Omnicom (OMC) 10-Q 19 Apr 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 11, 2023
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Entity File Number	1-10551
Entity Registrant Name	OMNICOM GROUP INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-1514814
Entity Address, Address Line One	280 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	415-3600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		199,514,755
Entity Central Index Key	0000029989
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Document Transition Report	false
Amendment Flag	false
Common Stock, $0.15 Par Value
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.15 Par Value
Trading Symbol	OMC
Security Exchange Name	NYSE
€500 million 0.80% Senior Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	0.800% Senior Notes due 2027
Trading Symbol	OMC/27
Security Exchange Name	NYSE
€500 million 1.40% Senior Notes due 2031
Entity Listings [Line Items]
Title of 12(b) Security	1.400% Senior Notes due 2031
Trading Symbol	OMC/31
Security Exchange Name	NYSE
£325 million 2.25% Senior Notes due 2033
Entity Listings [Line Items]
Title of 12(b) Security	2.250% Senior Notes due 2033
Trading Symbol	OMC/33
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 3,261.5	$ 4,281.8
Short-term investments	87.4	60.7
Accounts receivable, net of allowance for doubtful accounts of $23.1 and $24.7	7,062.2	8,097.1
Work in process	1,508.9	1,254.6
Other current assets	975.2	918.8
Total Current Assets	12,895.2	14,613
Property and Equipment at cost, less accumulated depreciation of $1,205.6 and $1,167.5	884	900.1
Operating Lease Right-Of-Use Assets	1,077.2	1,165
Equity Method Investments	66.4	66.2
Goodwill	9,792.6	9,734.3
Intangible Assets, net of accumulated amortization of $834.9 and $819.9	300.3	313.4
Other Assets	221.9	210.5
TOTAL ASSETS	25,237.6	27,002.5
Current Liabilities:
Accounts payable	9,585.2	11,000.2
Customer advances	1,279.6	1,492.3
Short-term debt	18.5	16.9
Taxes payable	334.2	300
Other current liabilities	2,247.6	2,243.4
Total Current Liabilities	13,465.1	15,052.8
Long-Term Liabilities	839.9	837.5
Long-Term Liability - Operating Leases	890.7	900
Long-Term Debt	5,609.4	5,577.2
Deferred Tax Liabilities	439.6	475.7
Commitments and Contingent Liabilities (Note 12)
Temporary Equity - Redeemable Noncontrolling Interests	361.7	382.9
Shareholders’ Equity:
Preferred stock	0	0
Common stock	44.6	44.6
Additional paid-in capital	580.7	571.1
Retained earnings	9,825.5	9,739.3
Accumulated other comprehensive income (loss)	(1,384.5)	(1,437.9)
Treasury stock, at cost	(5,949.7)	(5,665)
Total Shareholders’ Equity	3,116.6	3,252.1
Noncontrolling interests	514.6	524.3
Total Equity	3,631.2	3,776.4
TOTAL LIABILITIES AND EQUITY	$ 25,237.6	$ 27,002.5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets (Parenthetical) [Abstract]
Allowance for doubtful accounts	$ 23.1	$ 24.7
Accumulated depreciation	1,205.6	1,167.5
Intangible assets, accumulated amortization	$ 834.9	$ 819.9

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
REVENUE	$ 3,443.3	$ 3,410.3
Salary and service costs	2,542.9	2,491.8
Occupancy and other costs	291.6	300.2
Real estate repositioning costs	119.2	0
Charges arising from the effects of the war in Ukraine	0	113.4
Cost of services	2,953.7	2,905.4
Selling, general and administrative expenses	89.2	96.7
Depreciation and amortization	53.9	55.2
Total Operating Expenses	3,096.8	3,057.3
OPERATING INCOME	346.5	353
Interest Expense	54.9	51
Interest Income	35.6	8.2
INCOME BEFORE INCOME TAXES AND INCOME (LOSS) FROM EQUITY METHOD INVESTMENTS	327.2	310.2
Income Tax Expense	83.4	115.5
Income (Loss) From Equity Method Investments	0.1	(0.1)
NET INCOME	243.9	194.6
Net Income Attributed To Noncontrolling Interests	16.4	20.8
NET INCOME - OMNICOM GROUP INC.	$ 227.5	$ 173.8
Net Income Per Share - Omnicom Group Inc.:
Basic	$ 1.13	$ 0.83
Diluted	$ 1.11	$ 0.83
Weighted Average Shares:
Basic	202.2	208.3
Diluted	204.5	209.8

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 243.9	$ 194.6
Cash flow hedge:
Amortization of loss included in interest expense	1.4	1.4
Income tax effect	(0.4)	(0.4)
Cash flow hedge, net of tax	1	1
Defined benefit pension plans and postemployment arrangements:
Amortization of prior service cost	1.1	1
Amortization of actuarial losses	0.2	1.6
Income tax effect	(0.9)	(1.3)
Defined benefit pension plans and postemployment arrangements, net of tax	0.4	1.3
Foreign currency translation adjustment	51.8	28.1
Other Comprehensive Income	53.2	30.4
TOTAL COMPREHENSIVE INCOME	297.1	225
Comprehensive Income Attributed To Noncontrolling Interests	16.2	21.5
COMPREHENSIVE INCOME - OMNICOM GROUP INC.	$ 280.9	$ 203.5

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	COMMON STOCK:	ADDITIONAL PAID-IN CAPITAL:	RETAINED EARNINGS:	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):	TREASURY STOCK:	SHAREHOLDERS' EQUITY	NONCONTROLLING INTERESTS:
Beginning Balance at Dec. 31, 2021			$ 622	$ 8,998.8	$ (1,252.3)	$ (5,142.9)		$ 503.5
NET INCOME	$ 194.6			173.8				20.8
Other comprehensive income	30.4				29.7			0.7
Dividends to noncontrolling interests								(14)
Net change in noncontrolling interests			(5.6)					(9.9)
Increase in noncontrolling interests from business combinations								47.8
Change in temporary equity			(57.8)
Common stock dividends declared				(145.3)
Share-based compensation			20
Stock issued, share-based compensation			5.9			9.1
Common stock repurchased						(300.3)
Ending Balance at Mar. 31, 2022	$ 3,548.6	$ 44.6	584.5	9,027.3	(1,222.6)	(5,434.1)	$ 2,999.7	548.9
Dividends Declared Per Common Share	$ 0.70
Common Stock, shares issued		297.2
Beginning Balance at Dec. 31, 2022	$ 3,776.4		571.1	9,739.3	(1,437.9)	(5,665)		524.3
NET INCOME	243.9			227.5				16.4
Other comprehensive income	53.2				53.4			(0.2)
Dividends to noncontrolling interests								(12.5)
Net change in noncontrolling interests			(38.5)					(13.4)
Increase in noncontrolling interests from business combinations								0
Change in temporary equity			21.3
Common stock dividends declared				(141.3)
Share-based compensation			20.7
Stock issued, share-based compensation			6.1			20.4
Common stock repurchased						(305.1)
Ending Balance at Mar. 31, 2023	$ 3,631.2	$ 44.6	$ 580.7	$ 9,825.5	$ (1,384.5)	$ (5,949.7)	$ 3,116.6	$ 514.6
Dividends Declared Per Common Share	$ 0.70
Common Stock, shares issued		297.2

