

-46.6

%

 

 

-43.1

%

  Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

      France

 

 

49.5

 

 

 

62.3

 

 

 

-20.5

%

 

 

-22.4

%

      Italy

 

 

36.3

 

 

 

35.5

 

 

 

2.1

%

 

 

-0.3

%

      Other Southern Europe

 

 

6.8

 

 

 

13.9

 

 

 

-50.4

%

 

 

-48.7

%

 

 

92.6

 

 

 

111.7

 

 

 

-17.0

%

 

 

-18.6

%

  Northern Europe

 

 

(9.7

)

 

 

10.8

 

 

 

-188.9

%

 

 

-190.4

%

  APME

 

 

25.7

 

 

 

22.5

 

 

 

13.9

%

 

 

20.0

%

 

 

151.8

 

 

 

225.9

 

 

 

 

 

 

 

Corporate expenses

 

 

(35.5

)

 

 

(35.8

)

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(8.7

)

 

 

(9.4

)

 

 

 

 

 

 

    Operating profit

 

 

107.6

 

 

 

180.7

 

 

 

-40.4

%

 

 

-39.1

%

Interest and other expenses, net (b)

 

 

(11.8

)

 

 

(6.7

)

 

 

 

 

 

 

    Earnings before income taxes

 

$

95.8

 

 

$

174.0

 

 

 

 

 

 

 

(a) In the United States, revenues from services include fees received from our franchise offices of $2.6 million and $3.1 million for the three months ended June 30, 2023 and 2022, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $100.8 million and $128.1 million for the three months ended June 30, 2023 and 2022, respectively.

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

 

 

2023

 

 

2022

 

        Interest expense

 

$

20.0

 

 

$

10.6

 

        Interest income

 

 

(8.4

)

 

 

(2.8

)

        Foreign exchange loss

 

 

5.1

 

 

 

3.3

 

        Miscellaneous loss (income)

 

 

(4.9

)

 

 

(4.4

)

 

$

11.8

 

 

$

6.7

 

 

 


 

ManpowerGroup

Results of Operations

(In millions, except per share data)

 

 

 

Six Months Ended June 30

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2023

 

 

2022

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from services (a)

 

$

9,608.4

 

 

$

10,217.4

 

 

 

-6.0

%

 

 

-2.8

%

Cost of services

 

 

7,883.0

 

 

 

8,399.1

 

 

 

-6.1

%

 

 

-2.9

%

  Gross profit

 

 

1,725.4

 

 

 

1,818.3

 

 

 

-5.1

%

 

 

-2.2

%

Selling and administrative expenses

 

 

1,499.9

 

 

 

1,498.9

 

 

 

0.1

%

 

 

2.7

%

  Operating profit

 

 

225.5

 

 

 

319.4

 

 

 

-29.4

%

 

 

-25.4

%

Interest and other expenses, net

 

 

19.3

 

 

 

9.4

 

 

 

106.1

%

 

 

 

  Earnings before income taxes

 

 

206.2

 

 

 

310.0

 

 

 

-33.5

%

 

 

-29.4

%

Provision for income taxes

 

 

63.2

 

 

 

96.2

 

 

 

-34.3

%

 

 

 

  Net earnings

 

$

143.0

 

 

$

213.8

 

 

 

-33.1

%

 

 

-29.0

%

Net earnings per share - basic

 

$

2.84

 

 

$

4.02

 

 

 

-29.5

%

 

 

 

Net earnings per share - diluted

 

$

2.80

 

 

$

3.97

 

 

 

-29.4

%

 

 

-25.1

%

Weighted average shares - basic

 

 

50.4

 

 

 

53.2

 

 

 

-5.1

%

 

 

 

Weighted average shares - diluted

 

 

51.0

 

 

 

53.8

 

 

 

-5.3

%

 

 

 

(a)
Revenues from services include fees received from our franchise offices of $7.2 million and $7.5 million for the six months ended June 30, 2023 and 2022, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $500.8 million and $540.8 million for the six months ended June 30, 2023 and 2022, respectively.

 

 

 


 

ManpowerGroup

Operating Unit Results

(In millions)

 

 

 

Six Months Ended June 30

 

 

 

 

 

 

 

 

 

% Variance

 

 

 

 

 

 

 

 

 

Amount

 

 

Constant

 

 

 

2023

 

 

2022

 

 

Reported

 

 

Currency

 

 

 

(Unaudited)

 

Revenues from Services:

 

 

 

 

 

 

 

 

 

 

 

 

  Americas:

 

 

 

 

 

 

 

 

 

 

 

 

      United States (a)

 

$

1,506.7

 

 

$

1,793.3

 

 

 

-16.0

%

 

 

-16.0

%

      Other Americas

 

 

722.2

 

 

 

720.6

 

 

 

0.2

%

 

 

12.9

%

 

 

2,228.9

 

 

 

2,513.9

 

 

 

-11.3

%

 

 

-7.7

%

  Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

      France

 

 

2,447.5

 

 

 

2,430.6

 

 

 

0.7

%

 

 

1.7

%

      Italy

 

 

880.0

 

 

 

899.3

 

 

 

-2.1

%

 

 

-1.2

%

      Other Southern Europe

 

 

967.3

 

 

 

1,065.4

 

 

 

-9.2

%

 

 

-7.6

%

 

 

4,294.8

 

 

 

4,395.3

 

 

 

-2.3

%

 

 

