2018 Q2 Form 10-Q Financial Statement
#000005513518000012 Filed on May 10, 2018
Income Statement
| Concept | 2018 Q2 | 2017 Q2 |
|---|---|---|
| Revenue | $1.370B | $1.290B |
| YoY Change | 6.22% | -4.4% |
| Cost Of Revenue | $1.132B | $1.058B |
| YoY Change | 6.96% | -5.22% |
| Gross Profit | $238.2M | $231.6M |
| YoY Change | 2.85% | -0.47% |
| Gross Profit Margin | 17.39% | 17.96% |
| Selling, General & Admin | $226.2M | $215.2M |
| YoY Change | 5.11% | -1.28% |
| % of Gross Profit | 94.96% | 92.92% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $6.300M | $5.300M |
| YoY Change | 18.87% | -5.36% |
| % of Gross Profit | 2.64% | 2.29% |
| Operating Expenses | $226.2M | $215.2M |
| YoY Change | 5.11% | -1.28% |
| Operating Profit | $12.00M | $16.40M |
| YoY Change | -26.83% | 11.56% |
| Interest Expense | $800.0K | $500.0K |
| YoY Change | 60.0% | -44.44% |
| % of Operating Profit | 6.67% | 3.05% |
| Other Income/Expense, Net | -$1.700M | -$1.600M |
| YoY Change | 6.25% | 77.78% |
| Pretax Income | $34.00M | $14.80M |
| YoY Change | 129.73% | 6.47% |
| Income Tax | $6.400M | $2.700M |
| % Of Pretax Income | 18.82% | 18.24% |
| Net Earnings | $29.10M | $12.20M |
| YoY Change | 138.52% | 8.93% |
| Net Earnings / Revenue | 2.12% | 0.95% |
| Basic Earnings Per Share | $0.74 | $0.31 |
| Diluted Earnings Per Share | $0.74 | $0.31 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 38.60M shares | 38.30M shares |
| Diluted Shares Outstanding | 38.90M shares | 38.70M shares |
Balance Sheet
| Concept | 2018 Q2 | 2017 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $36.60M | $46.00M |
| YoY Change | -20.43% | -0.86% |
| Cash & Equivalents | $36.60M | $46.00M |
| Short-Term Investments | ||
| Other Short-Term Assets | $70.40M | $59.00M |
| YoY Change | 19.32% | 11.32% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $1.291B | $1.165B |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $1.398B | $1.270B |
| YoY Change | 10.09% | 0.11% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $84.30M | $79.00M |
| YoY Change | 6.71% | -7.82% |
| Goodwill | $107.3M | $88.40M |
| YoY Change | 21.38% | -2.1% |
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $118.9M | $114.9M |
| YoY Change | 3.48% | |
| Other Assets | $275.4M | $399.7M |
| YoY Change | -31.1% | 17.35% |
| Total Long-Term Assets | $1.039B | $865.5M |
| YoY Change | 20.03% | 21.87% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $1.398B | $1.270B |
| Total Long-Term Assets | $1.039B | $865.5M |
| Total Assets | $2.437B | $2.135B |
| YoY Change | 14.12% | 7.92% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $529.9M | $471.9M |
| YoY Change | 12.29% | 7.89% |
| Accrued Expenses | $308.4M | $298.8M |
| YoY Change | 3.21% | -1.9% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $33.40M | $0.00 |
| YoY Change | -100.0% | |
| Long-Term Debt Due | $0.00 | |
| YoY Change | -100.0% | |
| Total Short-Term Liabilities | $934.2M | $825.4M |
| YoY Change | 13.18% | -1.63% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $83.30M | $52.40M |
| YoY Change | 58.97% | 22.43% |
| Total Long-Term Liabilities | $311.1M | $260.0M |
| YoY Change | 19.65% | 13.79% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $934.2M | $825.4M |
| Total Long-Term Liabilities | $311.1M | $260.0M |
| Total Liabilities | $1.245B | $1.085B |
| YoY Change | 14.73% | 1.67% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $1.153B | $932.9M |
| YoY Change | 23.61% | 13.38% |
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $1.191B | $1.050B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $2.437B | $2.135B |
| YoY Change | 14.12% | 7.92% |
Cashflow Statement
| Concept | 2018 Q2 | 2017 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $29.10M | $12.20M |
| YoY Change | 138.52% | 8.93% |
| Depreciation, Depletion And Amortization | $6.300M | $5.300M |
| YoY Change | 18.87% | -5.36% |
| Cash From Operating Activities | -$4.100M | $24.60M |
| YoY Change | -116.67% | 21.78% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$4.600M | -$2.800M |
| YoY Change | 64.29% | 86.67% |
| Acquisitions | $0.00 | |
| YoY Change | ||
| Other Investing Activities | $300.0K | $0.00 |
| YoY Change | -100.0% | |
| Cash From Investing Activities | -$4.900M | -$2.800M |
| YoY Change | 75.0% | 55.56% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 14.10M | -3.500M |
| YoY Change | -502.86% | -80.87% |
| NET CHANGE | ||
| Cash From Operating Activities | -4.100M | 24.60M |
| Cash From Investing Activities | -4.900M | -2.800M |
| Cash From Financing Activities | 14.10M | -3.500M |
| Net Change In Cash | $4.200M | $16.30M |
| YoY Change | -74.23% | 16200.0% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$4.100M | $24.60M |
| Capital Expenditures | -$4.600M | -$2.800M |
| Free Cash Flow | $500.0K | $27.40M |
| YoY Change | -98.18% | 26.27% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2017Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
14800000 | USD |
| CY2018Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
34000000 | USD |
| CY2018Q2 | us-gaap |
Interest Expense
InterestExpense
|
800000 | USD |
| CY2017Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
100000 | USD |
| CY2018Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
200000 | USD |
| CY2017Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
2378200000 | USD |
| CY2018Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
2436600000 | USD |
| CY2017Q4 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
300500000 | USD |
| CY2017Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
926200000 | USD |
| CY2018Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
934200000 | USD |
| CY2018Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
6400000 | USD |
| CY2017Q2 | us-gaap |
Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
|
-1400000 | USD |
| CY2018Q2 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
300000 | shares |
| CY2017Q2 | us-gaap |
Interest Expense
InterestExpense
|
500000 | USD |
| CY2017Q2 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
400000 | shares |
| CY2018Q2 | us-gaap |
Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
|
18600000 | USD |
| CY2017Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
271800000 | USD |
| CY2018Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
275400000 | USD |
| CY2017Q2 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
|
5700000 | USD |
| CY2018Q2 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
|
14000000 | USD |
| CY2018Q2 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
311100000 | USD |
| CY2017Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-3500000 | USD |
| CY2018Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
14100000 | USD |
| CY2017Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-2800000 | USD |
| CY2018Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-4900000 | USD |
| CY2017Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
24600000 | USD |
| CY2018Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-4100000 | USD |
| CY2017Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
12200000 | USD |
| CY2018Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
29100000 | USD |
| CY2018Q2 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
3 | segment |
| CY2017Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
16400000 | USD |
| CY2018Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
12000000 | USD |
| CY2018Q2 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
1400000 | USD |
| CY2017Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
86100000 | USD |
| CY2018Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
84300000 | USD |
| CY2018Q2 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
300000 | USD |
| CY2017Q2 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
1500000 | USD |
| CY2018Q2 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
1700000 | USD |
| CY2018Q2 | us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
0 | USD |
| CY2017Q2 | us-gaap |
Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
|
0 | USD |
| CY2017Q2 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
2900000 | USD |
| CY2018Q2 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
2900000 | USD |
| CY2017Q2 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
500000 | USD |
| CY2017Q2 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
200000 | USD |
| CY2018Q2 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
100000 | USD |
| CY2017Q2 | us-gaap |
Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
|
100000 | USD |
| CY2018Q2 | us-gaap |
Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
|
23200000 | USD |
| CY2018Q2 | us-gaap |
Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
|
0 | USD |
| CY2017Q2 | us-gaap |
Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
|
18900000 | USD |
| CY2018Q2 | us-gaap |
Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
|
0 | USD |
| CY2017Q2 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
5700000 | USD |
| CY2018Q2 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
14000000 | USD |
| CY2017Q2 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
|
0 | USD |
| CY2018Q2 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
|
0 | USD |
| CY2017Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
24600000 | USD |
| CY2018Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
14000000 | USD |
| CY2017Q2 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
8600000 | USD |
| CY2018Q2 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
0 | USD |
| CY2017Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
72500000 | USD |
| CY2018Q2 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
83300000 | USD |
| CY2017Q2 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
200000 | USD |
| CY2018Q2 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
6200000 | USD |
| CY2017Q2 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
2800000 | USD |
| CY2018Q2 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
4600000 | USD |
| CY2017Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-1600000 | USD |
| CY2017Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
291800000 | USD |
| CY2018Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
291300000 | USD |
| CY2017Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
65100000 | USD |
| CY2018Q2 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
70400000 | USD |
| CY2017Q2 | us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-100000 | USD |
| CY2018Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-1700000 | USD |
| CY2017Q2 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
0 | USD |
| CY2017Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
38300000 | shares |
| CY2018Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
38600000 | shares |
| CY2017Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1289700000 | USD |
| CY2018Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1369900000 | USD |
| CY2017Q2 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
1289700000 | USD |
| CY2018Q2 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
1369900000 | USD |
| CY2017Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
215200000 | USD |
| CY2018Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
226200000 | USD |
| CY2017Q2 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
4400000 | USD |
| CY2018Q2 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
4400000 | USD |
| CY2017Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