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 243.9	$ 194.6
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization of right-of-use assets	34.6	35.8
Amortization of intangible assets	19.3	19.4
Amortization of net deferred loss on interest rate swaps	1.4	1.4
Share-based compensation	20.7	20
Real estate repositioning costs	119.2	0
Non-cash charges related to the effects of the war in Ukraine	0	65.8
Other, net	(10.2)	2.7
Use of operating capital	(951)	(884.2)
Net Cash Used In Operating Activities	(522.1)	(544.5)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(23.1)	(23.2)
Acquisition of businesses and interests in affiliates, net of cash acquired	0	(246.6)
Other, net	(14.5)	(92)
Net Cash Used In Investing Activities	(37.6)	(361.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in short-term debt	1	2.4
Dividends paid to common shareholders	(142.3)	(147.4)
Repurchases of common stock	(305.1)	(300.3)
Proceeds from stock plans	26.3	13.5
Acquisition of additional noncontrolling interests	(29.2)	(6.3)
Dividends paid to noncontrolling interest shareholders	(12.5)	(14)
Payment of contingent purchase price obligations	(9.2)	(6)
Other, net	(8)	(18.2)
Net Cash Used In Financing Activities	(479)	(476.3)
Effect of foreign exchange rate changes on cash and cash equivalents	18.4	(8.7)
Net Decrease in Cash and Cash Equivalents	(1,020.3)	(1,391.3)
Cash and Cash Equivalents at the Beginning of Period	4,281.8	5,316.8
Cash and Cash Equivalents at the End of Period	$ 3,261.5	$ 3,925.5

Presentation of Financial State

Presentation of Financial Statements	3 Months Ended
	Mar. 31, 2023
Presentation of Financial Statements [Abstract]
Presentation of Financial Statements	Presentation of Financial Statements The terms “Omnicom,” “the Company,” “we,” “our” and “us” each refer to Omnicom Group Inc. and its subsidiaries, unless the context indicates otherwise. The accompanying unaudited consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP or GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosure have been condensed or omitted. In our opinion, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation, in all material respects, of the information contained herein. These unaudited consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022, or 2022 10-K. Results for the interim periods are not necessarily indicative of results that may be expected for the year. Risks and Uncertainties Current global economic challenges, including the impact of the war in Ukraine, high and persistent inflation, rising interest rates, supply chain disruptions, credit market deterioration, and other macroeconomic factors, could cause economic uncertainty and volatility. The impact of these issues on our business will vary by geographic market and discipline. We monitor economic conditions closely, as well as client revenue levels and other factors. In response to reductions in revenue, we can take actions to align our cost structure with changes in client demand and manage our working capital. However, there can be no assurance as to the effectiveness of our efforts to mitigate any impact of the current and future adverse economic conditions, reductions in client revenue, changes in client creditworthiness and other developments.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue [Abstract]
Revenue	Revenue Nature of our services We provide an extensive range of advertising, marketing and corporate communications services through various client-centric networks that are organized to meet specific client objectives. Our networks, practice areas and agencies provide a comprehensive range of services in the following fundamental disciplines: Advertising & Media, Precision Marketing, Commerce & Brand Consulting, Experiential, Execution & Support, Public Relations and Healthcare. Advertising & Media includes creative services across digital and traditional media, strategic media planning and buying, performance media and data analytics services. Precision Marketing includes digital and direct marketing, digital transformation consulting and data and analytics. Commerce & Brand Consulting services include brand and product consulting, strategy and research, retail and ecommerce. Experiential marketing services include live and digital events and experience design and execution. Execution & Support includes field marketing, digital and physical merchandising, point-of-sale and product placement, as well as other specialized marketing and custom communications services. Public Relations services include corporate communications, crisis management, public affairs and media and media relations services. Healthcare includes corporate communications and advertising and media services to global healthcare and pharmaceutical companies. At the core of all our services is the ability to create or develop a client’s marketing or corporate communications message into content that can be delivered to a target audience across different communications mediums. Economic factors affecting our revenue Global economic conditions have a direct impact on our revenue. Adverse economic conditions pose a risk that our clients may reduce, postpone or cancel spending for our services, which would impact our revenue. Revenue by discipline was: Three Months Ended March 31, 2023 2022 Advertising & Media $ 1,776.5 $ 1,770.2 Precision Marketing 360.0 339.2 Commerce & Brand Consulting 209.6 211.4 Experiential 147.8 139.7 Execution & Support 255.5 277.0 Public Relations 375.5 362.4 Healthcare 318.4 310.4 Revenue $ 3,443.3 $ 3,410.3 Effective January 1, 2023, we realigned the classification of certain services primarily within our Commerce & Brand Consulting, Execution & Support, and Experiential disciplines . Revenue in our geographic markets was: Three Months Ended March 31, 2023 2022 Americas: North America $ 1,926.8 $ 1,839.0 Latin America 74.0 67.7 EMEA: Europe 951.9 992.0 Middle East and Africa 84.9 81.9 Asia-Pacific 405.7 429.7 Revenue $ 3,443.3 $ 3,410.3 The Americas is comprised of North America, which includes the United States, Canada and Puerto Rico, and Latin America, which includes South America and Mexico. EMEA is comprised of Europe, the Middle East and Africa. Asia-Pacific includes Australia, Greater China, India, Japan, Korea, New Zealand, Singapore and other Asian countries. Revenue in the United States for the three months ended March 31, 2023 and 2022 was $1,812.2 million and $1,724.6 million, respectively. Contract assets and liabilities Contract assets and contract liabilities were: March 31, 2023 December 31, 2022 March 31, 2022 Media and production costs $ 710.9 $ 725.1 $ 654.3 Contract assets and unbilled fees and costs 798.0 529.5 662.5 Work in process $ 1,508.9 $ 1,254.6 $ 1,316.8 Contract liabilities: Customer advances $ 1,279.6 $ 1,492.3 $ 1,463.8 Work in process represents accrued costs incurred on behalf of customers, including media and production costs, and fees and other third-party costs that have not yet been billed. Media and production costs are billed during the production process in accordance with the terms of the client contract. Contract assets primarily include incentive fees, which are not material and will be billed to clients in accordance with the terms of the client contract. Substantially all unbilled fees and costs will be billed within the next 30 days. There were no impairment losses to the contract assets recorded in the three months ended March 31, 2023 and 2022. Contract liabilities primarily represent advance billings to customers in accordance with the terms of the client contracts, principally for the reimbursement of third-party costs that are generally incurred in the near term.

