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MANPOWER INC. 2004 Annual Report79
09.
RETIREMENT AND DEFERRED COMPENSATION PLANS
Defined Benefit Plans
We sponsor several qualified and nonqualified pension plans covering permanent employees. The reconciliation of the
changes in the plans’ benefit obligations and the fair value of plan assets and the statement of the funded status of the
plans are as follows:
U.S. Plans Non-U.S. Plans
Year Ended December 31 2004 2003 2004 2003
Change in Benefit Obligation
Benefit obligation, beginning of year $ 43.3 $ 43.6 $ 151.3 $ 115.3
Service cost 0.1 0.1 10.3 8.4
Interest cost 3.1 2.7 8.4 6.3
Actuarial loss 2.5 .8 8.3 8.0
Plan participant contributions —— 1.0 0.9
Benefits paid (5.2) (3.9) (4.1) (2.4)
Acquisitions 8.5 —12.5 —
Currency exchange rate changes —— 16.2 14.8
Benefit obligation, end of year $ 52.3 $ 43.3 $ 203.9 $ 151.3
Change in Plan Assets
Fair value of plan assets, beginning of year $ 35.0 $ 30.7 $ 99.4 $ 75.9
Actual return on plan assets 4.2 6.4 7.0 5.9
Plan participant contributions —— 1.0 0.9
Company contributions 3.5 1.8 12.9 10.1
Benefits paid (5.2) (3.9) (4.1) (2.4)
Currency exchange rate changes —— 10.3 9.0
Fair value of plan assets, end of year $ 37.5 $ 35.0 $ 126.5 $ 99.4
Funded Status
Funded status of plan $ (14.8) $ (8.3) $ (77.4) $ (51.9)
Unrecognized net (gain) loss (5.4) (6.8) 43.7 35.6
Unrecognized prior service cost 0.9 —0.2 0.2
Unrecognized transitional asset —(0.1) 0.2 0.2
Net amount recognized $ (19.3) $ (15.2) $ (33.3) $ (15.9)
Amounts Recognized
Accrued benefit liability $ (22.8) $ (17.3) $ (60.2) $ (36.0)
Intangible asset 0.9 —0.2 0.5
Accumulated other comprehensive loss 2.6 2.1 26.7 19.6
Net amount recognized $ (19.3) $ (15.2) $ (33.3) $ (15.9)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
in millions, except share and per share data