ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet Be Purchased Under Publicly Announced Plans (b) | |||||||||||||||||||||||||||||
October 1, 2023 to October 31, 2023 | 50,000 | $ | 73.76 | 50,000 | 11,421,115 | |||||||||||||||||||||||||||
November 1, 2023 to November 30, 2023 | 287,783 | (a) | $ | 79.76 | 287,341 | 11,133,774 | ||||||||||||||||||||||||||
December 1, 2023 to December 31, 2023 | 393,482 | (b) | $ | 86.29 | 347,673 | 10,786,101 | ||||||||||||||||||||||||||
Total October 1, 2023 to December 31, 2023 | 731,265 | 685,014 |
Global | United States | International | |||||||||||||||
Contract talent solutions | |||||||||||||||||
As Reported | -14.1 | % | -16.4 | % | -5.0 | % | |||||||||||
Billing Days Impact | 0.2 | % | 0.2 | % | 0.3 | % | |||||||||||
Currency Impact | — | — | -0.1 | % | |||||||||||||
As Adjusted | -13.9 | % | -16.2 | % | -4.8 | % | |||||||||||
Permanent placement talent solutions | |||||||||||||||||
As Reported | -21.7 | % | -23.3 | % | -17.9 | % | |||||||||||
Billing Days Impact | 0.1 | % | 0.2 | % | 0.3 | % | |||||||||||
Currency Impact | 0.1 | % | — | 0.4 | % | ||||||||||||
As Adjusted | -21.5 | % | -23.1 | % | -17.2 | % | |||||||||||
Protiviti | |||||||||||||||||
As Reported | -2.5 | % | -2.7 | % | -2.1 | % | |||||||||||
Billing Days Impact | 0.1 | % | 0.2 | % | 0.3 | % | |||||||||||
Currency Impact | — | — | — | ||||||||||||||
As Adjusted | -2.4 | % | -2.5 | % | -1.8 | % |
Year Ended December 31, | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Gross Margin | |||||||||||||||||||||||||||||||||||||||||||||||
Contract talent solutions | $ | 1,549,312 | $ | 1,804,029 | $ | 1,549,312 | $ | 1,804,029 | 39.8 | % | 39.8 | % | 39.8 | % | 39.8 | % | |||||||||||||||||||||||||||||||
Permanent placement talent solutions | 566,381 | 723,706 | 566,381 | 723,706 | 99.8 | % | 99.8 | % | 99.8 | % | 99.8 | % | |||||||||||||||||||||||||||||||||||
Protiviti | 459,311 | 566,314 | 475,572 | 552,465 | 23.8 | % | 28.6 | % | 24.6 | % | 27.9 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 2,575,004 | $ | 3,094,049 | $ | 2,591,265 | $ | 3,080,200 | 40.3 | % | 42.7 | % | 40.5 | % | 42.6 | % |
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Contract talent solutions | Permanent placement talent solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
$ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
Gross Margin | |||||||||||||||||||||||||||||||||||
As Reported | $ | 1,549,312 | 39.8 | % | $ | 566,381 | 99.8 | % | $ | 459,311 | 23.8 | % | $ | 2,575,004 | 40.3 | % | |||||||||||||||||||
Adjustments (1) | — | — | — | — | 16,261 | 0.8 | % | 16,261 | 0.2 | % | |||||||||||||||||||||||||
As Adjusted | $ | 1,549,312 | 39.8 | % | $ | 566,381 | 99.8 | % | $ | 475,572 | 24.6 | % | $ | 2,591,265 | 40.5 | % |
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Contract talent solutions | Permanent placement talent solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
$ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
Gross Margin | |||||||||||||||||||||||||||||||||||
As Reported | $ | 1,804,029 | 39.8 | % | $ | 723,706 | 99.8 | % | $ | 566,314 | 28.6 | % | $ | 3,094,049 | 42.7 | % | |||||||||||||||||||
Adjustments (1) | — | — | — | — | (13,849) | (0.7 | %) | (13,849) | (0.1 | %) | |||||||||||||||||||||||||
As Adjusted | $ | 1,804,029 | 39.8 | % | $ | 723,706 | 99.8 | % | $ | 552,465 | 27.9 | % | $ | 3,080,200 | 42.6 | % |
Year Ended December 31, | Relationships | ||||||||||||||||||||||||||||||||||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||||||||||||||||||||
Contract talent solutions | $ | 1,320,752 | $ | 1,248,378 | $ | 1,256,497 | $ | 1,311,748 | 33.9 | % | 27.5 | % | 32.3 | % | 28.9 | % | |||||||||||||||||||||||||||||||
Permanent placement talent solutions | 498,881 | 587,164 | 491,377 | 596,084 | 87.9 | % | 81.0 | % | 86.6 | % | 82.2 | % | |||||||||||||||||||||||||||||||||||
Protiviti | 287,898 | 281,754 | 287,898 | 281,754 | 14.9 | % | 14.2 | % | 14.9 | % | 14.2 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 2,107,531 | $ | 2,117,296 | $ | 2,035,772 | $ | 2,189,586 | 33.0 | % | 29.3 | % | 31.8 | % | 30.3 | % |
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Contract talent solutions | Permanent placement talent solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
$ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||||||||
As Reported | $ | 1,320,752 | 33.9 | % | $ | 498,881 | 87.9 | % | $ | 287,898 | 14.9 | % | $ | 2,107,531 | 33.0 | % | |||||||||||||||||||
Adjustments (1) | (64,255) | (1.6 | %) | (7,504) | (1.3 | %) | — | — | (71,759) | (1.2 | %) | ||||||||||||||||||||||||
As Adjusted | $ | 1,256,497 | 32.3 | % | $ | 491,377 | 86.6 | % | $ | 287,898 | 14.9 | % | $ | 2,035,772 | 31.8 | % |
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Contract talent solutions | Permanent placement talent solutions | Protiviti | Total | ||||||||||||||||||||||||||||||||
$ | % of Revenue | $ | % of Revenue | $ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||||||||||||||||
As Reported | $ | 1,248,378 | 27.5 | % | $ | 587,164 | 81.0 | % | $ | 281,754 | 14.2 | % | $ | 2,117,296 | 29.3 | % | |||||||||||||||||||
Adjustments (1) | 63,370 | 1.4 | % | 8,920 | 1.2 | % | — | — | 72,290 | 1.0 | % | ||||||||||||||||||||||||
As Adjusted | $ | 1,311,748 | 28.9 | % | $ | 596,084 | 82.2 | % | $ | 281,754 | 14.2 | % | $ | 2,189,586 | 30.3 | % |
Year Ended December 31, | |||||||||||||||||
2023 | % of Revenue | 2022 | % of Revenue | ||||||||||||||
Combined Segment Income | |||||||||||||||||
Contract talent solutions | $ | 292,815 | 7.5 | % | $ | 492,281 | 10.9 | % | |||||||||
Permanent placement talent solutions | 75,004 | 13.2 | % | 127,622 | 17.6 | % | |||||||||||
Protiviti | 187,674 | 9.7 | % | 270,711 | 13.7 | % | |||||||||||
Total | $ | 555,493 | 8.7 | % | $ | 890,614 | 12.3 | % |
Year Ended December 31, | |||||||||||||||||
2023 | % of Revenue | 2022 | % of Revenue | ||||||||||||||
Income before income taxes | $ | 576,583 | 9.0 | % | $ | 896,955 | 12.4 | % | |||||||||
Interest income, net | (23,973) | (0.3 | %) | (8,008) | (0.1) | % | |||||||||||
Amortization of intangible assets | 2,883 | 0.0 | % | 1,667 | 0.0 | % | |||||||||||
Combined segment income | $ | 555,493 | 8.7 | % | $ | 890,614 | 12.3 | % |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Employee deferred compensation trust assets | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Right-of-use assets | ||||||||||||||
Goodwill | ||||||||||||||
Noncurrent deferred income taxes | ||||||||||||||
Other noncurrent assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES | ||||||||||||||
Accounts payable and accrued expenses | $ | $ | ||||||||||||
Accrued payroll and benefit costs | ||||||||||||||
Employee deferred compensation plan obligations | ||||||||||||||
Income taxes payable | ||||||||||||||
Current operating lease liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Noncurrent operating lease liabilities | ||||||||||||||
Other noncurrent liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and Contingencies (Note L) | ||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated other comprehensive income (loss) | ( | ( | ||||||||||||
Retained earnings | ||||||||||||||
Total stockholders’ equity | ||||||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Service revenues | $ | $ | $ | |||||||||||||||||
Costs of services | ||||||||||||||||||||
Gross margin | ||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||
(Income) loss from investments held in employee deferred compensation trusts | ( | ( | ||||||||||||||||||
Amortization of intangible assets | ||||||||||||||||||||
Interest income, net | ( | ( | ( | |||||||||||||||||
Income before income taxes | ||||||||||||||||||||
Provision for income taxes | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Net income per share: | ||||||||||||||||||||
Basic | $ | $ | $ | |||||||||||||||||
Diluted | $ | $ | $ | |||||||||||||||||
Weighted average shares: | ||||||||||||||||||||
Basic | ||||||||||||||||||||
Diluted | ||||||||||||||||||||
Dividends declared per share | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
COMPREHENSIVE INCOME (LOSS): | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax | ( | ( | ||||||||||||||||||
Foreign defined benefit plan adjustments, net of tax | ( | |||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ||||||||||||||||||
Total comprehensive income (loss) | $ | $ | $ |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | |||||||||||||||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Net issuances of restricted stock | ( | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Net issuances of restricted stock | ( | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Net issuances of restricted stock | ( | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | ( | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||
Depreciation | ||||||||||||||||||||
Amortization of cloud computing implementation costs | ||||||||||||||||||||
Amortization of intangible assets | ||||||||||||||||||||
Realized and unrealized (gains) losses from investments held in employee deferred compensation trusts | ( | ( | ||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||
Deferred income taxes | ( | ( | ||||||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | ||||||||||||||||||||
Accounts receivable | ( | ( | ||||||||||||||||||
Capitalized cloud computing implementation costs | ( | ( | ( | |||||||||||||||||
Accounts payable and accrued expenses | ( | |||||||||||||||||||
Accrued payroll and benefit cost | ( | ( | ||||||||||||||||||
Employee deferred compensation plan obligations | ( | |||||||||||||||||||
Income taxes payable | ||||||||||||||||||||
Other assets and liabilities, net | ( | ( | ( | |||||||||||||||||
Net cash flows provided by operating activities | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Capital expenditures | ( | ( | ( | |||||||||||||||||
Investments in employee deferred compensation trusts | ( | ( | ( | |||||||||||||||||
Proceeds from employee deferred compensation trust redemptions | ||||||||||||||||||||
Payments for acquisitions, net of cash acquired | ( | ( | ||||||||||||||||||
Net cash flows used in investing activities | ( | ( | ( | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayment of notes payable | ( | |||||||||||||||||||
Repurchases of common stock | ( | ( | ( | |||||||||||||||||
Dividends paid | ( | ( | ( | |||||||||||||||||
Net cash flows used in financing activities | ( | ( | ( | |||||||||||||||||
Effect of exchange rate fluctuations | ( | ( | ||||||||||||||||||
Change in cash and cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | |||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||||||
Cash paid during the year for: | ||||||||||||||||||||
Interest | $ | $ | $ | |||||||||||||||||
Income taxes, net of refunds | $ | $ | $ | |||||||||||||||||
Non-cash items: | ||||||||||||||||||||
Repurchases of common stock awaiting settlement | $ | $ | $ | |||||||||||||||||
Fund exchanges within employee deferred compensation trusts | $ | $ | $ | |||||||||||||||||
Contingent consideration related to acquisition | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Dividend income | $ | ( | $ | ( | $ | ( | |||||||||||