Net Income per Share

Net Income per Share	3 Months Ended
	Mar. 31, 2023
Net Income per Share [Abstract]
Net Income per Share	Net Income per Share The computations of basic and diluted net income per share were: Three Months Ended March 31, 2023 2022 Net Income - Omnicom Group Inc. $ 227.5 $ 173.8 Weighted Average Shares: Basic 202.2 208.3 Dilutive stock options and restricted shares 2.3 1.5 Diluted 204.5 209.8 Anti-dilutive stock options and restricted shares — 0.5 Net Income per Share - Omnicom Group Inc.: Basic $1.13 $0.83 Diluted $1.11 $0.83

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill: Three Months Ended March 31, 2023 2022 January 1 $ 9,734.3 $ 9,738.6 Acquisitions — 215.2 Noncontrolling interests in acquired businesses — 47.8 Dispositions (1.4) (19.4) Foreign currency translation 59.7 (30.3) March 31 $ 9,792.6 $ 9,951.9 There were no goodwill impairment losses recorded in the three months ended March 31, 2023 and 2022, and there are no accumulated goodwill impairment losses. Intangible assets: March 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Purchased and internally developed software $ 374.2 $ (309.8) $ 64.4 $ 374.8 $ (309.1) $ 65.7 Customer related and other 761.0 (525.1) 235.9 758.5 (510.8) 247.7 Total Intangible Assets $ 1,135.2 $ (834.9) $ 300.3 $ 1,133.3 $ (819.9) $ 313.4

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt [Abstract]
Debt	Debt Credit Facilities We have a $2.5 billion multi-currency revolving credit facility, or Credit Facility, with a termination date of February 14, 2025. In addition, we have the ability to issue up to $2 billion of U.S. Dollar denominated commercial paper and issue up to the equivalent of $500 million in British Pounds or Euro under a Euro commercial paper program. Certain of our international subsidiaries have uncommitted credit lines that are guaranteed by Omnicom aggregating $588.5 million. These facilities provide additional liquidity sources for operating capital and general corporate purposes. During the three months ended March 31, 2023, there were no borrowings under the Credit Facility, and there were no commercial paper issuances. The Credit Facility contains a financial covenant that requires us to maintain a Leverage Ratio of consolidated indebtedness to consolidated EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges) of no more than 3.5 times for the most recently ended 12-month period. At March 31, 2023, we were in compliance with this covenant as our Leverage Ratio was 2.4 times. The Credit Facility does not limit our ability to declare or pay dividends or repurchase our common stock. Short-Term Debt Short-term debt of $18.5 million and $16.9 million at March 31, 2023 and December 31, 2022, respectively, represented bank overdrafts and short-term borrowings primarily of our international subsidiaries. Due to the short-term nature of this debt, carrying value approximates fair value. Long-Term Debt Long-term debt was: March 31, 2023 December 31, 2022 3.65% Senior Notes due 2024 $ 750.0 $ 750.0 3.60% Senior Notes due 2026 1,400.0 1,400.0 €500 million 0.80% Senior Notes due 2027 545.3 534.9 2.45% Senior Notes due 2030 600.0 600.0 4.20% Senior Notes due 2030 600.0 600.0 €500 million 1.40% Senior Notes due 2031 545.3 534.9 2.60% Senior Notes due 2031 800.0 800.0 £325 million 2.25% Senior Notes due 2033 402.5 392.0 Long-Term Debt, Gross 5,643.1 5,611.8 Unamortized discount (8.8) (9.0) Unamortized debt issuance costs (25.3) (26.2) Unamortized deferred gain from settlement of interest rate swaps 0.4 0.6 Long-Term Debt $ 5,609.4 $ 5,577.2 Our 2.45% Senior Notes due 2030, 4.20% Senior Notes due 2030 and 2.60% Senior Notes due 2031 are senior unsecured obligations of Omnicom that rank equal in right of payment with all existing and future unsecured senior indebtedness. Omnicom and its wholly owned finance subsidiary, Omnicom Capital Inc., or OCI, are co-obligors under the 3.65% Senior Notes due 2024 and the 3.60% Senior Notes due 2026. These notes are a joint and several liability of Omnicom and OCI, and Omnicom unconditionally guarantees OCI’s obligations with respect to the notes. OCI provides funding for our operations by incurring debt and lending the proceeds to our operating subsidiaries. OCI’s assets primarily consist of cash and cash equivalents and intercompany loans made to our operating subsidiaries, and the related interest receivable. There are no restrictions on the ability of OCI or Omnicom to obtain funds from our subsidiaries through dividends, loans or advances. Such notes are senior unsecured obligations that rank equal in right of payment with all existing and future unsecured senior indebtedness. Omnicom and OCI have, jointly and severally, fully and unconditionally guaranteed the obligations of Omnicom Finance Holdings plc, or OFH, a U.K.-based wholly owned subsidiary of Omnicom, with respect to the €500 million 0.80% Senior Notes due 2027 and the €500 million 1.40% Senior Notes due 2031, collectively the Euro Notes. OFH’s assets consist of its investments in several wholly owned finance companies that function as treasury centers, providing funding for various operating companies in Europe, Australia and other countries in the Asia-Pacific region. The finance companies’ assets consist of cash and cash equivalents and intercompany loans that they make or have made to the operating companies in their respective regions and the related interest receivable. There are no restrictions on the ability of Omnicom, OCI or OFH to obtain funds from their subsidiaries through dividends, loans or advances. The Euro Notes and the related guarantees are senior unsecured obligations that rank equal in right of payment with all existing and future unsecured senior indebtedness of OFH and each of Omnicom and OCI, respectively. Omnicom has fully and unconditionally guaranteed the obligations of Omnicom Capital Holdings plc, or OCH, a U.K.-based wholly owned subsidiary of Omnicom, with respect to the £325 million 2.25% Senior Notes due 2033, or Sterling Notes. OCH’s assets consist of its investments in several wholly owned finance companies that function as treasury centers, providing funding for various operating companies in EMEA, Australia and other countries in the Asia-Pacific region. The finance companies’ assets consist of cash and cash equivalents and intercompany loans that they make or have made to the operating companies in their respective regions and the related interest receivable. There are no restrictions on the ability of Omnicom or OCH to obtain funds from their subsidiaries through dividends, loans or advances. The Sterling Notes and the related guarantee are senior unsecured obligations that rank equal in right of payment with all existing and future unsecured senior indebtedness of OCH and Omnicom, respectively.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our branded agency networks operate in the advertising, marketing and corporate communications services industry, and are organized into agency networks, virtual client networks, regional reporting units and operating groups or practice areas. Our networks, virtual client networks and agencies increasingly share clients and provide clients with integrated services. The main economic components of each agency are employee compensation and related costs and direct service costs and occupancy and other costs which include rent and occupancy costs, technology costs and other overhead expenses. Therefore, given these similarities, we aggregate our six operating segments, which are our agency networks, into one reporting segment. The agency networks' regional reporting units comprise three regions: the Americas, EMEA and Asia-Pacific. The regional reporting units monitor the performance and are responsible for the agencies in their region. Agencies within the regional reporting units serve similar clients in similar industries and, in many cases, the same clients, and have similar economic characteristics. Revenue and long-lived assets and goodwill by geographic region were: Americas EMEA Asia-Pacific March 31, 2023 Revenue - Three months ended $ 2,000.8 $ 1,036.8 $ 405.7 Long-lived assets and goodwill 7,642.2 3,377.2 734.4 March 31, 2022 Revenue - Three months ended $ 1,906.7 $ 1,073.9 $ 429.7 Long-lived assets and goodwill 7,896.2 3,532.6 698.0

