XML 37 R25.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Segment Disclosures | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Disclosures | Segment Disclosures The Company’s operating segments, which also represent its reporting segments, are based on the organizational structure for which financial results are regularly evaluated by the Company’s chief operating decision-maker ("CODM", the Company’s CEO) to determine resource allocation and assess performance. The Company’s four reportable segments in 2024, (1) Professional & Industrial, (2) Science, Engineering & Technology, (3) Education, and (4) Outsourcing & Consulting, reflect the specialty services the Company provides to customers and represent how the business is organized internally. Prior to 2024, the Company also had an International operating segment. Beginning in the first quarter of 2024, the Company's organizational structure no longer includes the International segment following the sale of the EMEA staffing operations in January 2024. Our Mexico operations, which were previously in our International segment, are now included in the Professional & Industrial segment. Professional & Industrial segment information for the prior year has been recast to conform to the new structure. Intersegment revenue represents revenue earned between the reportable segments and is eliminated from total segment revenue from services. In addition to the change in our segment structure in the first quarter of 2024, we reassessed the allocation of corporate expenses to the operating segments and allocated additional costs which are attributable to the business from corporate. In the first quarter of 2024, the Company changed the primary segment profitability measure from earnings from operations to a business unit profit measure that excludes depreciation and amortization. This change will provide management greater visibility into the financial performance of the segments and how they contribute to the Company's overall performance. Prior periods have been recast to reflect the current period allocation method and new segment profitability measurement. The update had no impact on the consolidated financial information. The following tables present information about the reported revenue from services and gross profit of the Company by reportable segment, along with a reconciliation to earnings before taxes, for the second quarter and June year-to-date 2024 and 2023. Asset information by reportable segment is not presented, since the Company does not produce such information internally nor does it use such information to manage its business.
| Second Quarter |  | June Year to Date
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In millions of dollars)
Revenue from Services: |  |  |  |  |  |  |
Professional & Industrial | $ | 357.7 |  |  | $ | 390.8 |  |  | $ | 716.1 |  |  | $ | 793.4 |
Science, Engineering & Technology | 332.2 |  |  | 301.4 |  |  | 621.5 |  |  | 607.8 |
Education | 251.1 |  |  | 206.4 |  |  | 541.0 |  |  | 455.8 |
Outsourcing & Consulting | 117.0 |  |  | 113.7 |  |  | 225.0 |  |  | 228.3 |
International | — |  |  | 205.9 |  |  | — |  |  | 401.7 |
Less: Intersegment revenue | (0.5) |  |  | (1.0) |  |  | (1.0) |  |  | (1.5) |
Consolidated Total | $ | 1,057.5 |  |  | $ | 1,217.2 |  |  | $ | 2,102.6 |  |  | $ | 2,485.5 |
| Second Quarter |  | June Year to Date
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In millions of dollars)
Business Unit Profit (Loss): |  |  |  |  |  |  |
Professional & Industrial gross profit | $ | 62.3 |  |  | $ | 68.5 |  |  | $ | 126.2 |  |  | $ | 140.7 |
Professional & Industrial SG&A expenses excluding depreciation and amortization | (55.4) |  |  | (65.0) |  |  | (113.4) |  |  | (138.4) |
Professional & Industrial asset impairment charge | — |  |  | (0.3) |  |  | — |  |  | (0.3) |
Professional & Industrial Profit (Loss) | 6.9 |  |  | 3.2 |  |  | 12.8 |  |  | 2.0 |
Science, Engineering & Technology gross profit | 77.3 |  |  | 68.1 |  |  | 141.7 |  |  | 139.4 |
Science, Engineering & Technology SG&A expenses excluding depreciation and amortization | (52.8) |  |  | (50.1) |  |  | (99.0) |  |  | (102.9) |
Science, Engineering & Technology asset impairment charge | — |  |  | (0.1) |  |  | — |  |  | (0.1) |
Science, Engineering & Technology Profit (Loss) | 24.5 |  |  | 17.9 |  |  | 42.7 |  |  | 36.4 |
Education gross profit | 36.9 |  |  | 32.5 |  |  | 79.0 |  |  | 71.8 |
Education SG&A expenses excluding depreciation and amortization | (24.2) |  |  | (23.2) |  |  | (48.2) |  |  | (47.1) |
Education Profit (Loss) | 12.7 |  |  | 9.3 |  |  | 30.8 |  |  | 24.7 |
Outsourcing & Consulting gross profit | 37.2 |  |  | 41.3 |  |  | 72.5 |  |  | 82.9 |
Outsourcing & Consulting SG&A expenses excluding depreciation and amortization | (34.2) |  |  | (39.1) |  |  | (71.3) |  |  | (80.8) |
Outsourcing & Consulting asset impairment charge | — |  |  | (2.0) |  |  | — |  |  | (2.0) |
Outsourcing & Consulting Profit (Loss) | 3.0 |  |  | 0.2 |  |  | 1.2 |  |  | 0.1 |
International gross profit | — |  |  | 30.2 |  |  | — |  |  | 59.9 |
International SG&A expenses excluding depreciation and amortization | — |  |  | (30.2) |  |  | — |  |  | (60.6) |
International Profit (Loss) | — |  |  | — |  |  | — |  |  | (0.7) |
Corporate | (12.4) |  |  | (14.2) |  |  | (27.4) |  |  | (25.9) |
Asset impairment charge | (5.5) |  |  | — |  |  | (5.5) |  |  | — |
(Loss) gain on sale of EMEA staffing operations | (10.0) |  |  | — |  |  | 1.6 |  |  | — |
Gain on sale of assets | 5.5 |  |  | — |  |  | 5.5 |  |  | — |
Depreciation and amortization | (12.5) |  |  | (10.2) |  |  | (22.7) |  |  | (19.7) |
Consolidated earnings from operations | 12.2 |  |  | 6.2 |  |  | 39.0 |  |  | 16.9 |
Gain on forward contract | — |  |  | — |  |  | 1.2 |  |  | — |
Other income (expense), net | (6.5) |  |  | (0.6) |  |  | (4.7) |  |  | 1.4 |
Earnings before taxes | $ | 5.7 |  |  | $ | 5.6 |  |  | $ | 35.5 |  |  | $ | 18.3 |
Depreciation and amortization expense is included in SG&A expenses in our consolidated statements of earnings. Depreciation and amortization expense amounts below include amortization of implementation costs for hosted software, which are excluded in the presentation of depreciation and amortization in our consolidated statements of cash flows. The depreciation and amortization amounts by segment are as follows:
| Second Quarter |  | June Year to Date
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In millions of dollars)
Depreciation and amortization: |  |  |  |  |  |  |
Professional & Industrial | $ | 2.7 |  |  | $ | 2.1 |  |  | $ | 5.1 |  |  | $ | 3.9 |
Science, Engineering & Technology | 5.8 |  |  | 4.1 |  |  | 9.9 |  |  | 7.9 |
Education | 2.1 |  |  | 1.9 |  |  | 4.1 |  |  | 3.8 |
Outsourcing & Consulting | 1.9 |  |  | 1.5 |  |  | 3.6 |  |  | 2.9 |
International | — |  |  | 0.6 |  |  | — |  |  | 1.2 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration