Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 15, 2014 | |
Document and Entity Information | ' | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'INTERPUBLIC GROUP OF COMPANIES, INC. | ' |
Entity Central Index Key | '0000051644 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Common Stock, Shares Outstanding | ' | 421,397,262 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
REVENUE | $1,851.40 | $1,756.20 | $3,488.90 | $3,299.20 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Salaries and related expenses | 1,170.20 | 1,120.20 | 2,358.80 | 2,252.30 |
Office and general expenses | 485.4 | 461.2 | 946 | 914.5 |
Total operating expenses | 1,655.60 | 1,581.40 | 3,304.80 | 3,166.80 |
OPERATING INCOME | 195.8 | 174.8 | 184.1 | 132.4 |
EXPENSES AND OTHER INCOME: | ' | ' | ' | ' |
Interest expense | -22.6 | -37.5 | -42.8 | -74.3 |
Interest income | 6.6 | 5.8 | 12.8 | 12.2 |
Other (expense) income, net | -11.2 | 4.8 | -9.5 | 6.6 |
Total (expenses) and other income | -27.2 | -26.9 | -39.5 | -55.5 |
Income before income taxes | 168.6 | 147.9 | 144.6 | 76.9 |
Provision for income taxes | 65.3 | 62 | 63.6 | 49.6 |
Income of consolidated companies | 103.3 | 85.9 | 81 | 27.3 |
Equity in net income of unconsolidated affiliates | 0.4 | 0.2 | 0.3 | 0.3 |
NET INCOME | 103.7 | 86.1 | 81.3 | 27.6 |
Net income attributable to noncontrolling interests | -4.3 | -3.3 | -2.8 | -1.1 |
NET INCOME ATTRIBUTABLE TO IPG | 99.4 | 82.8 | 78.5 | 26.5 |
Dividends on preferred stock | 0 | -2.9 | 0 | -5.8 |
NET INCOME AVAILABLE TO IPG COMMON STOCKHOLDERS | $99.40 | $79.90 | $78.50 | $20.70 |
Earnings per share available to IPG common stockholders - basic | $0.24 | $0.19 | $0.19 | $0.05 |
Earnings per share available to IPG common stockholders - diluted | $0.23 | $0.18 | $0.18 | $0.05 |
Weighted Average Number of Shares Outstanding, Basic | 421.1 | 425.1 | 421.9 | 419.7 |
Weighted Average Number of Shares Outstanding, Diluted | 428.1 | 448.3 | 428.5 | 425.1 |
Dividends declared per common share | $0.10 | $0.08 | $0.19 | $0.15 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
NET INCOME | $103.70 | $86.10 | $81.30 | $27.60 | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ||||
Foreign currency translation adjustments | 25.5 | -74.5 | 24.5 | -113.3 | ||||
Less: reclassification adjustments recognized in net income | 0 | [1] | 0 | [1] | -0.9 | [1] | 0 | [1] |
Foreign Currency Transaction and Translation Adjustment, Net of Tax | 25.5 | -74.5 | 23.6 | -113.3 | ||||
Available-for-sale securities: | ' | ' | ' | ' | ||||
Changes in market value of available-for sale securities | 0.1 | 0.4 | 0.2 | 0.8 | ||||
Less: recognition of previously unrealized gains included in net income | 0 | [1] | -0.4 | [1] | 0 | [1] | -1.4 | [1] |
Income tax effect | 0 | 0.1 | 0 | 0.2 | ||||
Available-for-sale securities, net of tax | 0.1 | 0.1 | 0.2 | -0.4 | ||||
Derivative instruments: | ' | ' | ' | ' | ||||
Changes in fair value of derivative instruments | 0 | 0 | -0.6 | 0 | ||||
Less: recognition of previously unrealized losses included in net income | 0.5 | [1] | 0.5 | [1] | 0.9 | [1] | 0.9 | [1] |
Income tax effect | -0.2 | -0.2 | -0.1 | -0.4 | ||||
Derivative instruments, net of tax | 0.3 | 0.3 | 0.2 | 0.5 | ||||
Defined benefit pension and other postretirement plans: | ' | ' | ' | ' | ||||
Net actuarial gains for the period | 0 | 1.1 | -0.3 | 0 | ||||
Less: amortization of unrecognized losses, transition obligation and prior service cost included in net income | 2.4 | [1] | 2.7 | [1] | 5 | [1] | 5.5 | [1] |
Other | -0.1 | -0.2 | -0.2 | -0.7 | ||||
Income tax effect | -0.7 | -1.3 | -1.3 | -2 | ||||
Defined benefit pension and other postretirement plans, net of tax | 1.6 | 2.3 | 3.2 | 2.8 | ||||
Other comprehensive income (loss), net of tax | 27.5 | -71.8 | 27.2 | -110.4 | ||||
TOTAL COMPREHENSIVE INCOME (LOSS) | 131.2 | 14.3 | 108.5 | -82.8 | ||||
Less: comprehensive income (loss) attributable to noncontrolling interests | 4 | 1.5 | 1.9 | -1.9 | ||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPG | $127.20 | $12.80 | $106.60 | ($80.90) | ||||
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic cost. See Note 10 for further information. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
ASSETS: | ' | ' | ||
Cash and cash equivalents | $895.10 | $1,636.80 | ||
Marketable securities | 6.3 | 5.3 | ||
Accounts receivable, net of allowance of $66.7 and $64.9, respectively | 4,272.30 | 4,565.40 | ||
Expenditures billable to clients | 1,798.60 | 1,536.40 | ||
Other current assets | 429.3 | 340.1 | ||
Total current assets | 7,401.60 | 8,084 | ||
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $1,112.1 and $1,111.7, respectively | 537.1 | 540 | ||
Deferred income taxes | 171 | 144 | ||
Goodwill | 3,714.80 | 3,629 | ||
Other non-current assets | 515.2 | 508 | ||
TOTAL ASSETS | 12,339.70 | 12,905 | ||
LIABILITIES: | ' | ' | ||
Accounts payable | 6,414.80 | 6,914.20 | ||
Accrued liabilities | 594.8 | 718.4 | ||
Short-term borrowings | 126.2 | 179.1 | ||
Current portion of long-term debt | 2.4 | [1] | 353.6 | [1] |
Total current liabilities | 7,138.20 | 8,165.30 | ||
Long-term debt | 1,629.90 | 1,129.80 | ||
Deferred compensation | 486.9 | 514.3 | ||
Other non-current liabilities | 616.4 | 595.7 | ||
TOTAL LIABILITIES | 9,871.40 | 10,405.10 | ||
Redeemable noncontrolling interests (see Note 4) | 246.4 | 249.1 | ||
STOCKHOLDERS' EQUITY: | ' | ' | ||
Common stock | 53.3 | 53 | ||
Additional paid-in capital | 3,017.20 | 2,975.20 | ||
Retained earnings | 865.5 | 864.5 | ||
Accumulated other comprehensive loss, net of tax | -383.1 | -411.2 | ||
Stockholders Equity Subtotal Before Treasury Stock | 3,552.90 | 3,481.50 | ||
Less: Treasury stock | -1,363.60 | -1,266.30 | ||
Total IPG stockholders' equity | 2,189.30 | 2,215.20 | ||
Noncontrolling interests | 32.6 | 35.6 | ||
TOTAL STOCKHOLDERS' EQUITY | 2,221.90 | 2,250.80 | ||
TOTAL LIABILITIES AND EQUITY | 12,339.70 | 12,905 | ||
Parentheticals: | ' | ' | ||
Allowance for Doubtful Accounts Receivable, Current | 66.7 | 64.9 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1,112.10 | $1,111.70 | ||
[1] | We included our 6.25% Senior Unsecured Notes due 2014 (the "6.25% Notes") in the current portion of long-term debt on our December 31, 2013 Consolidated Balance Sheet because the 6.25% Notes were scheduled to mature on November 15, 2014. We redeemed the 6.25% Notes prior to their scheduled maturity during the second quarter of 2014. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
NET INCOME | $81.30 | $27.60 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation and amortization of fixed assets and intangible assets | 80.7 | 77.4 |
Provision for uncollectible receivables | 5.6 | 7.4 |
Amortization of restricted stock and other non-cash compensation | 26.2 | 24.9 |
Net amortization of bond discounts and deferred financing costs | 2.3 | 4 |
Deferred income tax provision (benefit) | 7.3 | -14.3 |
Other | 14.9 | -11.5 |
Changes in assets and liabilities, net of acquisitions and dispositions, providing (using) cash: | ' | ' |
Accounts receivable | 327.6 | 330.5 |
Expenditures billable to clients | -239.4 | -255.7 |
Other current assets | -76.7 | -56.4 |
Accounts payable | -584.5 | -573.4 |
Accrued liabilities | -173.5 | -150.3 |
Other non-current assets and liabilities | -29 | -1.6 |
Net cash used in operating activities | -557.2 | -591.4 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -58.7 | -46.8 |
Acquisitions, including deferred payments, net of cash acquired | -50.8 | -48.2 |
Proceeds from sales of businesses and investments, net of cash sold | 10.5 | 3.1 |
Net (purchases) sales and maturities of short-term marketable securities | -0.5 | 11.6 |
Other investing activities | 0.4 | -2.1 |
Net cash used in investing activities | -99.1 | -82.4 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from Issuance of Long-term Debt | 499.1 | 0 |
Purchase of long-term debt | -350.1 | -1.2 |
Repurchase of common stock | -97.3 | -180.6 |
Common stock dividends | -80.1 | -62.7 |
Net (decrease) increase in short term bank borrowings | -52.8 | 19.1 |
Distributions to noncontrolling interests | -12.1 | -7 |
Acquisition-related payments | -8.6 | -26.8 |
Preferred stock dividends | 0 | -5.8 |
Excess tax benefit on share-based compensation | 4.3 | 7.4 |
Exercise of stock options | 10.7 | 31.5 |
Other financing activities | -2.4 | 0.1 |
Net cash used in financing activities | -89.3 | -226 |
Effect of foreign exchange rate changes on cash and cash equivalents | 3.9 | -61.1 |
Net decrease in cash and cash equivalents | -741.7 | -960.9 |
Cash and cash equivalents at beginning of period | 1,636.80 | 2,574.80 |
Cash and cash equivalents at end of period | $895.10 | $1,613.90 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Preferred Stock | Common Stock, Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss, Net of Tax | Treasury Stock | Total IPG Stockholders' Equity | Noncontrolling Interests |
In Millions | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 31, 2012 | $2,456.60 | $221.50 | ' | $48.80 | $2,465.40 | $738.30 | ($288) | ($765.40) | $2,420.60 | $36 |
Balance, Common Stock Shares at Dec. 31, 2012 | ' | ' | 492 | ' | ' | ' | ' | ' | ' | ' |
Net income | 27.6 | ' | ' | ' | ' | 26.5 | ' | ' | 26.5 | 1.1 |
Other comprehensive income (loss) | -110.4 | ' | ' | ' | ' | ' | -107.4 | ' | -107.4 | -3 |
Reclassifications related to redeemable noncontrolling interests | 3.6 | ' | ' | ' | ' | ' | ' | ' | ' | 3.6 |
Distributions to noncontrolling interests | -7 | ' | ' | ' | ' | ' | ' | ' | ' | -7 |
Change in redemption value of redeemable noncontrolling interests | 0.6 | ' | ' | ' | ' | 0.6 | ' | ' | 0.6 | ' |
Repurchase of common stock | -180.6 | ' | ' | ' | ' | ' | ' | -180.6 | -180.6 | ' |
Common stock dividends | -62.7 | ' | ' | ' | ' | -62.7 | ' | ' | -62.7 | ' |
Preferred stock dividends | -5.8 | ' | ' | ' | ' | -5.8 | ' | ' | -5.8 | ' |
Conversion of convertible notes to common stock, shares | ' | ' | 16.9 | ' | ' | ' | ' | ' | ' | ' |
Conversion of convertible notes to common stock | 200 | ' | ' | 1.7 | 198.3 | ' | ' | ' | 200 | ' |
Capped call transaction | 0 | ' | ' | ' | 19.1 | ' | ' | -19.1 | 0 | ' |
Stock-based compensation, shares | ' | ' | 2.4 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 32.5 | ' | ' | 0.4 | 32.1 | ' | ' | ' | 32.5 | ' |
Exercise of stock options, shares | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 31.9 | ' | ' | 0.4 | 31.5 | ' | ' | ' | 31.9 | ' |
Shares withheld for taxes, shares | ' | ' | -1.5 | ' | ' | ' | ' | ' | ' | ' |
Shares withheld for taxes | -19.6 | ' | ' | -0.2 | -19.4 | ' | ' | ' | -19.6 | ' |
Excess tax benefit from stock-based compensation | 6.8 | ' | ' | ' | 6.8 | ' | ' | ' | 6.8 | ' |
Other | 2.9 | ' | ' | ' | 1.9 | -0.4 | ' | ' | 1.5 | -1.4 |
Balance at Jun. 30, 2013 | 2,376.40 | 221.5 | ' | 51.1 | 2,735.70 | 696.5 | -395.4 | -965.1 | 2,344.30 | 32.1 |
Balance, Common Stock Shares at Jun. 30, 2013 | ' | ' | 513.3 | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | 2,250.80 | ' | ' | 53 | 2,975.20 | 864.5 | -411.2 | -1,266.30 | 2,215.20 | 35.6 |
Balance, Common Stock Shares at Dec. 31, 2013 | ' | ' | 532.3 | ' | ' | ' | ' | ' | ' | ' |
Net income | 81.3 | ' | ' | ' | ' | 78.5 | ' | ' | 78.5 | 2.8 |
Other comprehensive income (loss) | 27.2 | ' | ' | ' | ' | ' | 28.1 | ' | 28.1 | -0.9 |
Reclassifications related to redeemable noncontrolling interests | 6.8 | ' | ' | ' | ' | ' | ' | ' | ' | 6.8 |
Distributions to noncontrolling interests | -12.1 | ' | ' | ' | ' | ' | ' | ' | ' | -12.1 |
Change in redemption value of redeemable noncontrolling interests | 3 | ' | ' | ' | ' | 3 | ' | ' | 3 | ' |
Repurchase of common stock | -97.3 | ' | ' | ' | ' | ' | ' | -97.3 | -97.3 | ' |
Common stock dividends | -80.1 | ' | ' | ' | ' | -80.1 | ' | ' | -80.1 | ' |
Stock-based compensation, shares | ' | ' | 3.2 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 41.8 | ' | ' | 0.3 | 41.5 | ' | ' | ' | 41.8 | ' |
Exercise of stock options, shares | ' | ' | 0.9 | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 10.8 | ' | ' | 0.1 | 10.7 | ' | ' | ' | 10.8 | ' |
Shares withheld for taxes, shares | ' | ' | -0.8 | ' | ' | ' | ' | ' | ' | ' |
Shares withheld for taxes | -14.6 | ' | ' | -0.1 | -14.5 | ' | ' | ' | -14.6 | ' |
Excess tax benefit from stock-based compensation | 4.3 | ' | ' | ' | 4.3 | ' | ' | ' | 4.3 | ' |
Other | 0 | ' | ' | ' | ' | -0.4 | ' | ' | -0.4 | 0.4 |
Balance at Jun. 30, 2014 | $2,221.90 | ' | ' | $53.30 | $3,017.20 | $865.50 | ($383.10) | ($1,363.60) | $2,189.30 | $32.60 |
Balance, Common Stock Shares at Jun. 30, 2014 | ' | ' | 535.6 | ' | ' | ' | ' | ' | ' | ' |
Basis_of_Presentation_Notes
