Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ManpowerGroup Inc. | form_8k.htm |
| EX-99.2 - PRESENTATION MATERIALS FOR FEBRUARY 2, 2010 CONFERENCE CALL - ManpowerGroup Inc. | exhibit_99-2.htm |
| EX-99.1 - PRESS RELEASE DATED FEBRUARY 2, 2010 - ManpowerGroup Inc. | exhibit_99-1.htm |
Exhibit
99.3
Manpower Inc.
Summary of Restated Results - Annual
Earnings
December 31,
2009
(In millions, except per share
data)
|
During
the fourth quarter of 2009, we determined that our Other EMEA reportable
segment prematurely recognized revenues related to a workforce solutions
contract. These revenues were recorded on a cash-basis rather
than being deferred and earned over the four-year performance period
following the month the services were performed. Accordingly, we have
restated our annual and quarterly financial results for 2007, 2008, and
the nine months ended September 30, 2009. This restatement has no impact
on cash flows and only impacts the timing of when revenues are earned, as
total revenues for the contract are expected to remain unchanged. The
effects of this restatement on 2009, 2008 and 2007 are as
follows:
|
|
Year
Ended December 31, 2008
|
||||||||||
|
As
|
||||||||||
|
previously
|
As
|
|||||||||
|
reported
|
Adjustment
|
restated
|
||||||||
|
Revenues
from services
|
$ | 21,552.8 | $ | (15.7 | ) | $ | 21,537.1 | |||
|
Cost of
services
|
17,450.2 | 17,450.2 | ||||||||
|
Gross
profit
|
4,102.6 | (15.7 | ) | 4,086.9 | ||||||
|
Selling
and administrative expenses
|
3,430.3 | 3,430.3 | ||||||||
|
Goodwill and
intangible asset impairment charge
|
163.1 | 163.1 | ||||||||
|
Selling
and administrative expenses
|
3,593.4 | 3,593.4 | ||||||||
|
Operating
profit
|
509.2 | (15.7 | ) | 493.5 | ||||||
|
Interest and
other expense
|
50.9 | 50.9 | ||||||||
|
Earnings
before income taxes
|
458.3 | (15.7 | ) | 442.6 | ||||||
|
Provision for
income taxes
|
239.4 | (2.3 | ) | 237.1 | ||||||
|
Net
earnings
|
$ | 218.9 | $ | (13.4 | ) | $ | 205.5 | |||
|
Net
earnings per share - basic
|
$ | 2.78 | $ | (0.17 | ) | $ | 2.61 | |||
|
Net
earnings per share - diluted
|
$ | 2.75 | $ | (0.17 | ) | $ | 2.58 | |||
|
Year
Ended December 31, 2007
|
||||||||||
|
As
|
||||||||||
|
previously
|
As
|
|||||||||
|
reported
|
Adjustment
|
restated
|
||||||||
|
Revenues
from services
|
$ | 20,500.3 | $ | (14.2 | ) | $ | 20,486.1 | |||
|
Cost of
services
|
16,651.7 | 16,651.7 | ||||||||
|
Gross
profit
|
3,848.6 | (14.2 | ) | 3,834.4 | ||||||
|
Selling
and administrative expenses
|
3,023.2 | 3,023.2 | ||||||||
|
Operating
profit
|
825.4 | (14.2 | ) | 811.2 | ||||||
|
Interest and
other expense
|
34.2 | 34.2 | ||||||||
|
Earnings
before income taxes
|
791.2 | (14.2 | ) | 777.0 | ||||||
|
Provision for
income taxes
|
306.5 | (3.2 | ) | 303.3 | ||||||
|
Net
earnings
|
$ | 484.7 | $ | (11.0 | ) | $ | 473.7 | |||
|
Net
earnings per share - basic
|
$ | 5.83 | $ | (0.13 | ) | $ | 5.70 | |||
|
Net
earnings per share - diluted
|
$ | 5.73 | $ | (0.13 | ) | $ | 5.60 | |||
Manpower Inc.