Realized and unrealized (gains) losses | ( | ( | |||||||||||||||
(Income) loss from investments held in employee deferred compensation trusts | $ | ( | $ | $ | ( |
Fair Value Measurements Using | |||||||||||||||||||||||
Balance at December 31, 2023 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Money market funds | $ | $ | |||||||||||||||||||||
Employee deferred compensation trust assets | |||||||||||||||||||||||
Money market funds | $ | $ | |||||||||||||||||||||
Mutual funds - bonds | |||||||||||||||||||||||
Mutual funds - stocks | |||||||||||||||||||||||
Mutual funds - blend | |||||||||||||||||||||||
Total employee deferred compensation trust assets | $ | $ | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||
Balance at December 31, 2022 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Money market funds | $ | $ | |||||||||||||||||||||
Employee deferred compensation trust assets | |||||||||||||||||||||||
Money market funds | $ | $ | |||||||||||||||||||||
Mutual funds - bonds | |||||||||||||||||||||||
Mutual funds - stocks | |||||||||||||||||||||||
Mutual funds - blend | |||||||||||||||||||||||
Total employee deferred compensation trust assets | $ | $ |
Allowance for Credit Losses | |||||
Balance as of December 31, 2021 | $ | ||||
Charges to expense | |||||
Deductions | ( | ||||
Other, including translation adjustments | ( | ||||
Balance as of December 31, 2022 | $ | ||||
Charges to expense | |||||
Deductions | ( | ||||
Other, including translation adjustments | |||||
Balance as of December 31, 2023 | $ |
Computer hardware | |||||
Computer software | |||||
Furniture and equipment | |||||
Leasehold improvements | Term of lease |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Contract talent solutions | ||||||||||||||||||||
Finance and accounting | $ | $ | $ | |||||||||||||||||
Administration and customer support | ||||||||||||||||||||
Technology | ||||||||||||||||||||
Elimination of intersegment revenues (a) | ( | ( | ( | |||||||||||||||||
Total contract talent solutions | ||||||||||||||||||||
Permanent placement talent solutions | ||||||||||||||||||||
Protiviti | ||||||||||||||||||||
Total service revenues | $ | $ | $ |
Contract | ||||||||
Liabilities | ||||||||
Balance as of December 31, 2021 | $ | |||||||
Payments in advance of satisfaction of performance obligations | ||||||||
Revenue recognized | ( | |||||||
Other, including translation adjustments | ( | |||||||
Balance as of December 31, 2022 | $ | |||||||
Payments in advance of satisfaction of performance obligations | ||||||||
Revenue recognized | ( | |||||||
Other, including translation adjustments | ( | |||||||
Balance as of December 31, 2023 | $ |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Prepaid expenses | $ | $ | ||||||||||||
Unamortized cloud computing implementation costs | ||||||||||||||
Other | ||||||||||||||
Other current assets | $ | $ |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Computer hardware | $ | $ | ||||||||||||
Computer software | ||||||||||||||
Furniture and equipment | ||||||||||||||
Leasehold improvements | ||||||||||||||
Property and equipment, cost | ||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
Property and equipment, net | $ | $ |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Unamortized cloud computing implementation costs | $ | $ | ||||||||||||
Other intangible assets, net | ||||||||||||||
Other noncurrent assets | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Cash paid for operating lease liabilities | $ | $ | $ | |||||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ | $ | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Weighted average remaining lease term for operating leases | ||||||||||||||||||||
Weighted average discount rate for operating leases | % | % | % |
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Less: Imputed interest | ( | |||||||
Present value of operating lease liabilities (a) | $ |
Goodwill | ||||||||||||||||||||||||||
Contract talent solutions | Permanent placement talent solutions | Protiviti | Total | |||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||
Acquisitions (a) | ||||||||||||||||||||||||||
Foreign currency translation and other adjustments | ( | ( | ( | ( | ||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||
Foreign currency translation and other adjustments | ( | |||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | $ | $ | $ |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Payroll and benefits | $ | $ | ||||||||||||
Payroll taxes | ||||||||||||||
Workers’ compensation | ||||||||||||||
Accrued payroll and benefit costs | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Contribution expense | $ | $ | $ | |||||||||||||||||
Increase (decrease) in employee deferred compensation expense related to changes in the fair value of trust assets | ( | |||||||||||||||||||
$ | $ | ( | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | $ | $ | |||||||||||||||||
State | ||||||||||||||||||||
Foreign | ||||||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal and state | ( | ( | ||||||||||||||||||
Foreign | ( | |||||||||||||||||||
$ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Domestic | $ | $ | $ | |||||||||||||||||
Foreign | ||||||||||||||||||||
$ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Federal U.S. income tax rate | % | % | % | |||||||||||||||||
State income taxes, net of federal tax benefit | ||||||||||||||||||||
Permanent book/tax differences | ( | |||||||||||||||||||
Compensation book/tax differences | ||||||||||||||||||||
Non-U.S. income taxed at different rates, net of foreign tax credits | ||||||||||||||||||||
Federal tax credits | ( | ( | ( | |||||||||||||||||
Tax impact of uncertain tax positions | ( | |||||||||||||||||||
Other, net | ( | ( | ( | |||||||||||||||||
Effective tax rate | % | % | % |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Accrued expenses, deducted for tax when paid | $ | ( | $ | $ | ( | |||||||||||||||
Internal-use software and capitalized costs | ( | ( | ||||||||||||||||||
Depreciation | ( | ( | ||||||||||||||||||
Unrealized gains (losses) from investments held in employee deferred compensation trusts | ( | |||||||||||||||||||
Other, net | ( | |||||||||||||||||||
$ | ( | $ | $ | ( |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Deferred income tax assets | ||||||||||||||
Employee deferred compensation and other benefit obligations | $ | $ | ||||||||||||
Deferred revenues, foreign royalties and management fees | ||||||||||||||
Credits and net operating loss carryforwards | ||||||||||||||
Stock-based compensation | ||||||||||||||
Allowance for credit losses | ||||||||||||||
Workers’ compensation | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Other | ||||||||||||||
Total deferred income tax assets | ||||||||||||||
Deferred income tax liabilities | ||||||||||||||
Amortization of intangible assets | ( | ( | ||||||||||||
Property and equipment basis differences | ( | ( | ||||||||||||
Unrealized gains from investments held in employee deferred compensation trusts | ( | ( | ||||||||||||
Right-of-use assets | ( | ( | ||||||||||||
Other | ( | ( | ||||||||||||
Total deferred income tax liabilities | ( | ( | ||||||||||||
Valuation allowance | ( | ( | ||||||||||||
Total deferred income tax assets, net | $ | $ |
2023 | 2022 | 2021 | ||||||||||||||||||
Balance at beginning of period | $ | $ | $ | |||||||||||||||||
Gross increases—tax positions in prior years | ||||||||||||||||||||
Gross decreases—tax positions in prior years | ( | |||||||||||||||||||
Gross increases—tax positions in current year | ||||||||||||||||||||
Lapse of statute of limitations | ( | ( | ( | |||||||||||||||||
Balance at end of period | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Common stock repurchased (in shares) | ||||||||||||||||||||
Common stock repurchased | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Repurchases related to employee stock plans (in shares) | ||||||||||||||||||||
Repurchases related to employee stock plans | $ | $ | $ |
Non-Executive Officer Time-Based Awards | Performance-Based Awards With Market Conditions | Performance-Based Awards Without Market Conditions | Total Awards With Performance Condition | |||||||||||||||||||||||||||||||||||||||||||||||
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 Grant Date Fair Value | Number of Shares/ Units | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||||||||||||||||||||
Outstanding, December 31, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Granted | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Restrictions lapsed | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Forfeited | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding, December 31, 2021 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Granted | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Restrictions lapsed | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Forfeited | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding, December 31, 2022 | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Granted | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Restrictions lapsed | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Forfeited | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding, December 31, 2023 | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Basic: | ||||||||||||||||||||
Weighted average shares | ||||||||||||||||||||
Diluted: | ||||||||||||||||||||
Weighted average shares | ||||||||||||||||||||
Dilutive effect of potential common shares | ||||||||||||||||||||
Diluted weighted average shares | ||||||||||||||||||||
Net income per share: | ||||||||||||||||||||
Basic | $ | $ | $ | |||||||||||||||||
Diluted | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Service revenues | ||||||||||||||||||||
Contract talent solutions | $ | $ | $ | |||||||||||||||||
Permanent placement talent solutions | ||||||||||||||||||||
Protiviti | ||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||
Segment income | ||||||||||||||||||||
Contract talent solutions | $ | $ | $ | |||||||||||||||||
Permanent placement talent solutions | ||||||||||||||||||||
Protiviti | ||||||||||||||||||||
Combined segment income | ||||||||||||||||||||
Amortization of intangible assets | ||||||||||||||||||||
Interest income, net | ( | ( | ( | |||||||||||||||||
Income before income taxes | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Service revenues (a) | ||||||||||||||||||||
Domestic | $ | $ | $ | |||||||||||||||||
Foreign (b) | ||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||
December 31, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Property and equipment, net | ||||||||||||||||||||
Domestic | $ | $ | ||||||||||||||||||
Foreign | ||||||||||||||||||||
$ | $ |
Quarterly dividend per share | $ | ||||
Declaration date | February 13, 2024 | ||||
Record date | February 23, 2024 | ||||
Payment date | March 15, 2024 |
Page(s) | |||||
Consolidated Statements of Financial Position at December 31, 2023 and 2022 | |||||
Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021 | |||||
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023, 2022 and 2021 | |||||
Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2023, 2022 and 2021 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021 | |||||
Notes to Consolidated Financial Statements | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID | |||||
2. Financial Statement Schedules | |||||
Schedule II — Valuation and Qualifying Accounts for the years ended December 31, 2023, 2022 and 2021 | |||||
Schedules I, III, IV and V have been omitted as they are not applicable. |
Exhibit No. | Exhibit | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
*10.1 | ||||||||
*10.2 | Employment Agreement between the Registrant and Harold M. Messmer, Jr., incorporated by reference to (i) Exhibit 10.(c) to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1985(P), (ii) Exhibit 10.2(b) to Registrant’s Registration Statement on Form S-1 (No. 33-15171)(P), (iii) Exhibit 10.2(c) to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1987(P), (iv) Exhibit 10.2(d) to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1988(P), (v) Exhibit 28.1 to the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 1990(P), (vi) Exhibit 10.8 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1991(P), (vii) Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 1993(P), (viii) Exhibit 10.7 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1993, (ix) Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 1995, (x) Exhibit 10.7 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1995, (xi) Exhibit 10.2 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1996, (xii) Exhibit 10.2 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1997, (xiii) Exhibit 10.2 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1998, (xiv) Exhibit 10.2 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1999, (xv) Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2004, (xvi) Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2008, (xvii) Exhibit 10.2 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, (xviii) Exhibit 10.1 to the Registrant's Current Report on Form 8-K dated November 7, 2019, and (xix) Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. | |||||||
*10.3 | ||||||||
*10.4 | ||||||||
*10.5 | ||||||||
*10.6 | ||||||||
*10.7 | Form of Indemnification Agreement for Directors of the Registrant, incorporated by reference to Exhibit 10.27 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 1989(P). | |||||||
*10.8 | ||||||||
*10.9 | ||||||||
*10.10 | ||||||||
*10.11 | ||||||||
*10.12 | ||||||||
*10.13 | ||||||||
*10.14 | ||||||||
*10.15 | ||||||||
*10.16 | ||||||||
*10.17 | ||||||||
*10.18 | ||||||||
*10.19 | ||||||||
*10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
10.24 | ||||||||
10.25 | ||||||||
10.26 | ||||||||
10.27 | ||||||||
21.1 | ||||||||
23.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
97.1 | ||||||||
101.INS | Inline XBRL Instance Document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
ROBERT HALF INC. (Registrant) | |||||||||||
Date: February 20, 2024 | By: | /s/ MICHAEL C. BUCKLEY | |||||||||
Michael C. Buckley Executive Vice President, Chief Financial Officer (Principal Financial Officer) |
Date: February 20, 2024 | By: | /s/ HAROLD M. MESSMER, JR. | |||||||||
Harold M. Messmer, Jr. Executive Chairman of the Board, and a Director | |||||||||||
Date: February 20, 2024 | By: | /s/ M. KEITH WADDELL | |||||||||
M. Keith Waddell | |||||||||||
President Chief Executive Officer and a Director (Principal Executive Officer) | |||||||||||
Date: February 20, 2024 | By: | /s/ JANA L. BARSTEN | |||||||||
Jana L. Barsten, Director | |||||||||||
Date: February 20, 2024 | By: | /s/ JULIA L. CORONADO | |||||||||
Julia L. Coronado, Director | |||||||||||
Date: February 20, 2024 | By: | /s/ DIRK A. KEMPTHORNE | |||||||||
Dirk A. Kempthorne, Director | |||||||||||
Date: February 20, 2024 | By: | /s/ MARC H. MORIAL | |||||||||
Marc H. Morial, Director | |||||||||||
Date: February 20, 2024 | By: | /s/ ROBERT J. PACE | |||||||||
Robert J. Pace, Director | |||||||||||
Date: February 20, 2024 | By: | /s/ FREDERICK A. RICHMAN | |||||||||
Frederick A. Richman, Director | |||||||||||
Date: February 20, 2024 | By: | /s/ MARNIE H. WILKING | |||||||||
Marnie H. Wilking, Director | |||||||||||
Date: February 20, 2024 | By: | /s/ MICHAEL C. BUCKLEY | |||||||||
Michael C. Buckley Executive Vice President, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Balance at Beginning of Period | Charged to Expenses | Deductions | Translation Adjustments | Balance at End of Period | ||||||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | ( | ( | $ | ||||||||||||||||||||||||||||
Deferred tax valuation allowance | $ | ( | ( | $ | ||||||||||||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | ( | ( | $ | ||||||||||||||||||||||||||||
Deferred tax valuation allowance | $ | ( | ( | $ | ||||||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Allowance for credit losses | $ | ( | $ | |||||||||||||||||||||||||||||
Deferred tax valuation allowance | $ | ( | $ |
Name of Subsidiary | Jurisdiction of Incorporation | |||||||
Protiviti Inc. | Delaware | |||||||
Protiviti Holdings Inc. | Delaware | |||||||
RHHC LLC | Delaware | |||||||
RH-TM Resources, Inc. | Delaware | |||||||
Protiviti Digital Marketing Services LLC | Delaware | |||||||
R2i Holdings, LLC | Delaware | |||||||
Protiviti Government Services, Inc. | Maryland | |||||||
Protiviti Pty. Limited | Australia | |||||||
Robert Half Australia Pty. Limited | Australia | |||||||
Robert Half Austria GmbH | Austria | |||||||
Robert Half B.V. | Belgium | |||||||
Robert Half Project Sourcing B.V. | Belgium | |||||||
Robert Half Trabalho Temporário Ltda. | Brazil | |||||||
Protiviti EOOD | Bulgaria | |||||||
Robert Half Canada Inc. | Canada | |||||||
Robert Half Chile Sociedad por Acciones | Chile | |||||||
Robert Half Empresa De Servicios Transitorios Limitada | Chile | |||||||
Protiviti Shanghai Co. Ltd. | China | |||||||
Robert Half Human Resources Shanghai Company Limited | China | |||||||
Robert Half Management Consulting (Shanghai) Company Limited | China | |||||||
Robert Half Hong Kong Limited | China, Hong Kong SAR | |||||||
Protiviti Hong Kong Co. Limited | China, Hong Kong SAR | |||||||
Protiviti SAS | France | |||||||
Robert Half International France SAS | France | |||||||
Robert Half SAS | France | |||||||
Protiviti GmbH | Germany |
Name of Subsidiary | Jurisdiction of Incorporation | |||||||
Protiviti Services GmbH & Co. KG | Germany | |||||||
Robert Half Deutschland Beteiligungsgesellschaft mbH | Germany | |||||||
Robert Half Deutschland GmbH & Co. KG | Germany | |||||||
Protiviti Consulting Private Limited | India | |||||||
Robert Half International Ireland Limited | Ireland | |||||||
Protiviti Government Services S.r.l. | Italy | |||||||
Protiviti S.r.l. | Italy | |||||||
Protiviti LLC | Japan | |||||||
Robert Half Japan Ltd. | Japan | |||||||
Robert Half Holding S.à r.l. | Luxembourg | |||||||
Robert Half S.à r.l. | Luxembourg | |||||||
Protiviti B.V. | Netherlands | |||||||
Robert Half International B.V. | Netherlands | |||||||
Robert Half Nederland B.V. | Netherlands | |||||||
Robert Half New Zealand Limited | New Zealand | |||||||
Protiviti Pte. Ltd. | Singapore | |||||||
Robert Half International Pte. Ltd. | Singapore | |||||||
Protiviti Switzerland GmbH | Switzerland | |||||||
Robert Half GmbH | Switzerland | |||||||
Robert Half International (Dubai) Ltd. | United Arab Emirates | |||||||
Protiviti Limited | United Kingdom | |||||||
Robert Half Holdings Limited | United Kingdom | |||||||
Robert Half Limited | United Kingdom |
/s/ M. Keith Waddell | |||||
M. Keith Waddell President & CEO |
/s/Michael C. Buckley | |||||
Michael C. Buckley Executive Vice President and Chief Financial Officer |
February 20, 2024 | /s/ M. Keith Waddell | |||||||||||||||||||
M. Keith Waddell Chief Executive Officer Robert Half Inc. |
February 20, 2024 | /s/Michael C. Buckley | |||||||||||||||||||
Michael C. Buckley Chief Financial Officer Robert Half Inc. |
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Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | San Francisco, California |
Auditor Firm ID | 238 |
Consolidated Statements of Financial Position (Parenthetical) - $ / shares |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
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 |
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) | 105,208,817 | 107,698,498 |
Common stock, outstanding (in shares) | 105,208,817 | 107,698,498 |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Statement [Abstract] | |||
Service revenues | $ 6,392,517 | $ 7,238,142 | $ 6,461,444 |
Costs of services | 3,817,513 | 4,144,093 | 3,765,416 |
Gross margin | 2,575,004 | 3,094,049 | 2,696,028 |
Selling, general and administrative expenses | 2,107,531 | 2,117,296 | 1,951,282 |
(Income) loss from investments held in employee deferred compensation trusts | (88,020) | 86,139 | (61,078) |
Amortization of intangible assets | 2,883 | 1,667 | 2,241 |
Interest income, net | (23,973) | (8,008) | (197) |
Income before income taxes | 576,583 | 896,955 | 803,780 |
Provision for income taxes | 165,437 | 239,036 | 205,154 |
Net income | $ 411,146 | $ 657,919 | $ 598,626 |
Net income per share: | |||
Basic (usd per share) | $ 3.90 | $ 6.08 | $ 5.42 |
Diluted (usd per share) | $ 3.88 | $ 6.03 | $ 5.36 |
Weighted average shares: | |||
Basic (in shares) | 105,530 | 108,214 | 110,482 |
Diluted (in shares) | 106,074 | 109,171 | 111,718 |
Cash dividends, per share (usd per share) | $ 1.92 | $ 1.72 | $ 1.52 |
Dividends declared per share (usd per share) | $ 1.92 | $ 1.72 | $ 1.52 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
COMPREHENSIVE INCOME (LOSS): | |||
Net income | $ 411,146 | $ 657,919 | $ 598,626 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments, net of tax | 11,184 | (25,274) | (18,702) |
Foreign defined benefit plan adjustments, net of tax | (187) | 4,273 | 812 |
Total other comprehensive income (loss) | 10,997 | (21,001) | (17,890) |
Total comprehensive income (loss) | $ 422,143 | $ 636,918 | $ 580,736 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends, per share (usd per share) | $ 1.92 | $ 1.72 | $ 1.52 |