Basis of Presentation (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The unaudited Consolidated Financial Statements have been prepared by The Interpublic Group of Companies, Inc. and its subsidiaries (the “Company,” “IPG,” “we,” “us” or “our”) in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting interim financial information on Form 10-Q. Accordingly, they do not include certain information and disclosures required for complete financial statements. The preparation of financial statements in conformity with U.S. GAAP requires us to make judgments, assumptions and estimates that affect the amounts reported and disclosed. Actual results could differ from these estimates and assumptions. The consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with our 2013 Annual Report on Form 10-K. | |
In the opinion of management, these unaudited Consolidated Financial Statements include all adjustments, consisting only of normal and recurring adjustments necessary for a fair statement of the information for each period contained therein. |
Debt_and_Credit_Arrangements_N
Debt and Credit Arrangements (Notes) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Debt and Credit Arrangements [Abstract] | ' | |||||||||||||||||
Debt and Credit Arrangements | ' | |||||||||||||||||
Debt and Credit Arrangements | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
A summary of the carrying amounts and fair values of our long-term debt is listed below. | ||||||||||||||||||
Effective | June 30, | December 31, | ||||||||||||||||
Interest Rate | 2014 | 2013 | ||||||||||||||||
Book | Fair | Book | Fair | |||||||||||||||
Value | Value 1 | Value | Value 1 | |||||||||||||||
6.25% Senior Unsecured Notes due 2014 | 6.29% | $ | 0 | $ | 0 | $ | 351.3 | $ | 365.6 | |||||||||
2.25% Senior Notes due 2017 (less unamortized | 2.30% | 299.5 | 304.7 | 299.4 | 293 | |||||||||||||
discount of $0.5) | ||||||||||||||||||
4.00% Senior Notes due 2022 (less unamortized | 4.13% | 247.6 | 256.9 | 247.4 | 241.6 | |||||||||||||
discount of $2.4) | ||||||||||||||||||
3.75% Senior Notes due 2023 (less unamortized | 4.32% | 498.7 | 501.8 | 498.6 | 467.3 | |||||||||||||
discount of $1.3) | ||||||||||||||||||
4.20% Senior Notes due 2024 (less unamortized | 4.24% | 499.1 | 514.4 | 0 | 0 | |||||||||||||
discount of $0.9) | ||||||||||||||||||
Other notes payable and capitalized leases | 87.4 | 89.4 | 86.7 | 87.8 | ||||||||||||||
Total long-term debt | 1,632.30 | 1,483.40 | ||||||||||||||||
Less: current portion 2 | 2.4 | 353.6 | ||||||||||||||||
Long-term debt, excluding current portion | $ | 1,629.90 | $ | 1,129.80 | ||||||||||||||
1 | See Note 12 for information on the fair value measurement of our long-term debt. | |||||||||||||||||
2 | We included our 6.25% Senior Unsecured Notes due 2014 (the "6.25% Notes") in the current portion of long-term debt on our December 31, 2013 Consolidated Balance Sheet because the 6.25% Notes were scheduled to mature on November 15, 2014. We redeemed the 6.25% Notes prior to their scheduled maturity during the second quarter of 2014. | |||||||||||||||||
Debt Transactions | ||||||||||||||||||
4.20% Senior Notes due 2024 | ||||||||||||||||||
In April 2014, we issued $500.0 in aggregate principal amount of the 4.20% Senior Notes due 2024 (the "4.20% Notes") at a discount to par. As a result, the 4.20% Notes were reflected on our unaudited Consolidated Balance Sheet at a fair value of $499.1 at issuance. The discount of $0.9 and capitalized direct fees, including commissions and offering expenses of $4.4, will be amortized in interest expense through the maturity date of April 15, 2024, using the effective interest method. The net proceeds were $494.7 after deducting discounts, commissions and offering expenses. Interest is payable semi-annually in arrears on April 15th and October 15th of each year, commencing on October 15, 2014. Consistent with our other debt securities, the 4.20% Notes include covenants that, among other things, limit our liens and the liens of certain of our consolidated subsidiaries, but do not require us to maintain any financial ratios or specified levels of net worth or liquidity. | ||||||||||||||||||
We used the majority of the net proceeds of the 4.20% Notes toward the redemption of our 6.25% Notes as described below. | ||||||||||||||||||
At any time prior to April 15, 2024, at our option, we may redeem all or some of the 4.20% Notes at the greater of 100% of the principal amount or a "make-whole" amount, plus, in either instance, accrued and unpaid interest to the date of redemption. If we experience a change of control event, combined with a specified downgrade in the credit rating, we must offer to repurchase the 4.20% Notes in cash at a price equal to not less than 101% of the aggregate principal amount of the 4.20% Notes, plus accrued and unpaid interest to the date of repurchase. | ||||||||||||||||||
6.25% Senior Unsecured Notes due 2014 | ||||||||||||||||||
In May 2014, we redeemed all $350.0 in aggregate principal amount of the 6.25% Notes. Total cash paid to redeem the 6.25% Notes was $371.2, which included accrued and unpaid interest of $10.3. In connection with the redemption of the 6.25% Notes, we recognized a loss on early extinguishment of debt of $10.4, which was primarily due to a redemption premium paid to noteholders. The loss on early extinguishment of debt was recorded in other (expense) income, net within our unaudited Consolidated Statement of Operations. | ||||||||||||||||||
Credit Agreements | ||||||||||||||||||
We maintain a committed corporate credit facility (the "Credit Agreement") and uncommitted lines of credit to increase our financial flexibility. The Credit Agreement is a revolving facility, expiring in December 2018, under which amounts borrowed by us or any of our subsidiaries designated under the Credit Agreement may be repaid and reborrowed, subject to an aggregate lending limit of $1,000.0 or the equivalent in other currencies. The Company has the ability to increase the commitments under the Credit Agreement from time to time by an additional amount of up to $250.0, provided the Company receives commitments for such increases and satisfies certain other conditions. The aggregate available amount of letters of credit outstanding may decrease or increase, subject to a sublimit on letters of credit of $200.0 or the equivalent in other currencies. Our obligations under the Credit Agreement are unsecured. | ||||||||||||||||||
We were in compliance with all of our covenants in the Credit Agreement as of June 30, 2014. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The following sets forth basic and diluted earnings per common share available to IPG common stockholders. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income available to IPG common stockholders - basic | $ | 99.4 | $ | 79.9 | $ | 78.5 | $ | 20.7 | ||||||||
Adjustments: Effect of dilutive securities | ||||||||||||||||
Preferred stock dividends 1 | 0 | 2.9 | 0 | 0 | ||||||||||||
Net income available to IPG common stockholders - diluted | $ | 99.4 | $ | 82.8 | $ | 78.5 | $ | 20.7 | ||||||||
Weighted-average number of common shares outstanding - basic | 421.1 | 425.1 | 421.9 | 419.7 | ||||||||||||
Add: Effect of dilutive securities | ||||||||||||||||
Restricted stock, stock options and other equity awards | 7 | 6.1 | 6.6 | 5.4 | ||||||||||||
Preferred stock outstanding 1 | 0 | 17.1 | 0 | 0 | ||||||||||||
Weighted-average number of common shares outstanding - diluted | 428.1 | 448.3 | 428.5 | 425.1 | ||||||||||||
Earnings per share available to IPG common stockholders - basic | $ | 0.24 | $ | 0.19 | $ | 0.19 | $ | 0.05 | ||||||||
Earnings per share available to IPG common stockholders - diluted | $ | 0.23 | $ | 0.18 | $ | 0.18 | $ | 0.05 | ||||||||
1 | We converted all of our 5 1/4% Series B Cumulative Convertible Perpetual Preferred Stock (the "Series B Preferred Stock") into common stock in October 2013. | |||||||||||||||
The following table presents the potential shares excluded from the diluted earnings per share calculation because the effect of including these potential shares would be antidilutive. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
4.75% Notes 1 | 0 | 0 | 0 | 6.6 | ||||||||||||
Preferred stock 2 | 0 | 0 | 0 | 17.1 | ||||||||||||
Total | 0 | 0 | 0 | 23.7 | ||||||||||||
Securities excluded from the diluted earnings per share calculation | ||||||||||||||||
because the exercise price was greater than the average market price: | ||||||||||||||||
Stock options 3 | 0 | 0.2 | 0 | 1.3 | ||||||||||||
1 | We retired all of our outstanding 4.75% Convertible Senior Notes due 2023 (the "4.75% Notes") in March 2013. For purposes of calculating diluted earnings per share, the potentially dilutive shares are pro-rated based on the period they were outstanding but were antidilutive. | |||||||||||||||
2 | We converted all of our Series B Preferred Stock into common stock in October 2013. | |||||||||||||||
3 | These options are outstanding at the end of the respective periods. In any period in which the exercise price is less than the average market price, these options have the potential to be dilutive, and application of the treasury stock method would reduce this amount. |
Acquisitions_Notes
Acquisitions (Notes) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Acquisitions [Abstract] | ' | |||||||
Business Combination Disclosure [Text Block] | ' | |||||||
Acquisitions | ||||||||
We continue to evaluate strategic opportunities to expand our industry expertise, strengthen our position in high-growth and key strategic geographical markets and industry sectors, advance technological capabilities and improve operational efficiency through both acquisitions and increased ownership interests in current investments. Our acquisitions typically provide for an initial payment at the time of closing and additional contingent purchase price payments based on the future performance of the acquired entity. We have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries. The amounts at which we record these transactions in our financial statements are based on estimates of the future financial performance of the acquired entity, the timing of the exercise of these rights, foreign currency exchange rates and other factors. | ||||||||
During the first half of 2014, we completed four acquisitions, consisting of a global digital agency, a digital agency in the United States, a healthcare agency in the United Kingdom and a digital public relations agency based in Sweden. Of our four acquisitions, two were included in the Integrated Agency Networks (“IAN”) operating segment and two were included in the Constituency Management Group ("CMG") operating segment. During the first half of 2014, we recorded approximately $90.0 of goodwill and intangible assets related to these acquisitions. | ||||||||
During the first half of 2013, we completed eight acquisitions, including a full-service digital agency in India, a public relations consultancy in India and a mobile marketing agency in Australia. Of our eight acquisitions, seven were included in the IAN operating segment and one was included in the CMG operating segment. During the first half of 2013, we recorded approximately $66.0 of goodwill and intangible assets related to those acquisitions. | ||||||||
The results of operations of our acquired companies were included in our consolidated results from the closing date of each acquisition. Details of cash paid for current and prior years' acquisitions are listed below. | ||||||||
Six months ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Cost of investment: current-year acquisitions | $ | 63.7 | $ | 51.9 | ||||
Cost of investment: prior-year acquisitions | 9 | 27.8 | ||||||
Less: net cash acquired | (13.3 | ) | (4.7 | ) | ||||
Total cost of investment | $ | 59.4 | $ | 75 | ||||
Operating expense 1 | 0.1 | 0 | ||||||
Total cash paid for acquisitions 2 | $ | 59.5 | $ | 75 | ||||
1 | Represents cash payments made that were either in excess of the contractual value or contingent upon the future employment of the former owners of acquired companies. | |||||||
2 | Of the total cash paid, $8.6 and $26.8 for the six months ended June 30, 2014, and 2013, respectively, are classified under the financing section of the unaudited Consolidated Statements of Cash Flows within acquisition-related payments. These amounts relate to increases in our ownership interests in our consolidated subsidiaries, as well as deferred payments for acquisitions that closed on or after January 1, 2009. Of the total cash paid, $50.8 and $48.2 for the six months ended June 30, 2014, and 2013, respectively, are classified under the investing section of the unaudited Consolidated Statements of Cash Flows within acquisitions, including deferred payments, net of cash acquired. These amounts relate to initial payments for new transactions and deferred payments for acquisitions that closed prior to January 1, 2009. | |||||||
Many of our acquisitions also include provisions under which the noncontrolling equity owners may require us to purchase additional interests in a subsidiary at their discretion. The following table presents changes in our redeemable noncontrolling interests. | ||||||||