Summary of Restated
Results - Quarterly Earnings
December 31,
2009
(In millions, except per share
data)
|
2009
|
|||||||||||||||||||||||||||||||||||||
|
Three
Months Ended March 31 (a)
|
Three
Months Ended June 30
|
Three
Months Ended September 30
|
Nine
Months Ended September 30
|
||||||||||||||||||||||||||||||||||
|
As
|
As
|
As
|
As
|
||||||||||||||||||||||||||||||||||
|
previously
|
As
|
previously
|
As
|
previously
|
As
|
previously
|
As
|
||||||||||||||||||||||||||||||
|
2009
|
reported
|
Adjustment
|
restated
|
reported
|
Adjustment
|
restated
|
reported
|
Adjustment
|
restated
|
reported
|
Adjustment
|
restated
|
|||||||||||||||||||||||||
|
Revenues
from services
|
$ | 3,647.1 | $ | (4.1 | ) | $ | 3,643.0 | $ | 3,796.6 | $ | (3.1 | ) | $ | 3,793.5 | $ | 4,192.1 | $ | (2.5 | ) | $ | 4,189.6 | $ | 11,635.8 | $ | (9.7 | ) | $ | 11,626.1 | |||||||||
|
Cost
of services
|
2,977.3 | 2,977.3 | 3,101.2 | 3,101.2 | 3,485.5 | 3,485.5 | 9,564.0 | 9,564.0 | |||||||||||||||||||||||||||||
|
Gross
profit
|
669.8 | (4.1 | ) | 665.7 | 695.4 | (3.1 | ) | 692.3 | 706.6 | (2.5 | ) | 704.1 | 2,071.8 | (9.7 | ) | 2,062.1 | |||||||||||||||||||||
|
Selling
and administrative expenses
|
664.3 | 664.3 | 673.3 | 673.3 | 664.6 | 664.6 | 2,002.2 | 2,002.2 | |||||||||||||||||||||||||||||
|
Goodwill
and intangible asset impairment charge
|
- | - | - | - | 61.0 | 61.0 | 61.0 | 61.0 | |||||||||||||||||||||||||||||
|
Selling
and administrative expenses
|
664.3 | 664.3 | 673.3 | 673.3 | 725.6 | 725.6 | 2,063.2 | 2,063.2 | |||||||||||||||||||||||||||||
|
Operating
profit
|
5.5 | (4.1 | ) | 1.4 | 22.1 | (3.1 | ) | 19.0 | (19.0 | ) | (2.5 | ) | (21.5 | ) | 8.6 | (9.7 | ) | (1.1 | ) | ||||||||||||||||||
|
Interest
and other expense
|
11.9 | 11.9 | 10.8 | 10.8 | 29.3 | 29.3 | 52.0 | 52.0 | |||||||||||||||||||||||||||||
|
(Loss)
earnings before income taxes
|
(6.4 | ) | (4.1 | ) | (10.5 | ) | 11.3 | (3.1 | ) | 8.2 | (48.3 | ) | (2.5 | ) | (50.8 | ) | (43.4 | ) | (9.7 | ) | (53.1 | ) | |||||||||||||||
|
Provision
for income taxes
|
(8.7 | ) | - | (8.7 | ) | (8.0 | ) | (0.1 | ) | (8.1 | ) | 2.1 | (0.1 | ) | 2.0 | (14.6 | ) | (0.2 | ) | (14.8 | ) | ||||||||||||||||
|
Net
earnings (loss)
|
$ | 2.3 | $ | (4.1 | ) | $ | (1.8 | ) | $ | 19.3 | $ | (3.0 | ) | $ | 16.3 | $ | (50.4 | ) | $ | (2.4 | ) | $ | (52.8 | ) | $ | (28.8 | ) | $ | (9.5 | ) | $ | (38.3 | ) | ||||
|
Net
earnings per share - basic
|
$ | 0.03 | $ | (0.05 | ) | $ | (0.02 | ) | $ | 0.25 | $ | (0.04 | ) | $ | 0.21 | $ | (0.64 | ) | $ | (0.03 | ) | $ | (0.67 | ) | $ | (0.37 | ) | $ | (0.12 | ) | $ | (0.49 | ) | ||||
|
Net
earnings per share - diluted
|
$ | 0.03 | $ | (0.05 | ) | $ | (0.02 | ) | $ | 0.25 | $ | (0.04 | ) | $ | 0.21 | $ | (0.64 | ) | $ | (0.03 | ) | $ | (0.67 | ) | $ | (0.37 | ) | $ | (0.12 | ) | $ | (0.49 | ) | ||||
|
(a)
For the three months ended March 31, 2009, our net earnings of $2.3
million as previously reported changed to a net loss of $1.8 million as
restated. Therefore, the weighted average shares - diluted for the three
months
ended 2009 changed from 78.3 million to 78.1 million due to the net loss
as the assumed exercise price of stock-based awards had an anitdilutive
effect and were excluded from the calculation of weighted
average shares - diluted.