Dividends declared per share (usd per share) | $ 1.92 | $ 1.72 | $ 1.52 |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Note A—Summary of Significant Accounting Policies Nature of Operations. Robert Half Inc. (the “Company”) is a specialized talent solutions and business consulting firm that connects opportunities at great companies with highly skilled job seekers. Robert Half® offers contract talent solutions and permanent placement talent solutions for finance and accounting, technology, marketing and creative, legal, administrative, and customer support roles. Robert Half is also the parent company of Protiviti®, a global consulting firm that provides internal audit, risk, business, and technology consulting solutions. 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”). Certain reclassifications have been made to prior years’ consolidated financial statements to conform to the 2023 presentation. Principles of Consolidation. The Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany balances and transactions have been eliminated in consolidation. 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. As of December 31, 2023, such estimates include allowances for credit losses, variable consideration, workers’ compensation losses, accrued medical expenses, 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. Service Revenues. The Company derives its revenues from three segments: contract talent solutions, permanent placement talent solutions, and Protiviti. 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. See Note C—“Revenue Recognition” for further discussion of the revenue recognition accounting policy. Costs of Services. Direct costs of contract talent solutions consist of payroll, payroll taxes, and benefit costs for the Company’s engagement professionals, as well as reimbursable expenses. Direct costs of permanent placement talent solutions consist of reimbursable expenses. Protiviti direct 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 were $54.8 million, $55.6 million and $49.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. (Income) Loss from Investments Held in Employee Deferred Compensation Trusts. Under the Company’s employee deferred compensation plans, employees direct the investment of their account balances, and the Company invests amounts held in the associated investment trusts consistent with these directions. As realized and unrealized investment gains and losses occur, the Company’s deferred compensation obligation to employees changes and adjustments are recorded in selling, general and administrative expenses or, in the case of Protiviti, costs of services. The value of the related investment trust assets also changes by an equal and offsetting amount, leaving no net cost to the Company. The Company’s (income) loss from investments held in employee deferred compensation trusts consists primarily of unrealized and realized gains and losses and dividend income from trust investments and is presented separately on the Consolidated Statements of Operations. The following table presents the Company’s (income) loss from investments held in employee deferred compensation trusts (in thousands):
Comprehensive Income (Loss). Comprehensive income (loss) includes net income and certain other items that are recorded directly to stockholders’ equity. The Company’s only sources of other comprehensive income (loss) are foreign currency translation and foreign defined benefit plan adjustments. 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. This includes money market funds that meet the requirements to be treated as cash equivalents. However, money market funds held in investment trusts that are being used as investments to satisfy the Company’s obligations under its employee deferred compensation plans are treated as investments and are included in employee deferred compensation trust assets on the Consolidated Statements of Financial Position. Fair Value of Financial Instruments. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market to measure fair value, summarized as follows: Level 1: observable inputs for identical assets or liabilities, such as quoted prices in active markets Level 2: inputs other than the quoted prices in active markets that are observable either directly or indirectly Level 3: unobservable inputs in which there is little or no market data, which requires management’s best estimates and assumptions that market participants would use in pricing the asset or liability The carrying value of cash, net accounts receivable, and accounts payable and accrued expenses approximates fair value because of their short-term nature. The Company holds mutual funds and money market funds to satisfy its obligations under its employee deferred compensation plans which are carried at fair value based on quoted market prices in active markets for identical assets (level 1). The following table summarizes the Company’s financial instruments by significant category and fair value measurement on a recurring basis (in thousands):
Certain items, such as goodwill and other intangible assets, are recognized or disclosed at fair value on a non-recurring basis. The Company determines the fair value of these items using level 3 inputs. There are inherent limitations when estimating the fair value of financial instruments, and the fair values reported are not necessarily indicative of the amounts that would be realized in current market transactions. Allowance for Credit Losses. The Company is exposed to credit losses resulting from the inability of its customers to make required payments. The Company establishes an allowance for these potential credit losses based on its review of customers’ credit profiles, historical loss statistics, prepayments, recoveries, age of customer receivable balances, current business conditions and macroeconomic trends. The Company considers risk characteristics of trade receivables based on asset type and geographical locations to evaluate trade receivables on a collective basis. The Company applies credit loss estimates to these pooled receivables to determine expected credit losses. The following table sets forth the activity in the allowance for credit losses from December 31, 2021, through December 31, 2023 (in thousands):
Property and Equipment. Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the following useful lives:
Internal-use Software. The Company develops and implements software for internal use to enhance the performance and capabilities of the operating technology infrastructure. Direct costs incurred for the development of internal-use software are capitalized from the time when the completion of the internal-use software is considered probable until the software is ready for use. All other preliminary and planning stage costs are expensed as incurred. Cloud computing implementation costs incurred in hosting arrangements are capitalized and reported as a component of other current assets and other noncurrent assets, while all other capitalized internal-use software development costs are reported as a component of computer software within property and equipment on the Consolidated Statements of Financial Position. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the software, ranging from to five years. Leases. The Company determines if a contractual arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and noncurrent operating lease liabilities on the Consolidated Statements of Financial Position. The Company does not currently have finance leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the possession date (generally, this is the commencement date) of the lease based on the present value of lease payments over the lease term. The lease payments included in the present value are fixed lease payments and fixed management fees. The operating lease ROU assets include any payments made before the commencement date and exclude lease incentives. As most of the Company’s leases do not provide an implicit rate, the Company estimates its collateralized incremental borrowing rate, based on information available at the commencement date, in determining the present value of lease payments. The Company applies the portfolio approach in applying discount rates to its classes of leases. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company does not have any material subleases. The Company does not currently have residual value guarantees or restrictive covenants in its leases. The Company has contracts with lease and non-lease components, which are accounted for on a combined basis. 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 to five years. Goodwill is not amortized, but is tested at least annually for impairment. The Company completed its annual goodwill impairment assessment during the second quarter in each of the years ended December 31, 2023, 2022 and 2021, 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, 2023, that caused the Company to perform an interim impairment assessment. Income Taxes. The Company’s operations are subject to U.S. federal, state, 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. 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 $25.8 million and $23.6 million were recorded as of December 31, 2023, and 2022, respectively. The valuation allowances recorded related primarily to net operating losses in certain international operations. If such losses are ultimately utilized to offset future segment income, the Company will recognize a tax benefit up to the full amount of the valuation reserve. The Organization of Economic Cooperation and Development (“OECD”), an international association of many countries including the U.S., has introduced a framework to impose a 15% global minimum corporate tax, referred to as Pillar Two, effective for tax years beginning in 2024. Currently, there are no laws enacted incorporating Pillar Two in the U.S., however, certain countries in which the Company operates have adopted, or are in the process of adopting legislation to implement Pillar Two. The OECD continues to release additional guidance and countries are implementing legislation with widespread adoption of the Global Anti-Base Erosion (“GloBE”) Model Rules for Pillar Two. The Company is continuing to evaluate the GloBE Model Rules for Pillar Two and related legislation, and their potential impact on future periods. 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 the ongoing medical and indemnity costs for claims filed, which 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 include 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. Accrued Medical Expenses. The Company offers several medical plans to its employees and retains the economic burden for the first $1.0 million per claimant per year in medical claims. Claims in excess of $1.0 million per year per claimant are insured. Medical expense includes the insurance premiums for claims in excess of $1.0 million, claims administration fees, prescription fees and reimbursements, and an estimate for the Company’s liability for IBNR claims and for the ongoing development of existing claims. Medical expenses are presented as a component of selling, general and administrative expenses, or in the case of risk consulting and internal audit services, costs of services in the Consolidated Statements of Operations. The reserves for IBNR claims and for the ongoing development of existing claims in each reporting period include estimates. The Company has established reserves for medical claims using rates which are estimated using periodic third-party actuarial valuations based upon historical loss statistics which include the Company’s historical claims data, and an estimate of future claim 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 international subsidiaries is their local currency. The results of operations of the Company’s international subsidiaries are translated at the monthly average exchange rates prevailing during the period. The financial position of the Company’s international 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 (loss) 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. 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 fair value. 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.