Six months ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 249.1 | $ | 227.2 | ||||
Change in related noncontrolling interests balance | (6.8 | ) | (3.6 | ) | ||||
Changes in redemption value of redeemable noncontrolling interests: | ||||||||
Additions | 7.9 | 12.5 | ||||||
Redemptions and other | (2.9 | ) | (2.1 | ) | ||||
Redemption value adjustments 1 | (0.9 | ) | (3.0 | ) | ||||
Balance at end of period | $ | 246.4 | $ | 231 | ||||
1 | Redeemable noncontrolling interests are reported at their estimated redemption value in each reporting period, but not less than their initial fair value. Any adjustment to the redemption value impacts retained earnings or additional paid-in capital, except adjustments as a result of currency translation. |
Supplementary_Data_Notes
Supplementary Data (Notes) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Supplementary Data [Abstract] | ' | |||||||||||||||
Supplementary Data | ' | |||||||||||||||
Accrued Liabilities | ||||||||||||||||
The following table presents the components of accrued liabilities. | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Salaries, benefits and related expenses | $ | 346.4 | $ | 467.2 | ||||||||||||
Office and related expenses | 54.7 | 56.9 | ||||||||||||||
Acquisition obligations | 60.4 | 12.8 | ||||||||||||||
Interest | 17.8 | 16 | ||||||||||||||
Restructuring and other reorganization-related | 10.4 | 46.7 | ||||||||||||||
Other | 105.1 | 118.8 | ||||||||||||||
Total accrued liabilities | $ | 594.8 | $ | 718.4 | ||||||||||||
Other (Expense) Income, Net | ||||||||||||||||
Results of operations for the three and six months ended June 30, 2014 and 2013 include certain items that are not directly associated with our revenue-producing operations. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Loss on early extinguishment of debt | $ | (10.4 | ) | $ | 0 | $ | (10.4 | ) | $ | 0 | ||||||
Gains on sales of businesses and investments | 0.3 | 0.5 | 1.1 | 2.7 | ||||||||||||
Vendor discounts and credit adjustments | 0.2 | 0.3 | 1.7 | 0.5 | ||||||||||||
Other (expense) income, net | (1.3 | ) | 4 | (1.9 | ) | 3.4 | ||||||||||
Total other (expense) income, net | $ | (11.2 | ) | $ | 4.8 | $ | (9.5 | ) | $ | 6.6 | ||||||
Loss on Early Extinguishment of Debt – During the second quarter of 2014, we recorded a charge of $10.4 related to the redemption of our 6.25% Notes. See Note 2 to the unaudited Consolidated Financial Statements for further information. | ||||||||||||||||
Sales of Businesses and Investments – During the six months ended June 30, 2014, we recognized gains from the sale of a business within our IAN segment and the sale of investments in Rabbi Trusts. During the six months ended June 30, 2013, the gains on sales of businesses and investments primarily related to a gain recognized from the sale of marketable securities in the Asia Pacific region within our IAN segment. | ||||||||||||||||
Vendor Discounts and Credit Adjustments – In connection with the liabilities related to vendor discounts and credits established as part of the restatement we presented in our 2004 Annual Report on Form 10-K, these adjustments reflect the reversal of certain of these liabilities primarily where the statute of limitations has lapsed, or as a result of differences resulting from settlements with clients or vendors. | ||||||||||||||||
Other (Expense) Income, net – During the six months ended June 30, 2014, we recorded an other-than-temporary impairment on an investment in an unconsolidated affiliate in the Asia Pacific region within our IAN segment. During the second quarter of 2013, other income, net primarily included a non-cash gain on re-measurement to fair value of an equity interest in an affiliate, located in the Asia Pacific region within our CMG segment, upon acquiring a controlling interest. | ||||||||||||||||
Share Repurchase Program | ||||||||||||||||
In February 2013, our Board of Directors (the "Board") authorized a share repurchase program to repurchase from time to time up to $300.0, excluding fees, of our common stock (the "2013 Share Repurchase Program"). In March 2013, the Board authorized an increase in the amount available under our 2013 Share Repurchase Program up to $500.0, excluding fees, of our common stock to be used towards the repurchase of shares resulting from the conversion to common stock of the 4.75% Notes. In February 2014, our Board authorized a new share repurchase program to repurchase from time to time up to $300.0, excluding fees, of our common stock (the "2014 Share Repurchase Program"). | ||||||||||||||||
We may effect such repurchases through open market purchases, trading plans established in accordance with SEC rules, derivative transactions or other means. We expect to continue to repurchase our common stock in future periods, although the timing and amount of the repurchases will depend on market conditions and other funding requirements. | ||||||||||||||||
The following table presents our share repurchase activity under our 2013 and 2014 Share Repurchase Programs for the six months ended June 30, 2014, and 2013. | ||||||||||||||||
Six months ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Number of shares repurchased | 5.6 | 13.7 | ||||||||||||||
Aggregate cost, including fees | $ | 97.3 | $ | 180.6 | ||||||||||||
Average price per share, including fees | $ | 17.51 | $ | 13.22 | ||||||||||||
As of June 30, 2014, $321.3 remains available for repurchase under the share repurchase programs. The share repurchase programs have no expiration date. |
Income_Taxes_Notes
Income Taxes (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
For the three and six months ended June 30, 2014, our effective income tax rate of 38.7% and 44.0%, respectively, was negatively impacted primarily by losses in certain foreign jurisdictions where we receive no tax benefit due to 100% valuation allowances. | |
We have various tax years under examination by tax authorities in various countries, and in various states, such as New York, in which we have significant business operations. It is not yet known whether these examinations will, in the aggregate, result in our paying additional taxes. We believe our tax reserves are adequate in relation to the potential for additional assessments in each of the jurisdictions in which we are subject to taxation. We regularly assess the likelihood of additional tax assessments in those jurisdictions and, if necessary, adjust our reserves as additional information or events require. | |
With respect to all tax years open to examination by U.S. federal, various state and local, and non-U.S. tax authorities, we currently anticipate that total unrecognized tax benefits will decrease by an amount between $30.0 and $40.0 in the next twelve months, a portion of which will affect our effective income tax rate, primarily as a result of the settlement of tax examinations and the lapsing of statutes of limitations. | |
We are effectively settled with respect to U.S. income tax audits for years prior to 2009. With limited exceptions, we are no longer subject to state and local income tax audits for years prior to 2004, or non-U.S. income tax audits for years prior to 2006. |
Incentive_Compensation_Plans_N
Incentive Compensation Plans (Notes) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ||||||
Incentive Compensation Plans | ' | ||||||
Incentive Compensation Plans | |||||||
2014 Performance Incentive Plan | |||||||
We issue stock-based compensation and cash awards to our employees under a plan established by the Compensation and Leadership Talent Committee of the Board of Directors (the “Compensation Committee”) and approved by our shareholders. In May 2014, our shareholders approved the 2014 Performance Incentive Plan (the “2014 PIP”), replacing the 2009 Performance Incentive Plan (the “2009 PIP”) and previous incentive plans. The number of shares of common stock initially available for grants of all equity awards under the 2014 Plan will be 28.8. Pursuant to the terms of the 2014 PIP, the number of shares that may be awarded to any one participant for each type of award is limited to 2.0. The vesting period of awards granted is generally commensurate with the requisite service period. We generally issue new shares to satisfy the exercise of stock options or the distribution of other stock-based awards. | |||||||
Additionally, under the 2014 PIP, we have the ability to issue performance cash awards. The performance cash awards are granted to certain employees who otherwise would have been eligible to receive performance-based stock awards. These awards have a service period vesting condition and a performance vesting condition. The amount of the performance cash award received by an employee with a performance vesting condition can range from 0% to 300% of the target amount of the original grant value. Performance cash awards generally vest in three years. A committee of the Board of Directors may grant performance cash awards to any eligible employee; however, no employee can receive more than $10.0 during a performance period. | |||||||
We issued the following stock-based awards under the 2009 PIP and 2014 PIP during the six months ended June 30, 2014. | |||||||
Awards | Weighted-average | ||||||
grant-date fair value | |||||||
(per award) | |||||||
Stock-settled awards | 1.1 | $ | 17.67 | ||||
Performance-based awards | 3.5 | $ | 16.55 | ||||
Total stock-based compensation awards | 4.6 | ||||||
During the six months ended June 30, 2014, the Compensation Committee granted performance cash awards under the 2009 PIP and 2014 PIP with a total target value of $31.3 and $1.1 and restricted cash awards with a total target value of $4.8 and $0.4, respectively. Cash awards are amortized over the vesting period, typically three years. |
Restructuring_and_Other_Reorga
Restructuring and Other Reorganization-Related Costs (Notes) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restructuring and Other Reorganization-Related Costs [Abstract] | ' | ||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||||||
Restructuring and Other Reorganization-Related Liabilities | |||||||||||||||||
In the fourth quarter of 2013, the Company implemented a cost savings initiative (the "2013 Plan") to better align our cost structure with our revenue, primarily in Continental Europe. During the six months ended June 30, 2014, we recorded $0.2 of net reversals related to the 2013 Plan, which was included in office and general expenses within our unaudited Consolidated Statements of Operations. All restructuring actions were substantially completed by the end of the first quarter of 2014, with remaining payments expected to be made through 2017. | |||||||||||||||||
A summary of the 2013 Plan restructuring liability activity is listed below. | |||||||||||||||||
31-Dec-13 | Net Restructuring (Reversals) Charges | Cash Payments | 30-Jun-14 | ||||||||||||||
Severance and termination costs | $ | 46.5 | $ | (0.4 | ) | $ | (36.5 | ) | $ | 9.6 | |||||||
Lease termination costs | 3.9 | 0.2 | (0.6 | ) | 3.5 | ||||||||||||
Other exit costs | 0.5 | 0 | (0.4 | ) | 0.1 | ||||||||||||
Total | $ | 50.9 | $ | (0.2 | ) | $ | (37.5 | ) | $ | 13.2 | |||||||
Net restructuring reversals related to the 2013 Plan for the six months ended June 30, 2014, were comprised of net reversals of approximately $0.2 at CMG. | |||||||||||||||||
Prior Restructuring Plans | |||||||||||||||||
The 2007, 2003 and 2001 restructuring plans (the "Prior Restructuring Plans") with current quarter activity included net charges that are adjustments primarily resulting from changes in management’s estimates relating to sublease rental income assumptions. For the six months ended June 30, 2014 and 2013, the Prior Restructuring Plans incurred net restructuring and other reorganization-related charges of $0.4 and $0.2, respectively. As of June 30, 2014, the remaining liability for the Prior Restructuring Plans was $1.4. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss, Net of Tax (Notes) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||||||||
Accumulated Other Comprehensive Loss, Net of Tax | ||||||||||||||||||||
The following tables present the changes in accumulated other comprehensive loss, net of tax by component. | ||||||||||||||||||||
Foreign Currency Translation Adjustments | Available-for-Sale Securities | Derivative Instruments | Defined Benefit Pension and Other Postretirement Plans | Total | ||||||||||||||||
Balance as of December 31, 2013 | $ | (243.7 | ) | $ | 0.4 | $ | (11.7 | ) | $ | (156.2 | ) | $ | (411.2 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 25.4 | 0.2 | (0.6 | ) | (0.5 | ) | 24.5 | |||||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax | (0.9 | ) | 0 | 0.8 | 3.7 | 3.6 | ||||||||||||||
