Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
DEI [Abstract] | |||
Document Annual Report | true | ||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-6686 | ||
Entity Registrant Name | INTERPUBLIC GROUP OF COMPANIES, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-1024020 | ||
Entity Address, Address Line One | 909 Third Avenue, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10022 | ||
City Area Code | (212) | ||
Local Phone Number | 704-1200 | ||
Title of 12(b) Security | Common Stock, par value $0.10 per share | ||
Trading Symbol | IPG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 378,725,237 | ||
Entity Central Index Key | 0000051644 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 14.9 | ||
ICFR Auditor Attestation Flag | true |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 238 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net revenue | $ 9,400.6 | $ 9,449.4 | $ 9,107.9 |
Billable expenses | 1,488.7 | 1,478.4 | 1,132.8 |
Total revenue | 10,889.3 | 10,927.8 | 10,240.7 |
OPERATING EXPENSES: | |||
Salaries and related expenses | 6,243.9 | 6,258.3 | 5,975.4 |
Office and other direct expenses | 1,342.5 | 1,346.4 | 1,279.6 |
Billable expense | 1,488.7 | 1,478.4 | 1,132.8 |
Cost of services | 9,075.1 | 9,083.1 | 8,387.8 |
Selling, General and Administrative Expense | 67.2 | 87.1 | 122.3 |
Depreciation and amortization | 264.3 | 274 | 283.8 |
Restructuring Charges | 0.1 | 102.4 | 10.6 |
Total operating expenses | 9,406.7 | 9,546.6 | 8,804.5 |
OPERATING INCOME | 1,482.6 | 1,381.2 | 1,436.2 |
EXPENSES AND OTHER INCOME: | |||
Interest expense | (225.6) | (167.9) | (170.6) |
Interest income | 140.8 | 56.6 | 27.2 |
Other income (expense), net | 10.2 | (1) | (70.7) |
Total (expenses) and other income | (74.6) | (112.3) | (214.1) |
Income before income taxes | 1,408 | 1,268.9 | 1,222.1 |
Provision for income taxes | 291.2 | 318.4 | 251.8 |
Income of consolidated companies | 1,116.8 | 950.5 | 970.3 |
Equity in net income of unconsolidated affiliates | 1.3 | 5.6 | 2.5 |
NET INCOME | 1,118.1 | 956.1 | 972.8 |
Net Income Attributable to Nonredeemable Noncontrolling Interest | (19.7) | (18.1) | (20) |
Net Income Attributable to Parent | $ 1,098.4 | $ 938 | $ 952.8 |
Earnings per share available to IPG common stockholders: | |||
Earnings per share, Basic | $ 2.86 | $ 2.40 | $ 2.42 |
Earnings per share, Diluted | $ 2.85 | $ 2.37 | $ 2.39 |
Weighted-average number of common shares outstanding: | |||
Weighted-average number of common shares outstanding, Basic | 384.1 | 391.5 | 393 |
Weighted-average number of common shares outstanding, Diluted | 385.9 | 395.1 | 398.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 1,118.1 | $ 956.1 | $ 972.8 |
Foreign Currency Translation: | |||
Foreign currency translation adjustments | 59.3 | (131.8) | (86.1) |
Reclassification adjustments recognized in net income | 0.5 | 4.3 | (1) |
Foreign currency translation, net of tax | 59.8 | (127.5) | (87.1) |
Derivatives instruments: | |||
Changes in fair value of derivative instruments | 0.6 | 17.5 | 14 |
Recognition of previously unrealized losses included in net income | (2.6) | (1.4) | 4.2 |
Income tax effect | 0.5 | (4) | (2.1) |
Derivative instruments, net of tax | (1.5) | 12.1 | 16.1 |
Defined benefit pension and other postretirement plans: | |||
