Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RHI | ||
Entity Registrant Name | HALF ROBERT INTERNATIONAL INC /DE/ | ||
Entity Central Index Key | 315,213 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 119,078,490 | ||
Entity Public Float | $ 7,755,399,413 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 276,579,000 | $ 294,753,000 |
Accounts receivable, less allowances of $27,678 and $33,181 | 794,446,000 | 732,405,000 |
Other current assets | 402,585,000 | 404,711,000 |
Total current assets | 1,473,610,000 | 1,431,869,000 |
Goodwill | 209,958,000 | 210,885,000 |
Other intangible assets, net | 3,149,000 | 4,946,000 |
Property and equipment, net | 125,176,000 | 144,887,000 |
Noncurrent deferred income taxes | 91,204,000 | 74,867,000 |
Total assets | 1,903,097,000 | 1,867,454,000 |
LIABILITIES | ||
Accounts payable and accrued expenses | 168,031,000 | 126,937,000 |
Accrued payroll and benefit costs | 638,769,000 | 612,899,000 |
Income taxes payable | 12,536,000 | 7,877,000 |
Current portion of notes payable and other indebtedness | 200,000 | 183,000 |
Total current liabilities | 819,536,000 | 747,896,000 |
Notes payable and other indebtedness, less current portion | 457,000 | 657,000 |
Other liabilities | 19,906,000 | 13,636,000 |
Total liabilities | 839,899,000 | 762,189,000 |
Commitments and Contingencies | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.001 par value authorized 5,000,000 shares; issued and outstanding zero shares | 0 | 0 |
Common stock, $.001 par value authorized 260,000,000 shares; issued and outstanding 119,078,491 and 124,261,458 shares | 119,000 | 124,000 |
Capital surplus | 1,079,188,000 | 1,064,601,000 |
Accumulated other comprehensive (loss) income | (16,109,000) | 3,507,000 |
Retained earnings | 0 | 37,033,000 |
Total stockholders’ equity | 1,063,198,000 | 1,105,265,000 |
Total liabilities and stockholders’ equity | $ 1,903,097,000 | $ 1,867,454,000 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 27,678 | $ 33,181 |
Preferred stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 260,000,000 | 260,000,000 |
Common stock, issued (in shares) | 119,078,491 | 124,261,458 |
Common stock, outstanding (in shares) | 119,078,491 | 124,261,458 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net service revenues | $ 5,800,271 | $ 5,266,789 | $ 5,250,399 |
Direct costs of services, consisting of payroll, payroll taxes, benefit costs and reimbursable expenses | 3,390,257 | 3,102,977 | 3,089,723 |
Gross margin | 2,410,014 | 2,163,812 | 2,160,676 |
Selling, general and administrative expenses | 1,821,089 | 1,646,532 | 1,606,217 |
Amortization of intangible assets | 1,705 | 1,563 | 1,237 |
Interest income, net | (4,382) | (1,799) | (888) |
Income before income taxes | 591,602 | 517,516 | 554,110 |
Provision for income taxes | 157,314 | 226,932 | 210,721 |
Net income | $ 434,288 | $ 290,584 | $ 343,389 |
Net income per share : | |||
Basic (usd per share) | $ 3.60 | $ 2.34 | $ 2.68 |
Diluted (usd per share) | $ 3.57 | $ 2.33 | $ 2.67 |
Shares: | |||
Basic (in shares) | 120,513 | 124,152 | 127,991 |
Diluted (in shares) | 121,602 | 124,892 | 128,766 |
Cash dividends declared per share (usd per share) | $ 1.12 | $ 0.96 | $ 0.88 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
COMPREHENSIVE INCOME: | |||
Net income | $ 434,288 | $ 290,584 | $ 343,389 |
Foreign currency translation adjustments, net of tax | (19,616) | 24,009 | (10,208) |
Total comprehensive income | $ 414,672 | $ 314,593 | $ 333,181 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | COMMON STOCK | CAPITAL SURPLUS | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | RETAINED EARNINGS |
Balance at beginning of period, (in shares) at Dec. 31, 2015 | 131,156 | ||||
Balance at beginning of period at Dec. 31, 2015 | $ 131 | $ 979,477 | $ (10,294) | $ 34,467 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net issuances of restricted stock, (in shares) | 1,039 | ||||
Net issuances of restricted stock | $ 1 | (1) | |||
Repurchases of common stock, (in shares) | (4,405) | ||||
Repurchases of common stock | $ (4) | (178,780) | |||
Stock-based compensation expense | 42,699 | ||||
Exercises of stock options, (in shares) | 7 | 7 | |||
Exercises of stock options | 223 | ||||
Tax impact of equity incentive plans | 13 | ||||
Foreign currency translation adjustments, net of tax | $ (10,208) | (10,208) | |||
Net income | 343,389 | 343,389 | |||
Cash dividends ($1.12 per share, $.96 per share and $.88 per share) | (114,514) | ||||
Balance at end of period, (in shares) at Dec. 31, 2016 | 127,797 | ||||
Balance at end of period at Dec. 31, 2016 | $ 128 | 1,022,411 | (20,502) | 84,562 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net issuances of restricted stock, (in shares) | 918 | ||||
Net issuances of restricted stock | $ 1 | (1) | |||
Repurchases of common stock, (in shares) | (4,454) | ||||
Repurchases of common stock | $ (5) | (217,031) | |||
Stock-based compensation expense | 42,191 | ||||
Foreign currency translation adjustments, net of tax | 24,009 | 24,009 | |||
Net income | 290,584 | 290,584 | |||
Cash dividends ($1.12 per share, $.96 per share and $.88 per share) | (121,082) | ||||
Balance at end of period, (in shares) at Dec. 31, 2017 | 124,261 | ||||
Balance at end of period at Dec. 31, 2017 | 1,105,265 | $ 124 | 1,064,601 | 3,507 | 37,033 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net issuances of restricted stock, (in shares) | 666 | ||||
Net issuances of restricted stock | $ 1 | (1) | |||
Repurchases of common stock, (in shares) | (5,849) | ||||
Repurchases of common stock | $ (6) | (364,862) | |||
Stock-based compensation expense | 44,953 | ||||
Foreign currency translation adjustments, net of tax | (19,616) | (19,616) | |||
Net income | 434,288 | 434,288 | |||
Cash dividends ($1.12 per share, $.96 per share and $.88 per share) | (30,365) | (106,459) | |||
Balance at end of period, (in shares) at Dec. 31, 2018 | 119,078 | ||||
Balance at end of period at Dec. 31, 2018 | $ 1,063,198 | $ 119 | $ 1,079,188 | $ (16,109) | $ 0 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
RETAINED EARNINGS | |||
Cash dividends, per share (usd per share) | $ 1.12 | $ 0.96 | $ 0.88 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 434,288 | $ 290,584 | $ 343,389 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of intangible assets | 1,705 | 1,563 | 1,237 |
Depreciation expense | 64,244 | 63,930 | 63,078 |
Stock-based compensation expense—restricted stock and stock units | 44,953 | 42,191 | 42,699 |
Excess tax benefits from stock-based compensation | 0 | 0 | (1,822) |
Deferred income taxes | (15,885) | 44,091 | (1,868) |
Provision for doubtful accounts | 11,914 | 8,022 | 9,192 |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Increase in accounts receivable | (86,217) | (17,039) | (15,888) |
Increase in accounts payable, accrued expenses, accrued payroll and benefit costs | 89,715 | 47,832 | 19,726 |
Increase (decrease) in income taxes payable, net | 28,900 | (9,655) | (8,246) |
Change in other assets, net of change in other liabilities | (1,295) | (18,528) | (9,416) |
Net cash flows provided by operating activities | 572,322 | 452,991 | 442,081 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Payments for acquisitions, net of cash acquired | 0 | (1,160) | (2,200) |
Capital expenditures | (42,484) | (40,753) | (82,956) |
Payments to trusts for employee deferred compensation plans | (46,025) | (36,584) | (27,079) |
Net cash flows used in investing activities | (88,509) | (78,497) | (112,235) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repurchases of common stock | (353,509) | (231,724) | (176,031) |
Cash dividends paid | (136,423) | (121,000) | (114,164) |
Decrease in notes payable and other indebtedness | (183) | (167) | (154) |
Excess tax benefits from stock-based compensation | 0 | 0 | 1,822 |
Proceeds from exercises of stock options | 0 | 0 | 223 |
Net cash flows used in financing activities | (490,115) | (352,891) | (288,304) |
Effect of exchange rate changes on cash and cash equivalents | (11,872) | 12,949 | (5,918) |
Net (decrease) increase in cash and cash equivalents | (18,174) | 34,552 | 35,624 |
Cash and cash equivalents at beginning of period | 294,753 | 260,201 | 224,577 |
Cash and cash equivalents at end of period | 276,579 | 294,753 | 260,201 |
Cash paid during the year for: | |||
Interest | 233 | 278 | 266 |
Income taxes, net of refunds | 137,147 | 190,954 | 219,415 |
Non-cash items: | |||
Stock repurchases awaiting settlement | $ 11,359 | $ 0 | $ 14,688 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations. Robert Half International Inc. (the “Company”) provides specialized staffing and risk consulting services through such divisions as Accountemps ® , Robert Half ® Finance & Accounting , OfficeTeam ® , Robert Half ® Technology , Robert Half ® Management Resources , Robert Half ® Legal , The Creative Group ® , and Protiviti ® . The Company, through its Accountemps , Robert Half Finance & Accounting , and Robert Half Management Resources divisions, is a specialized provider of temporary, full-time, and senior-level project professionals in the fields of accounting and finance. OfficeTeam specializes in highly skilled temporary administrative support professionals. Robert Half Technology provides project and full-time technology professionals. Robert Half Legal provides temporary, project, and full-time staffing of lawyers, paralegals and legal support personnel. The Creative Group provides interactive, design, marketing, advertising and public relations professionals. Protiviti is a global consulting firm that helps companies solve problems in finance, technology, operations, data, analytics, governance, risk and internal audit, and is a wholly owned subsidiary of the Company. Revenues are predominantly derived from specialized staffing services. The Company operates in North America, South America, Europe, Asia and Australia. The Company is a Delaware corporation. Basis of Presentation. The Consolidated Financial Statements (“Financial Statements”) of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”). Principles of Consolidation. The Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany balances have been eliminated. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates also include allowances for uncollectible accounts receivable, sales adjustments and allowances, workers’ compensation losses, income and other taxes, and assumptions used in the Company's goodwill impairment assessment and in the valuation of stock grants subject to market conditions. Actual results and outcomes may differ from management's estimates and assumptions. Revenue Recognition. The Company derives its revenues from three segments: temporary and consultant staffing, permanent placement staffing, and risk consulting and internal audit services. Net service revenues as presented on the Consolidated Statements of Operations represent services rendered to customers less sales adjustments and allowances. Reimbursements, including those related to travel and out-of-pocket expenses, are also included in net service revenues, and equivalent amounts of reimbursable expenses are included in direct costs of services. The Company records temporary and consultant staffing revenue on a gross basis as a principal versus on a net basis as an agent in the presentation of revenues and expenses. The Company has concluded that gross reporting is appropriate because the Company (i) has the risk of identifying and hiring qualified employees, (ii) has the discretion to select the employees and establish their price and duties and (iii) bears the risk for services that are not fully paid for by customers. Temporary and consultant staffing revenues—Temporary and consultant staffing revenues are recognized when the services are rendered by the Company’s temporary employees. Employees placed on temporary assignment by the Company are the Company’s legal employees while they are working on assignments. The Company pays all related costs of employment, including workers’ compensation insurance, state and federal unemployment taxes, social security and certain fringe benefits. The Company assumes the risk of acceptability of its employees to its customers. Permanent placement staffing revenues—Permanent placement staffing revenues are recognized when employment candidates accept offers of permanent employment. The Company has a substantial history of estimating the effect of permanent placement candidates who do not remain with its clients through the 90-day guarantee period. Allowances are established to estimate these losses. Fees to clients are generally calculated as a percentage of the new employee’s annual compensation. No fees for permanent placement services are charged to employment candidates. Risk consulting and internal audit revenues—Risk consulting and internal audit services are generally provided on a time-and-material basis or fixed-fee basis. Revenues earned under time-and-material arrangements and fixed-fee arrangements are recognized using a proportional performance method as hours are incurred relative to total estimated hours for the engagement. The Company periodically evaluates the need to provide for any losses on these projects, and losses are recognized when it is probable that a loss will be incurred. Costs of Services. Direct costs of temporary and consultant staffing consist of payroll, payroll taxes and benefit costs for the Company’s temporary employees, as well as reimbursable expenses. Direct costs of permanent placement staffing services consist of reimbursable expenses. Risk consulting and internal audit costs of services include professional staff payroll, payroll taxes and benefit costs, as well as reimbursable expenses. Advertising Costs. The Company expenses all advertising costs as incurred. Advertising costs for the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table (in thousands): Years Ended December 31, 2018 2017 2016 Advertising Costs $ 52,499 $ 49,433 $ 47,312 Comprehensive Income. Comprehensive income includes net income and certain other items that are recorded directly to Stockholders’ Equity. The Company’s only source of other comprehensive income is foreign currency translation adjustments. Fair Value of Financial Instruments. The Company does not have any financial instruments which require re-measurement to fair value. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses represent fair value based upon their short-term nature. Cash and Cash Equivalents. The Company considers all highly liquid investments with a maturity at the date of purchase of three months or less as cash equivalents. Accounts Receivable Allowances. The Company maintains allowances for estimated losses resulting from (i) the inability of its customers to make required payments and (ii) sales adjustments. The Company establishes these allowances based on its review of customers’ credit profiles, historical loss statistics and current trends. The adequacy of these allowances is reviewed each reporting period. Historically, the Company’s actual losses have been consistent with these allowances. Goodwill and Intangible Assets . Goodwill and intangible assets primarily consist of the cost of acquired companies in excess of the fair market value of their net tangible assets at the date of acquisition. Identifiable intangible assets are amortized over their lives, typically ranging from two to five years . Goodwill is not amortized, but is tested at least annually for impairment. The Company completed its annual goodwill impairment assessment as of June 30 in each of the three years ended December 31, 2018 , and determined that no adjustment to the carrying value of goodwill was required. There were no events or changes in circumstances during the six months ended December 31, 2018 that caused the Company to perform an interim impairment assessment. Income Taxes . The Company’s operations are subject to U.S. federal, state and local, and foreign income taxes. In establishing its deferred income tax assets and liabilities and its provision for income taxes, the Company makes judgments and interpretations based on the enacted tax laws that are applicable to its operations in various jurisdictions. Deferred tax assets and liabilities are measured and recorded using current enacted tax rates, which the Company expects will apply to taxable income in the years in which those temporary differences are recovered or settled. The likelihood of a material change in the Company’s expected realization of its deferred tax assets is dependent on future taxable income and the effectiveness of its tax planning strategies in the various relevant jurisdictions. On December 22, 2017, the President signed the Tax Cuts and Jobs Act (“TCJA”) into law. Effective January 1, 2018, among other changes, TCJA reduced the federal corporate tax rate to 21 percent, provided for a deemed repatriation and taxation at reduced rates of certain foreign earnings, and established new mechanisms to tax certain foreign earnings going forward. Similar to other large multinational companies, TCJA has wide ranging implications for the Company. In December 2017, the SEC issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act, which allowed the Company to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Company completed its TCJA analysis and recorded its final adjustments, which were not material, in the fourth quarter of 2018. The Company also evaluates the need for valuation allowances to reduce the deferred tax assets to realizable amounts. Management evaluates all positive and negative evidence and uses judgment regarding past and future events, including operating results, to help determine when it is more likely than not that all or some portion of the deferred tax assets may not be realized. When appropriate, a valuation allowance is recorded against deferred tax assets to offset future tax benefits that may not be realized. Valuation allowances of $23.1 million and $20.2 million were recorded as of December 31, 2018 and 2017 , respectively. The valuation allowances recorded related primarily to net operating losses in certain foreign operations. If such losses are ultimately utilized to offset future operating income, the Company will recognize a tax benefit up to the full amount of the valuation reserve. Workers’ Compensation . Except for states which require participation in state-operated insurance funds, the Company retains the economic burden for the first $0.5 million per occurrence in workers’ compensation claims. Workers’ compensation includes ongoing healthcare and indemnity coverage for claims and may be paid over numerous years following the date of injury. Claims in excess of $0.5 million are insured. Workers’ compensation expense includes the insurance premiums for claims in excess of $0.5 million , claims administration fees charged by the Company’s workers’ compensation administrator, premiums paid to state-operated insurance funds, and an estimate for the Company’s liability for Incurred But Not Reported (“IBNR”) claims and for the ongoing development of existing claims. The reserves for IBNR claims and for the ongoing development of existing claims in each reporting period includes estimates. The Company has established reserves for workers’ compensation claims using loss development rates which are estimated using periodic third party actuarial valuations based upon historical loss statistics which include the Company’s historical frequency and severity of workers’ compensation claims, and an estimate of future cost trends. While management believes that its assumptions and estimates are appropriate, significant differences in actual experience or significant changes in assumptions may materially affect the Company’s future results. Foreign Currency Translation. The reporting currency of the Company and its subsidiaries is the U.S. dollar. The functional currency of the Company's foreign subsidiaries is their local currency. The results of operations of the Company’s foreign subsidiaries are translated at the monthly average exchange rates prevailing during the period. The financial position of the Company’s foreign subsidiaries is translated at the current exchange rates at the end of the period, and the related translation adjustments are recorded as a component of accumulated other comprehensive income within Stockholders’ Equity. Gains and losses resulting from foreign currency transactions are included as a component of selling, general and administrative expenses in the Consolidated Statements of Operations, and have not been material for all periods presented. Stock-based Compensation . Under various stock plans, officers, employees and outside directors have received or may receive grants of restricted stock, stock units, stock appreciation rights or options to purchase common stock. The Company recognizes compensation expense equal to the grant-date fair value for all stock-based payment awards that are expected to vest. This expense is recorded on a straight-line basis over the requisite service period of the entire award, unless the awards are subject to performance conditions, in which case the Company recognizes compensation expense over the requisite service period of each separate vesting tranche. The Company determines the grant-date fair value of its restricted stock and stock unit awards using the fair market value of its stock on the grant date, unless the awards are subject to market conditions, in which case the Company utilizes a binomial-lattice model (i.e., Monte Carlo simulation model). The Monte Carlo simulation model utilizes multiple input variables to determine the stock-based compensation expense. No stock appreciation rights have been granted under the Company’s existing stock plans. The Company has not granted any options to purchase common stock since 2006. Property and Equipment . Property and equipment are recorded at cost. Depreciation expense is computed using the straight-line method over the following useful lives: Computer hardware 2 to 3 years Computer software 2 to 5 years Furniture and equipment 5 years Leasehold improvements Term of lease, 5 years maximum Internal-use Software. The Company capitalizes direct costs incurred in the development of internal-use software. Amounts capitalized are reported as a component of computer software within property and equipment. Internal-use software development costs capitalized for the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table (in thousands): Years Ended December 31, 2018 2017 2016 Internal-use software development costs $ 3,287 $ 9,030 $ 33,753 |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The new guidance requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The Company adopted the new guidance, using the modified retrospective method applied to all contracts not completed as of January 1, 2018, and since the adoption of the new guidance was not material, no adjustment was made to opening retained earnings. The Company also had no significant changes to systems, processes, or controls. The adoption of the guidance did not have a material impact on the Company’s income statement. In accordance with the new guidance, the Company reclassified certain allowances that are now reflected as liabilities. The impact to the Company’s balance sheet is as follows (in thousands): December 31, 2018 As Reported Balances Without Adoption of Revenue Guidance Effect of Change Higher (Lower) Assets Accounts receivable, net $ 794,446 $ 783,776 $ 10,670 Liabilities Accounts payable and accrued expenses $ 168,031 $ 157,361 $ 10,670 Stock Compensation. In May 2017, the FASB issued authoritative guidance updating which changes in the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the amended guidance, entities are required to account for the effects of a modification if the fair value, vesting conditions or classification (as an equity instrument or a liability instrument) of the modified award change from that of the original award immediately before the modification. The Company adopted the new guidance as of January 1, 2018. The adoption of this guidance did not have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted Lease Accounting . In February 2016, the FASB issued authoritative guidance which changes financial reporting as it relates to leasing transactions. Under the new guidance, lessees will be required to recognize a lease liability, measured on a discounted basis; and a right-of-use asset, for the lease term. Lessees and lessors may elect to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements; or they may elect to apply the provisions of the guidance, using a prospective approach, beginning at the adoption date and recognize a cumulative effect adjustment to opening retained earnings in the period of adoption. The new standard was effective for the Company beginning January 1, 2019, and the Company implemented the new standard using a prospective approach. Upon adoption, the Company elected the package of practical expedients available under the new standard, which allowed the Company to forgo a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. The Company adopted this guidance as of January 1, 2019, using the transition method that allowed it to initially apply the guidance as of January 1, 2019, and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This adjustment to the opening balance of retained earnings was not material. In addition to certain changes to its systems and processes, the estimated impact of the adoption of this guidance included the recognition of $270 million to $290 million of lease liabilities and right of use assets on the Company’s Consolidated Statement of Financial Position, offset by approximately $30 million of accrued rent, which reduced the right-of-use assets. Current Expected Credit Losses Model. In June 2016, the FASB issued authoritative guidance amending how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance requires the application of a current expected credit loss model, which is a new impairment model based on expected losses. The new guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures. Simplifying the Test for Goodwill Impairment. In January 2017, the FASB issued authoritative guidance to simplify the goodwill impairment testing process. The new standard eliminates Step 2 of the goodwill impairment test. If a company determines in Step 1 of the goodwill impairment test that the carrying value of goodwill is greater than the fair value, an impairment in that amount should be recorded to the income statement, rather than proceeding to Step 2. The new guidance is effective for the Company for fiscal years beginning after December 15, 2019, although early adoption is permitted. The Company believes the adoption of this guidance will not have a material impact on its financial statements. Cloud Computing. In August 2018, the FASB issued authoritative guidance which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Entities are required to present the expense related to capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting elements of the arrangement and classify the payments for the capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. Entities are also required to present the capitalized implementation costs in the statement of financial position in the same line item that a prepayment of the fees of the associated hosting arrangement would be presented. The new guidance is effective for the Company for annual and interim periods beginning after December 15, 2019, although early adoption is permitted. The Company has adopted the new guidance as of January 1, 2019, and the impact of adoption was not material to its financial statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Revenues from contracts with customers are generated in three segments: temporary and consultant staffing, permanent placement staffing, and risk consulting and internal audit services. Revenues are recognized when promised goods or services are delivered to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Net service revenues, as presented on the Consolidated Statements of Operations, represent services rendered to customers less variable consideration, such as sales adjustments and allowances. Reimbursements, including those related to travel and out-of-pocket expenses, are recorded on a gross basis and included in net service revenues, with equivalent amounts of reimbursable expenses included in direct costs of services. Temporary and consultant staffing revenues. Temporary and consultant staffing revenues from contracts with customers are recognized in the amount to which the Company has a right to invoice, when the services are rendered by the Company’s temporary employees. The Company records temporary and consultant staffing revenue on a gross basis as a principal