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MANPOWER INC. 2004 Annual Report83
and any deferred benefits earn interest based on the effective yield on a fixed 10-year U.S. Treasury note at the beginning
of each year. Participants become vested in the deferred benefits if they are still employed by Manpower when they
reach age 50 with 15 years of service, when they reach age 62, or in certain other circumstances. As of December 31,
approximately $1.2 million has been earned under this plan.
We also maintain a non-qualified deferred compensation plan for certain employees at RMC. Under the plan, participants
may defer from their pre-tax income, payments of up to a maximum of 15% of their total compensation. A matching
contribution is made of 25% of the participating employees’ contributions to the plan. Additional contributions are made
to the plan if certain internal financial targets are met. In 2004, no additional contributions were made to the plan. Contributions
vest at 33.3% over a three-year period from the employee’s date of hire. Our contributions were $0.2 for 2004.
10.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The components of Accumulated Other Comprehensive Income (Loss), net of tax, are as follows:
December 31 2004 2003 2002
Foreign currency translation $ 133.6 $ 47.3 $ (99.5)
Unrealized gain (loss) on investments 4.7 1.3 (3.5)
Unrealized loss on derivatives (11.4) (8.9) (12.3)
Minimum pension liability adjustment (17.5) (11.4) (8.4)
$ 109.4 $ 28.3 $ (123.7)
11.
LEASES
We lease property and equipment primarily under operating leases. Renewal options exist for substantially all leases.
Future minimum payments, by year and in the aggregate, under noncancelable operating leases with any remaining term
consist of the following as of December 31, 2004:
Year
2005 $ 172.1
2006 136.0
2007 95.2
2008 67.2
2009 49.4
Thereafter 92.5
Total minimum lease payments $ 612.4
Rental expense for all operating leases was $215.7, $167.2, and $148.3 for the years ended December 31, 2004,
2003, and 2002, respectively.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
in millions, except share and per share data