983600000 | USD |
| CY2018Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
1153200000 | USD |
| CY2017Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
4400000 | USD |
| CY2018Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2500000 | USD |
| CY2017Q4 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
10200000 | USD |
| CY2018Q2 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
33400000 | USD |
| CY2017Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1049700000 | USD |
| CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1151500000 | USD |
| CY2018Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1191300000 | USD |
| CY2017Q4 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
65200000 | USD |
| CY2018Q2 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
62500000 | USD |
| CY2017Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
38700000 | shares |
| CY2017Q4 | us-gaap |
Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
|
25700000 | USD |
| CY2018Q2 | us-gaap |
Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
|
25300000 | USD |
| CY2017Q4 | us-gaap |
Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
|
49900000 | USD |
| CY2018Q2 | us-gaap |
Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
|
49100000 | USD |
| CY2018Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
38900000 | shares |
| CY2018Q2 | us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">New Accounting Pronouncements </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-02 allowing reclassification from accumulated other comprehensive income to retained earnings for the income tax effects resulting from the Tax Cuts and Jobs Act (the “Act”) enacted by the U.S. federal government in December 2017. The new guidance eliminates the stranded tax effects resulting from the Act and will improve the usefulness of information reported to financial statement users. It also requires certain disclosures about stranded tax effects. ASU 2018-02 relates only to the reclassification of the income tax effects of the Act and does not change the underlying guidance requiring that the effect of a change in tax laws or rates be included in income from continuing operations. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. It should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized. Early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued ASU 2017-09 clarifying when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The new guidance will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. It does not change the accounting for modifications. The ASU was effective prospectively for reporting periods beginning after December 15, 2017, with early adoption permitted, including adoption in any interim period for which financial statements have not yet been issued. The adoption of this ASU did not have an impact on our consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04 simplifying the accounting for goodwill impairment for all entities. The new guidance eliminates the requirement to calculate the implied fair value of goodwill (Step 2 of the current two-step goodwill impairment test under ASC 350). Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (Step 1 of the current two-step goodwill impairment test). The ASU is effective prospectively for reporting periods beginning after December 15, 2019, with early adoption permitted for annual and interim goodwill impairment testing dates after January 1, 2017. We are currently evaluating the impact of the new guidance on our goodwill impairment testing process and consolidated financial statements. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued ASU 2016-18 amending the presentation of restricted cash within the statement of cash flows. The new guidance requires that restricted cash be included within cash and cash equivalents on the statement of cash flows. The ASU is effective retrospectively for reporting periods beginning after December 15, 2017, with early adoption permitted. We adopted this guidance effective January 1, 2018.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU 2016-15 clarifying how entities should classify certain cash receipts and payments on the statement of cash flows. The new guidance addresses classification of cash flows related to the following transactions: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies; 6) distributions received from equity method investees; and 7) beneficial interests in securitization transactions. ASU 2016-15 also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 and requires retrospective application. Early adoption is permitted. We adopted this guidance effective January 1, 2018 and the impact related to this implementation was immaterial.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU 2016-13 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. Under this model, an entity recognizes an allowance for expected credit losses based on historical experience, current conditions and forecasted information rather than the current methodology of delaying recognition of credit losses until it is probable a loss has been incurred. This ASU 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. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures. This ASU applies to trade accounts receivable and may have an impact on our calculation of the allowance for uncollectible accounts receivable. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02 amending the existing accounting standards for lease accounting and requiring lessees to recognize lease assets and lease liabilities for all leases with lease terms of more than 12 months, including those classified as operating leases. Both the asset and liability will initially be measured at the present value of the future minimum lease payments, with the asset being subject to adjustments such as initial direct costs. Consistent with current U.S. GAAP, the presentation of expenses and cash flows will depend primarily on the classification of the lease as either a finance or an operating lease. The new standard also requires additional quantitative and qualitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases in order to provide additional information about the nature of an organization’s leasing activities. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018 and requires modified retrospective application. Early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures. As our branch operations are primarily conducted in leased facilities, this ASU will likely have a material impact on our consolidated balance sheet, may have a material impact to our consolidated statement of earnings and will require us to disclose additional information about our leasing activities. A cross-functional implementation team is working to further assess the impact of the standard.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01 amending the current guidance for how entities measure certain equity investments, the accounting for financial liabilities under the fair value option, and the presentation and disclosure requirements relating to financial instruments. The new guidance requires entities to use fair value measurement for equity investments in unconsolidated entities, excluding equity method investments, and to recognize the changes in fair value in net income at the end of each reporting period. Under the new standard, for any financial liabilities in which the fair value option has been elected, the changes in fair value due to instrument-specific credit risk must be recognized separately in other comprehensive income. Presentation and disclosure requirements under the new guidance require public business entities to use the exit price when measuring the fair value of financial instruments measured at amortized cost. In addition, financial assets and liabilities must now be presented separately in the notes to the financial statements and grouped by measurement category and form of financial asset. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is only permitted for the financial liability provision. We adopted this guidance effective January 1, 2018. See Investment in Persol Holdings footnote for the impact on the financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued new revenue recognition guidance under ASU 2014-09 that superseded the existing revenue recognition guidance under U.S. GAAP. The new standard focused on creating a single source of revenue guidance for revenue arising from contracts with customers for all industries. The objective of the new standard was for companies to recognize revenue when it transfers the promised goods or services to its customers at an amount that represents what the company expects to be entitled to in exchange for those goods or services. In July 2015, the FASB deferred the effective date by one year (ASU 2015-14). This ASU is now effective for annual periods, and interim periods within those annual periods, beginning on or after December 15, 2017. Since the issuance of the original standard, the FASB has issued several other subsequent updates including the following: 1) clarification of the implementation guidance on principal versus agent considerations (ASU 2016-08); 2) further guidance on identifying performance obligations in a contract as well as clarifications on the licensing implementation guidance (ASU 2016-10); 3) rescission of several SEC Staff Announcements that are codified in Topic 605 (ASU 2016-11); 4) additional guidance and practical expedients in response to identified implementation issues (ASU 2016-12); and 5) technical corrections and improvements (ASU 2016-20). We adopted this guidance with the modified retrospective approach effective January 1, 2018. See Revenue footnote for the impact on the financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.</font></div></div> | |
| CY2018Q2 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
21100000 | USD |
| CY2017Q2 | kelya |
Net Earnings Available To Common Shareholders
NetEarningsAvailableToCommonShareholders
|
12000000 | USD |
| CY2018Q2 | kelya |
Net Earnings Available To Common Shareholders
NetEarningsAvailableToCommonShareholders
|
28700000 | USD |
| CY2017Q2 | kelya |
Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
ParticipatingSecuritiesDistributedandUndistributedEarningsLossBasicandDiluted
|
200000 | USD |
| CY2018Q2 | kelya |
Participating Securities Distributedand Undistributed Earnings Loss Basicand Diluted
ParticipatingSecuritiesDistributedandUndistributedEarningsLossBasicandDiluted
|
400000 | USD |
| CY2018Q2 | kelya |
Revenue Payment Terms
RevenuePaymentTerms
|
P60D | |
| CY2017Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
537700000 | USD |
| CY2018Q2 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
529900000 | USD |
| CY2017Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
1286700000 | USD |
| CY2018Q2 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
1290700000 | USD |
| CY2017Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
205700000 | USD |
| CY2018Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
207000000 | USD |
| CY2017Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
130800000 | USD |
| CY2018Q2 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
4800000 | USD |
| CY2018Q2 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2018Q2 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-30 | |
| CY2018Q2 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2018 | |