versus on a net basis as an agent in the presentation of revenues and expenses. The Company has concluded that gross reporting is appropriate because the Company (i) has the risk of identifying and hiring qualified employees, (ii) has the discretion to select the employees and establish their price and duties and (iii) bears the risk for services that are not fully paid for by customers. Fees paid to Time Management or Vendor Management service providers selected by clients are recorded as a reduction of revenues, as the Company is not the primary obligor with respect to those services. The substantial majority of employees placed on temporary assignment by the Company are the Company’s legal employees while they are working on assignments. The Company pays all related costs of employment, including workers’ compensation insurance, state and federal unemployment taxes, social security and certain fringe benefits. The Company assumes the risk of acceptability of its employees to its customers. Permanent placement staffing revenues. Permanent placement staffing revenues from contracts with customers are primarily recognized when employment candidates accept offers of permanent employment. The Company has a substantial history of estimating the financial impact of permanent placement candidates who do not remain with its clients through the 90 -day guarantee period. These amounts are established based primarily on historical data and are recorded as liabilities. Fees to clients are generally calculated as a percentage of the new employee’s annual compensation. No fees for permanent placement services are charged to employment candidates. Risk consulting and internal audit services revenues. Risk consulting and internal audit services generally contain one or more performance obligation(s) which are satisfied over a period of time. Revenues are recognized over time as the performance obligations are satisfied, because the services provided do not have any alternative use to the Company, and contracts generally include language giving the Company an enforceable right to payment for services provided to date. Revenue is measured using cost incurred relative to total estimated cost for the engagement to measure progress towards satisfying the Company’s performance obligations. Cost incurred represents work performed and thereby best depicts the transfer of control to the customer. The following table presents the Company’s revenues disaggregated by line of business (in thousands): Years Ended December 31, 2018 2017 2016 Accountemps $ 1,915,054 $ 1,765,666 $ 1,786,276 OfficeTeam 1,063,238 984,873 972,414 Robert Half Technology 682,889 629,278 659,844 Robert Half Management Resources 669,385 631,225 608,243 Temporary and consulting staffing 4,330,566 4,011,042 4,026,777 Permanent placement staffing 511,989 439,214 419,314 Risk consulting and internal audit services 957,716 816,533 804,308 Net service revenues $ 5,800,271 $ 5,266,789 $ 5,250,399 Payment terms in our contracts vary by the type and location of our customer and the services offered. The term between invoicing and when payment is due is not significant. Contracts with multiple performance obligations are recognized as performance obligations are delivered, and contract value is allocated based on relative stand-alone selling values of the services and products in the arrangement. As of December 31, 2018 , aggregate transaction price allocated to the performance obligations that are unsatisfied for contracts with an expected duration of greater than one year was $58.8 million . Of this amount, $54.9 million is expected to be recognized within the next twelve months . There were no revenues recognized in the twelve months ended December 31, 2018 , related to performance obligations satisfied or partially satisfied in previous periods. Contract assets are recorded when services are performed in advance of the Company’s unconditional right to payment. Contract assets as of January 1, 2018 and December 31, 2018 , were not material. Contract liabilities are recorded when cash payments are received or due in advance of performance and are reflected in Accounts payable and accrued expenses on the Consolidated Statements of Financial Position. The following table sets forth the activity in contract liabilities from January 1, 2018 through December 31, 2018 (in thousands): December 31, 2018 Balance at beginning of period $ 9,003 Payments in advance of satisfaction of performance obligations 12,170 Revenue recognized (10,542 ) Other, including translation adjustments 2,366 Balance at end of period $ 12,997 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Other Current Assets Other current assets consisted of the following (in thousands): December 31, 2018 2017 Deposits in trusts for employee deferred compensation plans $ 311,708 $ 292,326 Other 90,877 112,385 Other current assets $ 402,585 $ 404,711 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The following table sets forth the activity in goodwill from December 31, 2016 , through December 31, 2018 (in thousands): Goodwill Temporary and consultant staffing Permanent placement staffing Risk consulting and internal audit services Total Balance as of December 31, 2016 $ 133,875 $ 26,015 $ 49,903 $ 209,793 Foreign currency translation adjustments 613 144 335 1,092 Balance as of December 31, 2017 $ 134,488 $ 26,159 $ 50,238 $ 210,885 Foreign currency translation adjustments (421 ) (101 ) (405 ) (927 ) Balance as of December 31, 2018 $ 134,067 $ 26,058 $ 49,833 $ 209,958 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consisted of the following (in thousands): December 31, 2018 2017 Computer hardware $ 177,237 $ 171,515 Computer software 378,734 376,761 Furniture and equipment 107,421 102,424 Leasehold improvements 160,521 148,764 Other 10,319 9,907 Property and equipment, cost 834,232 809,371 Accumulated depreciation (709,056 ) (664,484 ) Property and equipment, net $ 125,176 $ 144,887 |
Accrued Payroll and Benefit Cos
Accrued Payroll and Benefit Costs | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Payroll and Benefit Costs | Accrued Payroll and Benefit Costs Accrued payroll and benefit costs consisted of the following (in thousands): December 31, 2018 2017 Payroll and benefits $ 263,072 $ 256,804 Employee deferred compensation plans 333,528 312,429 Workers’ compensation 18,251 17,092 Payroll taxes 23,918 26,574 Accrued payroll and benefit costs $ 638,769 $ 612,899 Included in employee deferred compensation plans is the following (in thousands): December 31, 2018 2017 Deferred compensation plan and other benefits related to the Company’s Chief Executive Officer $ 89,212 $ 86,145 |
Notes Payable and Other Indebte
Notes Payable and Other Indebtedness | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Notes Payable and Other Indebtedness | Notes Payable and Other Indebtedness The Company issued promissory notes as well as other forms of indebtedness in connection with certain acquisitions and other payment obligations. These notes are due in varying installments and, in aggregate, amounted to $0.7 million at December 31, 2018 , and $0.8 million at December 31, 2017 . At December 31, 2018 , $0.7 million of the notes were collateralized by a standby letter of credit. The following table shows the schedule of maturities for notes payable and other indebtedness at December 31, 2018 (in thousands): 2019 $ 200 2020 218 2021 239 2022 — 2023 — $ 657 At December 31, 2018 , the notes carried fixed rates and the weighted average interest rate for the above was 9.0% for each of the years ended December 31, 2018 , 2017 and 2016 . The Company has an uncommitted letter of credit facility (the “facility”) of up to $35.0 million , which is available to cover the issuance of debt support standby letters of credit. The Company had used $14.4 million in debt support standby letters of credit as of December 31, 2018 , and $17.4 million as of December 31, 2017 . Of the debt support standby letters of credit outstanding, $13.7 million as of December 31, 2018 , and $16.6 million as of December 31, 2017 , satisfies workers’ compensation insurer’s collateral requirements. There is a service fee of 1.125% on the used portion of the facility. The facility is subject to certain financial covenants and expires on August 31, 2019. The Company was in compliance with these covenants as of December 31, 2018 . The Company intends to renew this facility prior to its August 31, 2019 expiration. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision (benefit) for income taxes for the years ended December 31, 2018 , 2017 and 2016 , consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 Current: Federal $ 99,830 $ 133,097 $ 156,937 State 38,356 24,944 34,927 Foreign 35,007 27,079 20,725 Deferred: Federal and state (15,849 ) 41,717 (3,785 ) Foreign (30 ) 95 1,917 $ 157,314 $ 226,932 $ 210,721 Income before the provision for income taxes for the years ended December 31, 2018 , 2017 and 2016 , consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 Domestic $ 485,489 $ 445,418 $ 494,890 Foreign 106,113 72,098 59,220 $ 591,602 $ 517,516 $ 554,110 The income taxes shown above varied from the statutory federal income tax rates for these periods as follows: Years Ended December 31, 2018 2017 2016 Federal U.S. income tax rate 21.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 4.7 3.7 4.2 Permanent book/tax differences 0.6 0.4 0.5 Non-U.S. income taxed at different rates, net of foreign tax credits 2.0 — (0.6 ) Federal tax credits (1.7 ) (1.3 ) (0.8 ) Tax impact of uncertain tax positions 0.8 0.2 — Valuation allowance release, net — — (0.1 ) Tax effects of TCJA 0.4 6.5 — Other, net (1.2 ) (0.6 ) (0.2 ) Effective tax rate 26.6 % 43.9 % 38.0 % The deferred portion of the tax (benefit) provision consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 Accrued expenses, deducted for tax when paid $ (21,884 ) $ 15,213 $ (6,889 ) Capitalized costs for books, deducted for tax (4,832 ) (5,790 ) 5,901 Depreciation 10,071 (4,079 ) (2,405 ) Tax effects of TCJA — 34,633 — Other, net 766 1,835 1,525 $ (15,879 ) $ 41,812 $ (1,868 ) The components of the deferred income tax amounts at December 31, 2018 and 2017 , were as follows (in thousands): December 31, 2018 2017 Deferred Income Tax Assets Deferred compensation and other benefit obligations $ 87,513 $ 68,101 Credits and net operating loss carryforwards 31,169 30,087 Stock-based compensation 9,535 8,614 Provision for bad debts 7,891 6,794 Workers’ compensation 3,580 3,127 Other 14,959 13,343 Total deferred income tax assets 154,647 130,066 Deferred Income Tax Liabilities Amortization of intangible assets (21,210 ) (20,220 ) Property and equipment basis differences (9,761 ) (4,421 ) Other (10,319 ) (10,847 ) Total deferred income tax liabilities (41,290 ) (35,488 ) Valuation allowance (23,072 ) (20,178 ) Total deferred income tax assets, net $ 90,285 $ 74,400 Credits and net operating loss carryforwards primarily include net operating losses in foreign countries of $27.7 million that expire in 2019 and later ; and California enterprise zone tax credits of $2.9 million that expire in 2023 . Of the $2.9 million of California enterprise zone tax credits, the Company expects that it will utilize $1.2 million of these credits prior to expiration. Valuation allowances of $21.4 million have been maintained against net operating loss carryforwards and other deferred items in foreign countries. In addition, a valuation allowance of $1.7 million has been maintained against California enterprise zone tax credits. As of December 31, 2018 , the Company’s consolidated financial statements provide for any related U.S. tax liability on earnings of foreign subsidiaries that may be repatriated, aside from undistributed earnings of certain of the Company’s foreign subsidiaries that are intended to be indefinitely reinvested in operations outside the United States. The following table reconciles the total amounts of gross unrecognized tax benefits from January 1, 2016 to December 31, 2018 (in thousands): December 31, 2018 2017 2016 Balance at beginning of period $ 2,886 $ 731 $ 814 Gross increases—tax positions in prior years 3,259 1,503 92 Gross decreases—tax positions in prior years (8 ) (257 ) — Gross increases—tax positions in current year 2,284 956 114 Settlements — (40 ) — Lapse of statute of limitations (3 ) (7 ) (289 ) Balance at end of period $ 8,418 $ 2,886 $ 731 The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $8.3 million , $2.8 million and $0.5 million for 2018 , 2017 and 2016 , respectively. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. The total amount of interest and penalties accrued as of December 31, 2018 is $0.3 million , including a $0.2 million increase recorded in income tax expense during the year. The total amount of interest and penalties accrued as of December 31, 2017 was $0.1 million . The total amount of interest and penalties accrued as of December 31, 2016 , was $0.1 million , including a $0.1 million reduction recorded in income tax expense during the year. The Company believes it is reasonably possible that the settlement of certain tax uncertainties could occur within the next twelve months; accordingly, $0.1 million of the unrecognized gross tax benefit has been classified as a current liability as of December 31, 2018 . This amount primarily represents unrecognized tax benefits composed of items related to assessed state income tax audits and negotiations. The Company’s major income tax jurisdictions are the United States, Australia, Belgium, Canada, France, Germany and the United Kingdom. For U.S. federal income tax, the Company remains subject to examination for 2015 and subsequent years. For major U.S. states, with few exceptions, the Company remains subject to examination for 2014 and subsequent years. Generally, for the foreign countries, the Company remains subject to examination for 2011 and subsequent years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Rental expense, primarily for office premises, amounted to $89.4 million , $87.5 million and $87.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The approximate minimum rental commitments for 2019 and thereafter under non-cancelable leases in effect at December 31, 2018 were as follows (in thousands): 2019 $ 88,231 2020 81,252 2021 62,111 2022 47,268 2023 37,566 Thereafter 52,993 $ 369,421 On March 23, 2015, Plaintiff Jessica Gentry, on her own behalf and on behalf of a putative class of allegedly similarly situated individuals, filed a complaint against the Company in the Superior Court of California, San Francisco County, which was subsequently amended on October 23, 2015. The complaint alleges that a putative class of current and former employees of the Company working in California since March 13, 2010 were denied compensation for the time they spent interviewing “for temporary and permanent employment opportunities” as well as performing activities related to the interview process. Gentry seeks recovery on her own behalf and on behalf of the putative class in an unspecified amount for this allegedly unpaid compensation. Gentry also seeks recovery of an unspecified amount for the alleged failure of the Company to provide her and the putative class with accurate wage statements. Gentry also seeks an unspecified amount of other damages, attorneys’ fees, and statutory penalties, including penalties for allegedly not paying all wages due upon separation to former employees and statutory penalties on behalf of herself and other allegedly “aggrieved employees” as defined by California’s Labor Code Private Attorney General Act (“PAGA”). On January 4, 2016, the Court denied a motion by the Company to compel all of Gentry’s claims, except the PAGA claim, to individual arbitration. At this stage of the litigation, it is not feasible to predict the outcome of or a range of loss, should a loss occur, from this proceeding and, accordingly, no amounts have been provided in the Company’s Financial Statements. The Company believes it has meritorious defenses to the allegations and the Company intends to continue to vigorously defend against the litigation. On April 6, 2018, Plaintiff Shari Dorff, on her own behalf and on behalf of a putative class of allegedly similarly situated individuals, filed a complaint against the Company in the Superior Court of California, County of Los Angeles. In addition to certain claims individual to Plaintiff Dorff, the complaint alleges that salaried recruiters based in California have been misclassified as exempt employees and seeks an unspecified amount for: unpaid wages resulting from such alleged misclassification; alleged failure to provide a reasonable opportunity to take meal periods and rest breaks; alleged failure to pay wages on a timely basis both during employment and upon separation; alleged failure to comply with California requirements regarding wage statements and record-keeping; and alleged improper denial of expense reimbursement. Plaintiff Dorff also seeks an unspecified amount of other damages, attorneys’ fees, and penalties, including but not limited to statutory penalties on behalf of herself and other allegedly “aggrieved employees” as defined by PAGA. At this stage of the litigation, it is not feasible to predict the outcome of or a range of loss, should a loss occur, from this proceeding and, accordingly, no amounts have been provided in the Company’s Financial Statements. The Company believes it has meritorious defenses to the allegations and the Company intends to continue to vigorously defend against the litigation. The Company is involved in a number of other lawsuits arising in the ordinary course of business. While management does not expect any of these other matters to have a material adverse effect on the Company’s results of operations, financial position or cash flows, litigation is subject to certain inherent uncertainties. Legal costs associated with the resolution of claims, lawsuits and other contingencies are expensed as incurred. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Stock Repurchase Program. As of December 31, 2018 , the Company is authorized to repurchase, from time to time, up to 6.7 million additional shares of the Company’s common stock on the open market or in privately negotiated transactions, depending on market conditions. The number and the cost of common stock shares repurchased during the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table (in thousands): Years Ended December 31, 2018 2017 2016 Common stock repurchased (in shares) 5,614 4,046 4,046 Common stock repurchased $ 351,194 $ 196,645 $ 163,614 Additional stock repurchases were made in connection with employee stock plans, whereby Company shares were tendered by employees for the payment of exercise price and applicable statutory withholding taxes. The number and the cost of employee stock plan repurchases made during the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table (in thousands): Years Ended December 31, 2018 2017 2016 Repurchases related to employee stock plans (in shares) 235 408 359 Repurchases related to employee stock plans $ 13,674 $ 20,391 $ 15,170 The repurchased shares are held in treasury and are presented as if constructively retired. Treasury stock is accounted for using the cost method. Treasury stock activity for each of the three years ended December 31, 2018 , 2017 and 2016 (consisting of stock option exercises and the purchase of shares for the treasury) is presented in the Consolidated Statements of Stockholders’ Equity. Cash Dividends. The Company’s Board of Directors may at their discretion declare and pay dividends upon the shares of the Company’s stock either out of the Company’s retained earnings or capital surplus. The cash dividends declared during the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table: Years Ended December 31, 2018 2017 2016 Cash dividends declared per share $ 1.12 $ .96 $ .88 Repurchases of shares and issuances of cash dividends are applied first to the extent of retained earnings and any remaining amounts are applied to capital surplus. As a result, the Company had no retained earnings as of December 31, 2018 . |
Stock Plans
Stock Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans | Stock Plans Under various stock plans, officers, employees, and outside directors have received or may receive grants of restricted stock, stock units, stock appreciation rights or options to purchase common stock. Grants have been made at the discretion of the Committees of the Board of Directors. Grants generally vest either on a straight-line basis over four years or on a cliff basis over three years. Shares offered under the plan are authorized but unissued shares or treasury shares. Recipients of restricted stock do not pay any cash consideration to the Company for the shares, have the right to vote all shares subject to such grant, and there were no grants outstanding that received dividends prior to vesting. Restricted stock grants made on or after July 28, 2009, contain forfeitable rights to dividends. Dividends for these grants are accrued on the dividend payment dates but are not paid until the shares vest, and dividends accrued for shares that ultimately do not vest are forfeited. Recipients of stock units do not pay any cash consideration for the units, do not have the right to vote, and do not receive dividends with respect to such units. The Company recognizes compensation expense equal to the grant-date fair value for all stock-based payment awards that are expected to vest. This expense is recorded on a straight-line basis over the requisite service period of the entire award, unless the awards are subject to performance conditions, in which case the Company recognizes compensation expense over the requisite service period of each separate vesting tranche. The Company determines the grant-date fair value of its restricted stock and stock unit awards using the fair market value on the grant date, unless the awards are subject to market conditions, in which case the Company utilizes a binomial-lattice model (i.e., Monte Carlo simulation model). The Monte Carlo simulation model utilizes multiple input variables to determine the stock-based compensation expense. During the year ended December 31, 2018 , the Company granted performance shares to its executives in the form of restricted stock. The shares granted contain (1) a performance condition based on earnings per share, and (2) a performance condition based on Return on Invested Capital (“ROIC”). The ROIC performance condition measures the Company’s performance against a peer group. Shares will be delivered at the end of the three year vesting and ROIC performance period based on the Company’s actual performance compared to the peer group. Actual shares earned will range from seventy-five percent ( 75% ) to one hundred twenty-five percent ( 125% ) of the target award after any adjustment made for the EPS performance condition. Stock-based compensation expense consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 Restricted stock and stock units - expense $ 44,953 $ 42,191 $ 42,699 Unrecognized compensation cost is expected to be recognized over the next four years . Total unrecognized compensation cost, net of estimated forfeitures, consisted of the following (in thousands): December 31, 2018 2017 2016 Restricted stock and stock units - unrecognized future costs $ 65,557 $ 62,730 $ 60,481 The following table reflects activity under all stock plans from December 31, 2015 through December 31, 2018 , and the weighted average exercise prices (in thousands, except per share amounts): Restricted Stock Plans without Market-Condition Restricted Stock Plans with Market-Condition Stock Option Plans Number of Shares/ Units Weighted Average Grant Date Fair Value Number of Shares/ Units Weighted Average Grant Date Fair Value Number of Shares/ Units Weighted Average Exercise Price Per Share Outstanding, December 31, 2015 1,052 $46.88 992 $52.89 12 $32.36 Granted 772 $38.47 358 $45.93 — — Exercised — — — — (7 ) $32.36 Restrictions lapsed (545 ) $42.42 (364 ) $43.04 — — Forfeited (36 ) $41.28 (36 ) $43.04 (5 ) $32.36 Outstanding, December 31, 2016 1,243 $43.78 950 $54.42 — — Granted 904 $47.86 50 $50.09 — — Restrictions lapsed (616 ) $44.09 (384 ) $50.09 — — Forfeited (41 ) $43.68 — — — — Outstanding, December 31, 2017 1,490 $46.13 616 $56.76 — — Granted 811 $57.04 — — — — Restrictions lapsed (568 ) $47.62 (129 ) $71.86 — — Forfeited (40 ) $49.10 (129 ) $71.86 — — Outstanding, December 31, 2018 1,693 $50.78 358 $45.93 — — The total pre-tax intrinsic value of stock options exercised and the total fair value of shares vested during the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table (in thousands): Years Ended December 31, 2018 2017 2016 Total pre-tax intrinsic value of stock options exercised $ — $ — $ 52 Total fair value of shares vested $ 40,583 $ 50,385 $ 39,302 At December 31, 2018 , the total number of available shares to grant under the plans (consisting of either restricted stock, stock units, stock appreciation rights or options to purchase common stock) was approximately 3.2 million . |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share The calculation of net income per share for the three years ended December 31, 2018 is reflected in the following table (in thousands, except per share amounts): Years Ended December 31, 2018 2017 2016 Net income $ 434,288 $ 290,584 $ 343,389 Basic: Weighted average shares 120,513 124,152 127,991 Diluted: Weighted average shares 120,513 124,152 127,991 Dilutive effect of potential common shares 1,089 740 775 Diluted weighted average shares 121,602 124,892 128,766 Net income per share: Basic $ 3.60 $ 2.34 $ 2.68 Diluted $ 3.57 $ 2.33 $ 2.67 Potential common shares include the dilutive effect of stock options, unvested performance-based restricted stock, restricted stock which contains forfeitable rights to dividends, and stock units. Employee stock options will have a dilutive effect under the treasury method only when the respective period’s average market value of the Company’s common stock exceeds the exercise proceeds. Under the treasury method, exercise proceeds include the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of tax benefits that would be recorded in capital surplus, if the options were exercised and the stock units and performance-based restricted stock had vested. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company has three reportable segments: temporary and consultant staffing, permanent placement staffing, and risk consulting and internal audit services. The temporary and consultant staffing segment provides specialized staffing in the accounting and finance, administrative and office, information technology, legal, advertising, marketing and web design fields. The permanent placement staffing segment provides full-time personnel in the accounting, finance, administrative and office, and information technology fields. The risk consulting and internal audit services segment provides business and technology risk consulting and internal audit services. The accounting policies of the segments are set forth in Note A—Summary of Significant Accounting Policies. The Company evaluates performance based on income from operations before net interest income, intangible amortization expense, and income taxes. The following table provides a reconciliation of revenue and operating income by reportable segment to consolidated results (in thousands): Years Ended December 31, 2018 2017 2016 Net service revenues Temporary and consultant staffing $ 4,330,566 $ 4,011,042 $ 4,026,777 Permanent placement staffing 511,989 439,214 419,314 Risk consulting and internal audit services 957,716 816,533 804,308 $ 5,800,271 $ 5,266,789 $ 5,250,399 Operating income Temporary and consultant staffing $ 404,800 $ 355,700 $ 393,704 Permanent placement staffing 90,801 77,673 80,001 Risk consulting and internal audit services 93,324 83,907 80,754 588,925 517,280 554,459 Amortization of intangible assets 1,705 1,563 1,237 Interest income, net (4,382 ) (1,799 ) (888 ) Income before income taxes $ 591,602 $ 517,516 $ 554,110 Assets by reportable segment are not presented as the Company does not allocate assets to its reportable segments, nor is such information used by management for purposes of assessing performance or allocating resources. The Company operates internationally, with operations in North America, South America, Europe, Asia and Australia. The following tables represent revenues and long-lived assets by geographic location (in thousands): Years Ended December 31, 2018 2017 2016 Net service revenues (a) Domestic $ 4,433,767 $ 4,121,701 $ 4,220,477 Foreign (b) 1,366,504 1,145,088 1,029,922 $ 5,800,271 $ 5,266,789 $ 5,250,399 December 31, 2018 2017 2016 Assets, long-lived Domestic $ 96,169 $ 113,069 $ 136,434 Foreign 29,007 31,818 25,075 $ 125,176 $ 144,887 $ 161,509 (a) There were no customers that accounted for more than 10% of the Company’s total net revenue in any year presented. (b) No individual country represented more than 10% of revenues in any year presented. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The following tabulation shows certain quarterly financial data for 2018 and 2017 (in thousands, except per share amounts): Quarter 2018 1 2 3 4 Net service revenues $ 1,395,333 $ 1,457,054 $ 1,466,226 $ 1,481,658 Gross margin $ 572,366 $ 607,118 $ 610,468 $ 620,062 Income before income taxes $ 134,639 $ 150,075 $ 151,905 $ 154,983 Net income $ 96,167 $ 109,315 $ 115,242 $ 113,564 Basic net income per share $ .79 $ .90 $ .96 $ .96 Diluted net income per share $ .78 $ .89 $ .95 $ .95 Quarter 2017 1 2 3 4 Net service revenues $ 1,287,370 $ 1,308,428 $ 1,324,709 $ 1,346,282 Gross margin $ 525,828 $ 538,438 $ 546,400 $ 553,146 Income before income taxes $ 125,501 $ 130,707 $ 132,270 $ 129,038 Net income $ 78,521 $ 80,316 $ 84,700 $ 47,047 Basic net income per share $ .63 $ .64 $ .69 $ .38 Diluted net income per share $ .62 $ .64 $ .68 $ .38 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 12, 2019, the Company announced the following: Quarterly dividend per share $.31 Declaration date February 12, 2019 Record date February 25, 2019 Payment date March 15, 2019 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts (in thousands) Balance at Beginning of Period Charged to Expenses Deductions Translation Adjustments Balance at End of Period Year Ended December 31, 2016 Allowance for doubtful accounts receivable $ 35,087 9,192 (9,907 ) (1,239 ) $ 33,133 Deferred tax valuation allowance $ 26,329 2,160 (9,517 ) (65 ) $ 18,907 Year Ended December 31, 2017 Allowance for doubtful accounts receivable $ 33,133 8,022 (8,751 ) 777 $ 33,181 Deferred tax valuation allowance $ 18,907 1,411 (1,275 ) 1,135 $ 20,178 Year Ended December 31, 2018 Allowance for doubtful accounts receivable $ 23,682 (a) 11,914 (8,690 ) 772 $ 27,678 Deferred tax valuation allowance $ 20,178 5,683 (2,599 ) (190 ) $ 23,072 (a) In accordance with its adoption of ASC 606 Revenue from Contracts with Customers, on January 1, 2018 , the Company reclassified certain allowances that are now reflected as liabilities in the amount of $9.5 million . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The Consolidated Financial Statements (“Financial Statements”) of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”). |
Principles of Consolidation | Principles of Consolidation. The Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany balances have been eliminated. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates also include allowances for uncollectible accounts receivable, sales adjustments and allowances, workers’ compensation losses, income and other taxes, and assumptions used in the Company's goodwill impairment assessment and in the valuation of stock grants subject to market conditions. Actual results and outcomes may differ from management's estimates and assumptions. |
Revenue Recognition and Costs of Services | Revenue Recognition. The Company derives its revenues from three segments: temporary and consultant staffing, permanent placement staffing, and risk consulting and internal audit services. Net service revenues as presented on the Consolidated Statements of Operations represent services rendered to customers less sales adjustments and allowances. Reimbursements, including those related to travel and out-of-pocket expenses, are also included in net service revenues, and equivalent amounts of reimbursable expenses are included in direct costs of services. The Company records temporary and consultant staffing revenue on a gross basis as a principal versus on a net basis as an agent in the presentation of revenues and expenses. The Company has concluded that gross reporting is appropriate because the Company (i) has the risk of identifying and hiring qualified employees, (ii) has the discretion to select the employees and establish their price and duties and (iii) bears the risk for services that are not fully paid for by customers. Temporary and consultant staffing revenues—Temporary and consultant staffing revenues are recognized when the services are rendered by the Company’s temporary employees. Employees placed on temporary assignment by the Company are the Company’s legal employees while they are working on assignments. The Company pays all related costs of employment, including workers’ compensation insurance, state and federal unemployment taxes, social security and certain fringe benefits. The Company assumes the risk of acceptability of its employees to its customers. Permanent placement staffing revenues—Permanent placement staffing revenues are recognized when employment candidates accept offers of permanent employment. The Company has a substantial history of estimating the effect of permanent placement candidates who do not remain with its clients through the 90-day guarantee period. Allowances are established to estimate these losses. Fees to clients are generally calculated as a percentage of the new employee’s annual compensation. No fees for permanent placement services are charged to employment candidates. Risk consulting and internal audit revenues—Risk consulting and internal audit services are generally provided on a time-and-material basis or fixed-fee basis. Revenues earned under time-and-material arrangements and fixed-fee arrangements are recognized using a proportional performance method as hours are incurred relative to total estimated hours for the engagement. The Company periodically evaluates the need to provide for any losses on these projects, and losses are recognized when it is probable that a loss will be incurred. Costs of Services. Direct costs of temporary and consultant staffing consist of payroll, payroll taxes and benefit costs for the Company’s temporary employees, as well as reimbursable expenses. Direct costs of permanent placement staffing services consist of reimbursable expenses. Risk consulting and internal audit costs of services include professional staff payroll, payroll taxes and benefit costs, as well as reimbursable expenses. |
Advertising Costs | Advertising Costs. The Company expenses all advertising costs as incurred. |
Comprehensive Income | Comprehensive Income. Comprehensive income includes net income and certain other items that are recorded directly to Stockholders’ Equity. The Company’s only source of other comprehensive income is foreign currency translation adjustments. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The Company does not have any financial instruments which require re-measurement to fair value. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses represent fair value based upon their short-term nature. |
Cash and Cash Equivalents | Cash and Cash Equivalents. The Company considers all highly liquid investments with a maturity at the date of purchase of three months or less as cash equivalents. |
Accounts Receivable Allowances | Accounts Receivable Allowances. The Company maintains allowances for estimated losses resulting from (i) the inability of its customers to make required payments and (ii) sales adjustments. The Company establishes these allowances based on its review of customers’ credit profiles, historical loss statistics and current trends. The adequacy of these allowances is reviewed each reporting period. Historically, the Company’s actual losses have been consistent with these allowances. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets . Goodwill and intangible assets primarily consist of the cost of acquired companies in excess of the fair market value of their net tangible assets at the date of acquisition. Identifiable intangible assets are amortized over their lives, typically ranging from two to five years . Goodwill is not amortized, but is tested at least annually for impairment. The Company completed its annual goodwill impairment assessment as of June 30 in each of the three years ended December 31, 2018 , and determined that no adjustment to the carrying value of goodwill was required. There were no events or changes in circumstances during the six months ended December 31, 2018 that caused the Company to perform an interim impairment assessment. |
Income Tax Assets and Liabilities | Income Taxes . The Company’s operations are subject to U.S. federal, state and local, and foreign income taxes. In establishing its deferred income tax assets and liabilities and its provision for income taxes, the Company makes judgments and interpretations based on the enacted tax laws that are applicable to its operations in various jurisdictions. Deferred tax assets and liabilities are measured and recorded using current enacted tax rates, which the Company expects will apply to taxable income in the years in which those temporary differences are recovered or settled. The likelihood of a material change in the Company’s expected realization of its deferred tax assets is dependent on future taxable income and the effectiveness of its tax planning strategies in the various relevant jurisdictions. On December 22, 2017, the President signed the Tax Cuts and Jobs Act (“TCJA”) into law. Effective January 1, 2018, among other changes, TCJA reduced the federal corporate tax rate to 21 percent, provided for a deemed repatriation and taxation at reduced rates of certain foreign earnings, and established new mechanisms to tax certain foreign earnings going forward. Similar to other large multinational companies, TCJA has wide ranging implications for the Company. In December 2017, the SEC issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act, which allowed the Company to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Company completed its TCJA analysis and recorded its final adjustments, which were not material, in the fourth quarter of 2018. The Company also evaluates the need for valuation allowances to reduce the deferred tax assets to realizable amounts. Management evaluates all positive and negative evidence and uses judgment regarding past and future events, including operating results, to help determine when it is more likely than not that all or some portion of the deferred tax assets may not be realized. When appropriate, a valuation allowance is recorded against deferred tax assets to offset future tax benefits that may not be realized. |
Workers' Compensation | Workers’ Compensation . Except for states which require participation in state-operated insurance funds, the Company retains the economic burden for the first $0.5 million per occurrence in workers’ compensation claims. Workers’ compensation includes ongoing healthcare and indemnity coverage for claims and may be paid over numerous years following the date of injury. Claims in excess of $0.5 million are insured. Workers’ compensation expense includes the insurance premiums for claims in excess of $0.5 million , claims administration fees charged by the Company’s workers’ compensation administrator, premiums paid to state-operated insurance funds, and an estimate for the Company’s liability for Incurred But Not Reported (“IBNR”) claims and for the ongoing development of existing claims. The reserves for IBNR claims and for the ongoing development of existing claims in each reporting period includes estimates. The Company has established reserves for workers’ compensation claims using loss development rates which are estimated using periodic third party actuarial valuations based upon historical loss statistics which include the Company’s historical frequency and severity of workers’ compensation claims, and an estimate of future cost trends. While management believes that its assumptions and estimates are appropriate, significant differences in actual experience or significant changes in assumptions may materially affect the Company’s future results. |
Foreign Currency Translation | Foreign Currency Translation. The reporting currency of the Company and its subsidiaries is the U.S. dollar. The functional currency of the Company's foreign subsidiaries is their local currency. The results of operations of the Company’s foreign subsidiaries are translated at the monthly average exchange rates prevailing during the period. The financial position of the Company’s foreign subsidiaries is translated at the current exchange rates at the end of the period, and the related translation adjustments are recorded as a component of accumulated other comprehensive income within Stockholders’ Equity. Gains and losses resulting from foreign currency transactions are included as a component of selling, general and administrative expenses in the Consolidated Statements of Operations, and have not been material for all periods presented. |
Stock-based Compensation | Stock-based Compensation . Under various stock plans, officers, employees and outside directors have received or may receive grants of restricted stock, stock units, stock appreciation rights or options to purchase common stock. The Company recognizes compensation expense equal to the grant-date fair value for all stock-based payment awards that are expected to vest. This expense is recorded on a straight-line basis over the requisite service period of the entire award, unless the awards are subject to performance conditions, in which case the Company recognizes compensation expense over the requisite service period of each separate vesting tranche. The Company determines the grant-date fair value of its restricted stock and stock unit awards using the fair market value of its stock on the grant date, unless the awards are subject to market conditions, in which case the Company utilizes a binomial-lattice model (i.e., Monte Carlo simulation model). The Monte Carlo simulation model utilizes multiple input variables to determine the stock-based compensation expense. |
Property and Equipment | Property and Equipment . Property and equipment are recorded at cost. Depreciation expense is computed using the straight-line method over the following useful lives: Computer hardware 2 to 3 years Computer software 2 to 5 years Furniture and equipment 5 years Leasehold improvements Term of lease, 5 years maximum |
Internal-use Software | Internal-use Software. The Company capitalizes direct costs incurred in the development of internal-use software. Amounts capitalized are reported as a component of computer software within property and equipment. |
