Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 15, 2015 | |
Document and Entity Information | ||
Amendment Flag | FALSE | |
Entity Registrant Name | INTERPUBLIC GROUP OF COMPANIES, INC. | |
Entity Central Index Key | 51644 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Common Stock, Shares Outstanding | 412,937,333 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenue | $1,676 | $1,637.50 |
OPERATING EXPENSES: | ||
Salaries and related expenses | 1,215.20 | 1,188.60 |
Office and general expenses | 453 | 460.6 |
Total operating expenses | 1,668.20 | 1,649.20 |
OPERATING INCOME (LOSS) | 7.8 | -11.7 |
EXPENSES AND OTHER INCOME: | ||
Interest expense | -20.9 | -20.2 |
Interest income | 7.2 | 6.2 |
Other income, net | 0.3 | 1.7 |
Total (expenses) and other income | -13.4 | -12.3 |
Loss before income taxes | -5.6 | -24 |
Benefit of income taxes | -1.4 | -1.7 |
Loss of consolidated companies | -4.2 | -22.3 |
Equity in net loss of unconsolidated affiliates | 0 | -0.1 |
NET LOSS | -4.2 | -22.4 |
Net loss attributable to noncontrolling interests | 2.4 | 1.5 |
Net loss available to IPG common stockholders - basic and diluted | ($1.80) | ($20.90) |
Loss Per Share, Basic and Diluted | $0 | ($0.05) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 411.1 | 422.8 |
Dividends declared per common share | $0.12 | $0.10 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
NET LOSS | ($4.20) | ($22.40) | ||
Foreign currency translation: | ||||
Foreign currency translation adjustments | -135.1 | -1 | ||
Less: reclassification adjustments recognized in net loss | -0.5 | -0.9 | ||
Foreign Currency Transaction and Translation Adjustment, Net of Tax | -135.6 | -1.9 | ||
Available-for-sale securities: | ||||
Changes in fair value of available-for sale securities | 0.2 | 0.1 | ||
Income tax effect | -0.3 | 0 | ||
Net unrealized gains/losses on available-for-sale securities, net of tax | -0.1 | 0.1 | ||
Derivative instruments: | ||||
Changes in fair value of derivative instruments | 0 | -0.6 | ||
Less: recognition of previously unrealized losses included in net loss | 0.5 | 0.4 | ||
Income tax effect | -0.2 | 0.1 | ||
Net unrecognized gains/losses on derivative instruments, net of tax | 0.3 | -0.1 | ||
Defined benefit pension and other postretirement plans: | ||||
Net actuarial gains (losses) for the period | 4.4 | -0.3 | ||
Less: amortization of unrecognized losses, transition obligation and prior service cost included in net loss | 3 | [1] | 2.6 | [1] |
Other | 0.1 | -0.1 | ||
Income tax effect | -0.9 | -0.6 | ||
Defined benefit pension and other postretirement plans adjustment, net of tax | 6.6 | 1.6 | ||
Other comprehensive loss, net of tax | -128.8 | -0.3 | ||
TOTAL COMPREHENSIVE LOSS | -133 | -22.7 | ||
Less: comprehensive loss attributable to noncontrolling interests | -3.2 | -2.1 | ||
COMPREHENSIVE LOSS ATTRIBUTABLE TO IPG | ($129.80) | ($20.60) | ||
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic cost. See Note 9 for further information. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
ASSETS: | ||
Cash and cash equivalents | $734.30 | $1,660.60 |
Marketable securities | 6.9 | 6.6 |
Accounts receivable, net of allowance of $57.2 and $59.5, respectively | 3,781.40 | 4,376.60 |
Expenditures billable to clients | 1,497.80 | 1,424.20 |
Other current assets | 367.1 | 342.2 |
Total current assets | 6,387.50 | 7,810.20 |
Property and equipment, net of accumulated depreciation of $1,057.6 and $1,070.0, respectively | 523.3 | 548.2 |
Deferred income taxes | 193 | 192.9 |
Goodwill | 3,595 | 3,669.20 |
Other non-current assets | 501.4 | 526.7 |
TOTAL ASSETS | 11,200.20 | 12,747.20 |
LIABILITIES: | ||
Accounts payable | 5,468.50 | 6,558 |
Accrued liabilities | 618.7 | 796 |
Short-term borrowings | 135.7 | 107.2 |
Current portion of long-term debt | 2 | 2.1 |
Total current liabilities | 6,224.90 | 7,463.30 |
Long-term debt | 1,620.60 | 1,623.50 |
Deferred compensation | 473.2 | 527.9 |
Other non-current liabilities | 694 | 723.9 |
TOTAL LIABILITIES | 9,012.70 | 10,338.60 |
Redeemable noncontrolling interests | 242.8 | 257.4 |
STOCKHOLDERS' EQUITY: | ||
Common stock | 41.4 | 41.2 |
Additional paid-in capital | 1,580 | 1,547.50 |
Retained earnings | 1,126.20 | 1,183.30 |
Accumulated other comprehensive loss, net of tax | -764.7 | -636.7 |
Stockholders Equity Subtotal Before Treasury Stock | 1,982.90 | 2,135.30 |
Less: Treasury stock | -70.2 | -19 |
Total IPG stockholders' equity | 1,912.70 | 2,116.30 |
Noncontrolling interests | 32 | 34.9 |
TOTAL STOCKHOLDERS' EQUITY | 1,944.70 | 2,151.20 |
TOTAL LIABILITIES AND EQUITY | 11,200.20 | 12,747.20 |
Parentheticals: | ||
Allowance for Doubtful Accounts Receivable | 57.2 | 59.5 |
Accumulated Depreciation, Property and Equipment | $1,057.60 | $1,070 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET LOSS | ($4.20) | ($22.40) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization of fixed assets and intangible assets | 38.7 | 40.5 |
Provision for uncollectible receivables | 2.7 | 3.8 |
Amortization of restricted stock and other non-cash compensation | 16.8 | 15.1 |
Net amortization of bond discounts and deferred financing costs | 1.4 | 1 |
Deferred income tax benefit | -31.8 | -22.9 |
Other | 10.9 | 4 |
Changes in assets and liabilities, net of acquisitions and dispositions, providing (using) cash: | ||
Accounts receivable | 460.5 | 557.6 |
Expenditures billable to clients | -111.1 | -154 |
Other current assets | -31 | -47.7 |
Accounts payable | -946.1 | -905.6 |
Accrued liabilities | -173.3 | -173.3 |
Other non-current assets and liabilities | -30.4 | -21.8 |
Net cash used in operating activities | -796.9 | -725.7 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | -20.2 | -26.6 |
Acquisitions, net of cash acquired | 0 | -22.1 |
Other investing activities | 0.2 | 1.6 |
Net cash used in investing activities | -20 | -47.1 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repurchase of common stock | -51.2 | -44.9 |
Common stock dividends | -49.3 | -40.2 |
Acquisition-related payments | -2.4 | -3.3 |
Distributions to noncontrolling interests | -1.2 | -5.7 |
Net increase (decrease) in short term bank borrowings | 34.3 | -6.7 |
Exercise of stock options | 9.1 | 6.2 |
Excess tax benefit on share-based compensation | 8.5 | 3.3 |
Other financing activities | 1.1 | 0.6 |
Net cash used in financing activities | -51.1 | -90.7 |
Effect of foreign exchange rate changes on cash and cash equivalents | -58.3 | -2.3 |
Net decrease in cash and cash equivalents | -926.3 | -865.8 |
Cash and cash equivalents at beginning of period | 1,660.60 | 1,636.80 |
Cash and cash equivalents at end of period | $734.30 | $771 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock, Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss, Net of Tax | Treasury Stock | Total IPG Stockholders' Equity | Noncontrolling Interests |
In Millions | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 31, 2013 | $2,250.80 | $53 | $2,975.20 | $864.50 | ($411.20) | ($1,266.30) | $2,215.20 | $35.60 | |
Balance, Common Stock Shares at Dec. 31, 2013 | 532.3 | ||||||||
Net loss | -22.4 | -20.9 | |||||||
Income (Loss) Attributable to Parent | -20.9 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | -1.5 | -1.5 | |||||||
