ManpowerGroup 2009 Annual Report Download - page 72

Notes To Consolidated Financial Statements
in millions, except share and per share data
70 Manpower 2009 Annual Report Notes to Consolidated Financial Statements
GUARANTEES
We have entered into certain guarantee contracts and stand-by letters of credit that total $163.3 ($120.3 for guarantees and
$43.0 for stand-by letters of credit). The guarantees primarily relate to operating leases and indebtedness. The stand-by
letters of credit relate to insurance requirements and debt facilities. If certain conditions were met under these arrangements,
we would be required to satisfy our obligation in cash. Due to the nature of these arrangements and our historical experience,
we do not expect to make any signifi cant payments under these arrangements.
15.
Segment Data
During the fi rst quarter of 2009, our segment reporting was realigned due to a change in our management structure. Other
Americas and Asia Pacifi c, previously reported in Other Operations, are now separate reportable segments. The United
States and Other Americas reportable segments are reported as Americas. The Italy and Other EMEA reportable segments are
reported as the EMEA segment. All previously reported results have been restated to conform to the current year presentation.
We are organized and managed primarily on a geographic basis, with the exception of Jefferson Wells and Right Management,
which are operated as separate global business units. Each country and business unit primarily has its own distinct
operations, is managed locally by its own management team and maintains its own fi nancial reports. Each operation reports
directly, or indirectly through a regional manager, to a member of executive management. Given this reporting structure, all of
our operations have been segregated into the following reporting segments: Americas, which includes United States and
Other Americas; France; EMEA (Europe, Middle East and Africa, excluding France), which includes Italy and Other EMEA;
Asia Pacifi c; Right Management; and Jefferson Wells.
The Americas, France, EMEA, and Asia Pacifi c segments derive a signifi cant majority of their revenues from the placement of
contingent workers. The remaining revenues within these segments are derived from other human resource services,
including permanent employee recruitment, temporary and permanent employee testing, selection, and training and
Manpower Business Solutions (MBS); MBS includes task outsourcing, vendor management, onsite human resource services
and Recruitment Process Outsourcing (RPO). The Jefferson Wells segment revenues are derived from services related to risk
advisory, tax, and fi nance and accounting. The Right Management segment revenues are derived from outplacement and
consulting services. Segment revenues represent sales to external clients primarily within a single segment. Due to the nature
of our business, we generally do not have export or intersegment sales. We provide services to a wide variety of clients, none
of which individually comprise a signifi cant portion of revenue for us as a whole.
The accounting policies of the segments are the same as those described in the summary of signifi cant accounting policies.
We evaluate performance based on Operating Unit Profi t, which is equal to segment revenues less direct costs and branch
and national headquarters operating costs. This profi t measure does not include amortization of intangibles related to the
acquisition of Right Management, interest and other income and expense amounts or income taxes. Total assets for the
segments are reported after the elimination of investments in subsidiaries and intercompany accounts.