New Accounting Pronouncements | New Accounting Pronouncements Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The new guidance requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The Company adopted the new guidance, using the modified retrospective method applied to all contracts not completed as of January 1, 2018, and since the adoption of the new guidance was not material, no adjustment was made to opening retained earnings. The Company also had no significant changes to systems, processes, or controls. The adoption of the guidance did not have a material impact on the Company’s income statement. In accordance with the new guidance, the Company reclassified certain allowances that are now reflected as liabilities. The impact to the Company’s balance sheet is as follows (in thousands): December 31, 2018 As Reported Balances Without Adoption of Revenue Guidance Effect of Change Higher (Lower) Assets Accounts receivable, net $ 794,446 $ 783,776 $ 10,670 Liabilities Accounts payable and accrued expenses $ 168,031 $ 157,361 $ 10,670 Stock Compensation. In May 2017, the FASB issued authoritative guidance updating which changes in the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the amended guidance, entities are required to account for the effects of a modification if the fair value, vesting conditions or classification (as an equity instrument or a liability instrument) of the modified award change from that of the original award immediately before the modification. The Company adopted the new guidance as of January 1, 2018. The adoption of this guidance did not have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted Lease Accounting . In February 2016, the FASB issued authoritative guidance which changes financial reporting as it relates to leasing transactions. Under the new guidance, lessees will be required to recognize a lease liability, measured on a discounted basis; and a right-of-use asset, for the lease term. Lessees and lessors may elect to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements; or they may elect to apply the provisions of the guidance, using a prospective approach, beginning at the adoption date and recognize a cumulative effect adjustment to opening retained earnings in the period of adoption. The new standard was effective for the Company beginning January 1, 2019, and the Company implemented the new standard using a prospective approach. Upon adoption, the Company elected the package of practical expedients available under the new standard, which allowed the Company to forgo a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the initial direct costs for any existing leases. The Company adopted this guidance as of January 1, 2019, using the transition method that allowed it to initially apply the guidance as of January 1, 2019, and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This adjustment to the opening balance of retained earnings was not material. In addition to certain changes to its systems and processes, the estimated impact of the adoption of this guidance included the recognition of $270 million to $290 million of lease liabilities and right of use assets on the Company’s Consolidated Statement of Financial Position, offset by approximately $30 million of accrued rent, which reduced the right-of-use assets. Current Expected Credit Losses Model. In June 2016, the FASB issued authoritative guidance amending how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance requires the application of a current expected credit loss model, which is a new impairment model based on expected losses. The new guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures. Simplifying the Test for Goodwill Impairment. In January 2017, the FASB issued authoritative guidance to simplify the goodwill impairment testing process. The new standard eliminates Step 2 of the goodwill impairment test. If a company determines in Step 1 of the goodwill impairment test that the carrying value of goodwill is greater than the fair value, an impairment in that amount should be recorded to the income statement, rather than proceeding to Step 2. The new guidance is effective for the Company for fiscal years beginning after December 15, 2019, although early adoption is permitted. The Company believes the adoption of this guidance will not have a material impact on its financial statements. Cloud Computing. In August 2018, the FASB issued authoritative guidance which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Entities are required to present the expense related to capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting elements of the arrangement and classify the payments for the capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. Entities are also required to present the capitalized implementation costs in the statement of financial position in the same line item that a prepayment of the fees of the associated hosting arrangement would be presented. The new guidance is effective for the Company for annual and interim periods beginning after December 15, 2019, although early adoption is permitted. The Company has adopted the new guidance as of January 1, 2019, and the impact of adoption was not material to its financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Advertising Costs | Advertising costs for the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table (in thousands): Years Ended December 31, 2018 2017 2016 Advertising Costs $ 52,499 $ 49,433 $ 47,312 |
Depreciation Expense Computed Using Straight-Line Method over Useful Lives | Depreciation expense is computed using the straight-line method over the following useful lives: Computer hardware 2 to 3 years Computer software 2 to 5 years Furniture and equipment 5 years Leasehold improvements Term of lease, 5 years maximum Property and equipment consisted of the following (in thousands): December 31, 2018 2017 Computer hardware $ 177,237 $ 171,515 Computer software 378,734 376,761 Furniture and equipment 107,421 102,424 Leasehold improvements 160,521 148,764 Other 10,319 9,907 Property and equipment, cost 834,232 809,371 Accumulated depreciation (709,056 ) (664,484 ) Property and equipment, net $ 125,176 $ 144,887 |
Internal-Use Software Development Costs Capitalized | Internal-use software development costs capitalized for the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table (in thousands): Years Ended December 31, 2018 2017 2016 Internal-use software development costs $ 3,287 $ 9,030 $ 33,753 |
New Accounting Pronouncements (
New Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Impact of Adoption | The impact to the Company’s balance sheet is as follows (in thousands): December 31, 2018 As Reported Balances Without Adoption of Revenue Guidance Effect of Change Higher (Lower) Assets Accounts receivable, net $ 794,446 $ 783,776 $ 10,670 Liabilities Accounts payable and accrued expenses $ 168,031 $ 157,361 $ 10,670 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Line of Business | The following table presents the Company’s revenues disaggregated by line of business (in thousands): Years Ended December 31, 2018 2017 2016 Accountemps $ 1,915,054 $ 1,765,666 $ 1,786,276 OfficeTeam 1,063,238 984,873 972,414 Robert Half Technology 682,889 629,278 659,844 Robert Half Management Resources 669,385 631,225 608,243 Temporary and consulting staffing 4,330,566 4,011,042 4,026,777 Permanent placement staffing 511,989 439,214 419,314 Risk consulting and internal audit services 957,716 816,533 804,308 Net service revenues $ 5,800,271 $ 5,266,789 $ 5,250,399 |
Schedule of Contract Liability Activity | The following table sets forth the activity in contract liabilities from January 1, 2018 through December 31, 2018 (in thousands): December 31, 2018 Balance at beginning of period $ 9,003 Payments in advance of satisfaction of performance obligations 12,170 Revenue recognized (10,542 ) Other, including translation adjustments 2,366 Balance at end of period $ 12,997 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Other current assets consisted of the following (in thousands): December 31, 2018 2017 Deposits in trusts for employee deferred compensation plans $ 311,708 $ 292,326 Other 90,877 112,385 Other current assets $ 402,585 $ 404,711 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Activity in Goodwill | The following table sets forth the activity in goodwill from December 31, 2016 , through December 31, 2018 (in thousands): Goodwill Temporary and consultant staffing Permanent placement staffing Risk consulting and internal audit services Total Balance as of December 31, 2016 $ 133,875 $ 26,015 $ 49,903 $ 209,793 Foreign currency translation adjustments 613 144 335 1,092 Balance as of December 31, 2017 $ 134,488 $ 26,159 $ 50,238 $ 210,885 Foreign currency translation adjustments (421 ) (101 ) (405 ) (927 ) Balance as of December 31, 2018 $ 134,067 $ 26,058 $ 49,833 $ 209,958 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment | Depreciation expense is computed using the straight-line method over the following useful lives: Computer hardware 2 to 3 years Computer software 2 to 5 years Furniture and equipment 5 years Leasehold improvements Term of lease, 5 years maximum Property and equipment consisted of the following (in thousands): December 31, 2018 2017 Computer hardware $ 177,237 $ 171,515 Computer software 378,734 376,761 Furniture and equipment 107,421 102,424 Leasehold improvements 160,521 148,764 Other 10,319 9,907 Property and equipment, cost 834,232 809,371 Accumulated depreciation (709,056 ) (664,484 ) Property and equipment, net $ 125,176 $ 144,887 |
Accrued Payroll and Benefit C_2
Accrued Payroll and Benefit Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Payroll and Benefit Costs | Accrued payroll and benefit costs consisted of the following (in thousands): December 31, 2018 2017 Payroll and benefits $ 263,072 $ 256,804 Employee deferred compensation plans 333,528 312,429 Workers’ compensation 18,251 17,092 Payroll taxes 23,918 26,574 Accrued payroll and benefit costs $ 638,769 $ 612,899 |
Employee Deferred Compensation Plans | Included in employee deferred compensation plans is the following (in thousands): December 31, 2018 2017 Deferred compensation plan and other benefits related to the Company’s Chief Executive Officer $ 89,212 $ 86,145 |
Notes Payable and Other Indeb_2
Notes Payable and Other Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities for Notes Payable and Other Indebtedness | The following table shows the schedule of maturities for notes payable and other indebtedness at December 31, 2018 (in thousands): 2019 $ 200 2020 218 2021 239 2022 — 2023 — $ 657 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes for the years ended December 31, 2018 , 2017 and 2016 , consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 Current: Federal $ 99,830 $ 133,097 $ 156,937 State 38,356 24,944 34,927 Foreign 35,007 27,079 20,725 Deferred: Federal and state (15,849 ) 41,717 (3,785 ) Foreign (30 ) 95 1,917 $ 157,314 $ 226,932 $ 210,721 |
Income Before Provision for Income Taxes | Income before the provision for income taxes for the years ended December 31, 2018 , 2017 and 2016 , consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 Domestic $ 485,489 $ 445,418 $ 494,890 Foreign 106,113 72,098 59,220 $ 591,602 $ 517,516 $ 554,110 |
Difference of Income Taxes from Statutory Federal Income Tax Rates | The income taxes shown above varied from the statutory federal income tax rates for these periods as follows: Years Ended December 31, 2018 2017 2016 Federal U.S. income tax rate 21.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 4.7 3.7 4.2 Permanent book/tax differences 0.6 0.4 0.5 Non-U.S. income taxed at different rates, net of foreign tax credits 2.0 — (0.6 ) Federal tax credits (1.7 ) (1.3 ) (0.8 ) Tax impact of uncertain tax positions 0.8 0.2 — Valuation allowance release, net — — (0.1 ) Tax effects of TCJA 0.4 6.5 — Other, net (1.2 ) (0.6 ) (0.2 ) Effective tax rate 26.6 % 43.9 % 38.0 % |
Deferred Portion of Tax Provision (Benefit) | The deferred portion of the tax (benefit) provision consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 Accrued expenses, deducted for tax when paid $ (21,884 ) $ 15,213 $ (6,889 ) Capitalized costs for books, deducted for tax (4,832 ) (5,790 ) 5,901 Depreciation 10,071 (4,079 ) (2,405 ) Tax effects of TCJA — 34,633 — Other, net 766 1,835 1,525 $ (15,879 ) $ 41,812 $ (1,868 ) |
Components of Deferred Income Tax Amounts | The components of the deferred income tax amounts at December 31, 2018 and 2017 , were as follows (in thousands): December 31, 2018 2017 Deferred Income Tax Assets Deferred compensation and other benefit obligations $ 87,513 $ 68,101 Credits and net operating loss carryforwards 31,169 30,087 Stock-based compensation 9,535 8,614 Provision for bad debts 7,891 6,794 Workers’ compensation 3,580 3,127 Other 14,959 13,343 Total deferred income tax assets 154,647 130,066 Deferred Income Tax Liabilities Amortization of intangible assets (21,210 ) (20,220 ) Property and equipment basis differences (9,761 ) (4,421 ) Other (10,319 ) (10,847 ) Total deferred income tax liabilities (41,290 ) (35,488 ) Valuation allowance (23,072 ) (20,178 ) Total deferred income tax assets, net $ 90,285 $ 74,400 |
Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits | The following table reconciles the total amounts of gross unrecognized tax benefits from January 1, 2016 to December 31, 2018 (in thousands): December 31, 2018 2017 2016 Balance at beginning of period $ 2,886 $ 731 $ 814 Gross increases—tax positions in prior years 3,259 1,503 92 Gross decreases—tax positions in prior years (8 ) (257 ) — Gross increases—tax positions in current year 2,284 956 114 Settlements — (40 ) — Lapse of statute of limitations (3 ) (7 ) (289 ) Balance at end of period $ 8,418 $ 2,886 $ 731 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Rental Commitments Under Non-Cancelable Leases | The approximate minimum rental commitments for 2019 and thereafter under non-cancelable leases in effect at December 31, 2018 were as follows (in thousands): 2019 $ 88,231 2020 81,252 2021 62,111 2022 47,268 2023 37,566 Thereafter 52,993 $ 369,421 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Number and Cost of Common Stock Shares Repurchased | The number and the cost of common stock shares repurchased during the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table (in thousands): Years Ended December 31, 2018 2017 2016 Common stock repurchased (in shares) 5,614 4,046 4,046 Common stock repurchased $ 351,194 $ 196,645 $ 163,614 |