|
|||||||||||||||||||||||||||||||||||||
|
2008
|
|||||||||||||||||||||||||||||||||||||
|
Three
Months Ended March 31
|
Three
Months Ended June 30
|
Three
Months Ended September 30
|
Three
Months Ended December 31
|
||||||||||||||||||||||||||||||||||
|
As
|
As
|
As
|
As
|
||||||||||||||||||||||||||||||||||
|
previously
|
As
|
previously
|
As
|
previously
|
As
|
previously
|
As
|
||||||||||||||||||||||||||||||
|
2008
|
reported
|
Adjustment
|
restated
|
reported
|
Adjustment
|
restated
|
reported
|
Adjustment
|
restated
|
reported
|
Adjustment
|
restated
|
|||||||||||||||||||||||||
|
Revenues
from services
|
$ | 5,386.6 | $ | (5.0 | ) | $ | 5,381.6 | $ | 5,904.9 | $ | (4.2 | ) | $ | 5,900.7 | $ | 5,668.4 | $ | (3.2 | ) | $ | 5,665.2 | $ | 4,592.9 | $ | (3.3 | ) | $ | 4,589.6 | |||||||||
|
Cost
of services
|
4,418.9 | 4,418.9 | 4,751.3 | 4,751.3 | 4,640.8 | 4,640.8 | 3,639.2 | 3,639.2 | |||||||||||||||||||||||||||||
|
Gross
profit
|
967.7 | (5.0 | ) | 962.7 | 1,153.6 | (4.2 | ) | 1,149.4 | 1,027.6 | (3.2 | ) | 1,024.4 | 953.7 | (3.3 | ) | 950.4 | |||||||||||||||||||||
|
Selling
and administrative expenses
|
835.7 | 835.7 | 946.3 | 946.3 | 843.5 | 843.5 | 804.8 | 804.8 | |||||||||||||||||||||||||||||
|
Goodwill
and intangible asset impairment charge
|
- | - | - | - | 163.1 | 163.1 | - | - | |||||||||||||||||||||||||||||
|
Selling
and administrative expenses
|
835.7 | 835.7 | 946.3 | 946.3 | 1,006.6 | 1,006.6 | 804.8 | 804.8 | |||||||||||||||||||||||||||||
|
Operating
profit
|
132.0 | (5.0 | ) | 127.0 | 207.3 | (4.2 | ) | 203.1 | 21.0 | (3.2 | ) | 17.8 | 148.9 | (3.3 | ) | 145.6 | |||||||||||||||||||||
|
Interest
and other expense
|
11.3 | 11.3 | 13.9 | 13.9 | 13.4 | 13.4 | 12.3 | 12.3 | |||||||||||||||||||||||||||||
|
Earnings
before income taxes
|
120.7 | (5.0 | ) | 115.7 | 193.4 | (4.2 | ) | 189.2 | 7.6 | (3.2 | ) | 4.4 | 136.6 | (3.3 | ) | 133.3 | |||||||||||||||||||||
|
Provision
for income taxes
|
45.2 | (1.1 | ) | 44.1 | 86.0 | (0.8 | ) | 85.2 | 50.8 | (0.3 | ) | 50.5 | 57.4 | (0.1 | ) | 57.3 | |||||||||||||||||||||
|
Net
earnings (loss)
|