Other comprehensive loss | -0.3 | 0.3 | 0.3 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -2.1 | -0.6 | |||||||
Reclassifications related to redeemable noncontrolling interests | 4.5 | 4.5 | |||||||
Distributions to noncontrolling interests | -5.7 | -5.7 | |||||||
Change in redemption value of redeemable noncontrolling interests | 1.9 | 1.9 | 1.9 | ||||||
Repurchase of common stock | -44.9 | -44.9 | -44.9 | ||||||
Common stock dividends | -40.2 | -40.2 | -40.2 | ||||||
Stock-based compensation, shares | 3.1 | ||||||||
Stock-based compensation, value | 32.8 | 0.2 | 32.6 | 32.8 | |||||
Exercise of stock options, shares | 0.5 | ||||||||
Exercise of stock options, value | 6.3 | 0.1 | 6.2 | 6.3 | |||||
Shares withheld for taxes, shares | -0.8 | ||||||||
Shares withheld for taxes, value | -14.6 | -0.1 | -14.5 | -14.6 | |||||
Excess tax benefit from stock-based compensation | 3.3 | 3.3 | 3.3 | ||||||
Other | -0.2 | -0.1 | -0.3 | -0.4 | -0.2 | ||||
Balance at Mar. 31, 2014 | 2,171.30 | 53.2 | 3,002.70 | 805 | -410.9 | -1,311.20 | 2,138.80 | 32.5 | |
Balance, Common Stock Shares at Mar. 31, 2014 | 535.1 | ||||||||
Balance at Dec. 31, 2014 | 2,151.20 | 41.2 | 1,547.50 | 1,183.30 | -636.7 | -19 | 2,116.30 | 34.9 | |
Balance, Common Stock Shares at Dec. 31, 2014 | 414.6 | ||||||||
Net loss | -4.2 | -1.8 | |||||||
Income (Loss) Attributable to Parent | -1.8 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | -2.4 | -2.4 | |||||||
Other comprehensive loss | -128.8 | -128 | -128 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -3.2 | -0.8 | |||||||
Reclassifications related to redeemable noncontrolling interests | 1.5 | 1.5 | |||||||
Distributions to noncontrolling interests | -1.2 | -1.2 | |||||||
Change in redemption value of redeemable noncontrolling interests | -5.8 | -5.8 | -5.8 | ||||||
Repurchase of common stock | -51.2 | -51.2 | -51.2 | ||||||
Common stock dividends | -49.3 | -49.3 | -49.3 | ||||||
Stock-based compensation, shares | 2.2 | ||||||||
Stock-based compensation, value | 32 | 0.2 | 31.8 | 32 | |||||
Exercise of stock options, shares | 0.9 | ||||||||
Exercise of stock options, value | 9.2 | 0.1 | 9.1 | 9.2 | |||||
Shares withheld for taxes, shares | -0.8 | ||||||||
Shares withheld for taxes, value | -17.1 | -0.1 | -17 | -17.1 | |||||
Excess tax benefit from stock-based compensation | 8.5 | 8.5 | 8.5 | ||||||
Other | -0.1 | 0.1 | -0.2 | -0.1 | |||||
Balance at Mar. 31, 2015 | $1,944.70 | $41.40 | $1,580 | $1,126.20 | ($764.70) | ($70.20) | $1,912.70 | $32 | |
Balance, Common Stock Shares at Mar. 31, 2015 | 416.9 |
Basis_of_Presentation_Notes
Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
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 2014 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) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
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 | March 31, | December 31, | ||||||||||||||||
Interest Rate | 2015 | 2014 | ||||||||||||||||
Book | Fair | Book | Fair | |||||||||||||||
Value | Value 1 | Value | Value 1 | |||||||||||||||
2.25% Senior Notes due 2017 (less unamortized | 2.30% | $ | 299.6 | $ | 303.6 | $ | 299.6 | $ | 301.2 | |||||||||
discount of $0.4) | ||||||||||||||||||
4.00% Senior Notes due 2022 (less unamortized | 4.13% | 247.8 | 263.2 | 247.7 | 255.2 | |||||||||||||
discount of $2.2) | ||||||||||||||||||
3.75% Senior Notes due 2023 (less unamortized | 4.32% | 498.8 | 512.1 | 498.8 | 499.8 | |||||||||||||
discount of $1.2) | ||||||||||||||||||
4.20% Senior Notes due 2024 (less unamortized | 4.24% | 499.1 | 531.5 | 499.1 | 509.8 | |||||||||||||
discount of $0.9) | ||||||||||||||||||
Other notes payable and capitalized leases | 77.3 | 77.3 | 80.4 | 80.4 | ||||||||||||||
Total long-term debt | 1,622.60 | 1,625.60 | ||||||||||||||||
Less: current portion | 2 | 2.1 | ||||||||||||||||
Long-term debt, excluding current portion | $ | 1,620.60 | $ | 1,623.50 | ||||||||||||||
1 | See Note 11 for information on the fair value measurement of our long-term debt. | |||||||||||||||||
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 March 31, 2015. |
Loss_Per_Share_Notes
Loss Per Share (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share [Text Block] | Loss Per Share | |||||||
The following sets forth basic and diluted loss per common share available to IPG common stockholders. | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Net loss available to IPG common stockholders - basic and diluted | $ | (1.8 | ) | $ | (20.9 | ) | ||
Weighted-average number of common shares outstanding - basic and diluted | 411.1 | 422.8 | ||||||
Loss per share available to IPG common stockholders - basic and diluted | $ | 0 | $ | (0.05 | ) | |||
Basic and diluted shares outstanding and loss per share are equal for the three months ended March 31, 2015 and 2014 because our potentially dilutive securities are antidilutive as a result of the net loss available to IPG common stockholders in each period presented. | ||||||||
The following table presents the potential shares excluded from the diluted loss per share calculation because the effect of including these potential shares would be antidilutive. | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Restricted stock, stock options and other equity awards | 6.3 | 6.8 | ||||||
Supplementary_Data_Notes
Supplementary Data (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplementary Data [Abstract] | ||||||||
Accrued Liabilities | Accrued Liabilities | |||||||
The following table presents the components of accrued liabilities. | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Salaries, benefits and related expenses | $ | 331 | $ | 510.6 | ||||
Office and related expenses | 52.3 | 51.5 | ||||||
Acquisition obligations | 105.6 | 88.1 | ||||||
Interest | 16.9 | 18.3 | ||||||
Restructuring and other reorganization-related | 4.5 | 5.5 | ||||||
Other | 108.4 | 122 | ||||||
Total accrued liabilities | $ | 618.7 | $ | 796 | ||||
Other Income, Net | Other Income, Net | |||||||
Results of operations for the three months ended March 31, 2015 and 2014, include certain items that are not directly associated with our revenue-producing operations. | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(Losses) gains on sales of businesses and investments | $ | (0.1 | ) | $ | 0.8 | |||
Vendor discounts and credit adjustments | 0 | 1.5 | ||||||
Other income (expense), net | 0.4 | (0.6 | ) | |||||
Total other income, net | $ | 0.3 | $ | 1.7 | ||||
(Losses) Gains on Sales of Businesses and Investments – During the three months ended March 31, 2015 and 2014, the amounts recognized related primarily to the sales of businesses within our Integrated Agency Networks ("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 Income (Expense), net – During the three months ended March 31, 2015, we recorded a gain on liquidation of an entity in the United Kingdom region within our Corporate and other segment. During the three months ended March 31, 2014, we recognized a loss related to the impairment of an investment in the Asia Pacific region within our IAN segment. | ||||||||
Share Repurchase Program | Share Repurchase Program | |||||||