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New Accounting Pronouncements |
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Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Note B—New Accounting Pronouncements Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Not Yet Adopted Segment Reporting. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU is effective for public filers for fiscal periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, however early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures. Income Tax Disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public filers must disclose annually (1) specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold, if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate. The new guidance is effective for public filers for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.
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Revenue Recognition |
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Revenue Recognition | Note C—Revenue Recognition The Company derives its revenues from three segments: contract talent solutions, permanent placement talent solutions, and Protiviti. 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. 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 also included in service revenues, and equivalent amounts of reimbursable expenses are included in costs of services. Contract talent solutions revenues. Contract talent solutions 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 engagement professionals. The substantial majority of engagement professionals placed on 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. The Company records contract talent solutions 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. Permanent placement talent solutions revenues. Permanent placement talent solutions 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 talent solutions services are charged to employment candidates. Protiviti revenues. Protiviti’s consulting 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. 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. Protiviti’s consulting 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. 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. The following table presents the Company’s revenues disaggregated by functional specialization and segments (in thousands):
(a)Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to the Company’s Protiviti segment in connection with the Company’s blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line. Payment terms in the Company’s contracts vary by the type and location of the Company’s 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, 2023, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $117.7 million. Of this amount, $105.0 million is expected to be recognized within the next twelve months. As of December 31, 2022, aggregate transaction price allocated to the performance obligations that were unsatisfied for contracts with an expected duration of greater than one year was $152.6 million. 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 December 31, 2021, through December 31, 2023 (in thousands):
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets | Note D—Other Current Assets Other current assets consisted of the following (in thousands):
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Property and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | Note E—Property and Equipment, Net Property and equipment consisted of the following (in thousands):
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Other Noncurrent Assets |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noncurrent Assets | Note F—Other Noncurrent Assets Other noncurrent assets consisted of the following (in thousands):
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Note G—Leases The Company has operating leases for corporate and field offices, and certain equipment. The Company’s leases have remaining lease terms of less than 1 year to 12 years, some of which include options to extend the leases for up to 7 years, and some of which include options to terminate the leases within 1 year. Operating lease expense was $89.0 million, $89.3 million and $86.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Supplemental cash flow information related to leases consisted of the following (in thousands):
Supplemental balance sheet information related to leases consisted of the following:
Future minimum lease payments under non-cancelable leases as of December 31, 2023, were as follows (in thousands):
(a) Includes current portion of $80.5 million for operating leases. As of December 31, 2023, the Company had additional future minimum lease obligations totaling $9.4 million under executed operating lease contracts that had not yet commenced. These operating leases include agreements for corporate and field office facilities with lease terms of less than 1 year to 7 years.
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Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Note H—Goodwill The following table sets forth the activity in goodwill from December 31, 2021, through December 31, 2023 (in thousands):
(a)In December 2022, the Company, through its wholly owned subsidiary Protiviti, acquired R2integrated (“R2i”), a digital experience agency specializing in digital solutions that integrate and accelerate customer experiences to drive impact for brands. In connection with the acquisition, the Company recorded goodwill of $15.9 million within its Protiviti segment.
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Accrued Payroll and Benefit Costs |
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Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Payroll and Benefit Costs | Note I—Accrued Payroll and Benefit Costs Accrued payroll and benefit costs consisted of the following (in thousands):
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Employee Deferred Compensation Plans |
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Deferred Compensation Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Deferred Compensation Plans | Note J—Employee Deferred Compensation Plans The Company provides various qualified defined contribution 401(k) plans covering eligible employees. The plans offer a savings feature with the Company matching employee contributions. Assets of this plan are held by an independent trustee for the benefit of participating employees. Nonqualified plans are provided for employees on a discretionary basis, including those not eligible for the qualified plans. These plans include provisions for salary deferrals and discretionary contributions. The asset value of the nonqualified plans was $571.0 million and $432.7 million as of December 31, 2023, and December 31, 2022, respectively. The Company holds these assets to satisfy the Company’s liabilities under its deferred compensation plans. The liability value for the nonqualified plans was $572.9 million and $474.1 million as of December 31, 2023, and December 31, 2022, respectively. The following table presents the Company’s compensation expense related to its qualified defined contribution plans and nonqualified plans (in thousands):
The Company has statutory defined contribution plans and defined benefit plans outside the U.S., which are not material.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note K—Income Taxes The provision for income taxes for the years ended December 31, 2023, 2022 and 2021, consisted of the following (in thousands):
Income before the provision for income taxes for the years ended December 31, 2023, 2022 and 2021, consisted of the following (in thousands):
The income taxes shown above varied from the statutory federal income tax rates for these periods as follows:
The deferred portion of the tax provision (benefit) consisted of the following (in thousands):
The components of the deferred income tax amounts at December 31, 2023 and 2022, were as follows (in thousands):
Credits and net operating loss carryforwards include tax-effected net operating losses in foreign countries of $26.5 million that expire in 2024 and later, and foreign tax credits of $1.6 million that expire in 2029 and later. Valuation allowances of $24.1 million have been maintained against net operating loss carryforwards and other deferred items in foreign countries. In addition, a valuation allowance of $1.6 million has been maintained against the foreign tax credits. As of December 31, 2023, the Company’s consolidated financial statements provide for any related U.S. tax liability on earnings of international subsidiaries that may be repatriated. The following table reconciles the total amounts of gross unrecognized tax benefits from January 1, 2021, through December 31, 2023 (in thousands):
The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $11.1 million, $12.3 million and $11.3 million for 2023, 2022 and 2021, 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, 2023, is $1.0 million, including a $0.4 million increase recorded in income tax expense during the year. The total amount of interest and penalties accrued as of December 31, 2022, was $0.6 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, 2021, was $0.4 million, including a $0.1 million decrease recorded in income tax expense during the year. The Company does not believe it is reasonably possible that the settlement of tax uncertainties will occur within the next twelve months. The Company’s major income tax jurisdictions are the United States, Australia, Belgium, Brazil, Canada, Germany and the United Kingdom. For U.S. federal income tax, the Company remains subject to examination for 2020 and subsequent years. For major U.S. states, with few exceptions, the Company remains subject to examination for 2019 and subsequent years. Generally, for foreign countries, the Company remains subject to examination for 2016 and subsequent years.
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Commitments and Contingencies |
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Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note L—Commitments and Contingencies 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. 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 $14.3 million and $14.1 million in debt support standby letters of credit as of December 31, 2023 and 2022, respectively. Of the debt support standby letters of credit outstanding, as of December 31, 2023 and 2022, $14.3 million and $14.1 million, respectively, satisfied workers’ compensation insurer’s collateral requirements. There is a service fee of 1.1% to 1.2% on the used portion of the facility. The facility is subject to certain financial covenants and expires on August 31, 2024. The Company was in compliance with these covenants as of December 31, 2023. The Company intends to renew this facility prior to its August 31, 2024 expiration. In May 2023, the Company entered into an amendment to extend the maturity of its $100 million unsecured revolving credit facility (the “Credit Agreement”) to May 2026. Borrowings under the Credit Agreement will bear interest in accordance with the terms of the borrowing which, effective May 2023, will be calculated according to the Adjusted Term Secured Overnight Financing Rate (“SOFR”), or an alternative base rate, plus an applicable margin. The Credit Agreement is subject to certain financial covenants and the Company was in compliance with these covenants as of December 31, 2023. There were no borrowings under the Credit Agreement as of December 31, 2023 or December 31, 2022.
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Note M—Stockholders’ Equity Stock Repurchase Program. As of December 31, 2023, the Company is authorized to repurchase, from time to time, up to 10.8 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, 2023, 2022 and 2021, are reflected in the following table (in thousands):
Additional stock repurchases were made in connection with employee stock plans, whereby Company shares were tendered by employees for the payment of applicable statutory withholding taxes. The number and the cost of employee stock plan repurchases made during the years ended December 31, 2023, 2022 and 2021, are reflected in the following table (in thousands):
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, 2023, 2022 and 2021 (consisting of purchase of shares for the treasury) is presented in the Consolidated Statements of Stockholders’ Equity. Dividends. The Company’s Board of Directors may, at their discretion, declare and pay cash dividends upon the shares of the Company’s stock, either out of the Company’s retained earnings or additional paid-in capital. The dividends declared per share were $1.92, $1.72 and $1.52 during the years ended December 31, 2023, 2022 and 2021, respectively. Repurchases of shares and issuances of dividends are applied first to the extent of retained earnings and any remaining amounts are applied to additional paid-in capital.