-1.2

%

  Northern Europe

 

 

1,920.1

 

 

 

2,121.6

 

 

 

-9.5

%

 

 

-5.1

%

  APME

 

 

1,205.3

 

 

 

1,221.9

 

 

 

-1.4

%

 

 

5.8

%

 

 

 

9,649.1

 

 

 

10,252.7

 

 

 

 

 

 

 

  Intercompany Eliminations

 

 

(40.7

)

 

 

(35.3

)

 

 

 

 

 

 

 

 

9,608.4

 

 

 

10,217.4

 

 

 

-6.0

%

 

 

-2.8

%

Operating Unit Profit:

 

 

 

 

 

 

 

 

 

 

 

 

  Americas:

 

 

 

 

 

 

 

 

 

 

 

 

      United States

 

$

57.3

 

 

$

123.0

 

 

 

-53.4

%

 

 

-53.4

%

      Other Americas

 

 

34.5

 

 

 

30.7

 

 

 

12.6

%

 

 

29.6

%

 

 

91.8

 

 

 

153.7

 

 

 

-40.3

%

 

 

-36.9

%

  Southern Europe:

 

 

 

 

 

 

 

 

 

 

 

 

      France

 

 

94.4

 

 

 

111.9

 

 

 

-15.6

%

 

 

-15.0

%

      Italy

 

 

67.0

 

 

 

64.5

 

 

 

3.8

%

 

 

4.6

%

      Other Southern Europe

 

 

21.1

 

 

 

30.5

 

 

 

-30.7

%

 

 

-27.1

%

 

 

182.5

 

 

 

206.9

 

 

 

-11.8

%

 

 

-10.6

%

  Northern Europe

 

 

(4.7

)

 

 

14.1

 

 

 

-133.0

%

 

 

-121.7

%

  APME

 

 

46.8

 

 

 

41.5

 

 

 

12.8

%

 

 

21.8

%

 

 

316.4

 

 

 

416.2

 

 

 

 

 

 

 

Corporate expenses

 

 

(73.4

)

 

 

(77.8

)

 

 

 

 

 

 

Intangible asset amortization expense

 

 

(17.5

)

 

 

(19.0

)

 

 

 

 

 

 

    Operating profit

 

 

225.5

 

 

 

319.4

 

 

 

-29.4

%

 

 

-25.4

%

Interest and other expenses, net (b)

 

 

(19.3

)

 

 

(9.4

)

 

 

 

 

 

 

    Earnings before income taxes

 

$

206.2

 

 

$

310.0

 

 

 

 

 

 

 

(a) In the United States, revenues from services include fees received from our franchise offices of $5.8 million and $6.0 million for the six months ended June 30, 2023 and 2022, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $200.1 million and $238.9 million for the six months ended June 30, 2023 and 2022, respectively.

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

 

 

2023

 

 

2022

 

        Interest expense

 

$

38.7

 

 

$

21.0

 

        Interest income

 

 

(16.5

)

 

 

(5.6

)

        Foreign exchange loss

 

 

8.2

 

 

 

5.1

 

        Miscellaneous income

 

 

(11.1

)

 

 

(11.1

)

 

 

$

19.3

 

 

$

9.4

 

 

 


 

ManpowerGroup

Consolidated Balance Sheets

(In millions)

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

  Cash and cash equivalents

 

$

407.6

 

 

$

639.0

 

  Accounts receivable, net

 

 

4,995.2

 

 

 

5,137.4

 

  Prepaid expenses and other assets

 

 

188.1

 

 

 

158.0

 

      Total current assets

 

 

5,590.9

 

 

 

5,934.4

 

Other assets:

 

 

 

 

 

 

  Goodwill

 

 

1,635.2

 

 

 

1,628.1

 

  Intangible assets, net

 

 

533.8

 

 

 

549.5

 

  Operating lease right-of-use asset

 

 

404.7

 

 

 

365.7

 

  Other assets

 

 

588.3

 

 

 

540.5

 

      Total other assets

 

 

3,162.0

 

 

 

3,083.8

 

Property and equipment:

 

 

 

 

 

 

  Land, buildings, leasehold improvements and equipment

 

 

516.8

 

 

 

584.9

 

  Less: accumulated depreciation and amortization

 

 

400.5

 

 

 

472.7

 

      Net property and equipment

 

 

116.3

 

 

 

112.2

 

             Total assets

 

$

8,869.2

 

 

$

9,130.4

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

  Accounts payable

 

$

2,727.6

 

 

$

2,831.4

 

  Employee compensation payable

 

 

204.9

 

 

 

271.7

 

  Accrued liabilities

 

 

545.4

 

 

 

572.6

 

  Accrued payroll taxes and insurance

 

 

686.3

 

 

 

746.7

 

  Value added taxes payable

 

 

429.9

 

 

 

462.7

 

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

 

 

22.3

 

 

 

26.6

 

      Total current liabilities

 

 

4,616.4

 

 

 

4,911.7

 

Other liabilities:

 

 

 

 

 

 

  Long-term debt

 

 

978.8

 

 

 

959.9

 

  Long-term operating lease liability

 

 

308.7

 

 

 

266.6

 

  Other long-term liabilities

 

 

515.5

 

 

 

534.1

 

      Total other liabilities

 

 

1,803.0

 

 

 

1,760.6

 

Shareholders' equity:

 

 

 

 

 

 

  ManpowerGroup shareholders' equity