Number and Cost of Employee Stock Plan Repurchases | The number and the cost of employee stock plan repurchases made during the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table (in thousands): Years Ended December 31, 2018 2017 2016 Repurchases related to employee stock plans (in shares) 235 408 359 Repurchases related to employee stock plans $ 13,674 $ 20,391 $ 15,170 |
Cash Dividends Declared | The cash dividends declared during the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table: Years Ended December 31, 2018 2017 2016 Cash dividends declared per share $ 1.12 $ .96 $ .88 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Expense | Stock-based compensation expense consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 Restricted stock and stock units - expense $ 44,953 $ 42,191 $ 42,699 |
Total Unrecognized Compensation Cost, Net of Estimated Forfeitures | Total unrecognized compensation cost, net of estimated forfeitures, consisted of the following (in thousands): December 31, 2018 2017 2016 Restricted stock and stock units - unrecognized future costs $ 65,557 $ 62,730 $ 60,481 |
Activity Under All Stock Plans and Weighted Average Exercise Prices | The following table reflects activity under all stock plans from December 31, 2015 through December 31, 2018 , and the weighted average exercise prices (in thousands, except per share amounts): Restricted Stock Plans without Market-Condition Restricted Stock Plans with Market-Condition Stock Option Plans Number of Shares/ Units Weighted Average Grant Date Fair Value Number of Shares/ Units Weighted Average Grant Date Fair Value Number of Shares/ Units Weighted Average Exercise Price Per Share Outstanding, December 31, 2015 1,052 $46.88 992 $52.89 12 $32.36 Granted 772 $38.47 358 $45.93 — — Exercised — — — — (7 ) $32.36 Restrictions lapsed (545 ) $42.42 (364 ) $43.04 — — Forfeited (36 ) $41.28 (36 ) $43.04 (5 ) $32.36 Outstanding, December 31, 2016 1,243 $43.78 950 $54.42 — — Granted 904 $47.86 50 $50.09 — — Restrictions lapsed (616 ) $44.09 (384 ) $50.09 — — Forfeited (41 ) $43.68 — — — — Outstanding, December 31, 2017 1,490 $46.13 616 $56.76 — — Granted 811 $57.04 — — — — Restrictions lapsed (568 ) $47.62 (129 ) $71.86 — — Forfeited (40 ) $49.10 (129 ) $71.86 — — Outstanding, December 31, 2018 1,693 $50.78 358 $45.93 — — |
Pre-Tax Intrinsic Value of Stock Option Exercised | The total pre-tax intrinsic value of stock options exercised and the total fair value of shares vested during the years ended December 31, 2018 , 2017 and 2016 , are reflected in the following table (in thousands): Years Ended December 31, 2018 2017 2016 Total pre-tax intrinsic value of stock options exercised $ — $ — $ 52 Total fair value of shares vested $ 40,583 $ 50,385 $ 39,302 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income Per Share | The calculation of net income per share for the three years ended December 31, 2018 is reflected in the following table (in thousands, except per share amounts): Years Ended December 31, 2018 2017 2016 Net income $ 434,288 $ 290,584 $ 343,389 Basic: Weighted average shares 120,513 124,152 127,991 Diluted: Weighted average shares 120,513 124,152 127,991 Dilutive effect of potential common shares 1,089 740 775 Diluted weighted average shares 121,602 124,892 128,766 Net income per share: Basic $ 3.60 $ 2.34 $ 2.68 Diluted $ 3.57 $ 2.33 $ 2.67 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue and Operating Income by Reportable Segment to Consolidated Results | The following table provides a reconciliation of revenue and operating income by reportable segment to consolidated results (in thousands): Years Ended December 31, 2018 2017 2016 Net service revenues Temporary and consultant staffing $ 4,330,566 $ 4,011,042 $ 4,026,777 Permanent placement staffing 511,989 439,214 419,314 Risk consulting and internal audit services 957,716 816,533 804,308 $ 5,800,271 $ 5,266,789 $ 5,250,399 Operating income Temporary and consultant staffing $ 404,800 $ 355,700 $ 393,704 Permanent placement staffing 90,801 77,673 80,001 Risk consulting and internal audit services 93,324 83,907 80,754 588,925 517,280 554,459 Amortization of intangible assets 1,705 1,563 1,237 Interest income, net (4,382 ) (1,799 ) (888 ) Income before income taxes $ 591,602 $ 517,516 $ 554,110 |
Revenue and Long-Lived Assets by Geographic Location | The following tables represent revenues and long-lived assets by geographic location (in thousands): Years Ended December 31, 2018 2017 2016 Net service revenues (a) Domestic $ 4,433,767 $ 4,121,701 $ 4,220,477 Foreign (b) 1,366,504 1,145,088 1,029,922 $ 5,800,271 $ 5,266,789 $ 5,250,399 December 31, 2018 2017 2016 Assets, long-lived Domestic $ 96,169 $ 113,069 $ 136,434 Foreign 29,007 31,818 25,075 $ 125,176 $ 144,887 $ 161,509 (a) There were no customers that accounted for more than 10% of the Company’s total net revenue in any year presented. (b) No individual country represented more than 10% of revenues in any year presented. |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | The following tabulation shows certain quarterly financial data for 2018 and 2017 (in thousands, except per share amounts): Quarter 2018 1 2 3 4 Net service revenues $ 1,395,333 $ 1,457,054 $ 1,466,226 $ 1,481,658 Gross margin $ 572,366 $ 607,118 $ 610,468 $ 620,062 Income before income taxes $ 134,639 $ 150,075 $ 151,905 $ 154,983 Net income $ 96,167 $ 109,315 $ 115,242 $ 113,564 Basic net income per share $ .79 $ .90 $ .96 $ .96 Diluted net income per share $ .78 $ .89 $ .95 $ .95 Quarter 2017 1 2 3 4 Net service revenues $ 1,287,370 $ 1,308,428 $ 1,324,709 $ 1,346,282 Gross margin $ 525,828 $ 538,438 $ 546,400 $ 553,146 Income before income taxes $ 125,501 $ 130,707 $ 132,270 $ 129,038 Net income $ 78,521 $ 80,316 $ 84,700 $ 47,047 Basic net income per share $ .63 $ .64 $ .69 $ .38 Diluted net income per share $ .62 $ .64 $ .68 $ .38 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | On February 12, 2019, the Company announced the following: Quarterly dividend per share $.31 Declaration date February 12, 2019 Record date February 25, 2019 Payment date March 15, 2019 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | |||
Number of reportable segments | segment | 3 | ||
Advertising Costs | $ 52,499,000 | $ 49,433,000 | $ 47,312,000 |
Goodwill [Line Items] | |||
Valuation allowance | 23,072,000 | $ 20,178,000 | |
Provision for workers' compensation claims threshold | $ 500,000 | ||
Minimum | |||
Goodwill [Line Items] | |||
Amortized life assigned to identifiable intangible assets (in years) | 2 years | ||
Maximum | |||
Goodwill [Line Items] | |||
Amortized life assigned to identifiable intangible assets (in years) | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Property Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Computer hardware | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Computer hardware | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Computer software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 2 years |
Computer software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Furniture and equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Internal Use Software (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Internal-use software development costs | $ 3,287 | $ 9,030 | $ 33,753 |
New Accounting Pronouncements -
New Accounting Pronouncements - Schedule of Impact of Adoption (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts receivable, net | $ 794,446 | $ 732,405 | |
Accounts payable and accrued expenses | 168,031 | $ 126,937 | |
Accounting Standards Update 2016-02 | Scenario, Forecast | Subsequent Event | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accrued Rent | $ 30,000 | ||
Accounting Standards Update 2016-02 | Scenario, Forecast | Minimum | Subsequent Event | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease liabilities | 270,000 | ||
Right-of-use asset | 270,000 | ||
Accounting Standards Update 2016-02 | Scenario, Forecast | Maximum | Subsequent Event | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease liabilities | 290,000 | ||
Right-of-use asset | $ 290,000 | ||
Balances Without Adoption of Revenue Guidance | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts receivable, net | 783,776 | ||
Accounts payable and accrued expenses | 157,361 | ||
Effect of Change Higher (Lower) | Accounting Standards Update 2014-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts receivable, net | 10,670 | ||
Accounts payable and accrued expenses | $ 10,670 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue Disaggregated by Line of Business (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Revenue from Contract with Customer [Abstract] | |||||||||||
Number of reportable segments | segment | 3 | ||||||||||
Guarantee period | 90 days | ||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net service revenues | $ 1,481,658 | $ 1,466,226 | $ 1,457,054 | $ 1,395,333 | $ 1,346,282 | $ 1,324,709 | $ 1,308,428 | $ 1,287,370 | $ 5,800,271 | $ 5,266,789 | $ 5,250,399 |
Accountemps | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net service revenues | 1,915,054 | 1,765,666 | 1,786,276 | ||||||||
OfficeTeam | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net service revenues | 1,063,238 | 984,873 | 972,414 | ||||||||
Robert Half Technology | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net service revenues | 682,889 | 629,278 | 659,844 | ||||||||
Robert Half Management Resources | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net service revenues | 669,385 | 631,225 | 608,243 | ||||||||
Temporary and consulting staffing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net service revenues | 4,330,566 | 4,011,042 | 4,026,777 | ||||||||
Permanent placement staffing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net service revenues | 511,989 | 439,214 | 419,314 | ||||||||
Risk consulting and internal audit services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net service revenues | $ 957,716 | $ 816,533 | $ 804,308 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligation (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Aggregate transaction price allocated to performance obligations | $ 58,800,000 |
Revenue recognized related to performance obligation | 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Aggregate transaction price allocated to performance obligations | $ 54,900,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected duration | 12 months |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Contract Liability Activity (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Change in Contract with Customer, Liability [Abstract] | |
Balance at beginning of period | $ 9,003 |
Payments in advance of satisfaction of performance obligations | 12,170 |
Revenue recognized | (10,542) |
Other, including translation adjustments | (2,366) |
Balance at end of period | $ 12,997 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deposits in trusts for employee deferred compensation plans | $ 311,708 | $ 292,326 |
Other | 90,877 | 112,385 |
Other current assets | $ 402,585 | $ 404,711 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 210,885 | $ 209,793 |
Foreign currency translation adjustments | (927) | 1,092 |
Ending balance | 209,958 | 210,885 |
Temporary and consultant staffing | ||
Goodwill [Roll Forward] | ||
Beginning balance | 134,488 | 133,875 |
Foreign currency translation adjustments | (421) | 613 |
Ending balance | 134,067 | 134,488 |
Permanent placement staffing | ||
Goodwill [Roll Forward] | ||
Beginning balance | 26,159 | 26,015 |
Foreign currency translation adjustments | (101) | 144 |
Ending balance | 26,058 | 26,159 |
Risk consulting and internal audit services | ||
Goodwill [Roll Forward] | ||
Beginning balance | 50,238 | 49,903 |
Foreign currency translation adjustments | (405) | 335 |
Ending balance | $ 49,833 | $ 50,238 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | $ 834,232 | $ 809,371 | |
Accumulated depreciation | (709,056) | (664,484) | |
Property and equipment, net | 125,176 | 144,887 | $ 161,509 |
Computer hardware | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 177,237 | 171,515 | |
Computer software | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 378,734 | 376,761 | |
Furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 107,421 | 102,424 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 160,521 | 148,764 | |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | $ 10,319 | $ 9,907 |
Accrued Payroll and Benefit C_3
Accrued Payroll and Benefit Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Payroll and benefits | $ 263,072 | $ 256,804 |
Employee deferred compensation plans | 333,528 | 312,429 |
Workers’ compensation | 18,251 | 17,092 |
Payroll taxes | 23,918 | 26,574 |
Accrued payroll and benefit costs | 638,769 | 612,899 |
Chief Executive Officer | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred compensation plan and other benefits related to the Company’s Chief Executive Officer | $ 89,212 | $ 86,145 |
Notes Payable and Other Indeb_3
Notes Payable and Other Indebtedness - Additional Information (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Promissory notes and other forms of indebtedness, issued | $ 700,000 | $ 800,000 | |
Weighted average interest rate | 9.00% | 9.00% | 9.00% |
Uncommitted letter of credit facility | $ 35,000,000 | ||
Debt support standby letters of credit | $ 14,400,000 | $ 17,400,000 | |
Service fee percentage | 1.125% | ||
Standby letter of credit | |||
Debt Instrument [Line Items] | |||
Promissory notes and other forms of indebtedness collateralized | $ 700,000 | ||
Standby letters of credit used for collateral requirements | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding | $ 13,700,000 | $ 16,600,000 |
Notes Payable and Other Indeb_4
Notes Payable and Other Indebtedness - Schedule of Maturities for Notes Payable and Other Indebtedness (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 200 |
2,020 | 218 |
2,021 | 239 |
2,022 | 0 |
2,023 | 0 |
Notes payable and other indebtedness | $ 657 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 99,830 | $ 133,097 | $ 156,937 |
State | 38,356 | 24,944 | 34,927 |
Foreign | 35,007 | 27,079 | 20,725 |
Deferred: | |||
Federal and state | (15,849) | 41,717 | (3,785) |
Foreign | (30) | 95 | 1,917 |