Net actuarial (losses) gains for the period | (17.4) | 2.4 | 58 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 6.8 | 6.3 | 9.4 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | (0.3) | 0 | 0.6 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Other, before Tax | (2.1) | 4.8 | 1.3 |
Income tax effect | 2 | 0.8 | (13.8) |
Defined benefit pension and other postretirement plans, net of tax | (11) | 14.3 | 55.5 |
Other comprehensive income (loss), net of tax | 47.3 | (101.1) | (15.5) |
Total comprehensive income | 1,165.4 | 855 | 957.3 |
Less: comprehensive income attributable to noncontrolling interests | 19.5 | 16.5 | 18.5 |
Comprehensive Income Attributable to IPG | $ 1,145.9 | $ 838.5 | $ 938.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS: | ||
Cash and cash equivalents | $ 2,386.1 | $ 2,545.3 |
Accounts receivable, net of allowance of $46.4 and $48.6, respectively | 5,768.8 | 5,316 |
Accounts receivable, billable to clients | 2,229.2 | 2,023 |
Prepaid Expense, Current | 415.8 | 351.3 |
Assets held for sale | 21.9 | 5.9 |
Other current assets | 128.6 | 83.7 |
Total current assets | 10,950.4 | 10,325.2 |
Property and equipment, net of accumulated depreciation of $1,224.9 and $1,244.8 respectively | 636.7 | 637.4 |
Deferred Income Tax Assets, Net | 265 | 271.7 |
Goodwill | 5,080.9 | 5,050.6 |
Other intangible assets | 743.6 | 818.1 |
Operating Lease, Right-of-Use Asset | 1,162.6 | 1,277.5 |
Other non-current assets | 428.1 | 431.2 |
TOTAL ASSETS | 19,267.3 | 18,811.7 |
LIABILITIES: | ||
Accounts payable | 8,355 | 8,235.3 |
Accrued liabilities | 705.8 | 787.1 |
Contract liabilities | 684.7 | 680 |
Short-term borrowings | 34.2 | 44.3 |
Current portion of long-term debt | 250.1 | 0.6 |
Operating Lease, Liability, Current | 252.6 | 235.9 |
Liabilities held for sale | 48.5 | 0 |
Total current liabilities | 10,330.9 | 9,983.2 |
Long-term debt | 2,917.5 | 2,870.7 |
Operating Lease, Liability, Noncurrent | 1,216.8 | 1,380.1 |
Deferred compensation | 223.6 | 294.1 |
Other non-current liabilities | 532.4 | 572.6 |
TOTAL LIABILITIES | 15,221.2 | 15,100.7 |
Redeemable noncontrolling interests | 42.3 | 38.3 |
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.10 par value, shares authorized: 800.0 shares issued: 2023 - 383.0; 2022 - 389.6 shares outstanding: 2023 - 378.7; 2022 - 386.5 | 38.3 | 38.9 |
Additional paid-in capital | 728.5 | 1,057.5 |
Retained earnings | 4,254.5 | 3,632.1 |
Accumulated other comprehensive loss, net of tax | (946.2) | (993.7) |
Stockholders' Equity before Treasury Stock | 4,075.1 | 3,734.8 |
Treasury Stock, Value | 132.5 | 120.2 |
Total IPG stockholders' equity | 3,942.6 | 3,614.6 |
Noncontrolling interests | 61.2 | 58.1 |
TOTAL STOCKHOLDERS' EQUITY | 4,003.8 | 3,672.7 |
TOTAL LIABILITIES AND EQUITY | $ 19,267.3 | $ 18,811.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 46.4 | $ 48.6 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 1,224.9 | $ 1,244.8 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 800 | 800 |
Common stock, shares issued | 383 | 389.6 |
Common stock, shares outstanding | 378.7 | 386.5 |
Treasury stock, shares | 4.3 | 3.1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME | $ 1,118.1 | $ 956.1 | $ 972.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 264.3 | 274 | 283.8 |
Amortization of restricted stock and other non-cash compensation | 46.7 | 50 | 70.1 |
Provision for uncollectible receivables | 7.2 | (8.9) | (14.6) |
Deferred income tax provision | 5.1 | (27) | (8.2) |