In February 2015, our Board of Directors (the "Board") authorized a new share repurchase program to repurchase from time to time up to $300.0, excluding fees, of our common stock, which was in addition to the remaining amount available to be repurchased from the $300.0 authorization made by the Board in February 2014. | ||||||||
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 share repurchase programs for the three months ended March 31, 2015 and 2014. | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Number of shares repurchased | 2.5 | 2.6 | ||||||
Aggregate cost, including fees | $ | 51.2 | $ | 44.9 | ||||
Average price per share, including fees | $ | 20.84 | $ | 17.17 | ||||
As of March 31, 2015, $392.3 remains available for repurchase under the share repurchase programs. The share repurchase programs have no expiration date. |
Income_Taxes_Notes
Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
For the three months ended March 31, 2015, our effective income tax rate of 25.0% was positively impacted by the recognition of previously unrecognized tax benefits as a result of the settlement of the 2010 U.S. federal income tax audit. Our effective income tax rate 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 $25.0 and $35.0 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. federal income tax audits for 2010 and 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) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |||||||
Incentive Compensation Plans | Incentive Compensation Plans | ||||||
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. | |||||||
We issued the following stock-based awards under the 2014 Performance Incentive Plan (the "2014 PIP") during the three months ended March 31, 2015. | |||||||
Awards | Weighted-average | ||||||
grant-date fair value | |||||||
(per award) | |||||||
Stock-settled awards | 0.6 | $ | 22.39 | ||||
Performance-based awards | 2.8 | $ | 20.93 | ||||
Total stock-based compensation awards | 3.4 | ||||||
During the three months ended March 31, 2015, the Compensation Committee granted performance cash awards and restricted cash awards under the 2014 PIP with a total target value of $32.0 and $0.4, respectively. Cash awards are expensed over the vesting period, which is typically three years. |
Restructuring_and_Other_Reorga
Restructuring and Other Reorganization-Related Costs (Notes) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Restructuring and Other Reorganization-Related Costs [Abstract] | ||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | Restructuring and Other Reorganization-Related Liabilities | |||||||||||||||||||
2013 Restructuring Plan | ||||||||||||||||||||
In the fourth quarter of 2013, we implemented a cost savings initiative (the "2013 Plan") to better align our cost structure with our revenue, primarily in Continental Europe. During the three months ended March 31, 2015, we recorded $0.1 of net reversals for the 2013 Plan within the IAN segment related to changes in the estimate of lease termination costs, 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 2021. | ||||||||||||||||||||
A summary of the 2013 Plan restructuring liability activity is listed below. | ||||||||||||||||||||
December 31, 2014 | Net Restructuring Reversals | Cash Payments | Foreign Currency Translation Adjustments | March 31, 2015 | ||||||||||||||||
Severance and termination costs | $ | 4.4 | $ | 0 | $ | (0.9 | ) | $ | (0.2 | ) | $ | 3.3 | ||||||||
Lease termination costs | 2.6 | (0.1 | ) | (0.2 | ) | (0.1 | ) | 2.2 | ||||||||||||
Total | $ | 7 | $ | (0.1 | ) | $ | (1.1 | ) | $ | (0.3 | ) | $ | 5.5 | |||||||
Prior Restructuring Plans | ||||||||||||||||||||
There were no restructuring charges nor other reorganization-related charges incurred for the 2003 and 2001 restructuring plans (the "Prior Restructuring Plans") for the three months ended March 31, 2015. As of March 31, 2015, the remaining liability for the Prior Restructuring Plans was $0.9. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss, Net of Tax (Notes) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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, 2014 | $ | (436.3 | ) | $ | 0.8 | $ | (10.9 | ) | $ | (190.3 | ) | $ | (636.7 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (134.3 | ) | 0.2 | 0 | 4.5 | (129.6 | ) | |||||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax | (0.5 | ) | (0.3 | ) | 0.3 | 2.1 | 1.6 | |||||||||||||
Balance as of March 31, 2015 | $ | (571.1 | ) | $ | 0.7 | $ | (10.6 | ) | $ | (183.7 | ) | $ | (764.7 | ) | ||||||
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 (loss) income before reclassifications | (0.4 | ) | 0.1 | (0.6 | ) | (0.4 | ) | (1.3 | ) | |||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax | (0.9 | ) | 0 | 0.5 | 2 | 1.6 | ||||||||||||||
Balance as of March 31, 2014 | $ | (245.0 | ) | $ | 0.5 | $ | (11.8 | ) | $ | (154.6 | ) | $ | (410.9 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax for the three months ended March 31, 2015 and 2014 are as follows: | ||||||||||||||||||||
Three months ended | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||||||
March 31, | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Foreign currency translation adjustments | $ | (0.5 | ) | $ | (0.9 | ) | Other income, net | |||||||||||||
Losses on derivative instruments | 0.5 | 0.4 | Interest expense | |||||||||||||||||
Amortization of defined benefit pension and postretirement plans items 1 | 3 | 2.6 | ||||||||||||||||||
Tax effect | (1.4 | ) | (0.5 | ) | Benefit of income taxes | |||||||||||||||
Total amount reclassified from accumulated other comprehensive loss, net of tax | $ | 1.6 | $ | 1.6 | ||||||||||||||||
1 | These accumulated other comprehensive loss components are included in the computation of net periodic cost. See Note 9 for further information. |
Employee_Benefits_Notes
Employee Benefits (Notes) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||
Employee Benefits | Employee Benefits | |||||||||||||||||||||||
We have a defined benefit pension plan that covers certain U.S. employees (the “Domestic Pension Plan”). 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 March 31, | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Service cost | $ | 0 | $ | 0 | $ | 2.5 | $ | 2.5 | $ | 0 | $ | 0 | ||||||||||||
Interest cost | 1.5 | 1.6 | 4.7 | 5.9 | 0.4 | 0.4 | ||||||||||||||||||
Expected return on plan assets | (1.9 | ) | (1.9 | ) | (5.1 | ) | (6.2 | ) | 0 | 0 | ||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Unrecognized actuarial losses | 2 | 1.7 | 1 | 0.9 | 0 | 0 | ||||||||||||||||||
Net periodic cost | $ | 1.6 | $ | 1.4 | $ | 3.1 | $ | 3.1 | $ | 0.4 | $ | 0.4 | ||||||||||||
During the three months ended March 31, 2015, we contributed $0.6 and $5.9 of cash to our domestic and foreign pension plans, respectively. For the remainder of 2015, we expect to contribute approximately $3.0 and $17.0 of cash to our domestic and foreign pension plans, respectively. |
Segment_Information_Notes
Segment Information (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Reporting Disclosure | Segment Information | |||||||