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Stock Plans |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Plans | Note N—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. Recipients of restricted stock do not pay any cash consideration to the Company for the shares and have the right to vote all shares subject to such grant. Restricted stock grants 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. During the year ended December 31, 2023, the Company granted performance shares to its executives in the form of restricted stock. The shares granted contain (1) a performance condition based on Return on Invested Capital (“ROIC”), and (2) a market condition based on Total Shareholder Return (“TSR”). The ROIC performance condition and the TSR market condition measure the Company’s performance against a peer group. Shares will be delivered at the end of a three-year vesting, TSR and ROIC performance period based on the Company’s actual performance compared to the peer group. The ROIC performance condition is calculated first and has a range of possible outcomes of zero percent (0%) to one-hundred fifty percent (150%). The TSR condition is considered a modifier of the ROIC performance condition. The range for the TSR condition is seventy-five percent (75%) to one-hundred twenty-five percent (125%). The result calculated by multiplying the ROIC percentage by the TSR percentage is used to calculate the actual number of shares earned. The fair value of this award was determined using a Monte Carlo simulation with the following weighted average assumptions: a historical volatility of 33.2%, a 0% dividend yield, and a risk-free interest rate of 3.8%. The historical volatility was based on the most recent 2.8-year period for the Company and the components of the peer group. The stock price movements have been modeled such that the dividends are incorporated in the returns of each company’s stock, therefore the Monte Carlo simulation reflects a 0% dividend yield for each stock. The use of a 0% dividend yield is mathematically equivalent to including the dividends in the calculation of TSR. The risk-free interest rate is equal to the yield, as of the valuation date, of the zero-coupon U.S. Treasury bill that is commensurate with the remaining performance period. Unrecognized compensation cost is expected to be recognized over the next four years. Total unrecognized compensation cost, net of estimated forfeitures, for restricted stock and stock units was $93.7 million, $85.4 million and $75.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table reflects activity under all stock plans from December 31, 2020 through December 31, 2023, and the weighted average exercise prices (in thousands, except per share amounts):
The total fair value of shares vested was $62.3 million, $87.8 million and $78.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, 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 3.0 million.
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Net Income Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | Note O—Net Income Per Share The calculation of net income per share for the years ended December 31, 2023, 2022 and 2021, are reflected in the following table (in thousands, except per share amounts):
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Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Note P—Business Segments The Company has three reportable segments: contract talent solutions, permanent placement talent solutions, and Protiviti. Operating segments are defined as components of the Company for which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The contract talent solutions and permanent placement talent solutions segments provide specialized engagement professionals and full-time personnel, respectively, for finance and accounting, technology, marketing and creative, legal, administrative, and customer support roles. The Protiviti 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 before net interest income, intangible assets amortization expense and income taxes. The following table provides a reconciliation of service revenues and segment income by reportable segment to consolidated results (in thousands):
Service revenues presented above are shown net of eliminations of intersegment revenues. Intersegment revenues between contract talent solutions segment and Protiviti segment were $442.3 million, $552.2 million and $580.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Revenue and direct costs related to the intersegment activity are reflected in the Protiviti segment, including the costs of candidate payroll, fringe benefits and incremental recruiter compensation. 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 service revenues and long-lived assets by geographic location (in thousands):
(a)No customer accounted for more than 10% of the Company’s total service revenues in any year presented. (b)No country represented more than 10% of revenues in any year presented.
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Subsequent Events |
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Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||
Subsequent Events | Note Q—Subsequent Events On February 13, 2024, the Company announced the following:
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Schedule II - Valuation and Qualifying Accounts |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts (in thousands)
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||
Nature of Operations | Nature of Operations. Robert Half Inc. (the “Company”) is a specialized talent solutions and business consulting firm that connects opportunities at great companies with highly skilled job seekers. Robert Half® offers contract talent solutions and permanent placement talent solutions for finance and accounting, technology, marketing and creative, legal, administrative, and customer support roles. Robert Half is also the parent company of Protiviti®, a global consulting firm that provides internal audit, risk, business, and technology consulting solutions. The Company operates in North America, South America, Europe, Asia, and Australia. The Company is a Delaware corporation.
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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 and transactions have been eliminated in consolidation.
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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. As of December 31, 2023, such estimates include allowances for credit losses, variable consideration, workers’ compensation losses, accrued medical expenses, 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. | ||||||||||||||||||||||||||||||
Service Revenues and Costs of Services | Service Revenues. The Company derives its revenues from three segments: contract talent solutions, permanent placement talent solutions, and Protiviti. 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. See Note C—“Revenue Recognition” for further discussion of the revenue recognition accounting policy. Costs of Services. Direct costs of contract talent solutions consist of payroll, payroll taxes, and benefit costs for the Company’s engagement professionals, as well as reimbursable expenses. Direct costs of permanent placement talent solutions consist of reimbursable expenses. Protiviti direct costs of services include professional staff payroll, payroll taxes and benefit costs, as well as reimbursable expenses.
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Advertising Costs | Advertising Costs. The Company expenses all advertising costs as incurred. | ||||||||||||||||||||||||||||||
(Income) Loss from Investments Held in Employee Deferred Compensation Trusts | (Income) Loss from Investments Held in Employee Deferred Compensation Trusts. Under the Company’s employee deferred compensation plans, employees direct the investment of their account balances, and the Company invests amounts held in the associated investment trusts consistent with these directions. As realized and unrealized investment gains and losses occur, the Company’s deferred compensation obligation to employees changes and adjustments are recorded in selling, general and administrative expenses or, in the case of Protiviti, costs of services. The value of the related investment trust assets also changes by an equal and offsetting amount, leaving no net cost to the Company. The Company’s (income) loss from investments held in employee deferred compensation trusts consists primarily of unrealized and realized gains and losses and dividend income from trust investments and is presented separately on the Consolidated Statements of Operations.
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Comprehensive Income (Loss) | Comprehensive Income (Loss). Comprehensive income (loss) includes net income and certain other items that are recorded directly to stockholders’ equity. The Company’s only sources of other comprehensive income (loss) are foreign currency translation and foreign defined benefit plan adjustments.
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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. This includes money market funds that meet the requirements to be treated as cash equivalents. However, money market funds held in investment trusts that are being used as investments to satisfy the Company’s obligations under its employee deferred compensation plans are treated as investments and are included in employee deferred compensation trust assets on the Consolidated Statements of Financial Position.
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Fair Value of Financial Instruments | Fair Value of Financial Instruments. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market to measure fair value, summarized as follows: Level 1: observable inputs for identical assets or liabilities, such as quoted prices in active markets Level 2: inputs other than the quoted prices in active markets that are observable either directly or indirectly Level 3: unobservable inputs in which there is little or no market data, which requires management’s best estimates and assumptions that market participants would use in pricing the asset or liability The carrying value of cash, net accounts receivable, and accounts payable and accrued expenses approximates fair value because of their short-term nature. The Company holds mutual funds and money market funds to satisfy its obligations under its employee deferred compensation plans which are carried at fair value based on quoted market prices in active markets for identical assets (level 1).
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Allowance for Credit Losses | Allowance for Credit Losses. The Company is exposed to credit losses resulting from the inability of its customers to make required payments. The Company establishes an allowance for these potential credit losses based on its review of customers’ credit profiles, historical loss statistics, prepayments, recoveries, age of customer receivable balances, current business conditions and macroeconomic trends. The Company considers risk characteristics of trade receivables based on asset type and geographical locations to evaluate trade receivables on a collective basis. The Company applies credit loss estimates to these pooled receivables to determine expected credit losses.
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Property and Equipment | Property and Equipment. Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the following useful lives:
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Internal-use Software | Internal-use Software. The Company develops and implements software for internal use to enhance the performance and capabilities of the operating technology infrastructure. Direct costs incurred for the development of internal-use software are capitalized from the time when the completion of the internal-use software is considered probable until the software is ready for use. All other preliminary and planning stage costs are expensed as incurred. Cloud computing implementation costs incurred in hosting arrangements are capitalized and reported as a component of other current assets and other noncurrent assets, while all other capitalized internal-use software development costs are reported as a component of computer software within property and equipment on the Consolidated Statements of Financial Position. Capitalized software costs are amortized using the straight-line method over the estimated useful life of the software, ranging from to five years. | ||||||||||||||||||||||||||||||
Leases | Leases. The Company determines if a contractual arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and noncurrent operating lease liabilities on the Consolidated Statements of Financial Position. The Company does not currently have finance leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the possession date (generally, this is the commencement date) of the lease based on the present value of lease payments over the lease term. The lease payments included in the present value are fixed lease payments and fixed management fees. The operating lease ROU assets include any payments made before the commencement date and exclude lease incentives. As most of the Company’s leases do not provide an implicit rate, the Company estimates its collateralized incremental borrowing rate, based on information available at the commencement date, in determining the present value of lease payments. The Company applies the portfolio approach in applying discount rates to its classes of leases. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company does not have any material subleases. The Company does not currently have residual value guarantees or restrictive covenants in its leases. The Company has contracts with lease and non-lease components, which are accounted for on a combined basis.
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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 to five years. Goodwill is not amortized, but is tested at least annually for impairment. The Company completed its annual goodwill impairment assessment during the second quarter in each of the years ended December 31, 2023, 2022 and 2021, 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, 2023, that caused the Company to perform an interim impairment assessment.