Net amortization of bond discounts and deferred financing costs | 2 | 3 | 5.7 |
Loss on Extinguishment of Debt | 0 | 0 | 74 |
Non-cash restructuring charges | (0.9) | 101.8 | 9.8 |
Net (gains) losses on sales of businesses | (17.9) | 11.3 | 19.4 |
Other | 26.8 | 13.4 | 18.7 |
Changes in assets and liabilities, net of acquisitions and divestitures, providing (using) cash: | |||
Accounts receivable | (385.3) | (362.7) | (647.6) |
Accounts receivable, billable to clients | (181.4) | 244.5 | (571) |
Increase (Decrease) in Prepaid Expense | 46 | 55.6 | 26.7 |
Increase (Decrease) in Other Current Assets | 42.2 | 5.5 | 19.2 |
Accounts payable | 47.8 | (408) | 1,858.1 |
Accrued liabilities | (63.6) | (102.8) | 108.9 |
Contract liabilities | (5.4) | 17.8 | 40.9 |
Other non-current assets and liabilities | (220.6) | (59.3) | (99.3) |
Net cash provided by operating activities | 554.7 | 642.1 | 2,075.6 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | 179.3 | 178.1 | 195.3 |
Payments to Acquire Marketable Securities | 97.6 | 0.2 | 0.2 |
Payments to Acquire Businesses, Net of Cash Acquired, including adjustments for prior period acquisitons | 6.3 | 232.2 | 0 |
Cash Divested from Deconsolidation | 0 | (20.4) | (16.3) |
Proceeds from Hedge, Investing Activities | 35.1 | 2.6 | 34.8 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 58.7 | (22.4) | (13.3) |
Proceeds from Maturities, Prepayments and Calls of Short-Term Investments | 100.7 | 0 | 0 |
Other investing activities | 3.3 | 20.6 | 5 |
Net cash used in investing activities | (85.4) | (430.1) | (185.3) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Common stock dividends | (479.1) | (457.3) | (427.7) |
Payments for Repurchase of Common Stock | 350.2 | (320.1) | 0 |
Tax payments for employee shares withheld | (58.9) | (40.3) | (25.5) |
Distributions to noncontrolling interests | (17.7) | (12.3) | (15.5) |
Acquisition-related payments | (12.9) | (9.3) | (28) |
Net (decrease) increase in short-term borrowings | (8.2) | (29.4) | (10.8) |
Repayments of long-term debt | (0.5) | (0.7) | (504.1) |
Exercise of stock options | 0 | 0 | 8 |
Repayments of Senior Debt | 0 | 29.9 | 0 |
Early Repayment of Senior Debt | 0 | 0 | (1,066.8) |
Proceeds from Long-term Debt | 296.3 | 0 | 998.1 |
Other financing activities | (3.1) | (0.1) | (11.9) |
Net cash used in financing activities | (634.3) | (899.4) | (1,084.2) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 7 | (31.7) | (45.4) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (158) | (719.1) | 760.7 |
Cash, cash equivalents and restricted cash at beginning of period | 2,553.1 | 3,272.2 | 2,511.5 |
Cash, cash equivalents and restricted cash at end of period | $ 2,395.1 | $ 2,553.1 | $ 3,272.2 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock, Shares Issued [Member] | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss, Net of Tax | Total IPG Stockholders' Equity | Noncontrolling Interests | Treasury Stock |
Common stock, shares issued | 390.9 | ||||||||
Balance at Dec. 31, 2020 | $ 2,943.9 | $ 39 | $ 1,099.3 | $ 2,636.9 | $ (880.2) | $ 2,895 | $ 48.9 | $ 0 | |
Net Income Attributable to Parent | 952.8 | ||||||||
NET INCOME | 972.8 | 952.8 | 952.8 | ||||||
Net Income Attributable to Nonredeemable Noncontrolling Interest | 20 | 20 | |||||||
Other comprehensive income | (15.5) | (14) | (14) | (1.5) | |||||
