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MANPOWER INC. 2004 Annual Report75
06.
GOODWILL
Changes in the carrying value of goodwill by reportable segment are as follows:
Jefferson Other
United States EME A Wells Right Operations Total
Balance, December 31, 2002 $ 79.8 $ 177.2 $ 149.9 $ 67.2 $ 44.6 $ 518.7
Goodwill acquired throughout
the year 1.3 1.8 — 2.6 — 5.7
Currency impact and other — 17.2 — (7.9) 6.8 16.1
Balance, December 31, 2003 81.1 196.2 149.9 61.9 51.4 540.5
Goodwill acquired throughout
the year — 3.2 — 389.6 1.0 393.8
Currency impact and other — 15.8 (1.0) (0.6) 1.4 15.6
Balance, December 31, 2004 $ 81.1 $ 215.2 $ 148.9 $ 450.9 $ 53.8 $ 949.9
There were no significant reductions to goodwill as a result of dispositions during 2004 or 2003.
07.
DEBT
Information concerning Short-Term Borrowings is as follows:
December 31 2004 2003
Short-term borrowings $ 10.1 $ 5.3
Weighted-average interest rates 7.0% 6.0%
We maintain separate bank facilities with foreign financial institutions to meet working capital needs of our foreign oper-
ations. As of December 31, 2004, such facilities totaled $295.0, of which $284.9 was unused. We have no significant
compensating balance requirements or commitment fees related to these lines.
A summary of Long-Term Debt is as follows:
December 31 2004 2003
Zero-coupon convertible debentures $ 265.3 $ 257.6
Euro-denominated notes due July 2006 271.1 251.9
Euro-denominated notes due March 2005 203.7 191.1
Revolving credit agreement:
Euro-denominated borrowings, at a rate of 3.0%, and 3.3%, respectively 135.5 126.0
Other 16.1 9.8
891.7 836.4
Less – current maturities 215.6 6.8
Long-term debt $ 676.1 $ 829.6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
in millions, except share and per share data