$ | 75.5 | $ | (3.9 | ) | $ | 71.6 | $ | 107.4 | $ | (3.4 | ) | $ | 104.0 | $ | (43.2 | ) | $ | (2.9 | ) | $ | (46.1 | ) | $ | 79.2 | $ | (3.2 | ) | $ | 76.0 | |||||||
|
Net
earnings per share - basic
|
$ | 0.95 | $ | (0.05 | ) | $ | 0.90 | $ | 1.36 | $ | (0.05 | ) | $ | 1.31 | $ | (0.55 | ) | $ | (0.04 | ) | $ | (0.59 | ) | $ | 1.02 | $ | (0.04 | ) | $ | 0.98 | |||||||
|
Net
earnings per share - diluted
|
$ | 0.94 | $ | (0.05 | ) | $ | 0.89 | $ | 1.34 | $ | (0.04 | ) | $ | 1.30 | $ | (0.55 | ) | $ | (0.04 | ) | $ | (0.59 | ) | $ | 1.01 | $ | (0.04 | ) | $ | 0.97 | |||||||
|
2007
|
|||||||||||||||||||||||||||||||||||||
|
Three
Months Ended March 31
|
Three
Months Ended June 30
|
Three
Months Ended September 30
|
Three
Months Ended December 31
|
||||||||||||||||||||||||||||||||||
|
As
|
As
|
As
|
As
|
||||||||||||||||||||||||||||||||||
|
previously
|
As
|
previously
|
As
|
previously
|
As
|
previously
|
As
|
||||||||||||||||||||||||||||||
|
2007
|
reported
|
Adjustment
|
restated
|
reported
|
Adjustment
|
restated
|
reported
|
Adjustment
|
restated
|
reported
|
Adjustment
|
restated
|
|||||||||||||||||||||||||
|
Revenues
from services
|
$ | 4,535.6 | $ | (2.9 | ) | $ | 4,532.7 | $ | 5,034.4 | $ | (3.8 | ) | $ | 5,030.6 | $ | 5,295.4 | $ | (3.6 | ) | $ | 5,291.8 | $ | 5,634.9 | $ | (3.9 | ) | $ | 5,631.0 | |||||||||
|
Cost
of services
|
3,735.6 | 3,735.6 | 4,010.3 | 4,010.3 | 4,321.0 | 4,321.0 | 4,584.8 | 4,584.8 | |||||||||||||||||||||||||||||
|
Gross
profit
|
800.0 | (2.9 | ) | 797.1 | 1,024.1 | (3.8 | ) | 1,020.3 | 974.4 | (3.6 | ) | 970.8 | 1,050.1 | (3.9 | ) | 1,046.2 | |||||||||||||||||||||
|
Selling
and administrative expenses
|
696.7 | 696.7 | 747.1 | 747.1 | 752.5 | 752.5 | 826.9 | 826.9 | |||||||||||||||||||||||||||||
|
Operating
profit
|
103.3 | (2.9 | ) | 100.4 | 277.0 | (3.8 | ) | 273.2 | 221.9 | (3.6 | ) | 218.3 | 223.2 | (3.9 | ) | 219.3 | |||||||||||||||||||||
|
Interest
and other expense
|
9.6 | 9.6 | 7.7 | 7.7 | 9.1 | 9.1 | 7.8 | 7.8 | |||||||||||||||||||||||||||||
|
Earnings
before income taxes
|
93.7 | (2.9 | ) | 90.8 | 269.3 | (3.8 | ) | 265.5 | 212.8 | (3.6 | ) | 209.2 | 215.4 | (3.9 | ) | 211.5 | |||||||||||||||||||||