Reclassifications related to redeemable noncontrolling interests | 22.7 | 11.3 | 11.3 | 11.4 | |||||
Distributions to noncontrolling interests | (15.5) | (15.5) | |||||||
Change in redemption value of RNCI | 32.4 | 39.8 | (7.4) | 32.4 | |||||
Payments for Repurchase of Common Stock | 0 | ||||||||
Retirement of treasury stock, shares | 0 | ||||||||
Common stock dividends | (428) | (428) | (428) | ||||||
Stock-based compensation, shares | 3.8 | ||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 95.8 | 0.3 | 95.5 | 95.8 | |||||
Exercise of stock options, shares | 0.6 | ||||||||
Exercise of stock options, Value | 8.8 | 0.1 | 8.7 | 8.8 | |||||
Shares withheld for taxes, shares | (1) | ||||||||
Shares withheld for taxes, value | (28.1) | (0.1) | (28) | (28.1) | |||||
Other | (0.1) | 0 | 0 | (0.1) | |||||
Balance at Dec. 31, 2021 | 3,589.2 | 39.3 | 1,226.6 | 3,154.3 | (894.2) | 3,526 | 63.2 | 0 | |
Common stock, shares issued | 394.3 | ||||||||
Net Income Attributable to Parent | 938 | ||||||||
NET INCOME | 956.1 | 938 | 938 | ||||||
Net Income Attributable to Nonredeemable Noncontrolling Interest | 18.1 | 18.1 | |||||||
Other comprehensive income | (101.1) | (99.5) | (99.5) | (1.6) | |||||
Reclassifications related to redeemable noncontrolling interests | (2.6) | (3.1) | (3.1) | 0.5 | |||||
Distributions to noncontrolling interests | (12.3) | (12.3) | |||||||
Change in redemption value of RNCI | (3) | (3) | (3) | ||||||
Payments for Repurchase of Common Stock | 320.1 | 320.1 | (320.1) | ||||||
Retirement of treasury stock, shares | 7.2 | ||||||||
Retirement of treasury stock | 0 | 0.7 | 199.2 | 0 | (199.9) | ||||
Common stock dividends | (457.2) | (457.2) | (457.2) | ||||||
Stock-based compensation, shares | 3.5 | ||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 71.6 | 0.4 | 71.2 | 71.6 | |||||
Shares withheld for taxes, shares | (1) | ||||||||
Shares withheld for taxes, value | (38.8) | (0.1) | (38.7) | (38.8) | |||||
Other | (9.1) | (0.7) | 0.7 | (9.8) | |||||
Balance at Dec. 31, 2022 | $ 3,672.7 | 38.9 | 1,057.5 | 3,632.1 | (993.7) | 3,614.6 | 58.1 | (120.2) | |
Common stock, shares issued | 389.6 | 389.6 | |||||||
Net Income Attributable to Parent | $ 1,098.4 | 1,098.4 | 1,098.4 | ||||||
NET INCOME | 1,118.1 | ||||||||
Net Income Attributable to Nonredeemable Noncontrolling Interest | 19.7 | 19.7 | |||||||
Other comprehensive income | 47.3 | 47.5 | 47.5 | ||||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Noncontrolling Interest | (0.2) | ||||||||
Reclassifications related to redeemable noncontrolling interests | 0.3 | 0.3 | |||||||
Distributions to noncontrolling interests | (17.7) | (17.7) | |||||||
Change in redemption value of RNCI | 2.6 | 2.6 | 2.6 | ||||||
Payments for Repurchase of Common Stock | (350.2) | ||||||||
Retirement of treasury stock, shares | 9.3 | ||||||||
Retirement of treasury stock | 0 | 0.9 | 339.5 | 0 | (340.4) | ||||
Payments for Repurchase of Common Stock, including excise taxes | (352.7) | (352.7) | (352.7) | ||||||
Common stock dividends | (478.6) | (478.6) | (478.6) | ||||||
Stock-based compensation, shares | 4.4 | ||||||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 70.1 | 0.5 | 69.6 | 70.1 | |||||
Shares withheld for taxes, shares | (1.7) | ||||||||
Shares withheld for taxes, value | (59.3) | (0.2) | (59.1) | (59.3) | |||||
Other | (1) | 0 | 0 | (1) | |||||
Balance at Dec. 31, 2023 | $ 4,003.8 | $ 38.3 | $ 728.5 | $ 4,254.5 | $ (946.2) | $ 3,942.6 | $ 61.2 | $ (132.5) | |