Balance as of June 30, 2014 | $ | (219.2 | ) | $ | 0.6 | $ | (11.5 | ) | $ | (153.0 | ) | $ | (383.1 | ) | ||||||
Foreign Currency Translation Adjustments | Available-for-Sale Securities | Derivative Instruments | Defined Benefit Pension and Other Postretirement Plans | Total | ||||||||||||||||
Balance as of December 31, 2012 | $ | (130.1 | ) | $ | 0.8 | $ | (12.7 | ) | $ | (146.0 | ) | $ | (288.0 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (110.3 | ) | 0.8 | 0 | (0.7 | ) | (110.2 | ) | ||||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax | 0 | (1.2 | ) | 0.5 | 3.5 | 2.8 | ||||||||||||||
Balance as of June 30, 2013 | $ | (240.4 | ) | $ | 0.4 | $ | (12.2 | ) | $ | (143.2 | ) | $ | (395.4 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax for the three and six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||||||
Three months ended | Six months ended | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Foreign currency translation adjustments | $ | 0 | $ | 0 | $ | (0.9 | ) | $ | 0 | Other (expense) income, net | ||||||||||
Gains on available-for-sale securities | 0 | (0.4 | ) | 0 | (1.4 | ) | Other (expense) income, net | |||||||||||||
Losses on derivative instruments | 0.5 | 0.5 | 0.9 | 0.9 | Interest expense | |||||||||||||||
Amortization of defined benefit pension and postretirement plans items 1 | 2.4 | 2.7 | 5 | 5.5 | ||||||||||||||||
Tax effect | (0.9 | ) | (1.4 | ) | (1.4 | ) | (2.2 | ) | Provision for income taxes | |||||||||||
Total amount reclassified from accumulated other comprehensive loss, net of tax | $ | 2 | $ | 1.4 | $ | 3.6 | 2.8 | |||||||||||||
1 | These accumulated other comprehensive loss components are included in the computation of net periodic cost. See Note 10 for further information. |
Employee_Benefits_Notes
Employee Benefits (Notes) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||||||||||
Employee Benefits | ' | |||||||||||||||||||||||
Employee Benefits | ||||||||||||||||||||||||
We have a defined benefit pension plan (the “Domestic Pension Plan”) that covers certain U.S. employees. We also have numerous funded and unfunded plans outside the U.S. The Interpublic Limited Pension Plan in the U.K. is a defined benefit plan and is our most material foreign pension plan in terms of the benefit obligation and plan assets. Some of our domestic and foreign subsidiaries provide postretirement health benefits and life insurance to eligible employees and, in certain cases, their dependents. The domestic postretirement benefit plan is our most material postretirement benefit plan in terms of the benefit obligation. Certain immaterial foreign pension and postretirement benefit plans have been excluded from the table below. | ||||||||||||||||||||||||
The components of net periodic cost for the Domestic Pension Plan, the significant foreign pension plans and the domestic postretirement benefit plan are listed below. | ||||||||||||||||||||||||
Domestic Pension Plan | Foreign Pension Plans | Domestic | ||||||||||||||||||||||
Postretirement Benefit Plan | ||||||||||||||||||||||||
Three months ended June 30, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 0 | $ | 0 | $ | 2.4 | $ | 2.6 | $ | 0 | $ | 0 | ||||||||||||
Interest cost | 1.5 | 1.3 | 5.9 | 5.2 | 0.5 | 0.3 | ||||||||||||||||||
Expected return on plan assets | (1.8 | ) | (1.9 | ) | (6.2 | ) | (4.8 | ) | 0 | 0 | ||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost (credit) | 0 | 0 | 0.1 | 0.1 | (0.1 | ) | 0 | |||||||||||||||||
Unrecognized actuarial losses | 1.6 | 1.9 | 0.8 | 0.7 | 0 | 0 | ||||||||||||||||||
Net periodic cost | $ | 1.3 | $ | 1.3 | $ | 3 | $ | 3.8 | $ | 0.4 | $ | 0.3 | ||||||||||||
Domestic Pension Plan | Foreign Pension Plans | Domestic | ||||||||||||||||||||||
Postretirement Benefit Plan | ||||||||||||||||||||||||
Six months ended June 30, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 0 | $ | 0 | $ | 4.9 | $ | 5.1 | $ | 0 | $ | 0 | ||||||||||||
Interest cost | 3.1 | 2.7 | 11.8 | 10.6 | 0.9 | 0.8 | ||||||||||||||||||
Expected return on plan assets | (3.7 | ) | (3.9 | ) | (12.4 | ) | (9.6 | ) | 0 | 0 | ||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost (credit) | 0 | 0 | 0.1 | 0.1 | (0.1 | ) | 0 | |||||||||||||||||
Unrecognized actuarial losses | 3.3 | 4 | 1.7 | 1.4 | 0 | 0 | ||||||||||||||||||
Net periodic cost | $ | 2.7 | $ | 2.8 | $ | 6.1 | $ | 7.6 | $ | 0.8 | $ | 0.8 | ||||||||||||
During the six months ended June 30, 2014, we contributed $1.5 and $12.6 of cash to our domestic and foreign pension plans, respectively. For the remainder of 2014, we expect to contribute approximately $1.0 and $12.0 of cash to our domestic and foreign pension plans, respectively. |
Segment_Information_Notes
Segment Information (Notes) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting Disclosure | ' | |||||||||||||||
Segment Information | ||||||||||||||||
We have two reportable segments, IAN and CMG. IAN is comprised of McCann Worldgroup, FCB (Foote, Cone & Belding), Lowe & Partners, IPG Mediabrands, our digital specialist agencies and our domestic integrated agencies. CMG is comprised of a number of our specialist marketing services offerings. We also report results for the “Corporate and other” group. The profitability measure employed by our chief operating decision maker for allocating resources to operating divisions and assessing operating division performance is segment operating income (loss). The segment information is presented consistently with the basis described in our 2013 Annual Report on Form 10-K, except that segment operating income (loss) for the three and six months ended June 30, 2014 and 2013, respectively, includes the impact of net restructuring and other reorganization-related charges (reversals). See Note 8 for further information on net restructuring and other reorganization-related liabilities. | ||||||||||||||||
Summarized financial information concerning our reportable segments is shown in the following table. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | ||||||||||||||||
IAN | $ | 1,496.00 | $ | 1,435.70 | $ | 2,811.70 | $ | 2,676.80 | ||||||||
CMG | 355.4 | 320.5 | 677.2 | 622.4 | ||||||||||||
Total | $ | 1,851.40 | $ | 1,756.20 | $ | 3,488.90 | $ | 3,299.20 | ||||||||
Segment operating income (loss): | ||||||||||||||||
IAN | $ | 184 | $ | 169.2 | $ | 195.5 | $ | 146.6 | ||||||||
CMG | 41.3 | 34.6 | 58.8 | 48.6 | ||||||||||||
Corporate and other | (29.5 | ) | (29.0 | ) | (70.2 | ) | (62.8 | ) | ||||||||
Total | 195.8 | 174.8 | 184.1 | 132.4 | ||||||||||||
Interest expense | (22.6 | ) | (37.5 | ) | (42.8 | ) | (74.3 | ) | ||||||||
Interest income | 6.6 | 5.8 | 12.8 | 12.2 | ||||||||||||
Other (expense) income, net | (11.2 | ) | 4.8 | (9.5 | ) | 6.6 | ||||||||||
Income before income taxes | $ | 168.6 | $ | 147.9 | $ | 144.6 | $ | 76.9 | ||||||||
Depreciation and amortization of fixed assets and intangible assets: | ||||||||||||||||
IAN | $ | 30.2 | $ | 31.6 | $ | 61.7 | $ | 62.5 | ||||||||
CMG | 4.6 | 3.9 | 8.8 | 7.7 | ||||||||||||
Corporate and other | 5.4 | 3.7 | 10.2 | 7.2 | ||||||||||||
Total | $ | 40.2 | $ | 39.2 | $ | 80.7 | $ | 77.4 | ||||||||
Capital expenditures: | ||||||||||||||||
IAN | $ | 17.2 | $ | 13.5 | $ | 31.1 | $ | 23.5 | ||||||||
CMG | 3.1 | 3.1 | 5.6 | 4.1 | ||||||||||||
Corporate and other | 11.8 | 12.4 | 22 | 19.2 | ||||||||||||
Total | $ | 32.1 | $ | 29 | $ | 58.7 | $ | 46.8 | ||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Total assets: | ||||||||||||||||
IAN | $ | 11,175.20 | $ | 11,425.10 | ||||||||||||
CMG | 1,326.20 | 1,203.80 | ||||||||||||||
Corporate and other | (161.7 | ) | 276.1 | |||||||||||||
Total | $ | 12,339.70 | $ | 12,905.00 | ||||||||||||
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
Authoritative guidance for fair value measurements establishes a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: | ||||||||||||||||||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||||||||||||||||||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||||||||
Financial Instruments that are Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
We primarily apply the market approach to determine the fair value of financial instruments that are measured at fair value on a recurring basis. There were no changes to our valuation techniques used to determine the fair value of financial instruments during the six months ended June 30, 2014. The following tables present information about our financial instruments measured at fair value on a recurring basis as of June 30, 2014, and December 31, 2013, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | ||||||||||||||||||||||||||||||||
June 30, 2014 | Balance Sheet Classification | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 435.5 | $ | 0 | $ | 0 | $ | 435.5 | Cash and cash equivalents | |||||||||||||||||||||||
Short-term marketable securities | 6.3 | 0 | 0 | 6.3 | Marketable securities | |||||||||||||||||||||||||||
Long-term investments | 0.5 | 0 | 0 | 0.5 | Other non-current assets | |||||||||||||||||||||||||||
Total | $ | 442.3 | $ | 0 | $ | 0 | $ | 442.3 | ||||||||||||||||||||||||
As a percentage of total assets | 3.6 | % | 0 | % | 0 | % | 3.6 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests 1 | $ | 0 | $ | 0 | $ | 28.7 | $ | 28.7 | ||||||||||||||||||||||||
December 31, 2013 | Balance Sheet Classification | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 761.2 | $ | 0 | $ | 0 | $ | 761.2 | Cash and cash equivalents | |||||||||||||||||||||||
Short-term marketable securities | 5.3 | 0 | 0 | 5.3 | Marketable securities | |||||||||||||||||||||||||||
Long-term investments | 1.6 | 0 | 0 | 1.6 | Other non-current assets | |||||||||||||||||||||||||||
Total | $ | 768.1 | $ | 0 | $ | 0 | $ | 768.1 | ||||||||||||||||||||||||
As a percentage of total assets | 6 | % | 0 | % | 0 | % | 6 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests 1 | $ | 0 | $ | 0 | $ | 27 | $ | 27 | ||||||||||||||||||||||||
1 | Relates to unconditional obligations to purchase additional noncontrolling equity shares of consolidated subsidiaries. Fair value measurement of the obligation was based upon the amount payable as if the forward contracts were settled. The amount redeemable within the next twelve months is classified in accrued liabilities; any interests redeemable thereafter are classified in other non-current liabilities. | |||||||||||||||||||||||||||||||
The following table presents additional information about financial instruments measured at fair value on a recurring basis and for which we utilize Level 3 inputs to determine fair value for the three and six months ended June 30, 2014. | ||||||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
Liabilities | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests - | $ | 28.9 | $ | 24.6 | $ | 27 | $ | 25.3 | ||||||||||||||||||||||||
Balance at beginning of period | ||||||||||||||||||||||||||||||||
Level 3 additions | 0.5 | 1 | 2.5 | 1 | ||||||||||||||||||||||||||||
Level 3 reductions | (0.6 | ) | (0.9 | ) | (0.6 | ) | (0.9 | ) | ||||||||||||||||||||||||
Realized (gains)/losses included in net income | (0.1 | ) | 1 | (0.2 | ) | 0.3 | ||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests - | $ | 28.7 | $ | 25.7 | $ | 28.7 | $ | 25.7 | ||||||||||||||||||||||||
Balance at end of period | ||||||||||||||||||||||||||||||||
Realized (gains)/losses included in net income for mandatorily redeemable noncontrolling interests are reported as a component of interest expense in the unaudited Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||
Financial Instruments that are not Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
The following table presents information about our financial instruments that are not measured at fair value on a recurring basis as of June 30, 2014, and December 31, 2013, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Total long-term debt | $ | 0 | $ | 1,577.80 | $ | 89.4 | $ | 1,667.20 | $ | 0 | $ | 1,367.50 | $ | 87.8 | $ | 1,455.30 | ||||||||||||||||
Our long-term debt comprises senior notes and other notes payable. The fair value of our senior notes traded over-the-counter is based on quoted prices for such securities, but which fair value can also be derived from inputs that are readily observable. Therefore, these senior notes are classified as Level 2 within the fair value hierarchy. Our other notes payable are not actively traded and their fair value is not solely derived from readily observable inputs. Thus, the fair value of our other notes payable is determined based on a discounted cash flow model and other proprietary valuation methods, and therefore is classified as Level 3 within the fair value hierarchy. See Note 2 for further information on our long-term debt. | ||||||||||||||||||||||||||||||||
Non-financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
Certain non-financial assets and liabilities are measured at fair value on a recurring basis, primarily accrued restructuring charges. | ||||||||||||||||||||||||||||||||
