ManpowerGroup Inc. Leases Disclosure
(13) Leases
The components of lease expense were as follows:
Year Ended December 31 |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Operating lease expense |
|
$ |
135.2 |
|
|
$ |
129.7 |
|
|
$ |
137.4 |
|
Short-term lease expense |
|
|
18.5 |
|
|
|
15.3 |
|
|
|
4.9 |
|
Variable lease expense |
|
|
7.1 |
|
|
|
6.8 |
|
|
|
13.1 |
|
Total lease expense |
|
$ |
160.8 |
|
|
$ |
151.8 |
|
|
$ |
155.4 |
|
Other information related to leases was as follows:
Year Ended December 31 |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Cash paid for amounts included in the measurement of liabilities |
|
$ |
130.9 |
|
|
$ |
119.7 |
|
|
$ |
132.0 |
|
Right-of-use assets obtained in exchange for new liabilities |
|
|
100.5 |
|
|
|
82.2 |
|
|
|
135.6 |
|
Weighted-average remaining lease term – operating leases |
|
5.2 years |
|
|
5.2 years |
|
|
5.6 years |
|
|||
Weighted-average discount rate – operating leases |
|
|
4.0 |
% |
|
|
4.0 |
% |
|
|
3.8 |
% |
Maturities of operating lease liabilities as of December 31, 2025 were as follows:
|
|
Operating Leases |
|
|
2026 |
|
$ |
122.0 |
|
2027 |
|
|
96.7 |
|
2028 |
|
|
74.5 |
|
2029 |
|
|
53.9 |
|
2030 |
|
|
41.9 |
|
Thereafter |
|
|
69.6 |
|
Total future undiscounted lease payments |
|
|
458.6 |
|
Less imputed interest |
|
|
(46.9 |
) |
Total operating lease liabilities |
|
$ |
411.7 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 22, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.