As of March 31, 2015, we have two reportable segments: IAN and Constituency Management Group ("CMG"). IAN is comprised of McCann Worldgroup, Foote, Cone & Belding ("FCB"), Lowe and 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). Segment information is presented consistently with the basis described in our 2014 Annual Report on Form 10-K; however, segment operating income (loss) for the three months ended March 31, 2015 and 2014 now includes the impact of net restructuring and other reorganization-related reversals. See Note 7 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 | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Revenue: | ||||||||
IAN | $ | 1,349.90 | $ | 1,315.70 | ||||
CMG | 326.1 | 321.8 | ||||||
Total | $ | 1,676.00 | $ | 1,637.50 | ||||
Segment operating income (loss): | ||||||||
IAN | $ | 31.6 | $ | 11.5 | ||||
CMG | 19.7 | 17.5 | ||||||
Corporate and other | (43.5 | ) | (40.7 | ) | ||||
Total | 7.8 | (11.7 | ) | |||||
Interest expense | (20.9 | ) | (20.2 | ) | ||||
Interest income | 7.2 | 6.2 | ||||||
Other income, net | 0.3 | 1.7 | ||||||
Loss before income taxes | $ | (5.6 | ) | $ | (24.0 | ) | ||
Depreciation and amortization of property and equipment and intangible assets: | ||||||||
IAN | $ | 29.4 | $ | 31.5 | ||||
CMG | 4.6 | 4.2 | ||||||
Corporate and other | 4.7 | 4.8 | ||||||
Total | $ | 38.7 | $ | 40.5 | ||||
Capital expenditures: | ||||||||
IAN | $ | 12.1 | $ | 13.9 | ||||
CMG | 1.1 | 2.5 | ||||||
Corporate and other | 7 | 10.2 | ||||||
Total | $ | 20.2 | $ | 26.6 | ||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Total assets: | ||||||||
IAN | $ | 10,179.30 | $ | 11,111.20 | ||||
CMG | 1,231.00 | 1,316.50 | ||||||
Corporate and other | (210.1 | ) | 319.5 | |||||
Total | $ | 11,200.20 | $ | 12,747.20 | ||||
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
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 three months ended March 31, 2015. The following tables present information about our financial instruments measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. | ||||||||||||||||||||||||||||||||
March 31, 2015 | Balance Sheet Classification | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 244.6 | $ | 0 | $ | 0 | $ | 244.6 | Cash and cash equivalents | |||||||||||||||||||||||
Short-term marketable securities | 6.9 | 0 | 0 | 6.9 | Marketable securities | |||||||||||||||||||||||||||
Long-term investments | 0.5 | 0 | 0 | 0.5 | Other non-current assets | |||||||||||||||||||||||||||
Total | $ | 252 | $ | 0 | $ | 0 | $ | 252 | ||||||||||||||||||||||||
As a percentage of total assets | 2.2 | % | 0 | % | 0 | % | 2.2 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests 1 | $ | 0 | $ | 0 | $ | 46.8 | $ | 46.8 | ||||||||||||||||||||||||
December 31, 2014 | Balance Sheet Classification | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 901.4 | $ | 0 | $ | 0 | $ | 901.4 | Cash and cash equivalents | |||||||||||||||||||||||
Short-term marketable securities | 6.6 | 0 | 0 | 6.6 | Marketable securities | |||||||||||||||||||||||||||
Long-term investments | 0.5 | 0 | 0 | 0.5 | Other non-current assets | |||||||||||||||||||||||||||
Total | $ | 908.5 | $ | 0 | $ | 0 | $ | 908.5 | ||||||||||||||||||||||||
As a percentage of total assets | 7.1 | % | 0 | % | 0 | % | 7.1 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests 1 | $ | 0 | $ | 0 | $ | 32.8 | $ | 32.8 | ||||||||||||||||||||||||
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 utilized Level 3 inputs to determine fair value for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||||
Liabilities | 2015 | 2014 | ||||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests - | $ | 32.8 | $ | 27 | ||||||||||||||||||||||||||||
Balance at beginning of period | ||||||||||||||||||||||||||||||||
Level 3 additions | 15 | 2 | ||||||||||||||||||||||||||||||
Level 3 reductions | (1.4 | ) | 0 | |||||||||||||||||||||||||||||
Realized losses/(gains) included in net income | 0.4 | (0.1 | ) | |||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests - | $ | 46.8 | $ | 28.9 | ||||||||||||||||||||||||||||
Balance at end of period | ||||||||||||||||||||||||||||||||
Realized losses/(gains) 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 March 31, 2015, and December 31, 2014, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | ||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Total long-term debt | $ | 0 | $ | 1,610.40 | $ | 77.3 | $ | 1,687.70 | $ | 0 | $ | 1,566.00 | $ | 80.4 | $ | 1,646.40 | ||||||||||||||||
Our long-term debt is comprised of 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 for 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 proprietary valuation methods and therefore are 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 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) | 3 Months Ended |
Mar. 31, 2015 | |
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. The types of allegations that arise in connection with such legal proceedings may vary in nature, but can include claims related to contract, employment, tax and intellectual property matters. 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 2014 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 $538.4 and $580.4 as of March 31, 2015, and December 31, 2014, respectively, and the amount of parent company guarantees primarily relating to credit facilities was $325.9 and $329.2 as of March 31, 2015, and December 31, 2014, respectively. |
Recent_Accounting_Standards_No
Recent Accounting Standards (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Standards | Recent Accounting Standards |
Debt Issuance Costs | |
In April 2015, the Financial Accounting Standards Board (the "FASB") issued amended guidance which requires debt issuance costs to be presented as a direct deduction from the carrying value of the associated debt liability rather than as separate assets on the balance sheet. The recognition and measurement guidance for debt issuance costs are not affected by this amendment. This amended guidance will be effective for us beginning January 1, 2016. Early adoption is permitted, and the new guidance will be applied on a retrospective basis. We do not expect the adoption of this amended guidance to have a significant impact on our Consolidated Financial Statements. | |
Consolidation | |
In February 2015, the FASB issued amended guidance to the consolidation standard which updates the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, among other provisions. This amended guidance will be effective for us beginning January 1, 2016. Early adoption is permitted. We are currently assessing the impact the adoption of the amended guidance will have on our Consolidated Financial Statements. | |
Extraordinary and Unusual Items | |
In January 2015, the FASB issued amended guidance which eliminates the concept of extraordinary items from generally accepted accounting principles. This amendment is effective beginning January 1, 2016, and may be applied retrospectively or prospectively. Early adoption is permitted. Prior to this amendment, an entity was required to separately classify and present an event or transaction that was determined to be both unusual in nature and infrequent in occurrence as an extraordinary item, net of tax, after income from continuing operations in the income statement. Upon adopting this amended guidance, a material event or transaction that an entity considers to be unusual or infrequent, or both, may still be presented separately but will now be presented on a pre-tax basis within income from continuing operations or disclosed in the notes to the financial statements. We have early adopted this guidance as of the current quarter ended March 31, 2015. The adoption of this amended guidance did not have an impact on our Consolidated Financial Statements. | |