Non-financial Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||
Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis, primarily goodwill, intangible assets, and property, plant and equipment. Accordingly, these assets are not measured and adjusted to fair value on an ongoing basis but are subject to periodic evaluations for potential impairment. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Legal Matters | |
We are involved in various legal proceedings, and subject to investigations, inspections, audits, inquiries and similar actions by governmental authorities, arising in the normal course of business. We evaluate all cases each reporting period and record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount, or potential range, of loss can be reasonably estimated. In certain cases, we cannot reasonably estimate the potential loss because, for example, the litigation is in its early stages. While any outcome related to litigation or such governmental proceedings in which we are involved cannot be predicted with certainty, management believes that the outcome of these matters, individually and in the aggregate, will not have a material adverse effect on our financial condition, results of operations or cash flows. | |
Guarantees | |
As discussed in our 2013 Annual Report on Form 10-K, we have guaranteed certain obligations of our subsidiaries relating principally to operating leases and credit facilities of certain subsidiaries. The amount of parent company guarantees on lease obligations was $575.6 and $588.1 as of June 30, 2014 and December 31, 2013, respectively, and the amount of parent company guarantees primarily relating to credit facilities was $317.8 and $279.6 as of June 30, 2014 and December 31, 2013, respectively. |
Recent_Accounting_Standards_No
Recent Accounting Standards (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Standards | ' |
Recent Accounting Standards | |
Share-Based Payments with Performance Targets | |
In June 2014, Financial Accounting Standard Board ( the "FASB") issued amended guidance which requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. This amended guidance will be effective for us beginning January 1, 2016 and can be either applied prospectively or retrospectively. As such, the performance target should not be reflected in estimating the grant date fair value of the award. We are currently assessing the impact the adoption of the amended guidance will have on our Consolidated Financial Statements. | |
Revenue Recognition | |
In May 2014, the FASB issued amended guidance on revenue recognition, which will be effective for us beginning January 1, 2017 and can be applied retrospectively or as a cumulative effect adjustment as of the date of adoption. Early adoption is not permitted. The amended guidance requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We are currently assessing the impact the adoption of the amended guidance will have on our Consolidated Financial Statements. | |
Discontinued Operations | |
In April 2014, the FASB issued amended guidance which changes the criteria for reporting a discontinued operation, which will be effective for us beginning January 1, 2015 and applied prospectively. Early adoption is permitted, but only for disposals or classifications of held for sale that have not been reported in financial statements previously issued or available for issuance. The amended guidance limits reporting on discontinued operations involving disposals of an entity's components that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The amended guidance also expands the definition of a discontinued operation to include disposals of equity method investments and a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale. The amended guidance also requires enhanced disclosure requirements related to discontinued operations as well as additional disclosures regarding individually significant disposals that do not qualify for discontinued operations reporting. We early adopted the amended guidance for the quarter ended June 30, 2014. The adoption of this amended guidance did not have a significant impact on our unaudited Consolidated Financial Statements. | |
Unrecognized Tax Benefits | |
In July 2013, the FASB issued amended guidance on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists at the reporting date. The amended guidance requires an entity to present unrecognized tax benefits as a reduction to the deferred tax assets created by net operating losses, similar tax losses or tax credits that occur in the same taxing jurisdiction. To the extent that the unrecognized tax benefit exceeds these losses or credits, it shall be presented as a liability. We adopted the amended guidance as of December 31, 2013. The adoption of this amended guidance did not have a significant impact on our Consolidated Financial Statements. |
Debt_and_Credit_Arrangements_T
Debt and Credit Arrangements (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Debt and Credit Arrangements [Abstract] | ' | |||||||||||||||||
Summary of Carrying Amounts and Fair Values of Long-term Debt | ' | |||||||||||||||||
A summary of the carrying amounts and fair values of our long-term debt is listed below. | ||||||||||||||||||
Effective | June 30, | December 31, | ||||||||||||||||
Interest Rate | 2014 | 2013 | ||||||||||||||||
Book | Fair | Book | Fair | |||||||||||||||
Value | Value 1 | Value | Value 1 | |||||||||||||||
6.25% Senior Unsecured Notes due 2014 | 6.29% | $ | 0 | $ | 0 | $ | 351.3 | $ | 365.6 | |||||||||
2.25% Senior Notes due 2017 (less unamortized | 2.30% | 299.5 | 304.7 | 299.4 | 293 | |||||||||||||
discount of $0.5) | ||||||||||||||||||
4.00% Senior Notes due 2022 (less unamortized | 4.13% | 247.6 | 256.9 | 247.4 | 241.6 | |||||||||||||
discount of $2.4) | ||||||||||||||||||
3.75% Senior Notes due 2023 (less unamortized | 4.32% | 498.7 | 501.8 | 498.6 | 467.3 | |||||||||||||
discount of $1.3) | ||||||||||||||||||
4.20% Senior Notes due 2024 (less unamortized | 4.24% | 499.1 | 514.4 | 0 | 0 | |||||||||||||
discount of $0.9) | ||||||||||||||||||
Other notes payable and capitalized leases | 87.4 | 89.4 | 86.7 | 87.8 | ||||||||||||||
Total long-term debt | 1,632.30 | 1,483.40 | ||||||||||||||||
Less: current portion 2 | 2.4 | 353.6 | ||||||||||||||||
Long-term debt, excluding current portion | $ | 1,629.90 | $ | 1,129.80 | ||||||||||||||
1 | See Note 12 for information on the fair value measurement of our long-term debt. | |||||||||||||||||
2 | We included our 6.25% Senior Unsecured Notes due 2014 (the "6.25% Notes") in the current portion of long-term debt on our December 31, 2013 Consolidated Balance Sheet because the 6.25% Notes were scheduled to mature on November 15, 2014. We redeemed the 6.25% Notes prior to their scheduled maturity during the second quarter of 2014. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The following sets forth basic and diluted earnings per common share available to IPG common stockholders. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income available to IPG common stockholders - basic | $ | 99.4 | $ | 79.9 | $ | 78.5 | $ | 20.7 | ||||||||
Adjustments: Effect of dilutive securities | ||||||||||||||||
Preferred stock dividends 1 | 0 | 2.9 | 0 | 0 | ||||||||||||
Net income available to IPG common stockholders - diluted | $ | 99.4 | $ | 82.8 | $ | 78.5 | $ | 20.7 | ||||||||
Weighted-average number of common shares outstanding - basic | 421.1 | 425.1 | 421.9 | 419.7 | ||||||||||||
Add: Effect of dilutive securities | ||||||||||||||||
Restricted stock, stock options and other equity awards | 7 | 6.1 | 6.6 | 5.4 | ||||||||||||
Preferred stock outstanding 1 | 0 | 17.1 | 0 | 0 | ||||||||||||
Weighted-average number of common shares outstanding - diluted | 428.1 | 448.3 | 428.5 | 425.1 | ||||||||||||
Earnings per share available to IPG common stockholders - basic | $ | 0.24 | $ | 0.19 | $ | 0.19 | $ | 0.05 | ||||||||
Earnings per share available to IPG common stockholders - diluted | $ | 0.23 | $ | 0.18 | $ | 0.18 | $ | 0.05 | ||||||||
1 | We converted all of our 5 1/4% Series B Cumulative Convertible Perpetual Preferred Stock (the "Series B Preferred Stock") into common stock in October 2013. | |||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||||||||||||
The following table presents the potential shares excluded from the diluted earnings per share calculation because the effect of including these potential shares would be antidilutive. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
4.75% Notes 1 | 0 | 0 | 0 | 6.6 | ||||||||||||
Preferred stock 2 | 0 | 0 | 0 | 17.1 | ||||||||||||
Total | 0 | 0 | 0 | 23.7 | ||||||||||||
Securities excluded from the diluted earnings per share calculation | ||||||||||||||||
because the exercise price was greater than the average market price: | ||||||||||||||||
Stock options 3 | 0 | 0.2 | 0 | 1.3 | ||||||||||||
1 | We retired all of our outstanding 4.75% Convertible Senior Notes due 2023 (the "4.75% Notes") in March 2013. For purposes of calculating diluted earnings per share, the potentially dilutive shares are pro-rated based on the period they were outstanding but were antidilutive. | |||||||||||||||
2 | We converted all of our Series B Preferred Stock into common stock in October 2013. | |||||||||||||||
3 | These options are outstanding at the end of the respective periods. In any period in which the exercise price is less than the average market price, these options have the potential to be dilutive, and application of the treasury stock method would reduce this amount. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Cash Paid For Current And Prior Years' Acquisitions | ' | |||||||
Details of cash paid for current and prior years' acquisitions are listed below. | ||||||||
Six months ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Cost of investment: current-year acquisitions | $ | 63.7 | $ | 51.9 | ||||
Cost of investment: prior-year acquisitions | 9 | 27.8 | ||||||
Less: net cash acquired | (13.3 | ) | (4.7 | ) | ||||
Total cost of investment | $ | 59.4 | $ | 75 | ||||
Operating expense 1 | 0.1 | 0 | ||||||
Total cash paid for acquisitions 2 | $ | 59.5 | $ | 75 | ||||
1 | Represents cash payments made that were either in excess of the contractual value or contingent upon the future employment of the former owners of acquired companies. | |||||||
2 | Of the total cash paid, $8.6 and $26.8 for the six months ended June 30, 2014, and 2013, respectively, are classified under the financing section of the unaudited Consolidated Statements of Cash Flows within acquisition-related payments. These amounts relate to increases in our ownership interests in our consolidated subsidiaries, as well as deferred payments for acquisitions that closed on or after January 1, 2009. Of the total cash paid, $50.8 and $48.2 for the six months ended June 30, 2014, and 2013, respectively, are classified under the investing section of the unaudited Consolidated Statements of Cash Flows within acquisitions, including deferred payments, net of cash acquired. These amounts relate to initial payments for new transactions and deferred payments for acquisitions that closed prior to January 1, 2009. | |||||||
Redeemable Noncontrolling Interests | ' | |||||||
The following table presents changes in our redeemable noncontrolling interests. | ||||||||
Six months ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 249.1 | $ | 227.2 | ||||
Change in related noncontrolling interests balance | (6.8 | ) | (3.6 | ) | ||||
Changes in redemption value of redeemable noncontrolling interests: | ||||||||
Additions | 7.9 | 12.5 | ||||||
Redemptions and other | (2.9 | ) | (2.1 | ) | ||||
Redemption value adjustments 1 | (0.9 | ) | (3.0 | ) | ||||
Balance at end of period | $ | 246.4 | $ | 231 | ||||
1 | Redeemable noncontrolling interests are reported at their estimated redemption value in each reporting period, but not less than their initial fair value. Any adjustment to the redemption value impacts retained earnings or additional paid-in capital, except adjustments as a result of currency translation. |
Supplementary_Data_Tables
Supplementary Data (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Supplementary Data [Abstract] | ' | |||||||||||||||
Schedule of Accrued Liabilities | ' | |||||||||||||||
The following table presents the components of accrued liabilities. | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Salaries, benefits and related expenses | $ | 346.4 | $ | 467.2 | ||||||||||||
Office and related expenses | 54.7 | 56.9 | ||||||||||||||
Acquisition obligations | 60.4 | 12.8 | ||||||||||||||
Interest | 17.8 | 16 | ||||||||||||||
Restructuring and other reorganization-related | 10.4 | 46.7 | ||||||||||||||
Other | 105.1 | 118.8 | ||||||||||||||
Total accrued liabilities | $ | 594.8 | $ | 718.4 | ||||||||||||
