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ManpowerGroup | Annual Report 2014 55
Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
in millions
Year Ended December 31 2014 2013 2012
Cash Flows from Operating Activities
Net earnings $ 427.6 $ 288.0 $ 197.6
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 83.8 94.3 100.5
Deferred income taxes 54.0 17.0 (11.6)
Provision for doubtful accounts 18.9 24.1 29.2
Share-based compensation 40.6 31.5 30.0
Excess tax benefit on exercise of share-based awards (4.5) (7.3) (0.3)
Change in operating assets and liabilities, excluding the impact of acquisitions:
Accounts receivable (270.5) (82.6) 48.3
Other assets (198.7) (35.9) (9.2)
Other liabilities 155.0 67.6 (52.9)
Cash provided by operating activities 306.2 396.7 331.6
Cash Flows from Investing Activities
Capital expenditures (51.5) (44.7) (72.0)
Acquisitions of businesses, net of cash acquired (32.0) (46.3) (49.0)
Proceeds from the sale of property and equipment 2.1 3.4 3.7
Cash used in investing activities (81.4) (87.6) (117.3)
Cash Flows from Financing Activities
Net change in short-term borrowings 16.0 (5.7) (6.7)
Proceeds from long-term debt —3.9 751.6
Repayments of long-term debt (2.6) (269.5) (703.2)
Proceeds from share-based awards 25.5 101.0 6.0
Other share-based award transactions, net (6.3) 16.1 (6.3)
Repurchases of common stock (143.5) — (138.2)
Dividends paid (77.3) (72.0) (67.8)
Cash used in financing activities (188.2) (226.2) (164.6)
Effect of exchange rate changes on cash (75.0) 6.6 17.9
Net (decrease) increase in cash and cash equivalents (38.4) 89.5 67.6
Cash and cash equivalents, beginning of year 737.6 648.1 580.5
Cash and cash equivalents, end of year $ 699.2 $ 737.6 $ 648.1
Supplemental Cash Flow Information
Interest paid $ 36.6 $ 43.5 $ 39.9
Income taxes paid, net $ 105.8 $ 60.3 $ 123.0
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.