ManpowerGroup 2001 Annual Report Download - page 23

– 43 –– 42 –
year ended december 31 2001 2000 1999
Cash Flows from Operating Activities
Net earnings $ 124.5 $ 171.2 $ 150.0
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation and amortization 80.2 66.8 63.7
Deferred income taxes (7.3) (15.8) 15.3
Provision for doubtful accounts 23.8 21.7 20.7
Change in operating assets and liabilities:
Amounts advanced under the Receivables Facility (145.0) (55.0) 25.0
Accounts receivable, net of sale 217.3 (261.2) (457.4)
Other assets (69.1) (32.6) (51.7)
Other liabilities (88.4) 262.8 233.9
Cash provided (used) by operating activities 136.0 157.9 (.5)
Cash Flows from Investing Activities
Capital expenditures (87.3) (82.6) (74.7)
Acquisitions of businesses, net of cash acquired (295.9) (172.4) (18.8)
Proceeds from the sale of property and equipment 16.1 7.3 14.9
Cash used by investing activities (367.1) (247.7) (78.6)
Cash Flows from Financing Activities
Net change in payable to banks (49.1) (76.4) 45.5
Proceeds from long-term debt 1,089.9 259.3 460.4
Repayment of long-term debt (727.8) (111.1) (259.3)
Proceeds from stock option and purchase plans 13.6 10.0 18.7
Repurchase of common stock (3.3) (20.0) (100.8)
Dividends paid (15.2) (15.1) (15.3)
Cash provided by financing activities 308.1 46.7 149.2
Effect of exchange rate changes on cash (12.9) (16.9) (8.9)
Net increase (decrease) in cash and cash equivalents 64.1 (60.0) 61.2
Cash and cash equivalents, beginning of year 181.7 241.7 180.5
Cash and cash equivalents, end of year $ 245.8 $ 181.7 $ 241.7
Supplemental Cash Flow Information
Interest paid $ 38.0 $ 27.1 $ 12.4
Income taxes paid $ 117.9 $ 83.2 $ 66.9
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
accumulated
capital in other
common excess of accumulated comprehensive treasury
stock par value deficit income (loss) stock total
Balance, December 31, 1998 $ .8 $ 1,602.7 $ (787.7) $ (17.9) $ (129.0) $ 668.9
Comprehensive Income:
Net earnings 150.0
Foreign currency translation (70.9)
Total comprehensive income 79.1
Issuances under option and purchase plans –18.7 18.7
Dividends ($.20 per share) (15.3) (15.3)
Repurchases of common stock (100.8) (100.8)
Balance, December 31, 1999 .8 1,621.4 (653.0) (88.8) (229.8) 650.6
Comprehensive Income:
Net earnings 171.2
Foreign currency translation (50.6)
Unrealized loss on investments, net of tax (5.7)
Total comprehensive income 114.9
Issuances under option and purchase plans –10.0 10.0
Dividends ($.20 per share) (15.1) (15.1)
Repurchases of common stock (20.0) (20.0)
Balance, December 31, 2000 .8 1,631.4 (496.9) (145.1) (249.8) 740.4
Comprehensive Income:
Net earnings 124.5
Foreign currency translation (35.4)
Unrealized loss on derivatives, net of tax (5.7)
Unrealized loss on investments, net of tax (2.8)
Reclassification adjustment for losses
included in net earnings, net of tax 5.7
Minimum pension liability adjustment, net of tax (7.5)
Total comprehensive income 78.8
Issuances under option and purchase plans .1 13.5 13.6
Dividends ($.20 per share) (15.2) (15.2)
Repurchases of common stock (3.3) (3.3)
Balance, December 31, 2001 $ .9 $ 1,644.9 $ (387.6) $ (190.8) $ (253.1) $ 814.3
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Consolidated Statements of Cash Flows
— in millions —
Consolidated Statements of Shareholders’ Equity
— in millions, except per share data —