| CY2017Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
32200000 | USD |
| CY2018Q2 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2018-04-01 | |
| CY2018Q2 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2018Q2 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000055135 | |
| CY2018Q2 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2018Q2 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | |
| CY2018Q2 | dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | |
| CY2018Q2 | dei |
Entity Registrant Name
EntityRegistrantName
|
KELLY SERVICES INC | |
| CY2017Q2 | kelya |
Income Lossfrom Continuing Operations Before Equity Method Investments
IncomeLossfromContinuingOperationsBeforeEquityMethodInvestments
|
12100000 | USD |
| CY2018Q2 | kelya |
Income Lossfrom Continuing Operations Before Equity Method Investments
IncomeLossfromContinuingOperationsBeforeEquityMethodInvestments
|
27600000 | USD |
| CY2017Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
50600000 | USD |
| CY2017Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
36900000 | USD |
| CY2017Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
32500000 | USD |
| CY2018Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
36600000 | USD |
| CY2017Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
34300000 | USD |
| CY2018Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
41100000 | USD |
| CY2017Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
16300000 | USD |
| CY2018Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
4200000 | USD |
| CY2017Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2018Q2 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2017Q2 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.075 | |
| CY2018Q2 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.075 | |
| CY2017Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
36800000 | USD |
| CY2018Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
43100000 | USD |
| CY2017Q2 | us-gaap |
Cost Of Services
CostOfServices
|
1058100000 | USD |
| CY2018Q2 | us-gaap |
Cost Of Services
CostOfServices
|
1131700000 | USD |
| CY2017Q4 | us-gaap |
Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
|
178100000 | USD |
| CY2018Q2 | us-gaap |
Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
|
178700000 | USD |
| CY2017Q4 | us-gaap |
Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
|
183400000 | USD |
| CY2018Q2 | us-gaap |
Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
|
187800000 | USD |
| CY2017Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
4400000 | USD |
| CY2018Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2500000 | USD |
| CY2017Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
12900000 | USD |
| CY2018Q2 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
14300000 | USD |
| CY2017Q4 | us-gaap |
Assets
Assets
|
2378200000 | USD |
| CY2018Q2 | us-gaap |
Assets
Assets
|
2436600000 | USD |
| CY2017Q4 | us-gaap |
Assets Current
AssetsCurrent
|
1384300000 | USD |
| CY2018Q2 | us-gaap |
Assets Current
AssetsCurrent
|
1397700000 | USD |
| CY2017Q4 | us-gaap |
Assets Noncurrent
AssetsNoncurrent
|
993900000 | USD |
| CY2018Q2 | us-gaap |
Assets Noncurrent
AssetsNoncurrent
|
1038900000 | USD |
| CY2017Q4 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
228100000 | USD |
| CY2017Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
5300000 | USD |
| CY2018Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
6300000 | USD |
| CY2017Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.31 | |
| CY2018Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.74 | |
| CY2017Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.31 | |
| CY2018Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.74 | |
| CY2017Q2 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-2000000 | USD |
| CY2018Q2 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-900000 | USD |
| CY2017Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.184 | Rate |
| CY2018Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.188 | Rate |
| CY2017Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
287400000 | USD |
| CY2018Q2 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
265200000 | USD |
| CY2017Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
46000000 | USD |
| CY2017Q2 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
100000 | USD |
| CY2018Q2 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
1500000 | USD |
| CY2018Q2 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
283100000 | USD |
| CY2017Q2 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
1800000 | USD |
| CY2018Q2 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
2700000 | USD |
| CY2017Q4 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
117400000 | USD |
| CY2018Q2 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
118900000 | USD |
| CY2017Q2 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-1200000 | USD |
| CY2018Q2 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-1100000 | USD |
| CY2017Q2 | us-gaap |
Gain Loss On Investments Excluding Other Than Temporary Impairments
GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments
|
0 | USD |
| CY2018Q2 | us-gaap |
Gain Loss On Investments Excluding Other Than Temporary Impairments
GainLossOnInvestmentsExcludingOtherThanTemporaryImpairments
|
23700000 | USD |
| CY2017Q4 | us-gaap |
Goodwill
Goodwill
|
107100000 | USD |
| CY2018Q2 | us-gaap |
Goodwill
Goodwill
|
107300000 | USD |
| CY2017Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2700000 | USD |
| CY2018Q2 | us-gaap |
Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
|
200000 | USD |
| CY2017Q2 | us-gaap |
Gross Profit
GrossProfit
|
231600000 | USD |
| CY2018Q2 | us-gaap |
Gross Profit
GrossProfit
|
238200000 | USD |
