ManpowerGroup 2012 Annual Report Download - page 71

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Goodwill balances by reporting unit were as follows:
December 31 December 31,
2012 January 1,
2012
United States $ 504.0 $503.8
France 83.8 42.1
Netherlands (Vitae) 80.7 79.3
Right Management 62.1 60.3
Other reporting units
(1)
310.7 299.2
Total goodwill $ 1,041.3 $984.7
(1) Elan reporting unit, which carried $123.8 of goodwill as of December 31, 2011, was integrated into other reporting units within our Northern Europe
reportable segment as of January 1, 2012.
07.
Debt
Information concerning short-term borrowings is as follows:
December 31 2012 2011
Short-term borrowings $ 43.3 $42.4
Weighted-average interest rates 9.1% 11.9%
We maintain separate bank credit lines with financial institutions to meet working capital needs of our subsidiary operations.
As of December 31, 2012, such uncommitted credit lines totaled $379.4, of which $334.8 was unused. Due to limitations
on subsidiary borrowings in our revolving credit agreement, additional subsidiary borrowings of $255.4 could be made
under these facilities as of December 31, 2012.
A summary of long-term debt is as follows:
December 31 2012 2011
Euro-denominated notes:
€350 due June 2018 $ 461.7 $ —
€200 due June 2013 263.8 258.9
€300 due June 2012 —388.7
Other 1.3 10.2
726.8 657.8
Less — current maturities 264.7 391.8
Long-term debt $ 462.1 $ 266.0
EURO NOTES
On June 22, 2012, we offered and sold €350.0 aggregate principal amount of the Company’s 4.50% notes due June 22,
2018 (the “€350.0 Notes”). The net proceeds from the €350.0 Notes of €348.7 were used to repay borrowings under our
$800.0 revolving credit facility that were drawn in May to repay our €300.0 notes that matured on June 1, 2012 and for
general corporate purposes. The €350.0 Notes were issued at a price of 99.974% to yield an effective interest rate of
4.505%. Interest on the €350.0 Notes is payable in arrears on June 22 of each year.
We also have €200.0 aggregate principal amount of 4.75% notes due June 14, 2013 (the “€200.0 Notes”). The €200.0
Notes were issued at a price of 99.349% to yield an effective interest rate of 4.862%. The discount of €1.3 ($1.6) is being
amortized to interest expense over the term of the €200.0 Notes. Interest on the €200.0 Notes is payable in arrears on
June 14 of each year.
Both the €350.0 Notes and €200.0 Notes are unsecured senior obligations and rank equally with all of our existing and
future senior unsecured debt and other liabilities. We may redeem these notes, in whole but not in part, at our option at any
time for a redemption price determined in accordance with the term of the notes. These notes also contain certain
customary non-financial restrictive covenants and events of default.
69
Notes to Consolidated Financial Statements ManpowerGroup 2012 Annual Report