ManpowerGroup 2009 Annual Report Download - page 46

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44 Manpower 2009 Annual Report Consolidated Statements of Cash Flows
Year Ended December 31 2009 2008 2007
Cash Flows from Operating Activities
Net (loss) earnings $ (9.2) $ 205.5 $ 473.7
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization 97.2 107.1 99.0
Non-cash goodwill and intangible asset impairment charges 61.0 163.1 –
Deferred income taxes (29.2) (32.8) 22.2
Provision for doubtful accounts 27.8 23.4 21.8
Loss from sale of an equity investment 10.3 – –
Share-based compensation 17.5 21.1 26.0
Excess tax benefi t on exercise of stock options (0.5) (0.5) (4.6)
Change in operating assets and liabilities, excluding the impact of acquisitions:
Accounts receivable 663.6 575.0 (316.0)
Other assets (71.5) 2.9 (3.5)
Other liabilities (352.7) (272.8) 113.6
Cash provided by operating activities 414.3 792.0 432.2
Cash Flows from Investing Activities
Capital expenditures (35.1) (93.1) (91.6)
Acquisitions of businesses, net of cash acquired (21.6) (242.0) (122.8)
Proceeds from the sale of an equity investment 13.3 – –
Proceeds from the sale of property and equipment 3.6 5.9 12.9
Cash used in investing activities (39.8) (329.2) (201.5 )
Cash Flows from Financing Activities
Net change in short-term borrowings (14.6) 16.0 6.1
Proceeds from long-term debt 146.5 233.7 1.0
Repayments of long-term debt (359.3) (170.7) (2.2)
Proceeds from stock option and purchase plans 14.2 12.2 35.0
Excess tax benefi t on exercise of stock options 0.5 0.5 4.6
Repurchases of common stock – (125.4) (419.2)
Dividends paid (58.0) (58.1) (57.1)
Cash used in fi nancing activities (270.7) (91.8) (431.8)
Effect of exchange rate changes on cash 36.8 (34.5) 50.7
Net increase (decrease) in cash and cash equivalents 140.6 336.5 (150.4)
Cash and cash equivalents, beginning of year 874.0 537.5 687.9
Cash and cash equivalents, end of year $ 1,014.6 $ 874.0 $ 537.5
Supplemental Cash Flow Information
Interest paid $ 62.0 $ 64.8 $ 50.5
Income taxes paid $ 75.2 $ 293.5 $ 248.5
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Consolidated Statements of Cash Flows
in millions