Provision (benefit) for income taxes | $ 157,314 | $ 226,932 | $ 210,721 |
Income Taxes - Income Before Pr
Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 485,489 | $ 445,418 | $ 494,890 | ||||||||
Foreign | 106,113 | 72,098 | 59,220 | ||||||||
Income before income taxes | $ 154,983 | $ 151,905 | $ 150,075 | $ 134,639 | $ 129,038 | $ 132,270 | $ 130,707 | $ 125,501 | $ 591,602 | $ 517,516 | $ 554,110 |
Income Taxes - Difference of In
Income Taxes - Difference of Income Taxes from Statutory Federal Income Tax Rates (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal U.S. income tax rate | 21.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 4.70% | 3.70% | 4.20% |
Permanent book/tax differences | 0.60% | 0.40% | 0.50% |
Non-U.S. income taxed at different rates, net of foreign tax credits | 2.00% | (0.00%) | (0.60%) |
Federal tax credits | (1.70%) | (1.30%) | (0.80%) |
Tax impact of uncertain tax positions | 0.80% | 0.20% | 0.00% |
Valuation allowance release, net | 0.00% | 0.00% | (0.10%) |
Tax effects of TCJA | 0.40% | 6.50% | 0.00% |
Other, net | (1.20%) | (0.60%) | (0.20%) |
Effective tax rate | 26.60% | 43.90% | 38.00% |
Income Taxes - Deferred Portion
Income Taxes - Deferred Portion of Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Accrued expenses, deducted for tax when paid | $ (21,884) | $ 15,213 | $ (6,889) |
Capitalized costs for books, deducted for tax | (4,832) | (5,790) | 5,901 |
Depreciation | 10,071 | (4,079) | (2,405) |
Tax effects of TCJA | 0 | 34,633 | 0 |
Other, net | 766 | 1,835 | 1,525 |
Deferred portion of the tax provision (benefit) | $ (15,879) | $ 41,812 | $ (1,868) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Income Tax Assets | ||
Deferred compensation and other benefit obligations | $ 87,513 | $ 68,101 |
Credits and net operating loss carryforwards | 31,169 | 30,087 |
Stock-based compensation | 9,535 | 8,614 |
Provision for bad debts | 7,891 | 6,794 |
Workers’ compensation | 3,580 | 3,127 |
Other | 14,959 | 13,343 |
Total deferred income tax assets | 154,647 | 130,066 |
Deferred Income Tax Liabilities | ||
Amortization of intangible assets | (21,210) | (20,220) |
Property and equipment basis differences | (9,761) | (4,421) |
Other | (10,319) | (10,847) |
Total deferred income tax liabilities | (41,290) | (35,488) |
Valuation allowance | (23,072) | (20,178) |
Total deferred income tax assets, net | $ 90,285 | $ 74,400 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Amount expected to be utilized of tax credit carry forwards expiring in the and beyond the stated year | $ 1,200 | ||
Valuation allowance | 23,072 | $ 20,178 | |
Unrecognized tax benefits, impact on effective tax rate | 8,300 | $ 500 | 2,800 |
Accrued interest and penalties | 300 | 100 | $ 100 |
Increase (decrease) in income tax expense | 200 | $ (100) | |
Unrecognized tax benefits, gross | 100 | ||
Foreign Countries | |||
Income Taxes [Line Items] | |||
Valuation allowance | 21,400 | ||
Foreign Countries | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, foreign | 27,700 | ||
California enterprise zone | |||
Income Taxes [Line Items] | |||
California enterprise zone tax credits | 2,900 | ||
California enterprise zone | California Enterprise Zone | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 1,700 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 2,886 | $ 731 | $ 814 |
Gross increases—tax positions in prior years | 3,259 | 1,503 | 92 |
Gross decreases—tax positions in prior years | (8) | (257) | 0 |
Gross increases—tax positions in current year | 2,284 | 956 | 114 |
Settlements | 0 | (40) | 0 |
Lapse of statute of limitations | (3) | (7) | (289) |
Balance at end of period | $ 8,418 | $ 2,886 | $ 731 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rental expense | $ 89,400,000 | $ 87,500,000 | $ 87,300,000 |
Gentry Case | |||
Loss Contingencies [Line Items] | |||
Allegations loss | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Minimum Rental Commitments Under Non-Cancelable Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 88,231 |
2,020 | 81,252 |
2,021 | 62,111 |
2,022 | 47,268 |
2,023 | 37,566 |
Thereafter | 52,993 |
Minimum payments due | $ 369,421 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) shares in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Shares remaining under existing repurchase program | 6.7 | |
Retained earnings | $ 0 | $ 37,033,000 |
Stockholders' Equity - Number o
Stockholders' Equity - Number of Cost of Common Stock Shares Repurchased (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||
Common stock repurchased (in shares) | 5,614 | 4,046 | 4,046 |
Common stock repurchased | $ 351,194 | $ 196,645 | $ 163,614 |
Stockholders' Equity - Number a
Stockholders' Equity - Number and Cost of Employee Stock Plan Repurchases (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||
Repurchases related to employee stock plans (in shares) | 235 | 408 | 359 |
Repurchases related to employee stock plans | $ 13,674 | $ 20,391 | $ 15,170 |
Stockholders' Equity - Cash Div
Stockholders' Equity - Cash Dividends Declared (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||
Cash dividends declared per share (usd per share) | $ 1.12 | $ 0.96 | $ 0.88 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period for grants (in years) | 3 years |
Unrecognized compensation cost expected to be recognized over the period (years) | 4 years |
Total number of available shares to grant | 3.2 |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Actual shares earned, possible percentage on target award | 75.00% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Actual shares earned, possible percentage on target award | 125.00% |
Restricted stock and stock units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period for grants (in years) | 3 years |
Restricted stock and stock units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period for grants (in years) | 4 years |
Stock Plans - Stock-Based Compe
Stock Plans - Stock-Based Compensation Expense (Details) - Restricted stock and stock units - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 44,953 | $ 42,191 | $ 42,699 |
Total unrecognized compensation cost, net of estimated forfeitures | $ 65,557 | $ 62,730 | $ 60,481 |
Stock Plans - Activity Under Al
Stock Plans - Activity Under All Stock Plans and Weighted Average Exercise Prices (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options, Number of Shares/Units: | |||
Outstanding Beginning Balance (in shares) | 0 | 0 | 12 |
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (7) | ||
Restrictions lapsed (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | 0 | (5) |
Outstanding, Ending Balance (in shares) | 0 | 0 | 0 |
Weighted Average Exercise Price Per Share: | |||
Outstanding Beginning Balance (usd per share) | $ 0 | $ 0 | $ 32.36 |
Granted (usd per share) | 0 | 0 | 0 |
Exercised (usd per share) | 32.36 | ||
Restrictions lapsed (usd per share) | 0 | 0 | 0 |
Forfeited (usd per share) | 0 | 0 | 32.36 |
Outstanding Ending Balance (usd per share) | $ 0 | $ 0 | $ 0 |
Restricted stock and stock units | Restricted Stock Plans without Market-Condition | |||
Number of Shares/Units: | |||
Outstanding Beginning Balance (in shares) | 1,490 | 1,243 | 1,052 |
Granted (in shares) | 811 | 904 | 772 |
Exercised (in shares) | 0 | ||
Restrictions lapsed (in shares) | (568) | (616) | (545) |
Forfeited (in shares) | (40) | (41) | (36) |
Outstanding, Ending Balance (in shares) | 1,693 | 1,490 | 1,243 |
Weighted Average Grant Date Fair Value: | |||
Outstanding Beginning Balance (usd per share) | $ 46.13 | $ 43.78 | $ 46.88 |
Granted (usd per share) | 57.04 | 47.86 | 38.47 |
Exercised (usd per share) | 0 | ||
Restrictions lapsed (usd per share) | 47.62 | 44.09 | 42.42 |
Forfeited (usd per share) | 49.10 | 43.68 | 41.28 |
Outstanding Ending Balance (usd per share) | $ 50.78 | $ 46.13 | $ 43.78 |
Restricted stock and stock units | Restricted Stock Plans with Market-Condition | |||
Number of Shares/Units: | |||
Outstanding Beginning Balance (in shares) | 616 | 950 | 992 |
Granted (in shares) | 0 | 50 | 358 |
Exercised (in shares) | 0 | ||
Restrictions lapsed (in shares) | (129) | (384) | (364) |
Forfeited (in shares) | (129) | 0 | (36) |
Outstanding, Ending Balance (in shares) | 358 | 616 | 950 |
Weighted Average Grant Date Fair Value: | |||
Outstanding Beginning Balance (usd per share) | $ 56.76 | $ 54.42 | $ 52.89 |
Granted (usd per share) | 0 | 50.09 | 45.93 |
Exercised (usd per share) | 0 | ||
Restrictions lapsed (usd per share) | 71.86 | 50.09 | 43.04 |
Forfeited (usd per share) | 71.86 | 0 | 43.04 |
Outstanding Ending Balance (usd per share) | $ 45.93 | $ 56.76 | $ 54.42 |
Stock Plans - Total Pre-Tax Int
Stock Plans - Total Pre-Tax Intrinsic Value of Stock Options Exercised and Total Fair Value of Shares Vested (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total pre-tax intrinsic value of stock options exercised | $ 0 | $ 0 | $ 52 |
Total fair value of shares vested | $ 40,583 | $ 50,385 | $ 39,302 |
Net Income Per Share - Calculat
Net Income Per Share - Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 113,564 | $ 115,242 | $ 109,315 | $ 96,167 | $ 47,047 | $ 84,700 | $ 80,316 | $ 78,521 | $ 434,288 | $ 290,584 | $ 343,389 |
Basic: | |||||||||||
Weighted average shares (in shares) | 120,513 | 124,152 | 127,991 | ||||||||
Diluted: | |||||||||||
Weighted average shares (in shares) | 120,513 | 124,152 | 127,991 | ||||||||
Dilutive effect of potential common shares (in shares) | 1,089 | 740 | 775 | ||||||||
Diluted weighted average shares (in shares) | 121,602 | 124,892 | 128,766 | ||||||||
Net income per share: | |||||||||||
Basic (usd per share) | $ 0.96 | $ 0.96 | $ 0.90 | $ 0.79 | $ 0.38 | $ 0.69 | $ 0.64 | $ 0.63 | $ 3.60 | $ 2.34 | $ 2.68 |
Diluted (usd per share) | $ 0.95 | $ 0.95 | $ 0.89 | $ 0.78 | $ 0.38 | $ 0.68 | $ 0.64 | $ 0.62 | $ 3.57 | $ 2.33 | $ 2.67 |
Business Segments - Additional
Business Segments - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segments - Reconciliat
Business Segments - Reconciliation of Revenue and Operating Income by Reportable Segment to Consolidated Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net service revenues | $ 1,481,658 | $ 1,466,226 | $ 1,457,054 | $ 1,395,333 | $ 1,346,282 | $ 1,324,709 | $ 1,308,428 | $ 1,287,370 | $ 5,800,271 | $ 5,266,789 | $ 5,250,399 |
Operating income | 588,925 | 517,280 | 554,459 | ||||||||
Amortization of intangible assets | 1,705 | 1,563 | 1,237 | ||||||||
Interest income, net | (4,382) | (1,799) | (888) | ||||||||
Income before income taxes | $ 154,983 | $ 151,905 | $ 150,075 | $ 134,639 | $ 129,038 | $ 132,270 | $ 130,707 | $ 125,501 | 591,602 | 517,516 | 554,110 |
Temporary and consultant staffing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net service revenues | 4,330,566 | 4,011,042 | 4,026,777 | ||||||||
Operating income | 404,800 | 355,700 | 393,704 | ||||||||
Permanent placement staffing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net service revenues | 511,989 | 439,214 | 419,314 | ||||||||
Operating income | 90,801 | 77,673 | 80,001 | ||||||||
Risk consulting and internal audit services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net service revenues | 957,716 | 816,533 | 804,308 | ||||||||
Operating income | $ 93,324 | $ 83,907 | $ 80,754 |
Business Segments - Revenue and
Business Segments - Revenue and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net service revenues | $ 1,481,658 | $ 1,466,226 | $ 1,457,054 | $ 1,395,333 | $ 1,346,282 | $ 1,324,709 | $ 1,308,428 | $ 1,287,370 | $ 5,800,271 | $ 5,266,789 | $ 5,250,399 |
Assets, long-lived | 125,176 | 144,887 | 125,176 | 144,887 | 161,509 | ||||||
Domestic | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net service revenues | 4,433,767 | 4,121,701 | 4,220,477 | ||||||||
Assets, long-lived | 96,169 | 113,069 | 96,169 | 113,069 | 136,434 | ||||||
Foreign | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net service revenues | 1,366,504 | 1,145,088 | 1,029,922 | ||||||||
Assets, long-lived | $ 29,007 | $ 31,818 | $ 29,007 | $ 31,818 | $ 25,075 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net service revenues | $ 1,481,658 | $ 1,466,226 | $ 1,457,054 | $ 1,395,333 | $ 1,346,282 | $ 1,324,709 | $ 1,308,428 | $ 1,287,370 | $ 5,800,271 | $ 5,266,789 | $ 5,250,399 |
Gross margin | 620,062 | 610,468 | 607,118 | 572,366 | 553,146 | 546,400 | 538,438 | 525,828 | 2,410,014 | 2,163,812 | 2,160,676 |
Income before income taxes | 154,983 | 151,905 | 150,075 | 134,639 | 129,038 | 132,270 | 130,707 | 125,501 | 591,602 | 517,516 | 554,110 |
Net income | $ 113,564 | $ 115,242 | $ 109,315 | $ 96,167 | $ 47,047 | $ 84,700 | $ 80,316 | $ 78,521 | $ 434,288 | $ 290,584 | $ 343,389 |
Basic net income per share (in USD per share) | $ 0.96 | $ 0.96 | $ 0.90 | $ 0.79 | $ 0.38 | $ 0.69 | $ 0.64 | $ 0.63 | $ 3.60 | $ 2.34 | $ 2.68 |
Diluted net income per share (in USD per share) | $ 0.95 | $ 0.95 | $ 0.89 | $ 0.78 | $ 0.38 | $ 0.68 | $ 0.64 | $ 0.62 | $ 3.57 | $ 2.33 | $ 2.67 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 12, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||
Quarterly dividend per share (usd per share) | $ 1.12 | $ 0.96 | $ 0.88 | |
Declaration date | Feb. 12, 2019 | |||
Record date | Feb. 25, 2019 | |||
Payment date | Mar. 15, 2019 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Quarterly dividend per share (usd per share) | $ 0.31 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Allowance for doubtful accounts receivable | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | $ 33,181 | $ 33,133 | $ 35,087 | |
Charged to Expenses | 11,914 | 8,022 | 9,192 | |
Deductions | (8,690) | (8,751) | (9,907) | |
Translation Adjustments | 772 | 777 | (1,239) | |
Balance at End of Period | 27,678 | 33,181 | 33,133 | |
Liability recognized in accordance with ASC 606 | (33,181) | (33,133) | (35,087) | $ (23,682) |
Allowance for doubtful accounts receivable | Accounting Standards Update 2014-09 | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Liability recognized in accordance with ASC 606 | $ 9,500 | |||
Deferred tax valuation allowance | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Period | 20,178 | 18,907 | 26,329 | |
Charged to Expenses | 5,683 | 1,411 | 2,160 | |
Deductions | (2,599) | (1,275) | (9,517) | |
Translation Adjustments | (190) | 1,135 | (65) | |
Balance at End of Period | 23,072 | 20,178 | 18,907 | |
Liability recognized in accordance with ASC 606 | $ (20,178) | $ (18,907) | $ (26,329) |