Going Concern | |
In August 2014, the FASB issued amended guidance which defines management's responsibility to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern and to provide related disclosures. Currently, this evaluation has only been an auditor requirement. Specifically, the amendments (1) provide a definition of the term “substantial doubt,” (2) require an evaluation every reporting period, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of the consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that financial statements are issued. This amended guidance will be effective for us beginning January 1, 2016. We do not expect the adoption of this amended guidance to have a significant impact on our Consolidated Financial Statements. | |
Share-Based Payments with Performance Targets | |
In June 2014, 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 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. In April 2015, the FASB proposed a one-year deferral of the effective date to January 1, 2018, with early adoption to be permitted as of the original effective date of January 1, 2017. We are currently assessing the impact the adoption of the amended guidance will have on our Consolidated Financial Statements. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Event [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event |
Brazil Investigation | |
In response to concerns raised by local management, in recent months the Company began an investigation into certain transactions in Brazil and took a number of remedial and disciplinary actions based on our findings. On April 10, 2015, in connection with an ongoing investigation by Brazilian authorities involving payments potentially connected to local government contracts, a federal judge in Brazil authorized the search of a local subsidiary agency's records, and a former general manager of that agency was detained by the police. We are cooperating with the authorities and continuing our investigation. |
Debt_and_Credit_Arrangements_T
Debt and Credit Arrangements (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
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 | March 31, | December 31, | ||||||||||||||||
Interest Rate | 2015 | 2014 | ||||||||||||||||
Book | Fair | Book | Fair | |||||||||||||||
Value | Value 1 | Value | Value 1 | |||||||||||||||
2.25% Senior Notes due 2017 (less unamortized | 2.30% | $ | 299.6 | $ | 303.6 | $ | 299.6 | $ | 301.2 | |||||||||
discount of $0.4) | ||||||||||||||||||
4.00% Senior Notes due 2022 (less unamortized | 4.13% | 247.8 | 263.2 | 247.7 | 255.2 | |||||||||||||
discount of $2.2) | ||||||||||||||||||
3.75% Senior Notes due 2023 (less unamortized | 4.32% | 498.8 | 512.1 | 498.8 | 499.8 | |||||||||||||
discount of $1.2) | ||||||||||||||||||
4.20% Senior Notes due 2024 (less unamortized | 4.24% | 499.1 | 531.5 | 499.1 | 509.8 | |||||||||||||
discount of $0.9) | ||||||||||||||||||
Other notes payable and capitalized leases | 77.3 | 77.3 | 80.4 | 80.4 | ||||||||||||||
Total long-term debt | 1,622.60 | 1,625.60 | ||||||||||||||||
Less: current portion | 2 | 2.1 | ||||||||||||||||
Long-term debt, excluding current portion | $ | 1,620.60 | $ | 1,623.50 | ||||||||||||||
1 | See Note 11 for information on the fair value measurement of our long-term debt. |
Loss_Per_Share_Tables
Loss Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Loss Per Share, Basic and Diluted | The following sets forth basic and diluted loss per common share available to IPG common stockholders. | |||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Net loss available to IPG common stockholders - basic and diluted | $ | (1.8 | ) | $ | (20.9 | ) | ||
Weighted-average number of common shares outstanding - basic and diluted | 411.1 | 422.8 | ||||||
Loss per share available to IPG common stockholders - basic and diluted | $ | 0 | $ | (0.05 | ) | |||
Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share | The following table presents the potential shares excluded from the diluted loss per share calculation because the effect of including these potential shares would be antidilutive. | |||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Restricted stock, stock options and other equity awards | 6.3 | 6.8 | ||||||
Supplementary_Data_Tables
Supplementary Data (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplementary Data (Tables) [Abstract] | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | The following table presents the components of accrued liabilities. | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Salaries, benefits and related expenses | $ | 331 | $ | 510.6 | ||||
Office and related expenses | 52.3 | 51.5 | ||||||
Acquisition obligations | 105.6 | 88.1 | ||||||
Interest | 16.9 | 18.3 | ||||||
Restructuring and other reorganization-related | 4.5 | 5.5 | ||||||
Other | 108.4 | 122 | ||||||
Total accrued liabilities | $ | 618.7 | $ | 796 | ||||
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Results of operations for the three months ended March 31, 2015 and 2014, include certain items that are not directly associated with our revenue-producing operations. | |||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(Losses) gains on sales of businesses and investments | $ | (0.1 | ) | $ | 0.8 | |||
Vendor discounts and credit adjustments | 0 | 1.5 | ||||||
Other income (expense), net | 0.4 | (0.6 | ) | |||||
Total other income, net | $ | 0.3 | $ | 1.7 | ||||
Share Repurchase Program [Table Text Block] | The following table presents our share repurchase activity under our share repurchase programs for the three months ended March 31, 2015 and 2014. | |||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Number of shares repurchased | 2.5 | 2.6 | ||||||
Aggregate cost, including fees | $ | 51.2 | $ | 44.9 | ||||
Average price per share, including fees | $ | 20.84 | $ | 17.17 | ||||
As of March 31, 2015, $392.3 remains available for repurchase under the share repurchase programs. The share repurchase programs have no expiration date. | ||||||||
Changes in redeemable noncontrolling interests [Table Text Block] | The following table presents changes in our redeemable noncontrolling interests. | |||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Balance at beginning of period | $ | 257.4 | $ | 249.1 | ||||
Change in related noncontrolling interests balance | (2.1 | ) | (4.5 | ) | ||||
Changes in redemption value of redeemable noncontrolling interests: | ||||||||
Additions | 0 | 7.9 | ||||||
Redemptions and other | (15.7 | ) | (1.9 | ) | ||||
Redemption value adjustments 1 | 3.2 | (0.8 | ) | |||||
Balance at end of period | $ | 242.8 | $ | 249.8 | ||||
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. |
Incentive_Compensation_Plans_T
Incentive Compensation Plans (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |||||||