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Taxes [Abstract]
Income Taxes	Income Taxes Our effective tax rate for the three months ended March 31, 2023 decreased period-over-period to 25.5% from 37.2%. The decrease for the three months ended March 31, 2023 primarily reflects the favorable impact of approximately $10.0 million of previously unrecognized tax benefits, partially offset by approximately $6.0 million related to a lower tax benefit in certain jurisdictions for the real estate repositioning costs in the quarter and the increase in the U.K. statutory tax rate. The effective tax rate for the three months ended March 31, 2022 was negatively impacted by the non-deductibility of the $113.4 million charges recorded in the first quarter of 2022, arising from the effects of the war in Ukraine, as well as an additional increase in income tax expense of $4.8 million related to the disposition of our businesses in Russia. On August 16, 2022, the Inflation Reduction Act of 2022, or IRA, was signed into law. The IRA levies a 1% excise tax on net stock repurchases after December 31, 2022. The excise tax is included in treasury stock on our balance sheet and was immaterial. Additionally, the IRA imposes a 15% corporate alternative minimum tax, or CAMT, for tax years beginning after December 31, 2022. The CAMT is not expected to have a material impact on our results of operations or financial position. Various foreign jurisdictions are in the process of enacting legislation to adopt a minimum effective tax rate described in the Global Anti-Base Erosion, GloBE or Pillar Two, tax model rules issued by the Organization for Economic Co-operation and Development. A minimum effective tax rate of 15% would apply to multinational companies with consolidated revenue above €750 million. Currently, South Korea and Japan are the only countries to have enacted legislation consistent with the GloBE rules. Other countries are expected to adopt GloBE rules in 2023 with effective dates beginning in 2024. Under the GloBE rules, a company would be required to determine a combined effective tax rate for all entities located in a jurisdiction. If the jurisdictional effective tax rate is less than 15%, a top-up tax generally will be due to bring the jurisdictional effective tax rate up to 15%. At March 31, 2023, our unrecognized tax benefits were $159.8 million. Of this amount, approximately $154.1 million would affect our effective tax rate upon resolution of the uncertain tax positions.

Pension and Other Postemploymen

Pension and Other Postemployment Benefits	3 Months Ended
	Mar. 31, 2023
Pension and Other Postemployment Benefits [Abstract]
Pension and Other Postemployment Benefits	Pension and Other Postemployment Benefits The components of net periodic benefit expense for our defined benefit pension plans and our postemployment arrangements were: Defined Benefit Pension Plans Postemployment Arrangements Three Months Ended March 31, Three Months Ended March 31, 2023 2022 2023 2022 Service cost $ 0.9 $ 0.8 $ 0.9 $ 1.1 Interest cost 2.3 1.0 1.4 0.7 Expected return on plan assets (0.2) (0.3) — — Amortization of prior service cost 0.1 0.1 1.0 0.9 Amortization of actuarial losses 0.2 1.0 — 0.6 Total net periodic benefit expense $ 3.3 $ 2.6 $ 3.3 $ 3.3 We contributed $0.1 million and $0.2 million to our defined benefit pension plans in the three months ended March 31, 2023 and 2022, respectively.

Real Estate Repositioning Costs

Real Estate Repositioning Costs	3 Months Ended
	Mar. 31, 2023
Real Estate Repositioning Costs [Abstract]
Real Estate Repositioning Costs	Real Estate Repositioning CostsIn connection with the transition to a flexible working environment, a hybrid model which allows for partial remote work, we took certain actions to reduce and reposition our office lease portfolio. In the three months ended March 31, 2023, we recorded a pretax charge of $119.2 million ($91.0 million after-tax), which included an $80.4 million non-cash impairment charge for the operating lease right-of-use, or ROU, assets, $20.0 million for the write-off of the net book value of leasehold improvements at the affected locations, and $18.8 million of other lease obligations that will be paid in less than one year. Substantially all of the operating lease payments related to the ROU assets will be paid out over three years.

Charges Arising from the Effect

Charges Arising from the Effects of the War in Ukraine	3 Months Ended
	Mar. 31, 2023
Charges Arising from the Effects of the War in Ukraine [Abstract]
Charges Arising from the Effects of the War in Ukraine	Charges Arising from the Effects of the War in Ukraine In 2022, we disposed of our businesses in Russia. In the first quarter of 2022, we recorded pretax charges of $113.4 million, which included cash charges of $47.6 million and primarily consisted of the loss on the disposition of our net investment in our Russian businesses and included charges related to the suspension of operations in Ukraine. All of the charges related to the disposition of our businesses in Russia had been paid as of December 31, 2022, and substantially all of our commitments related to the suspension of operations in Ukraine have been paid as of March 31, 2023 .