Schedule of Other Nonoperating Income (Expense) | ' | |||||||||||||||
Results of operations for the three and six months ended June 30, 2014 and 2013 include certain items that are not directly associated with our revenue-producing operations. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Loss on early extinguishment of debt | $ | (10.4 | ) | $ | 0 | $ | (10.4 | ) | $ | 0 | ||||||
Gains on sales of businesses and investments | 0.3 | 0.5 | 1.1 | 2.7 | ||||||||||||
Vendor discounts and credit adjustments | 0.2 | 0.3 | 1.7 | 0.5 | ||||||||||||
Other (expense) income, net | (1.3 | ) | 4 | (1.9 | ) | 3.4 | ||||||||||
Total other (expense) income, net | $ | (11.2 | ) | $ | 4.8 | $ | (9.5 | ) | $ | 6.6 | ||||||
Share Repurchase Program | ' | |||||||||||||||
The following table presents our share repurchase activity under our 2013 and 2014 Share Repurchase Programs for the six months ended June 30, 2014, and 2013. | ||||||||||||||||
Six months ended | ||||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Number of shares repurchased | 5.6 | 13.7 | ||||||||||||||
Aggregate cost, including fees | $ | 97.3 | $ | 180.6 | ||||||||||||
Average price per share, including fees | $ | 17.51 | $ | 13.22 | ||||||||||||
Incentive_Compensation_Plans_T
Incentive Compensation Plans (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ||||||
Stock-based Compensation Awards | ' | ||||||
We issued the following stock-based awards under the 2009 PIP and 2014 PIP during the six months ended June 30, 2014. | |||||||
Awards | Weighted-average | ||||||
grant-date fair value | |||||||
(per award) | |||||||
Stock-settled awards | 1.1 | $ | 17.67 | ||||
Performance-based awards | 3.5 | $ | 16.55 | ||||
Total stock-based compensation awards | 4.6 | ||||||
Restructuring_and_Other_Reorga1
Restructuring and Other Reorganization-Related Costs (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restructuring and Other Reorganization-Related Costs [Abstract] | ' | ||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||||||
A summary of the 2013 Plan restructuring liability activity is listed below. | |||||||||||||||||
31-Dec-13 | Net Restructuring (Reversals) Charges | Cash Payments | 30-Jun-14 | ||||||||||||||
Severance and termination costs | $ | 46.5 | $ | (0.4 | ) | $ | (36.5 | ) | $ | 9.6 | |||||||
Lease termination costs | 3.9 | 0.2 | (0.6 | ) | 3.5 | ||||||||||||
Other exit costs | 0.5 | 0 | (0.4 | ) | 0.1 | ||||||||||||
Total | $ | 50.9 | $ | (0.2 | ) | $ | (37.5 | ) | $ | 13.2 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss, Net of Tax (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Reclassification of Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
The following tables present the changes in accumulated other comprehensive loss, net of tax by component. | ||||||||||||||||||||
Foreign Currency Translation Adjustments | Available-for-Sale Securities | Derivative Instruments | Defined Benefit Pension and Other Postretirement Plans | Total | ||||||||||||||||
Balance as of December 31, 2013 | $ | (243.7 | ) | $ | 0.4 | $ | (11.7 | ) | $ | (156.2 | ) | $ | (411.2 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 25.4 | 0.2 | (0.6 | ) | (0.5 | ) | 24.5 | |||||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax | (0.9 | ) | 0 | 0.8 | 3.7 | 3.6 | ||||||||||||||
Balance as of June 30, 2014 | $ | (219.2 | ) | $ | 0.6 | $ | (11.5 | ) | $ | (153.0 | ) | $ | (383.1 | ) | ||||||
Foreign Currency Translation Adjustments | Available-for-Sale Securities | Derivative Instruments | Defined Benefit Pension and Other Postretirement Plans | Total | ||||||||||||||||
Balance as of December 31, 2012 | $ | (130.1 | ) | $ | 0.8 | $ | (12.7 | ) | $ | (146.0 | ) | $ | (288.0 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (110.3 | ) | 0.8 | 0 | (0.7 | ) | (110.2 | ) | ||||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax | 0 | (1.2 | ) | 0.5 | 3.5 | 2.8 | ||||||||||||||
Balance as of June 30, 2013 | $ | (240.4 | ) | $ | 0.4 | $ | (12.2 | ) | $ | (143.2 | ) | $ | (395.4 | ) | ||||||
Disclosure of Reclassification Amount | ' | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax for the three and six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||||||
Three months ended | Six months ended | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Foreign currency translation adjustments | $ | 0 | $ | 0 | $ | (0.9 | ) | $ | 0 | Other (expense) income, net | ||||||||||
Gains on available-for-sale securities | 0 | (0.4 | ) | 0 | (1.4 | ) | Other (expense) income, net | |||||||||||||
Losses on derivative instruments | 0.5 | 0.5 | 0.9 | 0.9 | Interest expense | |||||||||||||||
Amortization of defined benefit pension and postretirement plans items 1 | 2.4 | 2.7 | 5 | 5.5 | ||||||||||||||||
Tax effect | (0.9 | ) | (1.4 | ) | (1.4 | ) | (2.2 | ) | Provision for income taxes | |||||||||||
Total amount reclassified from accumulated other comprehensive loss, net of tax | $ | 2 | $ | 1.4 | $ | 3.6 | 2.8 | |||||||||||||
1 | These accumulated other comprehensive loss components are included in the computation of net periodic cost. See Note 10 for further information. |
Employee_Benefits_Tables
Employee Benefits (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Net Periodic Costs | ' | |||||||||||||||||||||||
The components of net periodic cost for the Domestic Pension Plan, the significant foreign pension plans and the domestic postretirement benefit plan are listed below. | ||||||||||||||||||||||||
Domestic Pension Plan | Foreign Pension Plans | Domestic | ||||||||||||||||||||||
Postretirement Benefit Plan | ||||||||||||||||||||||||
Three months ended June 30, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 0 | $ | 0 | $ | 2.4 | $ | 2.6 | $ | 0 | $ | 0 | ||||||||||||
Interest cost | 1.5 | 1.3 | 5.9 | 5.2 | 0.5 | 0.3 | ||||||||||||||||||
Expected return on plan assets | (1.8 | ) | (1.9 | ) | (6.2 | ) | (4.8 | ) | 0 | 0 | ||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost (credit) | 0 | 0 | 0.1 | 0.1 | (0.1 | ) | 0 | |||||||||||||||||
Unrecognized actuarial losses | 1.6 | 1.9 | 0.8 | 0.7 | 0 | 0 | ||||||||||||||||||
Net periodic cost | $ | 1.3 | $ | 1.3 | $ | 3 | $ | 3.8 | $ | 0.4 | $ | 0.3 | ||||||||||||
Domestic Pension Plan | Foreign Pension Plans | Domestic | ||||||||||||||||||||||
Postretirement Benefit Plan | ||||||||||||||||||||||||
Six months ended June 30, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 0 | $ | 0 | $ | 4.9 | $ | 5.1 | $ | 0 | $ | 0 | ||||||||||||
Interest cost | 3.1 | 2.7 | 11.8 | 10.6 | 0.9 | 0.8 | ||||||||||||||||||
Expected return on plan assets | (3.7 | ) | (3.9 | ) | (12.4 | ) | (9.6 | ) | 0 | 0 | ||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost (credit) | 0 | 0 | 0.1 | 0.1 | (0.1 | ) | 0 | |||||||||||||||||
Unrecognized actuarial losses | 3.3 | 4 | 1.7 | 1.4 | 0 | 0 | ||||||||||||||||||
Net periodic cost | $ | 2.7 | $ | 2.8 | $ | 6.1 | $ | 7.6 | $ | 0.8 | $ | 0.8 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
Summarized financial information concerning our reportable segments is shown in the following table. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | ||||||||||||||||
IAN | $ | 1,496.00 | $ | 1,435.70 | $ | 2,811.70 | $ | 2,676.80 | ||||||||
CMG | 355.4 | 320.5 | 677.2 | 622.4 | ||||||||||||
Total | $ | 1,851.40 | $ | 1,756.20 | $ | 3,488.90 | $ | 3,299.20 | ||||||||
Segment operating income (loss): | ||||||||||||||||
IAN | $ | 184 | $ | 169.2 | $ | 195.5 | $ | 146.6 | ||||||||
CMG | 41.3 | 34.6 | 58.8 | 48.6 | ||||||||||||
Corporate and other | (29.5 | ) | (29.0 | ) | (70.2 | ) | (62.8 | ) | ||||||||
Total | 195.8 | 174.8 | 184.1 | 132.4 | ||||||||||||
Interest expense | (22.6 | ) | (37.5 | ) | (42.8 | ) | (74.3 | ) | ||||||||
Interest income | 6.6 | 5.8 | 12.8 | 12.2 | ||||||||||||
Other (expense) income, net | (11.2 | ) | 4.8 | (9.5 | ) | 6.6 | ||||||||||
Income before income taxes | $ | 168.6 | $ | 147.9 | $ | 144.6 | $ | 76.9 | ||||||||
Depreciation and amortization of fixed assets and intangible assets: | ||||||||||||||||
IAN | $ | 30.2 | $ | 31.6 | $ | 61.7 | $ | 62.5 | ||||||||
CMG | 4.6 | 3.9 | 8.8 | 7.7 | ||||||||||||
Corporate and other | 5.4 | 3.7 | 10.2 | 7.2 | ||||||||||||
Total | $ | 40.2 | $ | 39.2 | $ | 80.7 | $ | 77.4 | ||||||||
Capital expenditures: | ||||||||||||||||
IAN | $ | 17.2 | $ | 13.5 | $ | 31.1 | $ | 23.5 | ||||||||
CMG | 3.1 | 3.1 | 5.6 | 4.1 | ||||||||||||
Corporate and other | 11.8 | 12.4 | 22 | 19.2 | ||||||||||||
Total | $ | 32.1 | $ | 29 | $ | 58.7 | $ | 46.8 | ||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Total assets: | ||||||||||||||||
IAN | $ | 11,175.20 | $ | 11,425.10 | ||||||||||||
CMG | 1,326.20 | 1,203.80 | ||||||||||||||
Corporate and other | (161.7 | ) | 276.1 | |||||||||||||
Total | $ | 12,339.70 | $ | 12,905.00 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||||||||||||||
The following tables present information about our financial instruments measured at fair value on a recurring basis as of June 30, 2014, and December 31, 2013, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | ||||||||||||||||||||||||||||||||
June 30, 2014 | Balance Sheet Classification | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 435.5 | $ | 0 | $ | 0 | $ | 435.5 | Cash and cash equivalents | |||||||||||||||||||||||
Short-term marketable securities | 6.3 | 0 | 0 | 6.3 | Marketable securities | |||||||||||||||||||||||||||
Long-term investments | 0.5 | 0 | 0 | 0.5 | Other non-current assets | |||||||||||||||||||||||||||
Total | $ | 442.3 | $ | 0 | $ | 0 | $ | 442.3 | ||||||||||||||||||||||||
As a percentage of total assets | 3.6 | % | 0 | % | 0 | % | 3.6 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests 1 | $ | 0 | $ | 0 | $ | 28.7 | $ | 28.7 | ||||||||||||||||||||||||
December 31, 2013 | Balance Sheet Classification | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 761.2 | $ | 0 | $ | 0 | $ | 761.2 | Cash and cash equivalents | |||||||||||||||||||||||
Short-term marketable securities | 5.3 | 0 | 0 | 5.3 | Marketable securities | |||||||||||||||||||||||||||
Long-term investments | 1.6 | 0 | 0 | 1.6 | Other non-current assets | |||||||||||||||||||||||||||
Total | $ | 768.1 | $ | 0 | $ | 0 | $ | 768.1 | ||||||||||||||||||||||||
As a percentage of total assets | 6 | % | 0 | % | 0 | % | 6 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests 1 | $ | 0 | $ | 0 | $ | 27 | $ | 27 | ||||||||||||||||||||||||
1 | Relates to unconditional obligations to purchase additional noncontrolling equity shares of consolidated subsidiaries. Fair value measurement of the obligation was based upon the amount payable as if the forward contracts were settled. The amount redeemable within the next twelve months is classified in accrued liabilities; any interests redeemable thereafter are classified in other non-current liabilities. | |||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||||||||||
The following table presents additional information about financial instruments measured at fair value on a recurring basis and for which we utilize Level 3 inputs to determine fair value for the three and six months ended June 30, 2014. | ||||||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
Liabilities | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests - | $ | 28.9 | $ | 24.6 | $ | 27 | $ | 25.3 | ||||||||||||||||||||||||
Balance at beginning of period | ||||||||||||||||||||||||||||||||
Level 3 additions | 0.5 | 1 | 2.5 | 1 | ||||||||||||||||||||||||||||
Level 3 reductions | (0.6 | ) | (0.9 | ) | (0.6 | ) | (0.9 | ) | ||||||||||||||||||||||||
Realized (gains)/losses included in net income | (0.1 | ) | 1 | (0.2 | ) | 0.3 | ||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests - | $ | 28.7 | $ | 25.7 | $ | 28.7 | $ | 25.7 | ||||||||||||||||||||||||
Balance at end of period | ||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | ' | |||||||||||||||||||||||||||||||
The following table presents information about our financial instruments that are not measured at fair value on a recurring basis as of June 30, 2014, and December 31, 2013, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Total long-term debt | $ | 0 | $ | 1,577.80 | $ | 89.4 | $ | 1,667.20 | $ | 0 | $ | 1,367.50 | $ | 87.8 | $ | 1,455.30 | ||||||||||||||||
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Debt Instrument | ' | ' | ' | ' | ' | |||
Early Repayment of Senior Debt | ' | ' | $371.20 | ' | ' | |||
Discount | ' | ' | 350.1 | 1.2 | ' | |||
Long-term Debt | 1,632.30 | ' | 1,632.30 | ' | 1,483.40 | |||
Less: current portion | 2.4 | [1] | ' | 2.4 | [1] | ' | 353.6 | [1] |
Long-term Debt, Excluding Current Maturities | 1,629.90 | ' | 1,629.90 | ' | 1,129.80 | |||
Loss on Early Extinguishment of Debt | -10.4 | 0 | -10.4 | 0 | ' | |||
Proceeds from Issuance of Long-term Debt | ' | ' | 499.1 | 0 | ' | |||
6.25% Notes | ' | ' | ' | ' | ' | |||
Debt Instrument | ' | ' | ' | ' | ' | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.29% | ' | 6.29% | ' | ' | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ' | 6.25% | ' | ' | |||
