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60 Notes to Consolidated Financial Statements Manpower Annual Report 2008
Notes To Consolidated Financial Statements
in millions, except per share data
Fees associated with the amounts advanced were $0.9, $0.3 and $0.4 in 2008, 2007 and 2006, respectively, and were
recorded as Other Expense in the consolidated statements of operations.
07.
Goodwill
Changes in the carrying value of goodwill by reportable segment are as follows:
Other Jefferson Right Other
United States France EMEA Italy Wells Management Operations Corporate Total
Balance, December 31, 2006 $ 81.5 $ — $ 216.8 $ 1.7 $ 0.6 $ 143.1 $ 49.1 $ 479.8 $ 972.6
Goodwill acquired 34.2 0.2 2.0 — — 7.1 14.5 3.6 61.6
Currency impact and other — — 5.6 0.2 — 1.1 5.1 (0.3) 11.7
Balance, December 31, 2007 115.7 0.2 224.4 1.9 0.6 151.3 68.7 483.1 1,045.9
Goodwill acquired 35.2 3.4 91.5 3.0 0.4 4.3 1.3 2.1 141.2(1)
Currency impact and other — — (54.5) (0.1) — (15.6) (2.1) (1.1) (73.4)
Impairment charge — — — — — — — (140.8)(2) (140.8)
Balance, December 31, 2008 $ 150.9 $ 3.6 $ 261.4 $ 4.8 $ 1.0 $ 140.0 $ 67.9 $ 343.3(3) $ 972.9
(1) Majority of the balance relates to the U.S. franchise acquisitions and Vitae in the Netherlands.
(2) For further information on the goodwill impairment charge, see Note 1 to the consolidated financial statements.
(3) Majority of the balance relates to the Corporate acquisitions of Right Management and Jefferson Wells.
There were no significant reductions to goodwill as a result of dispositions or impairments during 2007 or 2006.
08.
Debt
Information concerning Short-Term Borrowings is as follows:
December 31 2008 2007
Short-term borrowings $ 51.0 $ 39.0
Weighted-average interest rates 9.0% 12.7%
We maintain separate bank credit lines with financial institutions to meet working capital needs of our subsidiary operations.
As of December 31, 2008, such credit lines totaled $376.5, of which $325.5 was unused. We have no significant
compensating balance requirements or commitment fees related to these lines. Due to limitations on subsidiary borrowings
in our revolving credit agreement, additional borrowings of $247.8 could be made under these facilities as of December 31,
2008.
A summary of Long-Term Debt is as follows:
December 31 2008 2007
Euro-denominated notes:
€300 due June 2012 $ 418.2 $ 436.6
€200 due June 2013 278.4 290.5
Revolving credit agreement:
Euro-denominated borrowings, at a rate of 5.71% 139.7 145.9
Other:
Accounts receivable securitization 64.0 —
Other 1.6 2.5
901.9 875.5
Less: current maturities 64.6 0.7
Long-term debt $ 837.3 $ 874.8