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Income Taxes | Income Taxes. The Company’s operations are subject to U.S. federal, state, 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. 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.
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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 the ongoing medical and indemnity costs for claims filed, which 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 include 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.
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Accrued Medical Expenses | Accrued Medical Expenses. The Company offers several medical plans to its employees and retains the economic burden for the first $1.0 million per claimant per year in medical claims. Claims in excess of $1.0 million per year per claimant are insured. Medical expense includes the insurance premiums for claims in excess of $1.0 million, claims administration fees, prescription fees and reimbursements, and an estimate for the Company’s liability for IBNR claims and for the ongoing development of existing claims. Medical expenses are presented as a component of selling, general and administrative expenses, or in the case of risk consulting and internal audit services, costs of services in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||
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 international subsidiaries is their local currency. The results of operations of the Company’s international subsidiaries are translated at the monthly average exchange rates prevailing during the period. The financial position of the Company’s international 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 (loss) 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.
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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. 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 fair value.
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New Accounting Pronouncements | Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Not Yet Adopted Segment Reporting. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU is effective for public filers for fiscal periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, however early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures. Income Tax Disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public filers must disclose annually (1) specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold, if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate. The new guidance is effective for public filers for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Deferred Compensation Plans | The following table presents the Company’s (income) loss from investments held in employee deferred compensation trusts (in thousands):
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Schedule of Allocation of Plan Assets | The following table summarizes the Company’s financial instruments by significant category and fair value measurement on a recurring basis (in thousands):
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Schedule of Accounts Receivable, Allowance for Credit Loss | The following table sets forth the activity in the allowance for credit losses from December 31, 2021, through December 31, 2023 (in thousands):
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Schedule of Depreciation Expense Computed Using Straight-Line Method over Useful Lives | Depreciation is computed using the straight-line method over the following useful lives:
Property and equipment consisted of the following (in thousands):
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Revenue Recognition (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue Disaggregated by Functional Specialization and Segments | The following table presents the Company’s revenues disaggregated by functional specialization and segments (in thousands):
(a)Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to the Company’s Protiviti segment in connection with the Company’s blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line.
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Schedule of Contract Liability Activity | The following table sets forth the activity in contract liabilities from December 31, 2021, through December 31, 2023 (in thousands):
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Other Current Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets | Other current assets consisted of the following (in thousands):
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Property and Equipment, Net (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Property and Equipment | Depreciation is computed using the straight-line method over the following useful lives:
Property and equipment consisted of the following (in thousands):
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Other Noncurrent Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Noncurrent Assets | Other noncurrent assets consisted of the following (in thousands):
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information related to leases consisted of the following (in thousands):
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Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases consisted of the following:
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Schedule of Future Minimum Lease Payments | Future minimum lease payments under non-cancelable leases as of December 31, 2023, were as follows (in thousands):
(a) Includes current portion of $80.5 million for operating leases.
|
Goodwill (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity in Goodwill | The following table sets forth the activity in goodwill from December 31, 2021, through December 31, 2023 (in thousands):
(a)In December 2022, the Company, through its wholly owned subsidiary Protiviti, acquired R2integrated (“R2i”), a digital experience agency specializing in digital solutions that integrate and accelerate customer experiences to drive impact for brands. In connection with the acquisition, the Company recorded goodwill of $15.9 million within its Protiviti segment.
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Accrued Payroll and Benefit Costs (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Payroll and Benefit Costs | Accrued payroll and benefit costs consisted of the following (in thousands):
|
Employee Deferred Compensation Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Compensation Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contribution Plans and Nonqualified Plans | The following table presents the Company’s compensation expense related to its qualified defined contribution plans and nonqualified plans (in thousands):
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision for Income Taxes | The provision for income taxes for the years ended December 31, 2023, 2022 and 2021, consisted of the following (in thousands):
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Schedule of Income Before Provision for Income Taxes | Income before the provision for income taxes for the years ended December 31, 2023, 2022 and 2021, consisted of the following (in thousands):
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Schedule of 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:
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Schedule of Deferred Portion of Tax Provision (Benefit) | The deferred portion of the tax provision (benefit) consisted of the following (in thousands):
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Schedule of Components of Deferred Income Tax Amounts | The components of the deferred income tax amounts at December 31, 2023 and 2022, were as follows (in thousands):
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Schedule of Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits | The following table reconciles the total amounts of gross unrecognized tax benefits from January 1, 2021, through December 31, 2023 (in thousands):
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Stockholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Number and Cost of Common Stock Shares Repurchased | The number and the cost of common stock shares repurchased during the years ended December 31, 2023, 2022 and 2021, are reflected in the following table (in thousands):
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Schedule of 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, 2023, 2022 and 2021, are reflected in the following table (in thousands):
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Stock Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity Under All Stock Plans and Weighted Average Exercise Prices | The following table reflects activity under all stock plans from December 31, 2020 through December 31, 2023, and the weighted average exercise prices (in thousands, except per share amounts):
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Net Income Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Net Income Per Share | The calculation of net income per share for the years ended December 31, 2023, 2022 and 2021, are reflected in the following table (in thousands, except per share amounts):
|
Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Revenue and Operating Income by Reportable Segment to Consolidated Results | The following table provides a reconciliation of service revenues and segment income by reportable segment to consolidated results (in thousands):
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Schedule of Revenue and Long-Lived Assets by Geographic Location | The following tables represent service revenues and long-lived assets by geographic location (in thousands):
(a)No customer accounted for more than 10% of the Company’s total service revenues in any year presented. (b)No country represented more than 10% of revenues in any year presented.
|
Subsequent Events (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||
Schedule of Subsequent Events | On February 13, 2024, the Company announced the following:
|
Summary of Significant Accounting Policies - Additional Information (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023
USD ($)
segment
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Finite-Lived Intangible Assets [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Advertising costs | $ 54,800,000 | $ 55,600,000 | $ 49,300,000 | |
Provision for workers' compensation claims threshold | 500,000 | |||
Medical claims | 1,000,000 | |||
Deferred tax valuation allowance | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Valuation allowance | $ 25,772,000 | $ 23,571,000 | $ 24,198,000 | $ 24,132,000 |
Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, useful life | 2 years | |||
Minimum | Internal-use Software | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Internal-use Software, useful life | 2 years | |||
Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, useful life | 5 years | |||
Maximum | Internal-use Software | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Internal-use Software, useful life | 5 years |
Summary of Significant Accounting Policies - Company's (Income) Loss from Investments Held in Employee Deferred Compensation Trusts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Accounting Policies [Abstract] | |||
Dividend income | $ (15,049) | $ (12,637) | $ (23,719) |
Realized and unrealized (gains) losses | (72,971) | 98,776 | (37,359) |
(Income) loss from investments held in employee deferred compensation trusts | $ (88,020) | $ 86,139 | $ (61,078) |
Summary of Significant Accounting Policies - Schedule of Credit Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 22,561 | $ 21,530 |
Charges to expense | 8,752 | 8,771 |
Deductions | (6,486) | (7,091) |
Other, including translation adjustments | 362 | (649) |
Ending balance | $ 25,189 | $ 22,561 |
Revenue Recognition - Remaining Performance Obligation (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Contracts expected duration | one year | one year |