Supplemental Cash Flow Data

Supplemental Cash Flow Data	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Data [Abstract]
Supplemental Cash Flow Data	Supplemental Cash Flow Data The change in operating capital was: Three Months Ended March 31, 2023 2022 (Increase) decrease in accounts receivable $ 1,065.0 $ 1,142.2 (Increase) decrease in work in process and other current assets (295.6) (248.1) Increase (decrease) in accounts payable (1,458.8) (1,755.4) Increase (decrease) in customer advances, taxes payable and other current liabilities (212.9) 12.2 Change in other assets and liabilities, net (48.7) (35.1) Increase (decrease) in operating capital $ (951.0) $ (884.2) Income taxes paid $ 73.6 $ 49.9 Interest paid $ 13.7 $ 14.1 Non-cash increase in lease liabilities: Operating leases $ 41.2 $ 76.3 Finance leases $ 11.7 $ 17.0

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2023
Commitments and Contingent Liabilities [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent LiabilitiesIn the ordinary course of business, we are involved in various legal proceedings. We do not presently expect that these proceedings will have a material adverse effect on our results of operations or financial position.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of income taxes were: Cash Defined Benefit Pension Plans and Postemployment Arrangements Foreign Total Three Months Ended March 31, 2023 January 1 $ (12.1) $ (41.3) $ (1,384.5) $ (1,437.9) Other comprehensive income (loss) before reclassifications — — 52.0 52.0 Reclassification from accumulated other comprehensive income (loss) 1.0 0.4 — 1.4 March 31 $ (11.1) $ (40.9) $ (1,332.5) $ (1,384.5) Three Months Ended March 31, 2022 January 1 $ (16.1) $ (90.4) $ (1,145.8) $ (1,252.3) Other comprehensive income (loss) before reclassifications — — 27.4 27.4 Reclassification from accumulated other comprehensive 1.0 1.3 — 2.3 March 31 $ (15.1) $ (89.1) $ (1,118.4) $ (1,222.6)

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2023
Fair Value [Abstract]
Fair Value	Fair Value Financial assets and liabilities are recorded at fair value based on the following: • Level 1 : Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 : Unadjusted quoted prices in active markets for similar assets or liabilities; unadjusted quoted prices for identical assets or liabilities in markets that are not active; and model-derived valuations with observable inputs. • Level 3: Unobservable inputs for the asset or liability. Financial assets and liabilities measured at fair value on a recurring basis: March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 3,261.5 $ 3,261.5 $ 4,281.8 $ 4,281.8 Short-term investments $ 87.4 87.4 $ 60.7 60.7 Marketable equity securities 0.9 0.9 0.9 0.9 Liabilities: Foreign currency derivatives $ — $ — $ 0.1 $ 0.1 Cross currency swaps - net investment hedge 14.3 14.3 16.5 16.5 Contingent purchase price obligations $ 128.0 128.0 $ 115.0 115.0 Change in Level 3 fair value measurements: Three Months Ended March 31, 2023 2022 January 1 $ 115.0 $ 167.1 Acquisitions 21.6 0.5 Revaluation and interest 0.4 0.2 Payments (9.2) (6.0) Foreign currency translation 0.2 (1.2) March 31 $ 128.0 $ 160.6 The carrying amount and fair value of our financial assets and liabilities were: March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Cash and cash equivalents $ 3,261.5 $ 3,261.5 $ 4,281.8 $ 4,281.8 Short-term investments 87.4 87.4 60.7 60.7 Marketable equity securities 0.9 0.9 0.9 0.9 Non-marketable equity securities 6.1 6.1 5.6 5.6 Liabilities: Short-term debt $ 18.5 $ 18.5 $ 16.9 $ 16.9 Foreign currency derivatives — — 0.1 0.1 Cross currency swaps - net investment hedge 14.3 14.3 16.5 16.5 Contingent purchase price obligations 128.0 128.0 115.0 115.0 Long-term debt 5,609.4 5,121.9 5,577.2 4,993.4 The estimated fair values of the cross-currency swaps and foreign currency derivative instruments are determined using model-derived valuations, taking into consideration foreign currency rates, interest rates, and counterparty credit risk. The estimated fair value of the contingent purchase price obligations is calculated in accordance with the terms of each acquisition agreement and is discounted. The fair value of long-term debt is based on quoted market prices.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated events subsequent to the balance sheet date and determined that there have not been any events that have occurred that would require additional adjustments to or disclosures in these consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Contract Assets and Contract Liabilities	Contract assets and contract liabilities were: March 31, 2023 December 31, 2022 March 31, 2022 Media and production costs $ 710.9 $ 725.1 $ 654.3 Contract assets and unbilled fees and costs 798.0 529.5 662.5 Work in process $ 1,508.9 $ 1,254.6 $ 1,316.8 Contract liabilities: Customer advances $ 1,279.6 $ 1,492.3 $ 1,463.8
Geographic Markets [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue	Revenue in our geographic markets was: Three Months Ended March 31, 2023 2022 Americas: North America $ 1,926.8 $ 1,839.0 Latin America 74.0 67.7 EMEA: Europe 951.9 992.0 Middle East and Africa 84.9 81.9 Asia-Pacific 405.7 429.7 Revenue $ 3,443.3 $ 3,410.3
Discipline [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue	Revenue by discipline was: Three Months Ended March 31, 2023 2022 Advertising & Media $ 1,776.5 $ 1,770.2 Precision Marketing 360.0 339.2 Commerce & Brand Consulting 209.6 211.4 Experiential 147.8 139.7 Execution & Support 255.5 277.0 Public Relations 375.5 362.4 Healthcare 318.4 310.4 Revenue $ 3,443.3 $ 3,410.3

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Net Income per Share [Abstract]
Computations of Basic and Diluted Net Income per Share	The computations of basic and diluted net income per share were: Three Months Ended March 31, 2023 2022 Net Income - Omnicom Group Inc. $ 227.5 $ 173.8 Weighted Average Shares: Basic 202.2 208.3 Dilutive stock options and restricted shares 2.3 1.5 Diluted 204.5 209.8 Anti-dilutive stock options and restricted shares — 0.5 Net Income per Share - Omnicom Group Inc.: Basic $1.13 $0.83 Diluted $1.11 $0.83