Stock-based Compensation Awards | We issued the following stock-based awards under the 2014 Performance Incentive Plan (the "2014 PIP") during the three months ended March 31, 2015. | ||||||
Awards | Weighted-average | ||||||
grant-date fair value | |||||||
(per award) | |||||||
Stock-settled awards | 0.6 | $ | 22.39 | ||||
Performance-based awards | 2.8 | $ | 20.93 | ||||
Total stock-based compensation awards | 3.4 | ||||||
Restructuring_and_Other_Reorga1
Restructuring and Other Reorganization-Related Costs (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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. | |||||||||||||||||||
December 31, 2014 | Net Restructuring Reversals | Cash Payments | Foreign Currency Translation Adjustments | March 31, 2015 | ||||||||||||||||
Severance and termination costs | $ | 4.4 | $ | 0 | $ | (0.9 | ) | $ | (0.2 | ) | $ | 3.3 | ||||||||
Lease termination costs | 2.6 | (0.1 | ) | (0.2 | ) | (0.1 | ) | 2.2 | ||||||||||||
Total | $ | 7 | $ | (0.1 | ) | $ | (1.1 | ) | $ | (0.3 | ) | $ | 5.5 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss, Net of Tax (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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, 2014 | $ | (436.3 | ) | $ | 0.8 | $ | (10.9 | ) | $ | (190.3 | ) | $ | (636.7 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (134.3 | ) | 0.2 | 0 | 4.5 | (129.6 | ) | |||||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax | (0.5 | ) | (0.3 | ) | 0.3 | 2.1 | 1.6 | |||||||||||||
Balance as of March 31, 2015 | $ | (571.1 | ) | $ | 0.7 | $ | (10.6 | ) | $ | (183.7 | ) | $ | (764.7 | ) | ||||||
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 (loss) income before reclassifications | (0.4 | ) | 0.1 | (0.6 | ) | (0.4 | ) | (1.3 | ) | |||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax | (0.9 | ) | 0 | 0.5 | 2 | 1.6 | ||||||||||||||
Balance as of March 31, 2014 | $ | (245.0 | ) | $ | 0.5 | $ | (11.8 | ) | $ | (154.6 | ) | $ | (410.9 | ) | ||||||
Disclosure of Reclassification Amount | Amounts reclassified from accumulated other comprehensive loss, net of tax for the three months ended March 31, 2015 and 2014 are as follows: | |||||||||||||||||||
Three months ended | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||||||
March 31, | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Foreign currency translation adjustments | $ | (0.5 | ) | $ | (0.9 | ) | Other income, net | |||||||||||||
Losses on derivative instruments | 0.5 | 0.4 | Interest expense | |||||||||||||||||
Amortization of defined benefit pension and postretirement plans items 1 | 3 | 2.6 | ||||||||||||||||||
Tax effect | (1.4 | ) | (0.5 | ) | Benefit of income taxes | |||||||||||||||
Total amount reclassified from accumulated other comprehensive loss, net of tax | $ | 1.6 | $ | 1.6 | ||||||||||||||||
1 | These accumulated other comprehensive loss components are included in the computation of net periodic cost. See Note 9 for further information. |
Employee_Benefits_Tables
Employee Benefits (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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 March 31, | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Service cost | $ | 0 | $ | 0 | $ | 2.5 | $ | 2.5 | $ | 0 | $ | 0 | ||||||||||||
Interest cost | 1.5 | 1.6 | 4.7 | 5.9 | 0.4 | 0.4 | ||||||||||||||||||
Expected return on plan assets | (1.9 | ) | (1.9 | ) | (5.1 | ) | (6.2 | ) | 0 | 0 | ||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Unrecognized actuarial losses | 2 | 1.7 | 1 | 0.9 | 0 | 0 | ||||||||||||||||||
Net periodic cost | $ | 1.6 | $ | 1.4 | $ | 3.1 | $ | 3.1 | $ | 0.4 | $ | 0.4 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Revenue: | ||||||||
IAN | $ | 1,349.90 | $ | 1,315.70 | ||||
CMG | 326.1 | 321.8 | ||||||
Total | $ | 1,676.00 | $ | 1,637.50 | ||||
Segment operating income (loss): | ||||||||
IAN | $ | 31.6 | $ | 11.5 | ||||
CMG | 19.7 | 17.5 | ||||||
Corporate and other | (43.5 | ) | (40.7 | ) | ||||
Total | 7.8 | (11.7 | ) | |||||
Interest expense | (20.9 | ) | (20.2 | ) | ||||
Interest income | 7.2 | 6.2 | ||||||
Other income, net | 0.3 | 1.7 | ||||||
Loss before income taxes | $ | (5.6 | ) | $ | (24.0 | ) | ||
Depreciation and amortization of property and equipment and intangible assets: | ||||||||
IAN | $ | 29.4 | $ | 31.5 | ||||
CMG | 4.6 | 4.2 | ||||||
Corporate and other | 4.7 | 4.8 | ||||||
Total | $ | 38.7 | $ | 40.5 | ||||
Capital expenditures: | ||||||||
IAN | $ | 12.1 | $ | 13.9 | ||||
CMG | 1.1 | 2.5 | ||||||
Corporate and other | 7 | 10.2 | ||||||
Total | $ | 20.2 | $ | 26.6 | ||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Total assets: | ||||||||
IAN | $ | 10,179.30 | $ | 11,111.20 | ||||
CMG | 1,231.00 | 1,316.50 | ||||||
Corporate and other | (210.1 | ) | 319.5 | |||||
Total | $ | 11,200.20 | $ | 12,747.20 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. | |||||||||||||||||||||||||||||||
March 31, 2015 | Balance Sheet Classification | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 244.6 | $ | 0 | $ | 0 | $ | 244.6 | Cash and cash equivalents | |||||||||||||||||||||||
Short-term marketable securities | 6.9 | 0 | 0 | 6.9 | Marketable securities | |||||||||||||||||||||||||||
Long-term investments | 0.5 | 0 | 0 | 0.5 | Other non-current assets | |||||||||||||||||||||||||||
Total | $ | 252 | $ | 0 | $ | 0 | $ | 252 | ||||||||||||||||||||||||
As a percentage of total assets | 2.2 | % | 0 | % | 0 | % | 2.2 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests 1 | $ | 0 | $ | 0 | $ | 46.8 | $ | 46.8 | ||||||||||||||||||||||||
December 31, 2014 | Balance Sheet Classification | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 901.4 | $ | 0 | $ | 0 | $ | 901.4 | Cash and cash equivalents | |||||||||||||||||||||||
Short-term marketable securities | 6.6 | 0 | 0 | 6.6 | Marketable securities | |||||||||||||||||||||||||||
Long-term investments | 0.5 | 0 | 0 | 0.5 | Other non-current assets | |||||||||||||||||||||||||||
Total | $ | 908.5 | $ | 0 | $ | 0 | $ | 908.5 | ||||||||||||||||||||||||
As a percentage of total assets | 7.1 | % | 0 | % | 0 | % | 7.1 | % | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests 1 | $ | 0 | $ | 0 | $ | 32.8 | $ | 32.8 | ||||||||||||||||||||||||
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 utilized Level 3 inputs to determine fair value for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||||
Liabilities | 2015 | 2014 | ||||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests - | $ | 32.8 | $ | 27 | ||||||||||||||||||||||||||||
Balance at beginning of period | ||||||||||||||||||||||||||||||||
Level 3 additions | 15 | 2 | ||||||||||||||||||||||||||||||
Level 3 reductions | (1.4 | ) | 0 | |||||||||||||||||||||||||||||
Realized losses/(gains) included in net income | 0.4 | (0.1 | ) | |||||||||||||||||||||||||||||
Mandatorily redeemable noncontrolling interests - | $ | 46.8 | $ | 28.9 | ||||||||||||||||||||||||||||
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 March 31, 2015, and December 31, 2014, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. | |||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Total long-term debt | $ | 0 | $ | 1,610.40 | $ | 77.3 | $ | 1,687.70 | $ | 0 | $ | 1,566.00 | $ | 80.4 | $ | 1,646.40 | ||||||||||||||||