Interest Paid, Net | ' | ' | 10.3 | ' | ' | |||
Debt Instrument, Face Amount | 350 | ' | 350 | ' | ' | |||
Debt Instrument, Maturity Date | ' | ' | 15-Nov-14 | ' | ' | |||
Debt Instrument, Unamortized Discount | 0 | ' | 0 | ' | ' | |||
Long-term Debt, Gross | 0 | ' | 0 | ' | 351.3 | |||
Long-term Debt, Fair Value | 0 | [2] | ' | 0 | [2] | ' | 365.6 | [2] |
2.25% Notes | ' | ' | ' | ' | ' | |||
Debt Instrument | ' | ' | ' | ' | ' | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.30% | ' | 2.30% | ' | ' | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | ' | 2.25% | ' | ' | |||
Debt Instrument, Maturity Date | ' | ' | 15-Nov-17 | ' | ' | |||
Debt Instrument, Unamortized Discount | 0.5 | ' | 0.5 | ' | ' | |||
Long-term Debt, Gross | 299.5 | ' | 299.5 | ' | 299.4 | |||
Long-term Debt, Fair Value | 304.7 | [2] | ' | 304.7 | [2] | ' | 293 | [2] |
4.00% Notes | ' | ' | ' | ' | ' | |||
Debt Instrument | ' | ' | ' | ' | ' | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.13% | ' | 4.13% | ' | ' | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ' | 4.00% | ' | ' | |||
Debt Instrument, Maturity Date | ' | ' | 15-Mar-22 | ' | ' | |||
Debt Instrument, Unamortized Discount | 2.4 | ' | 2.4 | ' | ' | |||
Long-term Debt, Gross | 247.6 | ' | 247.6 | ' | 247.4 | |||
Long-term Debt, Fair Value | 256.9 | [2] | ' | 256.9 | [2] | ' | 241.6 | [2] |
3.75% Notes | ' | ' | ' | ' | ' | |||
Debt Instrument | ' | ' | ' | ' | ' | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.32% | ' | 4.32% | ' | ' | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ' | 3.75% | ' | ' | |||
Debt Instrument, Maturity Date | ' | ' | 15-Feb-23 | ' | ' | |||
Debt Instrument, Unamortized Discount | 1.3 | ' | 1.3 | ' | ' | |||
Long-term Debt, Gross | 498.7 | ' | 498.7 | ' | 498.6 | |||
Long-term Debt, Fair Value | 501.8 | [2] | ' | 501.8 | [2] | ' | 467.3 | [2] |
4.20% Notes | ' | ' | ' | ' | ' | |||
Debt Instrument | ' | ' | ' | ' | ' | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.24% | ' | 4.24% | ' | ' | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ' | 4.20% | ' | ' | |||
Discount | ' | ' | 0.9 | ' | ' | |||
Debt Instrument, Face Amount | 500 | ' | 500 | ' | ' | |||
Debt Instrument, Maturity Date | ' | ' | 15-Apr-24 | ' | ' | |||
Debt Instrument, Unamortized Discount | 0.9 | ' | 0.9 | ' | ' | |||
Fees and Commissions | ' | ' | 4.4 | ' | ' | |||
Long-term Debt, Gross | 499.1 | ' | 499.1 | ' | 0 | |||
Long-term Debt, Fair Value | 514.4 | [2] | ' | 514.4 | [2] | ' | 0 | [2] |
Proceeds from Issuance of Long-term Debt | ' | ' | 494.7 | ' | ' | |||
Debt Instrument, Frequency of Periodic Payment | ' | ' | 'semi-annually | ' | ' | |||
Other notes payable and capitalized leases | ' | ' | ' | ' | ' | |||
Debt Instrument | ' | ' | ' | ' | ' | |||
Long-term Debt, Gross | 87.4 | ' | 87.4 | ' | 86.7 | |||
Long-term Debt, Fair Value | $89.40 | [2] | ' | $89.40 | [2] | ' | $87.80 | [2] |
[1] | We included our 6.25% Senior Unsecured Notes due 2014 (the "6.25% Notes") in the current portion of long-term debt on our December 31, 2013 Consolidated Balance Sheet because the 6.25% Notes were scheduled to mature on November 15, 2014. We redeemed the 6.25% Notes prior to their scheduled maturity during the second quarter of 2014. | |||||||
[2] | See Note 12 for information on the fair value measurement of our long-term debt. |
Credit_Facilities_Details
Credit Facilities (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Debt and Credit Arrangements [Abstract] | ' |
Line of Credit Facility, Expiration Date | 12-Dec-18 |
Line of Credit Facility, Maximum Borrowing Capacity | $1,000 |
Line of Credit Facility, Increase (Decrease), Net | 250 |
Line of Credit Facility, Amount Outstanding | $200 |
Line of Credit Facility, Covenant Compliance | 'June 30, 2014 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
NET INCOME AVAILABLE TO IPG COMMON STOCKHOLDERS | $99.40 | $79.90 | $78.50 | $20.70 | ||||
Net income available to IPG common stockholders - diluted | 99.4 | 82.8 | 78.5 | 20.7 | ||||
Weighted Average Number of Shares Outstanding, Basic | 421.1 | 425.1 | 421.9 | 419.7 | ||||
Weighted Average Number of Shares Outstanding, Diluted | 428.1 | 448.3 | 428.5 | 425.1 | ||||
Earnings per share available to IPG common stockholders - basic | $0.24 | $0.19 | $0.19 | $0.05 | ||||
Earnings per share available to IPG common stockholders - diluted | $0.23 | $0.18 | $0.18 | $0.05 | ||||
Preferred stock dividends, Effect of dilutive securities | $0 | [1] | $2.90 | [1] | $0 | [1] | $0 | [1] |
Restricted stock, stock options and other equity awards, Effect of dilutive securities, Incremental common shares | 7 | 6.1 | 6.6 | 5.4 | ||||
Preferred stock outstanding, Effect of dilutive securities, Incremental common shares | 0 | [1] | 17.1 | [1] | 0 | [1] | 0 | [1] |
[1] | We converted all of our 5 1/4% Series B Cumulative Convertible Perpetual Preferred Stock (the "Series B Preferred Stock") into common stock in October 2013. |
Antidilutive_Shares_Details
Antidilutive Shares (Details) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 23.7 | ||||
Antidilutive Stock Options Excluded Exercise Price Greater Than Average Market Pricengs Per Share, Amount | 0 | [1] | 0.2 | [1] | 0 | [1] | 1.3 | [1] |
4.75% Notes | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | [2] | 0 | [2] | 0 | [2] | 6.6 | [2] |
Preferred Stock Outstanding | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | [3] | 0 | [3] | 0 | [3] | 17.1 | [3] |
[1] | These options are outstanding at the end of the respective periods. In any period in which the exercise price is less than the average market price, these options have the potential to be dilutive, and application of the treasury stock method would reduce this amount. | |||||||
[2] | We retired all of our outstanding 4.75% Convertible Senior Notes due 2023 (the "4.75% Notes") in March 2013. For purposes of calculating diluted earnings per share, the potentially dilutive shares are pro-rated based on the period they were outstanding but were antidilutive. | |||||||
[3] | We converted all of our Series B Preferred Stock into common stock in October 2013. |
Acquisitions_Acquisitions_Narr
Acquisitions Acquisitions Narrative (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ' | ' |
Number of Businesses Acquired | 4 | 8 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $90 | $66 |
IAN | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of Businesses Acquired | 2 | 7 |
CMG | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of Businesses Acquired | 2 | 1 |
Cash_Paid_for_Acquisitions_Det
Cash Paid for Acquisitions (Details) (USD $) | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Business Combinations [Abstract] | ' | ' | ||
Cost of investment: current year acquisitions | $63.70 | $51.90 | ||
Cost of investment: prior-year acquisitions | 9 | 27.8 | ||
Less: net cash acquired | -13.3 | -4.7 | ||
Total cost of investment | 59.4 | 75 | ||
Operating expense 1 | 0.1 | [1] | 0 | [1] |
Total cash paid for acquisitions | 59.5 | [2] | 75 | [2] |
Acquisitions, including deferred payments, net of cash acquired | 50.8 | 48.2 | ||
Acquisition-related payments | $8.60 | $26.80 | ||
[1] | Represents cash payments made that were either in excess of the contractual value or contingent upon the future employment of the former owners of acquired companies. | |||
[2] | Of the total cash paid, $8.6 and $26.8 for the six months ended June 30, 2014, and 2013, respectively, are classified under the financing section of the unaudited Consolidated Statements of Cash Flows within acquisition-related payments. These amounts relate to increases in our ownership interests in our consolidated subsidiaries, as well as deferred payments for acquisitions that closed on or after January 1, 2009. Of the total cash paid, $50.8 and $48.2 for the six months ended June 30, 2014, and 2013, respectively, are classified under the investing section of the unaudited Consolidated Statements of Cash Flows within acquisitions, including deferred payments, net of cash acquired. These amounts relate to initial payments for new transactions and deferred payments for acquisitions that closed prior to January 1, 2009. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests (Details) (USD $) | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Redeemable Noncontrolling Interest, Equity, Fair Value [Abstract] | ' | ' | ||
Balance at beginning of period | $249.10 | $227.20 | ||
Change in related noncontrolling interests balance | -6.8 | -3.6 | ||
Changes in redemption value of redeemable noncontrolling interests [Abstract] | ' | ' | ||
Additions | 7.9 | 12.5 | ||
Redemptions and other | -2.9 | -2.1 | ||
Redemption value adjustments | -0.9 | [1] | -3 | [1] |
Balance at end of period | $246.40 | $231 | ||
[1] | Redeemable noncontrolling interests are reported at their estimated redemption value in each reporting period, but not less than their initial fair value. Any adjustment to the redemption value impacts retained earnings or additional paid-in capital, except adjustments as a result of currency translation. |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Salaries, benefits and related expenses | $346.40 | $467.20 |
Office and related expenses | 54.7 | 56.9 |
Acquisition obligations | 60.4 | 12.8 |
Interest | 17.8 | 16 |
Restructuring and other reorganization-related | 10.4 | 46.7 |
Other | 105.1 | 118.8 |
Total accrued liabilities | $594.80 | $718.40 |
Other_Expense_Income_Net_Detai
Other (Expense) Income, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other (Expense) Income, Net [Line Items] | ' | ' | ' | ' |
Loss on Early Extinguishment of Debt | ($10.40) | $0 | ($10.40) | $0 |
Gains on sales of businesses and investments | 0.3 | 0.5 | 1.1 | 2.7 |
Vendor discounts and credit adjustments | 0.2 | 0.3 | 1.7 | 0.5 |
Other (expense) income, net | -1.3 | 4 | -1.9 | 3.4 |
Total other (expense) income, net | ($11.20) | $4.80 | ($9.50) | $6.60 |
6.25% Notes | ' | ' | ' | ' |
Other (Expense) Income, Net [Line Items] | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ' | 6.25% | ' |
Share_Repurchase_Program_Detai
Share Repurchase Program (Details) (USD $) | 6 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Share Repurchase Program | ' | ' |
Number of shares repurchased | 5.6 | 13.7 |
Aggregate cost, including fees | $97.30 | $180.60 |
Average price per share, including fees | $17.51 | $13.22 |
Share repurchase program, remaining authorized repurchase amount | 321.3 | ' |
2013 Share Repurchase Program | ' | ' |
Share Repurchase Program | ' | ' |
Share repurchase program, authorized amount | 300 | ' |
Share repurchase program, increased authorized amount | 500 | ' |
2014 Share Repurchase Program | ' | ' |
Share Repurchase Program | ' | ' |
Share repurchase program, authorized amount | $300 | ' |
Income_Taxes_Effective_Income_
Income Taxes Effective Income Tax Rate (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective income tax rate | 38.70% | 44.00% |
One hundred percent valuation allowance | ' | 100.00% |
Income_Taxes_Change_in_Unrecog
Income Taxes Change in Unrecognized Tax Benefits (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Estimated unrecognized tax benefit decrease, lower bound | $30 |
Estimated unrecognized tax benefit decrease, upper bound | $40 |
Tax_Years_Open_to_Examinations
Tax Years Open to Examinations (Details) (Minimum) | 6 Months Ended |
Jun. 30, 2014 | |
Domestic Tax Authority | ' |
Income Tax Contingency [Line Items] | ' |
Open Tax Year | '2009 |
State and Local Jurisdiction | ' |
Income Tax Contingency [Line Items] | ' |
Open Tax Year | '2004 |
Foreign Tax Authority | ' |
Income Tax Contingency [Line Items] | ' |
Open Tax Year | '2006 |
Incentive_Compensation_Plans_P
Incentive Compensation Plans Plan Information (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Incentive Compensation Plan Initiation Year | '2014 |
Number of shares initially available for grants | 28.8 |
Maximum shares participants are eligible to receive | 2 |
Performance Vesting Condition | 'range from 0% to 300% of the target amount |
Maximum Cash Award Value Per Employee | $10 |
Cash awards vesting period | '3 years |
Incentive_Compensation_Plans_S
Incentive Compensation Plans Stock-based Compensation Awards (Details) (USD $) | 6 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
Incentive Compensation Plans | ' |
Incentive Compensation Plan Initiation Year | '2014 |
Number of shares initially available for grants | 28.8 |
Total target value of cash awards granted | $1.10 |
Restricted Cash Plan cash awards granted during the period target value | 0.4 |
Cash awards vesting period | '3 years |
Stock settled awards | ' |
Incentive Compensation Plans | ' |
Granted awards | 1.1 |
Weighted Average Grant Date Fair Value | $17.67 |
Performance based awards | ' |
Incentive Compensation Plans | ' |
Granted awards | 3.5 |