|
Provision
for income taxes
|
34.2 | (0.7 | ) | 33.5 | 108.9 | (0.9 | ) | 108.0 | 81.1 | (0.8 | ) | 80.3 | 82.3 | (0.8 | ) | 81.5 | |||||||||||||||||||||
|
Net
earnings
|
$ | 59.5 | $ | (2.2 | ) | $ | 57.3 | $ | 160.4 | $ | (2.9 | ) | $ | 157.5 | $ | 131.7 | $ | (2.8 | ) | $ | 128.9 | $ | 133.1 | $ | (3.1 | ) | $ | 130.0 | |||||||||
|
Net
earnings per share - basic
|
$ | 0.70 | $ | (0.03 | ) | $ | 0.67 | $ | 1.90 | $ | (0.03 | ) | $ | 1.87 | $ | 1.59 | $ | (0.03 | ) | $ | 1.56 | $ | 1.65 | $ | (0.04 | ) | $ | 1.61 | |||||||||
|
Net
earnings per share - diluted
|
$ | 0.69 | $ | (0.03 | ) | $ | 0.66 | $ | 1.86 | $ | (0.03 | ) | $ | 1.83 | $ | 1.57 | $ | (0.04 | ) | $ | 1.53 | $ | 1.63 | $ | (0.04 | ) | $ | 1.59 | |||||||||
Manpower Inc.
Summary of Restated
Results - Consolidated Balance Sheets
December 31,
2009
(In millions)
|
2008
|
2007
|
||||||||||||||||||
|
As
|
As
|
||||||||||||||||||
|
previously
|
As
|
previously
|
As
|
||||||||||||||||
|
December
31
|
reported
|
Adjustment
|
restated
|
reported
|
Adjustment
|
restated
|
|||||||||||||
|
ASSETS
|
|||||||||||||||||||
|
Current
Assets
|
|||||||||||||||||||
|
Cash
and cash equivalents
|
$ | 874.0 | $ | 874.0 | $ | 537.5 | $ | 537.5 | |||||||||||
|
Accounts
receivable, less allowance for doubtful accounts
|
3,629.7 | 3,629.7 | 4,478.8 | 4,478.8 | |||||||||||||||
|
Prepaid
expenses and other assets
|
119.9 | 119.9 | 122.2 | 122.2 | |||||||||||||||
|
Future
income tax benefits
|
66.5 | 66.5 | 76.3 | 76.3 | |||||||||||||||
|
Total current assets
|
4,690.1 | - | 4,690.1 | 5,214.8 | - | 5,214.8 | |||||||||||||
|
Other
Assets
|
|||||||||||||||||||
|
Goodwill
|
972.9 | 972.9 | 1,045.9 | 1,045.9 | |||||||||||||||
|
Intangible
assets, less accumulated amortization
|
415.2 | 415.2 | 364.8 | 364.8 | |||||||||||||||
|
Other
assets
|
326.6 | 4.0 | 330.6 | 377.7 | 2.5 | 380.2 | |||||||||||||
|
Total other assets
|
1,714.7 | 4.0 | 1,718.7 | 1,788.4 | 2.5 | 1,790.9 | |||||||||||||
|
Property
and Equipment
|
|||||||||||||||||||
|
Land,
buildings, leasehold improvements and equipment
|
744.0 | 744.0 | 760.8 | 760.8 | |||||||||||||||
|
Less:
