ManpowerGroup 2014 Annual Report Download - page 85

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ManpowerGroup | Annual Report 2014 83
Notes to Consolidated Financial Statements
Note 10. 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 terms consist
of the following as of December 31, 2014:
Year
2015 $ 160.6
2016 122.2
2017 90.3
2018 66.4
2019 52.4
Thereafter 119.4
Total minimum lease payments $ 611.3
Rental expense for all operating leases was $197.0, $232.9 and $245.1 for the years ended December 31, 2014, 2013 and
2012, respectively.
Note 11. Interest and Other Expenses
Interest and other expenses consisted of the following:
Year Ended December 31 2014 2013 2012
Interest expense $ 35.9 $ 37.1 $ 41.8
Interest income (4.4) (3.7) (6.6)
Foreign exchange (gain) loss (2.2) 2.3 0.9
Miscellaneous expenses, net 9.0 0.7 7.2
Interest and other expenses $ 38.3 $ 36.4 $ 43.3
Note 12. Derivative Financial Instruments
We are exposed to various risks relating to our ongoing business operations. The primary risks, which are managed
through the use of derivative instruments, are foreign currency exchange rate risk and interest rate risk. In certain
circumstances, we enter into foreign currency forward exchange contracts (“forward contracts”) to reduce the effects of
fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. Our exposure to market
risk for changes in interest rates relates primarily to our long-term debt obligations. We manage interest rate risk through the
use of a combination of fixed and variable rate borrowings. In the past, we have also used interest rate swap agreements;
however, we have not had any such agreements in 2014, 2013 or 2012. In accordance with the current accounting guidance
for derivative instruments and hedging activities, we record all of our derivative instruments as either an asset or liability
measured at their fair values.