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ManpowerGroup | Annual Report 2014 73
Notes to Consolidated Financial Statements
Note 06. Goodwill
Changes in the carrying value of goodwill by reportable segment and Corporate were as follows:
Americas
(1)
Southern
Europe
(2)
Northern
Europe APME
Right
Management Corporate
(3)
Total
(4)
Balance, January 1, 2013 $467.1 $103.3 $270.7 $ 73.2 $62.1 $64.9 $ 1,041.3
Goodwill acquired — — 43.2 9.0 — — 52.2
Currency impact and other (1.2) 4.5 4.3 (10.2) — — (2.6)
Balance, December 31, 2013 465.9 107.8 318.2 72.0 62.1 64.9 1,090.9
Goodwill acquired 1.9 5.6 28.0 3.9 — — 39.4
Currency impact and other (1.5) (12.9) (34.9) (5.8) — — (55.1)
Balance, December 31, 2014 $466.3 $100.5 $311.3 $ 70.1 $62.1 $64.9 $ 1,075.2
(1) Balances related to United States were $448.5, $448.5 and $450.4 as of January 1, 2013, December 31, 2013 and December 31, 2014,
respectively.
(2) Balances related to France were $83.8, $87.3 and $76.9 as of January 1, 2013, December 31, 2013 and December 31, 2014, respectively.
Balances related to Italy were $5.5, $5.7 and $5.0 as of January 1, 2013, December 31, 2013 and December 31, 2014, respectively.
(3) The majority of the Corporate balance as of December 31, 2014 relates to goodwill attributable to our acquisition of Jefferson Wells
($55.5) which is part of the United States reporting unit. For purposes of monitoring our total assets by segment, we do not allocate the
Corporate balance to the respective reportable segments. We do, however, include these balances within the appropriate reporting units
for our goodwill impairment testing. See the table below for the breakout of goodwill balances by reporting unit.
(4) Balances were net of accumulated impairment loss of $513.4 as of January 1, 2013, December 31, 2013 and December 31, 2014.
Goodwill balances by reporting unit were as follows:
December 31 2014 2013
United States $ 505.9 $ 504.0
France 76.9 87.3
United Kingdom 85.9 84.6
Netherlands 85.9 84.1
Right Management 62.1 62.1
Other reporting units 258.5 268.8
Total goodwill $ 1,075.2 $ 1,090.9
Note 07. Debt
Information concerning short-term borrowings is as follows:
December 31 2014 2013
Short-term borrowings $ 43.3 $ 34.2
Weighted-average interest rates 15.8% 12.5%
We maintain separate bank credit lines with financial institutions to meet working capital needs of our subsidiary operations.
As of December 31, 2014, such uncommitted credit lines totaled $331.9, of which $286.2 was unused. Due to limitations on
subsidiary borrowings in our revolving credit agreement, additional subsidiary borrowings of $254.3 could be made under
these facilities as of December 31, 2014.