accumulated depreciation and amortization
|
530.6 | 530.6 | 539.6 | 539.6 | |||||||||||||||
|
Net property and equipment
|
213.4 | - | 213.4 | 221.2 | - | 221.2 | |||||||||||||
|
Total
assets
|
$ | 6,618.2 | $ | 4.0 | $ | 6,622.2 | $ | 7,224.4 | $ | 2.5 | $ | 7,226.9 | |||||||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||||||||||||||
|
Current
Liabilities
|
|||||||||||||||||||
|
Accounts
payable
|
$ | 903.2 | $ | (6.9 | ) | $ | 896.3 | $ | 1,014.4 | $ | (3.4 | ) | $ | 1,011.0 | |||||
|
Employee
compensation payable
|
213.2 | 213.2 | 213.6 | 213.6 | |||||||||||||||
|
Accrued
liabilities
|
577.9 | 7.8 | 585.7 | 679.4 | 6.5 | 685.9 | |||||||||||||
|
Accrued
payroll taxes and insurance
|
617.5 | 617.5 | 724.7 | 724.7 | |||||||||||||||
|
Value
added taxes payable
|
479.2 | 479.2 | 583.7 | 583.7 | |||||||||||||||
|
Short-term
borrowings and current maturities of long-term debt
|
115.6 | 115.6 | 39.7 | 39.7 | |||||||||||||||
|
Total current liabilities
|
2,906.6 | 0.9 | 2,907.5 | 3,255.5 | 3.1 | 3,258.6 | |||||||||||||
|
Other
Liabilities
|
|||||||||||||||||||
|
Long-term
debt
|
837.3 | 837.3 | 874.8 | 874.8 | |||||||||||||||
|
Other
long-term liabilities
|
390.5 | 27.5 | 418.0 | 424.8 | 10.4 | 435.2 | |||||||||||||
|
Total other liabilities
|
1,227.8 | 27.5 | 1,255.3 | 1,299.6 | 10.4 | 1,310.0 | |||||||||||||
|
Shareholders'
Equity
|
|||||||||||||||||||
|
Preferred
stock
|
- | - | - | - | |||||||||||||||
|
Common
stock
|
1.0 | 1.0 | 1.0 | 1.0 | |||||||||||||||
|
Capital
in excess of par value
|
2,514.8 | 2,514.8 | 2,481.8 | 2,481.8 | |||||||||||||||
|
Retained
earnings
|
1,201.2 | (24.4 | ) | 1,176.8 | 1,040.3 | (11.0 | ) | 1,029.3 | |||||||||||
|
Accumulated
other comprehensive income (loss)
|
(8.9 | ) | (8.9 | ) | 257.6 | 257.6 | |||||||||||||
|
Treasury stock
at cost
|
(1,224.3 | ) | (1,224.3 | ) | (1,111.4 | ) | (1,111.4 | ) | |||||||||||
|
Total shareholders' equity
|
2,483.8 | (24.4 | ) | 2,459.4 | 2,669.3 | (11.0 | ) | 2,658.3 | |||||||||||
|
Total
liabilities and shareholders' equity
|
$ | 6,618.2 | $ | 4.0 | $ | 6,622.2 | $ | 7,224.4 | $ | 2.5 | $ | 7,226.9 | |||||||
Manpower Inc.