Common stock, shares issued | 383 | 383 |
Revenue Income Statement (Detai
Revenue Income Statement (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | $ 9,400.6 | $ 9,449.4 | $ 9,107.9 |
Billable expenses | 1,488.7 | 1,478.4 | 1,132.8 |
Total revenue | 10,889.3 | 10,927.8 | 10,240.7 |
OPERATING EXPENSES: | |||
Salaries and related expenses | 6,243.9 | 6,258.3 | 5,975.4 |
Office and other direct expenses | 1,342.5 | 1,346.4 | 1,279.6 |
Billable expense | 1,488.7 | 1,478.4 | 1,132.8 |
Cost of services | 9,075.1 | 9,083.1 | 8,387.8 |
Selling, General and Administrative Expense | 67.2 | 87.1 | 122.3 |
Depreciation and amortization | 264.3 | 274 | 283.8 |
Total operating expenses | 9,406.7 | 9,546.6 | 8,804.5 |
Operating Income (Loss) | 1,482.6 | 1,381.2 | 1,436.2 |
EXPENSES AND OTHER INCOME: | |||
Interest Expense | (225.6) | (167.9) | (170.6) |
Interest income | 140.8 | 56.6 | 27.2 |
Other income (expense), net | 10.2 | (1) | (70.7) |
Total (expenses) and other income | (74.6) | (112.3) | (214.1) |
Income before income taxes | 1,408 | 1,268.9 | 1,222.1 |
Provision for income taxes | 291.2 | 318.4 | 251.8 |
Income of consolidated companies | 1,116.8 | 950.5 | 970.3 |
Equity in net income of unconsolidated affiliates | 1.3 | 5.6 | 2.5 |
NET INCOME | 1,118.1 | 956.1 | 972.8 |
Net Income Attributable to Parent | $ 1,098.4 | $ 938 | $ 952.8 |
Earnings per share, Basic | $ 2.86 | $ 2.40 | $ 2.42 |
Earnings per share, Diluted | $ 2.85 | $ 2.37 | $ 2.39 |
Weighted-average number of common shares outstanding, Basic | 384.1 | 391.5 | 393 |
Weighted-average number of common shares outstanding, Diluted | 385.9 | 395.1 | 398.4 |
MD&E | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | $ 4,326.5 | $ 4,296.9 | $ 4,117.7 |
Total revenue | 4,394.8 | 4,381.6 | 4,196.6 |
IA&C | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | 3,633.2 | 3,766.3 | 3,679.7 |
Total revenue | 4,002.2 | 4,140.6 | 4,041.8 |
SC&E | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | 1,440.9 | 1,386.2 | 1,310.5 |
Total revenue | 2,492.3 | 2,405.6 | 2,002.3 |
United States | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | 6,102.2 | 6,157.7 | 5,763.1 |
Total revenue | 7,033.1 | 7,031 | 6,360.2 |
United States | MD&E | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | 2,703.5 | 2,690.9 | 2,552 |
Total revenue | 2,731.4 | 2,730.2 | 2,584.7 |
United States | IA&C | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | 2,383.8 | 2,483.7 | 2,306 |
Total revenue | 2,508.8 | 2,585.9 | 2,403.3 |
United States | SC&E | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | 1,014.9 | 983.1 | 905.1 |
Total revenue | 1,792.9 | 1,714.9 | 1,372.2 |
Total International | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | 3,298.4 | 3,291.7 | 3,344.8 |
Total revenue | 3,856.2 | 3,896.8 | 3,880.5 |
Total International | MD&E | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | 1,623 | 1,606 | 1,565.7 |
Total revenue | 1,663.4 | 1,651.4 | 1,611.9 |
Total International | IA&C | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | 1,249.4 | 1,282.6 | 1,373.7 |
Total revenue | 1,493.4 | 1,554.7 | 1,638.5 |
Total International | SC&E | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenue | 426 | 403.1 | 405.4 |
Total revenue | $ 699.4 | $ 690.7 | $ 630.1 |
Revenue Balance Sheet (Details)
Revenue Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Cash and cash equivalents | $ 2,386.1 | $ 2,545.3 | ||||