Weighted Average Grant Date Fair Value | $16.55 |
Stock Compensation Plan | ' |
Incentive Compensation Plans | ' |
Granted awards | 4.6 |
2009 PIP | ' |
Incentive Compensation Plans | ' |
Incentive Compensation Plan Initiation Year | '2009 |
Total target value of cash awards granted | 31.3 |
Restricted Cash Plan cash awards granted during the period target value | $4.80 |
Restructuring_and_Other_Reorga2
Restructuring and Other Reorganization-Related Costs 2013 Plan (Details) (2013 Restructuring Plan [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning liability balance | $50.90 |
Net Restructuring (Reversals) Charges | -0.2 |
Cash payments | -37.5 |
Ending liability balance | 13.2 |
Employee Severance [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning liability balance | 46.5 |
Net Restructuring (Reversals) Charges | -0.4 |
Cash payments | -36.5 |
Ending liability balance | 9.6 |
Real Estate [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning liability balance | 3.9 |
Net Restructuring (Reversals) Charges | 0.2 |
Cash payments | -0.6 |
Ending liability balance | 3.5 |
Other Restructuring [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning liability balance | 0.5 |
Net Restructuring (Reversals) Charges | 0 |
Cash payments | -0.4 |
Ending liability balance | 0.1 |
CMG | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Net Restructuring (Reversals) Charges | $0.20 |
Restructuring_and_Other_Reorga3
Restructuring and Other Reorganization-Related Costs Prior Year Plans (Details) (Prior Year Restructuring Plans [Domain], USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Prior Year Restructuring Plans [Domain] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Net Restructuring (Reversals) Charges | $0.40 | ($0.20) |
Restructuring Reserve | $1.40 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss, Net of Tax (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Foreign Currency Translation Adjustment: | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ($243.70) | ($130.10) |
Other comprehensive (loss) income before reclassifications | ' | ' | 25.4 | -110.3 |
Amount reclassified from accumulated other comprehensive loss, net of tax | ' | ' | -0.9 | 0 |
Balance at end of period | -219.2 | -240.4 | -219.2 | -240.4 |
Available-for-sale Securities: | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 0.4 | 0.8 |
Other comprehensive (loss) income before reclassifications | ' | ' | 0.2 | 0.8 |
Amount reclassified from accumulated other comprehensive loss, net of tax | ' | ' | 0 | -1.2 |
Balance at end of period | 0.6 | 0.4 | 0.6 | 0.4 |
Derivative instruments: | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | -11.7 | -12.7 |
Other comprehensive (loss) income before reclassifications | 0 | 0 | -0.6 | 0 |
Amount reclassified from accumulated other comprehensive loss, net of tax | ' | ' | 0.8 | 0.5 |
Balance at end of period | -11.5 | -12.2 | -11.5 | -12.2 |
Defined benefit pension and other postretirement plans: | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | -156.2 | -146 |
Other comprehensive (loss) income before reclassifications | ' | ' | -0.5 | -0.7 |
Amount reclassified from accumulated other comprehensive loss,net of tax | ' | ' | 3.7 | 3.5 |
Balance at end of period | -153 | -143.2 | -153 | -143.2 |
Total Changes in Accumulated Other Comprehensive Loss, Net of Tax [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | -411.2 | -288 |
Other comprehensive (loss) income before reclassifications | ' | ' | 24.5 | -110.2 |
Amount reclassified from accumulated other comprehensive loss, net of tax | 2 | 1.4 | 3.6 | 2.8 |
Balance at end of period | ($383.10) | ($395.40) | ($383.10) | ($395.40) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss, Net of Tax Reclassification of Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Reclassification of Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Foreign currency translation adjustments | $0 | [1] | $0 | [1] | ($0.90) | [1] | $0 | [1] |
Gains on available-for-sale securities | 0 | [1] | -0.4 | [1] | 0 | [1] | -1.4 | [1] |
Losses on derivative instruments | 0.5 | [1] | 0.5 | [1] | 0.9 | [1] | 0.9 | [1] |
Amortization of defined benefit pension and postretirement plans items | 2.4 | [1] | 2.7 | [1] | 5 | [1] | 5.5 | [1] |
Tax effect | -0.9 | -1.4 | -1.4 | -2.2 | ||||
Total amount reclassified from accumulated other comprehensive loss, net of tax | $2 | $1.40 | $3.60 | $2.80 | ||||
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic cost. See Note 10 for further information. |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Domestic Pension Plan | ' | ' | ' | ' |
Defined Pension and Postretirement Benefit Plans | ' | ' | ' | ' |
Service cost | $0 | $0 | $0 | $0 |
Interest cost | 1.5 | 1.3 | 3.1 | 2.7 |
Expected return on plan assets | -1.8 | -1.9 | -3.7 | -3.9 |
Amortization of: | ' | ' | ' | ' |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Unrecognized actuarial losses | 1.6 | 1.9 | 3.3 | 4 |
Net periodic cost | 1.3 | 1.3 | 2.7 | 2.8 |
Pension Plan - Employer Contributions | ' | ' | 1.5 | ' |
Pension Plan - Estimated Employer Contributions Current fiscal year | ' | ' | 1 | ' |
Foreign Pension Plans | ' | ' | ' | ' |
Defined Pension and Postretirement Benefit Plans | ' | ' | ' | ' |
Service cost | 2.4 | 2.6 | 4.9 | 5.1 |
Interest cost | 5.9 | 5.2 | 11.8 | 10.6 |
Expected return on plan assets | -6.2 | -4.8 | -12.4 | -9.6 |
Amortization of: | ' | ' | ' | ' |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.1 | 0.1 | 0.1 | 0.1 |
Unrecognized actuarial losses | 0.8 | 0.7 | 1.7 | 1.4 |
Net periodic cost | 3 | 3.8 | 6.1 | 7.6 |
Pension Plan - Employer Contributions | ' | ' | 12.6 | ' |
Pension Plan - Estimated Employer Contributions Current fiscal year | ' | ' | 12 | ' |
Domestic Postretirement Benefit Plan | ' | ' | ' | ' |
Defined Pension and Postretirement Benefit Plans | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 0.5 | 0.3 | 0.9 | 0.8 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of: | ' | ' | ' | ' |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | -0.1 | 0 | -0.1 | 0 |
Unrecognized actuarial losses | 0 | 0 | 0 | 0 |
Net periodic cost | $0.40 | $0.30 | $0.80 | $0.80 |
Segment_Information_Operations
Segment Information Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segments: | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Compliance | ' | ' | 'June 30, 2014 | ' | ' |
Revenue | $1,851.40 | $1,756.20 | $3,488.90 | $3,299.20 | ' |
Operating Income (Loss) | 195.8 | 174.8 | 184.1 | 132.4 | ' |
Interest expense | 22.6 | 37.5 | 42.8 | 74.3 | ' |
Interest income | 6.6 | 5.8 | 12.8 | 12.2 | ' |
Other (expense) income, net | -11.2 | 4.8 | -9.5 | 6.6 | ' |
Income before income taxes | 168.6 | 147.9 | 144.6 | 76.9 | ' |
Depreciation and amortization of fixed assets and intangible assets | 40.2 | 39.2 | 80.7 | 77.4 | ' |
Capital expenditures | 32.1 | 29 | 58.7 | 46.8 | ' |
Assets | 12,339.70 | ' | 12,339.70 | ' | 12,905 |
IAN | ' | ' | ' | ' | ' |
Segments: | ' | ' | ' | ' | ' |
Revenue | 1,496 | 1,435.70 | 2,811.70 | 2,676.80 | ' |
Operating Income (Loss) | 184 | 169.2 | 195.5 | 146.6 | ' |
Depreciation and amortization of fixed assets and intangible assets | 30.2 | 31.6 | 61.7 | 62.5 | ' |
Capital expenditures | 17.2 | 13.5 | 31.1 | 23.5 | ' |
Assets | 11,175.20 | ' | 11,175.20 | ' | 11,425.10 |
CMG | ' | ' | ' | ' | ' |
Segments: | ' | ' | ' | ' | ' |
Revenue | 355.4 | 320.5 | 677.2 | 622.4 | ' |
Operating Income (Loss) | 41.3 | 34.6 | 58.8 | 48.6 | ' |
Depreciation and amortization of fixed assets and intangible assets | 4.6 | 3.9 | 8.8 | 7.7 | ' |
Capital expenditures | 3.1 | 3.1 | 5.6 | 4.1 | ' |
Assets | 1,326.20 | ' | 1,326.20 | ' | 1,203.80 |
Corporate and Other | ' | ' | ' | ' | ' |
Segments: | ' | ' | ' | ' | ' |
Operating Income (Loss) | -29.5 | -29 | -70.2 | -62.8 | ' |
Depreciation and amortization of fixed assets and intangible assets | 5.4 | 3.7 | 10.2 | 7.2 | ' |
Capital expenditures | 11.8 | 12.4 | 22 | 19.2 | ' |
Assets | ($161.70) | ' | ($161.70) | ' | $276.10 |
Segment_Information_Balance_Sh
Segment Information Balance Sheet (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segments: | ' | ' |
Assets | $12,339.70 | $12,905 |
IAN | ' | ' |
Segments: | ' | ' |
Assets | 11,175.20 | 11,425.10 |
CMG | ' | ' |
Segments: | ' | ' |
Assets | 1,326.20 | 1,203.80 |
Corporate and Other | ' | ' |
Segments: | ' | ' |
Assets | ($161.70) | $276.10 |
Fair_Value_on_a_Recurring_Basi
Fair Value on a Recurring Basis (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||||
Level 1 | ' | ' | ' | ' | ' | ' | ||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ' | ' | ' | ' | ' | ' | ||
Cash equivalents | $435.50 | ' | $761.20 | ' | ' | ' | ||
Short-term marketable securities | 6.3 | ' | 5.3 | ' | ' | ' | ||
Long-term investments | 0.5 | ' | 1.6 | ' | ' | ' | ||
Fair Value of Total Assets, Recurring | 442.3 | ' | 768.1 | ' | ' | ' | ||
Fair value of assets measured on a recurring basis, percentage of total assets | 3.60% | ' | 6.00% | ' | ' | ' | ||
Mandatorily redeemable noncontrolling interests | 0 | [1] | ' | 0 | [1] | ' | ' | ' |
Level 2 | ' | ' | ' | ' | ' | ' | ||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ' | ' | ' | ' | ' | ' | ||
Cash equivalents | 0 | ' | 0 | ' | ' | ' | ||
Short-term marketable securities | 0 | ' | 0 | ' | ' | ' | ||
Long-term investments | 0 | ' | 0 | ' | ' | ' | ||
Fair Value of Total Assets, Recurring | 0 | ' | 0 | ' | ' | ' | ||
Fair value of assets measured on a recurring basis, percentage of total assets | 0.00% | ' | 0.00% | ' | ' | ' | ||
Mandatorily redeemable noncontrolling interests | 0 | [1] | ' | 0 | [1] | ' | ' | ' |
Level 3 | ' | ' | ' | ' | ' | ' | ||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ' | ' | ' | ' | ' | ' | ||
Cash equivalents | 0 | ' | 0 | ' | ' | ' | ||
Short-term marketable securities | 0 | ' | 0 | ' | ' | ' | ||
Long-term investments | 0 | ' | 0 | ' | ' | ' | ||
Fair Value of Total Assets, Recurring | 0 | ' | 0 | ' | ' | ' | ||
Fair value of assets measured on a recurring basis, percentage of total assets | 0.00% | ' | 0.00% | ' | ' | ' | ||
Mandatorily redeemable noncontrolling interests | 28.7 | [1] | ' | 27 | [1] | ' | ' | ' |
Fair Value, Total | ' | ' | ' | ' | ' | ' | ||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ' | ' | ' | ' | ' | ' | ||
Cash equivalents | 435.5 | ' | 761.2 | ' | ' | ' | ||
Short-term marketable securities | 6.3 | ' | 5.3 | ' | ' | ' | ||
Long-term investments | 0.5 | ' | 1.6 | ' | ' | ' | ||
Fair Value of Total Assets, Recurring | 442.3 | ' | 768.1 | ' | ' | ' | ||
Fair value of assets measured on a recurring basis, percentage of total assets | 3.60% | ' | 6.00% | ' | ' | ' | ||
Mandatorily redeemable noncontrolling interests | 28.7 | [1] | ' | 27 | [1] | ' | ' | ' |
Mandatorily redeemable noncontrolling interests [Member] | ' | ' | ' | ' | ' | ' | ||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ' | ' | ' | ' | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $28.70 | $28.90 | $27 | $25.70 | $24.60 | $25.30 | ||
[1] | Relates to unconditional obligations to purchase additional noncontrolling equity shares of consolidated subsidiaries. Fair value measurement of the obligation was based upon the amount payable as if the forward contracts were settled. The amount redeemable within the next twelve months is classified in accrued liabilities; any interests redeemable thereafter are classified in other non-current liabilities. |
Fair_Value_Unobservable_Inputs
Fair Value Unobservable Inputs (Details) (Mandatorily redeemable noncontrolling interests, USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Mandatorily redeemable noncontrolling interests | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ' | ' | ' |
Balance at beginning of period | $28.90 | $24.60 | $27 | $25.30 |
Level 3 additions | 0.5 | 1 | 2.5 | 1 |
Level 3 reductions | -0.6 | -0.9 | -0.6 | -0.9 |
Realized (gains)/losses included in net income | -0.1 | 1 | -0.2 | 0.3 |
Balance at end of period | $28.70 | $25.70 | $28.70 | $25.70 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value on a Nonrecurring Basis (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Level 1 | ' | ' |
Fair value assets and liabilities measured on recurring and nonrecurring basis | ' | ' |
Total long-term debt | $0 | $0 |
Level 2 | ' | ' |
Fair value assets and liabilities measured on recurring and nonrecurring basis | ' | ' |
Total long-term debt | 1,577.80 | 1,367.50 |
Level 3 | ' | ' |
Fair value assets and liabilities measured on recurring and nonrecurring basis | ' | ' |
Total long-term debt | 89.4 | 87.8 |
Fair Value, Total | ' | ' |
Fair value assets and liabilities measured on recurring and nonrecurring basis | ' | ' |
Total long-term debt | $1,667.20 | $1,455.30 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Lease guarantees | $575.60 | $588.10 |
Credit facility guarantees | $317.80 | $279.60 |