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Long-term Debt | $1,622.60 | $1,625.60 | ||
Less: current portion | 2 | 2.1 | ||
Long-term Debt, Excluding Current Maturities | 1,620.60 | 1,623.50 | ||
2.25% Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.30% | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | |||
Debt Instrument, Maturity Date | 15-Nov-17 | |||
Debt Instrument, Unamortized Discount | 0.4 | |||
Long-term Debt, Gross | 299.6 | 299.6 | ||
Long-term Debt, Fair Value | 303.6 | [1] | 301.2 | [1] |
4.00% Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.13% | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||
Debt Instrument, Maturity Date | 15-Mar-22 | |||
Debt Instrument, Unamortized Discount | 2.2 | |||
Long-term Debt, Gross | 247.8 | 247.7 | ||
Long-term Debt, Fair Value | 263.2 | [1] | 255.2 | [1] |
3.75% Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.32% | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Debt Instrument, Maturity Date | 15-Feb-23 | |||
Debt Instrument, Unamortized Discount | 1.2 | |||
Long-term Debt, Gross | 498.8 | 498.8 | ||
Long-term Debt, Fair Value | 512.1 | [1] | 499.8 | [1] |
4.20% Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.24% | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||
Debt Instrument, Maturity Date | 15-Apr-24 | |||
Debt Instrument, Unamortized Discount | 0.9 | |||
Long-term Debt, Gross | 499.1 | 499.1 | ||
Long-term Debt, Fair Value | 531.5 | [1] | 509.8 | [1] |
Other notes payable and capitalized leases | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 77.3 | 80.4 | ||
Long-term Debt, Fair Value | $77.30 | [1] | $80.40 | [1] |
[1] | See Note 11 for information on the fair value measurement of our long-term debt. |
Credit_Facilities_Details
Credit Facilities (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
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 | 3/31/15 |
Loss_Per_Share_Details
Loss Per Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loss Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net loss available to IPG common stockholders - basic and diluted | ($1.80) | ($20.90) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 411.1 | 422.8 |
Loss Per Share, Basic and Diluted | $0 | ($0.05) |
Antidilutive_Shares_Details
Antidilutive Shares (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Antidilutive Securities [Abstract] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 6.3 | 6.8 |
Supplementary_Data_Accrued_Lia
Supplementary Data Accrued Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $331 | $510.60 |
Office and related expenses | 52.3 | 51.5 |
Acquisition obligations | 105.6 | 88.1 |
Interest | 16.9 | 18.3 |
Restructuring and other reorganization-related | 4.5 | 5.5 |
Other Accrued Liabilities, Current | 108.4 | 122 |
Accrued Liabilities, Current | $618.70 | $796 |
Supplementary_Data_Other_Incom
Supplementary Data Other Income, Net (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Income, net (details) [Abstract] | ||
(Losses) gains on sales of businesses and investments | ($0.10) | $0.80 |
Vendor discounts and credit adjustments | 0 | 1.5 |
Other income (expense), net | 0.4 | -0.6 |
Other income, net | $0.30 | $1.70 |
Supplementary_Data_Share_Repur
Supplementary Data Share Repurchase Program (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $392.30 | |
Number of shares repurchased | 2.5 | 2.6 |
Aggregate cost, including fees | 51.2 | 44.9 |
Average price per share, including fees | $20.84 | $17.17 |
2015 Share Repurchase Program | ||
Stock Repurchase Program, Authorized Amount | 300 | |
2014 Share Repurchase Program | ||
Stock Repurchase Program, Authorized Amount | $300 |
Supplementary_Data_Changes_in_
Supplementary Data Changes in Redemable Noncontrolling Interest (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Changes in Redeemable Noncontrolling Interest [Abstract] | ||||
Balance at beginning of period | $257.40 | $249.10 | ||
Change in related noncontrolling interests balance | -2.1 | -4.5 | ||
Redeemable noncontrolling interests period increase | 0 | 7.9 | ||
Changes in redemption value of redeemable noncontrolling interests [Abstract] | ||||
Redemptions and other | -15.7 | -1.9 | ||
Redemption value adjustments | 3.2 | [1] | -0.8 | [1] |
Balance at end of period | $242.80 | $249.80 | ||
[1] | 1Redeemable 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. |
Income_Taxes_Effective_Income_
Income Taxes Effective Income Tax Rate (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Effective income tax rate | 25.00% |
One hundred percent valuation allowance | 100.00% |
Income_Taxes_Change_in_Unrecog
Income Taxes Change in Unrecognized Tax Benefits (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | |
Estimated unrecognized tax benefit decrease, lower bound | $25 |
Estimated unrecognized tax benefit decrease, upper bound | $35 |
Tax_Years_Open_to_Examinations
Tax Years Open to Examinations (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Income Tax Contingency | |
Significant (Increase) Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 35 |
Maximum [Member] | Domestic Tax Authority | |
Income Tax Contingency | |
Open Tax Year | 2010 |
Minimum | Domestic Tax Authority | |
Income Tax Contingency | |
Open Tax Year | 2009 |
Minimum | State and Local Jurisdiction | |
Income Tax Contingency | |
Open Tax Year | 2004 |
Minimum | Foreign Tax Authority | |
Income Tax Contingency | |
Open Tax Year | 2006 |
Incentive_Compensation_Plans_P
Incentive Compensation Plans Plan Information (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Compensation Plan Initiation Year | 2014 |
Performance Cash awards granted during the period target value | $0.40 |
Restricted Cash Plan cash awards granted during the period target value | $32 |
Cash awards vesting period | 3 years |
Incentive_Compensation_Plans_S
Incentive Compensation Plans Stock-based Compensation Awards (Details) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Stock settled awards | |
Incentive Compensation Plans | |
Granted awards | 0.6 |
Weighted Average Grant Date Fair Value | $22.39 |
Performance based awards | |
Incentive Compensation Plans | |
Granted awards | 2.8 |
Weighted Average Grant Date Fair Value | $20.93 |
Stock Compensation Plan | |
Incentive Compensation Plans | |
Granted awards | 3.4 |
Restructuring_and_Other_Reorga2
Restructuring and Other Reorganization-Related Costs 2013 Plan (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Restructuring Cost and Reserve | |
Line of Credit Facility, Covenant Compliance | 3/31/15 |
2013 Restructuring Plan | |
Restructuring Cost and Reserve | |
Beginning liability balance | 7 |
Net Restructuring Reversals | -0.1 |
Cash payments | -1.1 |
Restructuring Reserve, Translation and Other Adjustment | -0.3 |
Ending liability balance | 5.5 |
Severance and termination costs | 2013 Restructuring Plan | |
Restructuring Cost and Reserve | |
Beginning liability balance | 4.4 |
Net Restructuring Reversals | 0 |
Cash payments | -0.9 |
Restructuring Reserve, Translation and Other Adjustment | -0.2 |
Ending liability balance | 3.3 |
Lease termination costs | 2013 Restructuring Plan | |