Summary of Restated
Results - Consolidated Statements of Cash Flows
December 31,
2009
(In millions)
|
2008
|
2007
|
||||||||||||||||||
|
As
|
As
|
||||||||||||||||||
|
previously
|
As
|
previously
|
As
|
||||||||||||||||
|
Year
Ended December 31
|
reported
|
Adjustment
|
restated
|
reported
|
Adjustment
|
restated
|
|||||||||||||
|
Cash
Flows from Operating Activities
|
|||||||||||||||||||
|
Net
earnings
|
$ | 218.9 | $ | (13.4 | ) | $ | 205.5 | $ | 484.7 | $ | (11.0 | ) | $ | 473.7 | |||||
|
Adjustments
to reconcile net earnings to net cash provided by operating
activities:
|
|||||||||||||||||||
|
Depreciation
and amortization
|
107.1 | 107.1 | 99.0 | 99.0 | |||||||||||||||
|
Non-cash
goodwill and intangible impairment charge
|
163.1 | 163.1 | - | - | |||||||||||||||
|
Deferred
income taxes
|
(30.5 | ) | (1.5 | ) | (32.0 | ) | 25.4 | (2.5 | ) | 22.9 | |||||||||
|
Provision
for doubtful accounts
|
23.4 | 23.4 | 21.8 | 21.8 | |||||||||||||||
|
Share-based
compensation
|
21.1 | 21.1 | 26.0 | 26.0 | |||||||||||||||
|
Excess
tax benefit on exercise of stock options
|
(0.5 | ) | (0.5 | ) | (4.6 | ) | (4.6 | ) | |||||||||||
|
Change
in operating assets and liabilities, excluding the impact of
acquisitions:
|
|||||||||||||||||||
|
Accounts
receivable
|
575.0 | - | 575.0 | (316.0 | ) | - | (316.0 | ) | |||||||||||
|
Other
assets
|
2.9 | 2.9 | (3.5 | ) | - | (3.5 | ) | ||||||||||||
|
Other
liabilities
|
(288.5 | ) | 14.9 | (273.6 | ) | 99.4 | 13.5 | 112.9 | |||||||||||
|
Cash
provided by operating activities
|
792.0 | - | 792.0 | 432.2 | - | 432.2 | |||||||||||||
|
Cash
Flows from Investing Activities
|
|||||||||||||||||||
|
Capital
expenditures
|
(93.1 | ) | (93.1 | ) | (91.6 | ) | (91.6 | ) | |||||||||||
|
Acquisitions
of businesses, net of cash acquired
|
(242.0 | ) | (242.0 | ) | (122.8 | ) | (122.8 | ) | |||||||||||
|
Proceeds
from the sale of property and equipment
|
5.9 | 5.9 | 12.9 | 12.9 | |||||||||||||||
|
Cash
(used) provided by investing activities
|
(329.2 | ) | (329.2 | ) | 201.5 | 201.5 | |||||||||||||
|
Cash
Flows from Financing Activities
|
|||||||||||||||||||
|
Net
change in short-term borrowings
|
16.0 | 16.0 | 6.1 | 6.1 | |||||||||||||||
|
Proceeds
from long-term debt
|
233.7 | 233.7 | 1.0 | 1.0 | |||||||||||||||
|
Repayments
of long-term debt
|
(170.7 | ) | (170.7 | ) | (2.2 | ) | (2.2 | ) | |||||||||||
|
Proceeds
from stock option and purchase plans
|
12.2 | 12.2 | 35.0 | 35.0 | |||||||||||||||
|
Excess
tax benefit on exercise of stock options
|
0.5 | 0.5 | 4.6 | 4.6 | |||||||||||||||
|
Repurchases
of common stock
|
(125.4 | ) | (125.4 | ) | (419.2 | ) | (419.2 | ) | |||||||||||
|
Dividends
paid
|
(58.1 | ) | (58.1 | ) | (57.1 | ) | (57.1 | ) | |||||||||||
|
Cash
used by financing activities
|
(91.8 | ) | (91.8 | ) | (431.8 | ) | (431.8 | ) | |||||||||||
|
Effect
of exchange rate changes on cash
|
(34.5 | ) | (34.5 | ) | 50.7 | 50.7 | |||||||||||||
|
Net
increase (decrease) in cash and cash equivalents
|
336.5 | 336.5 | (150.4 | ) | (150.4 | ) | |||||||||||||
|
Cash
and cash equivalents, beginning of year
|
537.5 | 537.5 | 687.9 | 687.9 | |||||||||||||||
|
Cash
and cash equivalents, end of year
|
$ | 874.0 | $ | 874.0 | $ | 537.5 | $ | 537.5 | |||||||||||
|
Supplemental
Cash Flow Information
|
|||||||||||||||||||
|
Interest
paid
|
$ | 64.8 | $ | 64.8 | $ | 50.5 | $ | 50.5 | |||||||||||
|
Income
taxes paid
|
$ | 293.5 | $ | 293.5 | $ | 248.5 | $ | 248.5 | |||||||||||