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible assets: March 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Purchased and internally developed software $ 374.2 $ (309.8) $ 64.4 $ 374.8 $ (309.1) $ 65.7 Customer related and other 761.0 (525.1) 235.9 758.5 (510.8) 247.7 Total Intangible Assets $ 1,135.2 $ (834.9) $ 300.3 $ 1,133.3 $ (819.9) $ 313.4
Changes in Goodwill	Goodwill: Three Months Ended March 31, 2023 2022 January 1 $ 9,734.3 $ 9,738.6 Acquisitions — 215.2 Noncontrolling interests in acquired businesses — 47.8 Dispositions (1.4) (19.4) Foreign currency translation 59.7 (30.3) March 31 $ 9,792.6 $ 9,951.9

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt [Abstract]
Long-Term Debt	Long-term debt was: March 31, 2023 December 31, 2022 3.65% Senior Notes due 2024 $ 750.0 $ 750.0 3.60% Senior Notes due 2026 1,400.0 1,400.0 €500 million 0.80% Senior Notes due 2027 545.3 534.9 2.45% Senior Notes due 2030 600.0 600.0 4.20% Senior Notes due 2030 600.0 600.0 €500 million 1.40% Senior Notes due 2031 545.3 534.9 2.60% Senior Notes due 2031 800.0 800.0 £325 million 2.25% Senior Notes due 2033 402.5 392.0 Long-Term Debt, Gross 5,643.1 5,611.8 Unamortized discount (8.8) (9.0) Unamortized debt issuance costs (25.3) (26.2) Unamortized deferred gain from settlement of interest rate swaps 0.4 0.6 Long-Term Debt $ 5,609.4 $ 5,577.2

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Revenue and Long-Lived Assets and Goodwill by Geographic Region	Revenue and long-lived assets and goodwill by geographic region were: Americas EMEA Asia-Pacific March 31, 2023 Revenue - Three months ended $ 2,000.8 $ 1,036.8 $ 405.7 Long-lived assets and goodwill 7,642.2 3,377.2 734.4 March 31, 2022 Revenue - Three months ended $ 1,906.7 $ 1,073.9 $ 429.7 Long-lived assets and goodwill 7,896.2 3,532.6 698.0

Pension and Other Postemploym_2

Pension and Other Postemployment Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Pension and Other Postemployment Benefits [Abstract]
Components of Net Periodic Benefit Expense	The components of net periodic benefit expense for our defined benefit pension plans and our postemployment arrangements were: Defined Benefit Pension Plans Postemployment Arrangements Three Months Ended March 31, Three Months Ended March 31, 2023 2022 2023 2022 Service cost $ 0.9 $ 0.8 $ 0.9 $ 1.1 Interest cost 2.3 1.0 1.4 0.7 Expected return on plan assets (0.2) (0.3) — — Amortization of prior service cost 0.1 0.1 1.0 0.9 Amortization of actuarial losses 0.2 1.0 — 0.6 Total net periodic benefit expense $ 3.3 $ 2.6 $ 3.3 $ 3.3

Supplemental Cash Flow Data (Ta

Supplemental Cash Flow Data (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Data [Abstract]
Change in Operating Capital	The change in operating capital was: Three Months Ended March 31, 2023 2022 (Increase) decrease in accounts receivable $ 1,065.0 $ 1,142.2 (Increase) decrease in work in process and other current assets (295.6) (248.1) Increase (decrease) in accounts payable (1,458.8) (1,755.4) Increase (decrease) in customer advances, taxes payable and other current liabilities (212.9) 12.2 Change in other assets and liabilities, net (48.7) (35.1) Increase (decrease) in operating capital $ (951.0) $ (884.2) Income taxes paid $ 73.6 $ 49.9 Interest paid $ 13.7 $ 14.1
Non-Cash Increase in Lease Liabilities	Non-cash increase in lease liabilities: Operating leases $ 41.2 $ 76.3 Finance leases $ 11.7 $ 17.0

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive income (loss), net of income taxes were: Cash Defined Benefit Pension Plans and Postemployment Arrangements Foreign Total Three Months Ended March 31, 2023 January 1 $ (12.1) $ (41.3) $ (1,384.5) $ (1,437.9) Other comprehensive income (loss) before reclassifications — — 52.0 52.0 Reclassification from accumulated other comprehensive income (loss) 1.0 0.4 — 1.4 March 31 $ (11.1) $ (40.9) $ (1,332.5) $ (1,384.5) Three Months Ended March 31, 2022 January 1 $ (16.1) $ (90.4) $ (1,145.8) $ (1,252.3) Other comprehensive income (loss) before reclassifications — — 27.4 27.4 Reclassification from accumulated other comprehensive 1.0 1.3 — 2.3 March 31 $ (15.1) $ (89.1) $ (1,118.4) $ (1,222.6)

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value [Abstract]
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	Financial assets and liabilities measured at fair value on a recurring basis: March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 3,261.5 $ 3,261.5 $ 4,281.8 $ 4,281.8 Short-term investments $ 87.4 87.4 $ 60.7 60.7 Marketable equity securities 0.9 0.9 0.9 0.9 Liabilities: Foreign currency derivatives $ — $ — $ 0.1 $ 0.1 Cross currency swaps - net investment hedge 14.3 14.3 16.5 16.5 Contingent purchase price obligations $ 128.0 128.0 $ 115.0 115.0
Changes in Level 3 Fair Value Measurements	Change in Level 3 fair value measurements: Three Months Ended March 31, 2023 2022 January 1 $ 115.0 $ 167.1 Acquisitions 21.6 0.5 Revaluation and interest 0.4 0.2 Payments (9.2) (6.0) Foreign currency translation 0.2 (1.2) March 31 $ 128.0 $ 160.6
Carrying Amount and Fair Value of Financial Assets and Liabilities	The carrying amount and fair value of our financial assets and liabilities were: March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Cash and cash equivalents $ 3,261.5 $ 3,261.5 $ 4,281.8 $ 4,281.8 Short-term investments 87.4 87.4 60.7 60.7 Marketable equity securities 0.9 0.9 0.9 0.9 Non-marketable equity securities 6.1 6.1 5.6 5.6 Liabilities: Short-term debt $ 18.5 $ 18.5 $ 16.9 $ 16.9 Foreign currency derivatives — — 0.1 0.1 Cross currency swaps - net investment hedge 14.3 14.3 16.5 16.5 Contingent purchase price obligations 128.0 128.0 115.0 115.0 Long-term debt 5,609.4 5,121.9 5,577.2 4,993.4