Aggregate transaction price allocated to performance obligations | $ 117.7 | $ 152.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Aggregate transaction price allocated to performance obligations | $ 105.0 | |
Remaining performance obligation, expected duration | 12 months |
Revenue Recognition - Schedule of Contract Liability Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Contract Liabilities [Roll Forward] | ||
Beginning balance | $ 21,983 | $ 25,601 |
Payments in advance of satisfaction of performance obligations | 47,719 | 43,830 |
Revenue recognized | (44,862) | (47,056) |
Other, including translation adjustments | (266) | (392) |
Ending balance | $ 24,574 | $ 21,983 |
Other Current Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 67,999 | $ 69,394 |
Unamortized cloud computing implementation costs | 31,049 | 56,108 |
Other | 34,433 | 49,963 |
Other current assets | $ 133,481 | $ 175,465 |
Property and Equipment, Net (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 657,522 | $ 648,385 |
Accumulated depreciation | (548,713) | (538,698) |
Property and equipment, net | 108,809 | 109,687 |
Computer hardware | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | 150,165 | 160,028 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | 220,004 | 219,863 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | 99,547 | 96,601 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 187,806 | $ 171,893 |
Other Noncurrent Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Assets [Abstract] | ||
Unamortized cloud computing implementation costs | $ 15,047 | $ 0 |
Other intangible assets, net | 2,433 | 5,317 |
Other noncurrent assets | $ 17,480 | $ 5,317 |
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Operating Leased Assets [Line Items] | |||
Option to extend lease term | 7 years | ||
Option to terminate lease term | 1 year | ||
Operating lease expense | $ 89.0 | $ 89.3 | $ 86.6 |
Operating leases, not yet commenced, amount | $ 9.4 | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Remaining lease term | 1 year | ||
Operating leases, not yet commenced, term | 1 year | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Remaining lease term | 12 years | ||
Operating leases, not yet commenced, term | 7 years |
Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Cash Flow, Operating Activities, Lessee [Abstract] | |||
Cash paid for operating lease liabilities | $ 94,633 | $ 93,302 | $ 91,253 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 91,762 | $ 63,622 | $ 51,471 |
Weighted average remaining lease term: | |||
Weighted average remaining lease term for operating leases | 4 years 3 months 18 days | 3 years 6 months | 3 years 10 months 24 days |
Operating leases, weighted average discount rate, percent | |||
Weighted average discount rate for operating leases | 3.20% | 2.20% | 2.30% |
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2024 | $ 86,966 | |
2025 | 56,994 | |
2026 | 44,379 | |
2027 | 26,819 | |
2028 | 15,585 | |
Thereafter | 33,295 | |
Less: Imputed interest | (22,139) | |
Present value of operating lease liabilities | 241,899 | |
Current operating lease liabilities | $ 80,459 | $ 86,083 |
Goodwill (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Goodwill [Roll Forward] | |||
Beginning balance | $ 237,810 | $ 222,855 | |
Acquisition | 15,892 | ||
Foreign currency translation and other adjustments | 160 | (937) | |
Ending balance | $ 237,810 | 237,970 | 237,810 |
Contract talent solutions | |||
Goodwill [Roll Forward] | |||
Beginning balance | 134,118 | 134,584 | |
Acquisition | 0 | ||
Foreign currency translation and other adjustments | 169 | (466) | |
Ending balance | 134,118 | 134,287 | 134,118 |
Permanent placement talent solutions | |||
Goodwill [Roll Forward] | |||
Beginning balance | 26,098 | 26,189 | |
Acquisition | 0 | ||
Foreign currency translation and other adjustments | 33 | (91) | |
Ending balance | 26,098 | 26,131 | 26,098 |
Protiviti | |||
Goodwill [Roll Forward] | |||
Beginning balance | 77,594 | 62,082 | |
Acquisition | 15,900 | 15,892 | |
Foreign currency translation and other adjustments | (42) | (380) | |
Ending balance | $ 77,594 | $ 77,552 | $ 77,594 |
Accrued Payroll and Benefit Costs - Accrued Payroll/Benefit Costs and Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Payables and Accruals [Abstract] | ||
Payroll and benefits | $ 367,830 | $ 423,439 |
Payroll taxes | 31,439 | 33,559 |
Workers’ compensation | 14,664 | 15,312 |
Accrued payroll and benefit costs | $ 413,933 | $ 472,310 |
Employee Deferred Compensation Plans - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deferred Compensation Plans [Abstract] | ||
Employee deferred compensation trust assets | $ 571,046 | $ 432,734 |
Employee deferred compensation plan obligations | $ 572,913 | $ 474,111 |
Employee Deferred Compensation Plans - Compensation Expense Related to Qualified and Nonqualified Plans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Deferred Compensation Plans [Abstract] | |||
Contribution expense | $ 42,428 | $ 50,406 | $ 47,119 |
Increase (decrease) in employee deferred compensation expense related to changes in the fair value of trust assets | 88,020 | (86,139) | 61,078 |
Total compensation expense related to qualified defined contribution plans and nonqualified plans | $ 130,448 | $ (35,733) | $ 108,197 |
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Current: | |||
Federal | $ 108,825 | $ 137,483 | $ 137,862 |
State | 38,365 | 47,032 | 47,226 |
Foreign | 34,885 | 40,204 | 41,464 |
Deferred: | |||
Federal and state | (16,266) | 13,542 | (22,515) |
Foreign | (372) | 775 | 1,117 |
Provision for income taxes | $ 165,437 | $ 239,036 | $ 205,154 |
Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ 485,291 | $ 780,624 | $ 676,445 |
Foreign | 91,292 | 116,331 | 127,335 |
Income before income taxes | $ 576,583 | $ 896,955 | $ 803,780 |
Income Taxes - Difference of Income Taxes from Statutory Federal Income Tax Rates (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||
Federal U.S. income tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal tax benefit | 4.70% | 4.70% | 4.50% |
Permanent book/tax differences | 0.40% | 0.30% | (0.40%) |
Compensation book/tax differences | 1.30% | 0.70% | 0.70% |
Non-U.S. income taxed at different rates, net of foreign tax credits | 2.50% | 1.70% | 1.90% |
Federal tax credits | (0.80%) | (1.00%) | (1.60%) |
Tax impact of uncertain tax positions | (0.10%) | 0.10% | 0.30% |
Other, net | (0.30%) | (0.90%) | (0.90%) |
Effective tax rate | 28.70% | 26.60% | 25.50% |
Income Taxes - Deferred Portion of Tax Provision (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||
Accrued expenses, deducted for tax when paid | $ (23,456) | $ 41,953 | $ (32,741) |
Internal-use software and capitalized costs | (11,054) | (7,930) | 462 |
Depreciation | (330) | 4,608 | (2,286) |
Unrealized gains (losses) from investments held in employee deferred compensation trusts | 19,139 | (26,009) | 8,167 |
Other, net | (937) | 1,695 | 5,000 |
Deferred portion of the tax provision (benefit) | $ (16,638) | $ 14,317 | $ (21,398) |
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Taxes [Line Items] | |||
Valuation allowance | $ 25,772 | $ 23,571 | |
Unrecognized tax benefits, impact on effective tax rate | 11,100 | 12,300 | $ 11,300 |
Accrued interest and penalties | 1,000 | 600 | 400 |
Increase (decrease) in income tax expense | 400 | $ 200 | $ (100) |
Foreign Countries | |||
Income Taxes [Line Items] | |||
Valuation allowance | 24,100 | ||
Foreign Countries | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, foreign | 26,500 | ||
California Enterprise Zone | |||
Income Taxes [Line Items] | |||
California enterprise zone tax credits | 1,600 | ||
California Enterprise Zone | California Enterprise Zone | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 1,600 |
Income Taxes - Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 12,260 | $ 11,264 | $ 9,785 |
Gross increases—tax positions in prior years | 27 | 1,528 | 3 |
Gross decreases—tax positions in prior years | 0 | (7) | 0 |
Gross increases—tax positions in current year | 769 | 1,533 | 3,370 |
Lapse of statute of limitations | (1,923) | (2,058) | (1,894) |
Balance at end of period | $ 11,133 | $ 12,260 | $ 11,264 |
Stockholders' Equity - Additional Information (Details) - $ / shares shares in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Equity [Abstract] | |||
Maximum number of shares authorized to be repurchased (in shares) | 10.8 | ||
Dividends declared per share (usd per share) | $ 1.92 | $ 1.72 | $ 1.52 |
Stockholders' Equity - Number of Cost of Common Stock Shares Repurchased (Details) - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Equity [Abstract] | |||
Common stock repurchased (in shares) | 3,047 | 3,319 | 2,796 |
Common stock repurchased | $ 231,578 | $ 280,130 | $ 260,410 |
Stockholders' Equity - Number and Cost of Employee Stock Plan Repurchases (Details) - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Equity [Abstract] | |||
Repurchases related to employee stock plans (in shares) | 331 | 362 | 347 |
Repurchases related to employee stock plans | $ 25,868 | $ 37,678 | $ 29,817 |
Net Income Per Share - Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Earnings Per Share [Abstract] | |||
Net income | $ 411,146 | $ 657,919 | $ 598,626 |
Basic: | |||
Weighted average shares (in shares) | 105,530 | 108,214 | 110,482 |
Diluted: | |||
Weighted average shares (in shares) | 105,530 | 108,214 | 110,482 |
Dilutive effect of potential common shares (in shares) | 544 | 957 | 1,236 |
Diluted weighted average shares (in shares) | 106,074 | 109,171 | 111,718 |
Net income per share: | |||
Basic (usd per share) | $ 3.90 | $ 6.08 | $ 5.42 |
Diluted (usd per share) | $ 3.88 | $ 6.03 | $ 5.36 |
Business Segments - Additional Information (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023
USD ($)
segment
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Service revenues | $ (6,392,517) | $ (7,238,142) | $ (6,461,444) |
Elimination of intersegment revenues | |||
Segment Reporting Information [Line Items] | |||
Service revenues | $ 442,326 | $ 552,231 | $ 580,379 |
Business Segments - Reconciliation of Revenue and Operating Income by Reportable Segment to Consolidated Results (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Segment Reporting Information [Line Items] | |||
Service revenues | $ 6,392,517 | $ 7,238,142 | $ 6,461,444 |
Segment income | 555,493 | 890,614 | 805,824 |
Amortization of intangible assets | 2,883 | 1,667 | 2,241 |
Interest income, net | (23,973) | (8,008) | (197) |
Income before income taxes | 576,583 | 896,955 | 803,780 |
Contract talent solutions | |||
Segment Reporting Information [Line Items] | |||
Service revenues | 3,895,332 | 4,532,847 | 4,038,743 |
Segment income | 292,815 | 492,281 | 393,872 |
Permanent placement talent solutions | |||
Segment Reporting Information [Line Items] | |||
Service revenues | 567,486 | 725,155 | 569,921 |
Segment income | 75,004 | 127,622 | 106,465 |
Protiviti | |||
Segment Reporting Information [Line Items] | |||
Service revenues | 1,929,699 | 1,980,140 | 1,852,780 |
Segment income | $ 187,674 | $ 270,711 | $ 305,487 |
Business Segments - Revenue and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Service revenues | $ 6,392,517 | $ 7,238,142 | $ 6,461,444 |
Property and equipment, net | 108,809 | 109,687 | |
Domestic | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Service revenues | 4,957,163 | 5,712,330 | 5,006,525 |
Property and equipment, net | 87,664 | 90,388 | |
Foreign | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Service revenues | 1,435,354 | 1,525,812 | $ 1,454,919 |
Property and equipment, net | $ 21,145 | $ 19,299 |
Subsequent Events (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Feb. 13, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Subsequent Event [Line Items] | ||||
Quarterly dividend per share (usd per share) | $ 1.92 | $ 1.72 | $ 1.52 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Quarterly dividend per share (usd per share) | $ 0.53 |
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