Restructuring Cost and Reserve | |
Beginning liability balance | 2.6 |
Net Restructuring Reversals | -0.1 |
Cash payments | -0.2 |
Restructuring Reserve, Translation and Other Adjustment | -0.1 |
Ending liability balance | 2.2 |
Restructuring_and_Other_Reorga3
Restructuring and Other Reorganization-Related Costs Prior Year Plans (Details) (Prior Year Restructuring Plans [Domain], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Prior Year Restructuring Plans [Domain] | |
Restructuring Reserve | $0.90 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss, Net of Tax (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Foreign Currency Translation Adjustment: | ||
Balance at beginning of period | ($436.30) | ($243.70) |
Other comprehensive (loss) income before reclassifications | -134.3 | -0.4 |
Amount reclassified from accumulated other comprehensive loss, net of tax | -0.5 | -0.9 |
Balance at end of period | -571.1 | -245 |
Available-for-sale Securities: | ||
Balance at beginning of period | 0.8 | 0.4 |
Other comprehensive (loss) income before reclassifications | 0.2 | 0.1 |
Amount reclassified from accumulated other comprehensive loss, net of tax | -0.3 | 0 |
Balance at end of period | 0.7 | 0.5 |
Derivative instruments: | ||
Balance at beginning of period | -10.9 | -11.7 |
Other comprehensive (loss) income before reclassifications | 0 | -0.6 |
Amount reclassified from accumulated other comprehensive loss, net of tax | 0.3 | 0.5 |
Balance at end of period | -10.6 | -11.8 |
Defined benefit pension and other postretirement plans: | ||
Balance at beginning of period | -190.3 | -156.2 |
Other comprehensive (loss) income before reclassifications | 4.5 | -0.4 |
Amount reclassified from accumulated other comprehensive loss,net of tax | 2.1 | 2 |
Balance at end of period | -183.7 | -154.6 |
Total Changes in Accumulated Other Comprehensive Loss, Net of Tax [Abstract] | ||
Balance at beginning of period | -636.7 | -411.2 |
Other comprehensive (loss) income before reclassifications | -129.6 | -1.3 |
Amount reclassified from accumulated other comprehensive loss, net of tax | 1.6 | 1.6 |
Balance at end of period | ($764.70) | ($410.90) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss, Net of Tax Reclassification of Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Reclassification of Accumulated Other Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments | ($0.50) | ($0.90) | ||
Losses on derivative instruments | 0.5 | 0.4 | ||
Amortization of defined benefit pension and postretirement plans items | 3 | [1] | 2.6 | [1] |
Tax effect | -1.4 | -0.5 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ($1.60) | ($1.60) | ||
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic cost. See Note 9 for further information. |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Domestic Pension Plan | ||
Defined Pension and Postretirement Benefit Plans | ||
Service cost | $0 | $0 |
Interest cost | 1.5 | 1.6 |
Expected return on plan assets | -1.9 | -1.9 |
Amortization of: | ||
Unrecognized actuarial losses | 2 | 1.7 |
Net periodic cost | 1.6 | 1.4 |
Pension Plan - Employer Contributions | 0.6 | |
Pension Plan - Estimated Employer Contributions Current fiscal year | 3 | |
Foreign Pension Plans | ||
Defined Pension and Postretirement Benefit Plans | ||
Service cost | 2.5 | 2.5 |
Interest cost | 4.7 | 5.9 |
Expected return on plan assets | -5.1 | -6.2 |
Amortization of: | ||
Unrecognized actuarial losses | 1 | 0.9 |
Net periodic cost | 3.1 | 3.1 |
Pension Plan - Employer Contributions | 5.9 | |
Pension Plan - Estimated Employer Contributions Current fiscal year | 17 | |
Domestic Postretirement Benefit Plan | ||
Defined Pension and Postretirement Benefit Plans | ||
Service cost | 0 | 0 |
Interest cost | 0.4 | 0.4 |
Expected return on plan assets | 0 | 0 |
Amortization of: | ||
Unrecognized actuarial losses | 0 | 0 |
Net periodic cost | $0.40 | $0.40 |
Segment_Information_Operations
Segment Information Operations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segments: | ||
Revenue | $1,676 | $1,637.50 |
Operating Income (Loss) | 7.8 | -11.7 |
Interest expense | 20.9 | 20.2 |
Interest income | 7.2 | 6.2 |
Other income, net | 0.3 | 1.7 |
Loss before income taxes | -5.6 | -24 |
Depreciation and amortization of fixed assets and intangible assets | 38.7 | 40.5 |
Capital expenditures | 20.2 | 26.6 |
IAN | ||
Segments: | ||
Revenue | 1,349.90 | 1,315.70 |
Operating Income (Loss) | 31.6 | 11.5 |
Depreciation and amortization of fixed assets and intangible assets | 29.4 | 31.5 |
Capital expenditures | 12.1 | 13.9 |
CMG | ||
Segments: | ||
Revenue | 326.1 | 321.8 |
Operating Income (Loss) | 19.7 | 17.5 |
Depreciation and amortization of fixed assets and intangible assets | 4.6 | 4.2 |
Capital expenditures | 1.1 | 2.5 |
Corporate and Other | ||
Segments: | ||
Operating Income (Loss) | -43.5 | -40.7 |
Depreciation and amortization of fixed assets and intangible assets | 4.7 | 4.8 |
Capital expenditures | $7 | $10.20 |
Segment_Information_Balance_Sh
Segment Information Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Segments: | ||
Assets | $11,200.20 | $12,747.20 |
IAN | ||
Segments: | ||
Assets | 10,179.30 | 11,111.20 |
CMG | ||
Segments: | ||
Assets | 1,231 | 1,316.50 |
Corporate and Other | ||
Segments: | ||
Assets | ($210.10) | $319.50 |
Fair_Value_on_a_Recurring_Basi
Fair Value on a Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Level 1 | ||||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ||||
Cash equivalents | $244.60 | $901.40 | ||
Short-term marketable securities | 6.9 | 6.6 | ||
Long-term investments | 0.5 | 0.5 | ||
Fair Value of Total Assets, Recurring | 252 | 908.5 | ||
Fair value of assets measured on a recurring basis, percentage of total assets | 2.20% | 7.10% | ||
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 | 46.8 | [1] | 32.8 | [1] |
Fair Value, Total | ||||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ||||
Cash equivalents | 244.6 | 901.4 | ||
Short-term marketable securities | 6.9 | 6.6 | ||
Long-term investments | 0.5 | 0.5 | ||
Fair Value of Total Assets, Recurring | 252 | 908.5 | ||
Fair value of assets measured on a recurring basis, percentage of total assets | 2.20% | 7.10% | ||
Mandatorily redeemable noncontrolling interests | $46.80 | [1] | $32.80 | [1] |
[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 [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Mandatorily redeemable noncontrolling interests [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Balance at beginning of period | $32.80 | $27 |
Level 3 additions | 15 | 2 |
Level 3 reductions | -1.4 | 0 |
Realized losses/(gains) included in net income | 0.4 | -0.1 |
Balance at end of period | $46.80 | $28.90 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value on a Nonrecurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 1,610.40 | 1,566 |
Level 3 | ||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ||
Total long-term debt | 77.3 | 80.4 |
Fair Value, Total | ||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ||
Total long-term debt | $1,687.70 | $1,646.40 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Lease guarantees | $538.40 | $580.40 |
Credit facility guarantees | $325.90 | $329.20 |