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
REVENUE	$ 3,443.3	$ 3,410.3
Media and production costs	710.9	654.3	$ 725.1
Contract assets and unbilled fees and costs	798	662.5	529.5
Contract assets:	1,508.9	1,316.8	1,254.6
Customer advances	1,279.6	1,463.8	$ 1,492.3
North America
Disaggregation of Revenue [Line Items]
REVENUE	1,926.8	1,839
UNITED STATES
Disaggregation of Revenue [Line Items]
REVENUE	1,812.2	1,724.6
Latin America
Disaggregation of Revenue [Line Items]
REVENUE	74	67.7
Europe
Disaggregation of Revenue [Line Items]
REVENUE	951.9	992
Middle East and Africa
Disaggregation of Revenue [Line Items]
REVENUE	84.9	81.9
Asia-Pacific
Disaggregation of Revenue [Line Items]
REVENUE	405.7	429.7
Advertising & Media
Disaggregation of Revenue [Line Items]
REVENUE	1,776.5	1,770.2
Precision Marketing
Disaggregation of Revenue [Line Items]
REVENUE	360	339.2
Commerce & Brand Consulting
Disaggregation of Revenue [Line Items]
REVENUE	209.6	211.4
Experiential
Disaggregation of Revenue [Line Items]
REVENUE	147.8	139.7
Execution & Support
Disaggregation of Revenue [Line Items]
REVENUE	255.5	277
Public Relations
Disaggregation of Revenue [Line Items]
REVENUE	375.5	362.4
Healthcare
Disaggregation of Revenue [Line Items]
REVENUE	$ 318.4	$ 310.4

Net Income per Share (Details)

Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Income per Share [Abstract]
Net Income - Omnicom Group Inc.	$ 227.5	$ 173.8
Weighted Average Shares:
Basic	202.2	208.3
Dilutive stock options and restricted shares	2.3	1.5
Diluted	204.5	209.8
Anti-dilutive stock options and restricted shares	0	0.5
Net Income per Share - Omnicom Group Inc.:
Basic	$ 1.13	$ 0.83
Diluted	$ 1.11	$ 0.83

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Changes in Goodwill
Goodwill, January 1	$ 9,734.3	$ 9,738.6
Goodwill, Acquisitions	0	215.2
Goodwill, Noncontrolling interests in acquired businesses	0	47.8
Goodwill, Dispositions	(1.4)	(19.4)
Goodwill, Foreign currency translation	59.7	(30.3)
Goodwill, March 31	9,792.6	9,951.9
Intangible assets:
Intangible assets, Gross Carrying Value	1,135.2		$ 1,133.3
Intangible assets, Accumulated Amortization	(834.9)		(819.9)
Intangible assets, Net Carrying Value	300.3		313.4
Goodwill, impairment losses	0	$ 0
Goodwill, accumulated impairment losses	0
Purchased and internally developed software
Intangible assets:
Intangible assets, Gross Carrying Value	374.2		374.8
Intangible assets, Accumulated Amortization	(309.8)		(309.1)
Intangible assets, Net Carrying Value	64.4		65.7
Customer related and other
Intangible assets:
Intangible assets, Gross Carrying Value	761		758.5
Intangible assets, Accumulated Amortization	(525.1)		(510.8)
Intangible assets, Net Carrying Value	$ 235.9		$ 247.7

Debt (Details)

Debt (Details) € in Millions, £ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 GBP (£)	Dec. 31, 2022 USD ($)
Short-Term Borrowings [Abstract]
Short-term debt	$ 18.5			$ 16.9
Long-Term Debt [Abstract]
Long-Term Debt, Gross	5,643.1			5,611.8
Unamortized discount	(8.8)			(9)
Unamortized debt issuance costs	(25.3)			(26.2)
Unamortized deferred gain from settlement of interest rate swaps	0.4			0.6
Long-Term Debt	5,609.4			5,577.2
Credit Facility [Member]
Credit Facilities [Abstract]
Credit Facilities, maximum borrowing capacity	$ 2,500
Credit Facilities, expiration date	Feb. 14, 2025
Credit Facilities, amount outstanding	$ 0
Credit Facilities, covenant terms	The Credit Facility contains a financial covenant that requires us to maintain a Leverage Ratio of consolidated indebtedness to consolidated EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges) of no more than 3.5 times for the most recently ended 12-month period.
Credit Facilities, covenant compliance	At March 31, 2023, we were in compliance with this covenant as our Leverage Ratio was 2.4 times.
Uncommitted credit lines [Member]
Credit Facilities [Abstract]
Credit Facilities, maximum borrowing capacity	$ 588.5
Credit Facilities, amount outstanding	0
Commercial Paper [Member]
Credit Facilities [Abstract]
Credit Facilities, maximum borrowing capacity	2,000
Credit Facilities, amount outstanding	0
Euro Commercial Paper [Member]
Credit Facilities [Abstract]
Credit Facilities, maximum borrowing capacity	500
Credit Facilities, amount outstanding	0
3.65% Senior Notes due 2024
Long-Term Debt [Abstract]
Long-Term Debt, Gross	$ 750			750
Long-term debt, interest rate	3.65%	3.65%	3.65%
3.60% Senior Notes due 2026
Long-Term Debt [Abstract]
Long-Term Debt, Gross	$ 1,400			1,400
Long-term debt, interest rate	3.60%	3.60%	3.60%
€500 million 0.80% Senior Notes due 2027
Long-Term Debt [Abstract]
Long-Term Debt, Gross	$ 545.3	€ 500		534.9
Long-term debt, interest rate	0.80%	0.80%	0.80%
2.45% Senior Notes due 2030
Long-Term Debt [Abstract]
Long-Term Debt, Gross	$ 600			600
Long-term debt, interest rate	2.45%	2.45%	2.45%
4.20% Senior Notes due 2030
Long-Term Debt [Abstract]
Long-Term Debt, Gross	$ 600			600
Long-term debt, interest rate	4.20%	4.20%	4.20%
€500 million 1.40% Senior Notes due 2031
Long-Term Debt [Abstract]
Long-Term Debt, Gross	$ 545.3	€ 500		534.9
Long-term debt, interest rate	1.40%	1.40%	1.40%
2.60% Senior Notes due 2031
Long-Term Debt [Abstract]
Long-Term Debt, Gross	$ 800			800
Long-term debt, interest rate	2.60%	2.60%	2.60%
£325 million 2.25% Senior Notes due 2033
Long-Term Debt [Abstract]
Long-Term Debt, Gross	$ 402.5		£ 325	$ 392
Long-term debt, interest rate	2.25%	2.25%	2.25%

