ManpowerGroup 2008 Annual Report Download - page 46

Download and view the complete annual report

Please find page 46 of the 2008 ManpowerGroup annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 78

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78

44 Consolidated Statements of Cash Flows Manpower Annual Report 2008
Consolidated Statements of Cash Flows
in millions
Year Ended December 31 2008 2007 2006
Cash Flows from Operating Activities
Net earnings $ 218.9 $ 484.7 $ 398.0
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on sale of businesses — — (121.8)
Depreciation and amortization 107.1 99.0 88.8
Non-cash goodwill and intangible impairment charge 163.1 — —
Deferred income taxes (30.5) 25.4 (19.6)
Provision for doubtful accounts 23.4 21.8 27.4
Share-based compensation 21.1 26.0 22.5
Excess tax benefit on exercise of stock options (0.5) (4.6) (8.2)
Change in operating assets and liabilities, excluding the impact of acquisitions:
Accounts receivable 575.0 (316.0) (381.0)
Other assets 2.9 (3.5) 17.4
Other liabilities (288.5) 99.4 335.6
Cash provided by operating activities 792.0 432.2 359.1
Cash Flows from Investing Activities
Capital expenditures (93.1) (91.6) (80.0)
Acquisitions of businesses, net of cash acquired (242.0) (122.8) (13.0)
Proceeds from the sale of businesses and equity interest — — 132.7
Proceeds from the sale of property and equipment 5.9 12.9 5.3
Cash (used) provided by investing activities (329.2) (201.5) 45.0
Cash Flows from Financing Activities
Net change in short-term borrowings 16.0 6.1 9.7
Proceeds from long-term debt 233.7 1.0 296.3
Repayments of long-term debt (170.7) (2.2) (303.8)
Proceeds from stock option and purchase plans 12.2 35.0 54.0
Excess tax benefit on exercise of stock options 0.5 4.6 8.2
Repurchases of common stock (125.4) (419.2) (235.9)
Dividends paid (58.1) (57.1) (50.9)
Cash used by financing activities (91.8) (431.8) (222.4)
Effect of exchange rate changes on cash (34.5) 50.7 51.3
Net increase (decrease) in cash and cash equivalents 336.5 (150.4) 233.0
Cash and cash equivalents, beginning of year 537.5 687.9 454.9
Cash and cash equivalents, end of year $ 874.0 $ 537.5 $ 687.9
Supplemental Cash Flow Information
Interest paid $ 64.8 $ 50.5 $ 47.9
Income taxes paid $ 293.5 $ 248.5 $ 143.4
The accompanying notes to consolidated financial statements are an integral part of these statements.