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue and Long-Lived Assets and Goodwill by Geographic Region
REVENUE	$ 3,443.3	$ 3,410.3
Americas
Revenue and Long-Lived Assets and Goodwill by Geographic Region
REVENUE	2,000.8	1,906.7
Long-lived assets and goodwill	7,642.2	7,896.2
EMEA
Revenue and Long-Lived Assets and Goodwill by Geographic Region
REVENUE	1,036.8	1,073.9
Long-lived assets and goodwill	3,377.2	3,532.6
Asia-Pacific
Revenue and Long-Lived Assets and Goodwill by Geographic Region
REVENUE	405.7	429.7
Long-lived assets and goodwill	$ 734.4	$ 698

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Taxes [Abstract]
Effective tax rate	25.50%	37.20%
Income taxes, impact of previously unrecognized tax benefits	$ 10
Income taxes, impact of real estate repositioning costs and increase in U.K. statutory tax rate	6
Charges arising from the effects of the war in Ukraine	0	$ 113.4
Income tax expense related to charges arising from the effects of the war in Ukraine		$ 4.8
Unrecognized tax benefits	159.8
Unrecognized tax benefits that would impact effective tax rate	$ 154.1

Pension and Other Postemploym_3

Pension and Other Postemployment Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Pension Plans [Member]
Components of Net Periodic Benefit Expense
Service cost	$ 0.9	$ 0.8
Interest cost	2.3	1
Expected return on plan assets	(0.2)	(0.3)
Amortization of prior service cost	0.1	0.1
Amortization of actuarial losses	0.2	1
Net periodic benefit expense	3.3	2.6
Employer contributions	0.1	0.2
Postemployment Arrangements [Member]
Components of Net Periodic Benefit Expense
Service cost	0.9	1.1
Interest cost	1.4	0.7
Expected return on plan assets	0	0
Amortization of prior service cost	1	0.9
Amortization of actuarial losses	0	0.6
Net periodic benefit expense	$ 3.3	$ 3.3

Real Estate Repositioning Cos_2

Real Estate Repositioning Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate Repositioning Costs [Abstract]
Real estate repositioning costs	$ 119.2	$ 0
Real estate repositioning costs, after-tax	91
Operating lease right-of-use assets, non-cash impairment charge	80.4
Leasehold improvements, write-off	20
Other lease obligations	$ 18.8

Charges Arising from the Effe_2

Charges Arising from the Effects of the War in Ukraine (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Charges Arising from the Effects of the War in Ukraine [Abstract]
Charges arising from the effects of the war in Ukraine	$ 0	$ 113.4
Cash charges related to the effects of the war in Ukraine		$ 47.6

Supplemental Cash Flow Data (De

Supplemental Cash Flow Data (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Change in Operating Capital [Abstract]
(Increase) decrease in accounts receivable	$ 1,065	$ 1,142.2
(Increase) decrease in work in process and other current assets	(295.6)	(248.1)
Increase (decrease) in accounts payable	(1,458.8)	(1,755.4)
Increase (decrease) in customer advances, taxes payable and other current liabilities	(212.9)	12.2
Change in other assets and liabilities, net	(48.7)	(35.1)
Increase (decrease) in operating capital	(951)	(884.2)
Income taxes paid	73.6	49.9
Interest paid	13.7	14.1
Operating leases, Net increase in lease liability	41.2	76.3
Finance leases, Net increase in lease liability	$ 11.7	$ 17

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in Accumulated Other Comprehensive Income (Loss)
January 1	$ (1,437.9)	$ (1,252.3)
Other comprehensive income (loss) before reclassifications	52	27.4
Reclassification from accumulated other comprehensive income (loss)	1.4	2.3
March 31	(1,384.5)	(1,222.6)
Cash Flow Hedge
Changes in Accumulated Other Comprehensive Income (Loss)
January 1	(12.1)	(16.1)
Other comprehensive income (loss) before reclassifications	0	0
Reclassification from accumulated other comprehensive income (loss)	1	1
March 31	(11.1)	(15.1)
Defined Benefit Pension Plans and Postemployment Arrangements
Changes in Accumulated Other Comprehensive Income (Loss)
January 1	(41.3)	(90.4)
Other comprehensive income (loss) before reclassifications	0	0
Reclassification from accumulated other comprehensive income (loss)	0.4	1.3
March 31	(40.9)	(89.1)
Foreign Currency Translation
Changes in Accumulated Other Comprehensive Income (Loss)
January 1	(1,384.5)	(1,145.8)
Other comprehensive income (loss) before reclassifications	52	27.4
Reclassification from accumulated other comprehensive income (loss)	0	0
March 31	$ (1,332.5)	$ (1,118.4)

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Assets:
Short-term investments	$ 87.4		$ 60.7
Carrying Amount
Assets:
Cash and cash equivalents	3,261.5		4,281.8
Short-term investments	87.4		60.7
Marketable equity securities	0.9		0.9
Non-marketable equity securities	6.1		5.6
Liabilities:
Short-term debt	18.5		16.9
Foreign currency derivatives	0		0.1
Cross currency swaps - net investment hedge	14.3		16.5
Contingent purchase price obligations	128		115
Long-term debt	5,609.4		5,577.2
Fair Value
Assets:
Cash and cash equivalents	3,261.5		4,281.8
Short-term investments	87.4		60.7
Marketable equity securities	0.9		0.9
Non-marketable equity securities	6.1		5.6
Liabilities:
Short-term debt	18.5		16.9
Foreign currency derivatives	0		0.1
Cross currency swaps - net investment hedge	14.3		16.5
Contingent purchase price obligations	128		115
Long-term debt	5,121.9		4,993.4
Contingent purchase price obligations
Changes in Level 3 Fair Value Measurements [Roll Forward]
January 1	115	$ 167.1
Acquisitions	21.6	0.5
Revaluation and interest	0.4	0.2
Payments	(9.2)	(6)
Foreign currency translation	0.2	(1.2)
March 31	128	$ 160.6
Fair Value, Recurring [Member]
Assets:
Cash and cash equivalents	3,261.5		4,281.8
Short-term investments	87.4		60.7
Marketable equity securities	0.9		0.9
Liabilities:
Foreign currency derivatives	0		0.1
Cross currency swaps - net investment hedge	14.3		16.5
Contingent purchase price obligations	128		115
Fair Value, Recurring [Member] | Level 1
Assets:
Cash and cash equivalents	3,261.5		4,281.8
Marketable equity securities	0.9		0.9
Fair Value, Recurring [Member] | Level 2
Assets:
Short-term investments	87.4		60.7
Liabilities:
Foreign currency derivatives	0		0.1
Cross currency swaps - net investment hedge	14.3		16.5
Fair Value, Recurring [Member] | Level 3
Liabilities:
Contingent purchase price obligations	$ 128		$ 115