Accounts receivable, net of allowance of $46.4 and $48.6, respectively | 5,768.8 | 5,316 | ||||
Accounts receivable, billable to clients | 2,229.2 | 2,023 | ||||
Assets held for sale | 21.9 | 5.9 | ||||
Other current assets | 128.6 | 83.7 | ||||
Assets, Current | 10,950.4 | 10,325.2 | ||||
Property, Plant and Equipment, Net | 636.7 | 637.4 | ||||
Goodwill | 5,080.9 | $ 5,050.6 | 5,050.6 | $ 4,908.7 | $ 4,908.7 | |
Other intangible assets | 743.6 | 818.1 | ||||
Other non-current assets | 428.1 | 431.2 | ||||
Assets | 19,267.3 | 18,811.7 | ||||
Accounts Payable, Current | 8,355 | 8,235.3 | ||||
Accrued Liabilities, Current | 705.8 | 787.1 | ||||
Contract liabilities | 684.7 | 680 | ||||
Short-term borrowings | 34.2 | 44.3 | ||||
Current portion of long-term debt | 250.1 | 0.6 | ||||
Liabilities held for sale | 48.5 | 0 | ||||
Liabilities, Current | 10,330.9 | 9,983.2 | ||||
Long-term debt | 2,917.5 | 2,870.7 | ||||
Deferred compensation | 223.6 | 294.1 | ||||
Other non-current liabilities | 532.4 | 572.6 | ||||
Liabilities | 15,221.2 | 15,100.7 | ||||
Redeemable noncontrolling interests | 42.3 | 38.3 | 15.6 | $ 93.1 | ||
STOCKHOLDERS' EQUITY: | ||||||
Common stock, $0.10 par value, shares authorized: 800.0 shares issued: 2023 - 383.0; 2022 - 389.6 shares outstanding: 2023 - 378.7; 2022 - 386.5 | 38.3 | 38.9 | ||||
Additional Paid in Capital | 728.5 | 1,057.5 | ||||
Retained Earnings (Accumulated Deficit) | 4,254.5 | 3,632.1 | ||||
Accumulated other comprehensive loss, net of tax | (946.2) | (993.7) | (894.2) | |||
Stockholders' Equity Attributable to Parent | 3,942.6 | 3,614.6 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 61.2 | 58.1 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,003.8 | 3,672.7 | $ 3,589.2 | $ 2,943.9 | ||
Liabilities and Equity | $ 19,267.3 | $ 18,811.7 |
Revenue Statement of Cash Flows
Revenue Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
NET INCOME | $ 1,118.1 | $ 956.1 | $ 972.8 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 264.3 | 274 | 283.8 | |
Provision for uncollectible receivables | 7.2 | (8.9) | (14.6) | |
Amortization of restricted stock and other non-cash compensation | 46.7 | 50 | 70.1 | |
Net amortization of bond discounts and deferred financing costs | 2 | 3 | 5.7 | |
Deferred income tax provision | 5.1 | (27) | (8.2) | |
Net (gains) losses on sales of businesses | (17.9) | 11.3 | 19.4 | |
Other | 26.8 | 13.4 | 18.7 | |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||
Accounts receivable | (385.3) | (362.7) | (647.6) | |
Accounts receivable, billable to clients | (181.4) | 244.5 | (571) | |
Accounts payable | 47.8 | (408) | 1,858.1 | |
Accrued liabilities | (63.6) | (102.8) | 108.9 | |
Contract liabilities | (5.4) | 17.8 | 40.9 | |
Other non-current assets and liabilities | (220.6) | (59.3) | (99.3) | |
Net cash provided by operating activities | 554.7 | 642.1 | 2,075.6 | |
Net cash used in investing activities | (85.4) | (430.1) | (185.3) | |
Net cash used in financing activities | (634.3) | (899.4) | (1,084.2) | |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 7 | (31.7) | (45.4) | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (158) | (719.1) | 760.7 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 2,395.1 | $ 2,553.1 | $ 3,272.2 | $ 2,511.5 |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts receivable, net of allowance of $46.4 and $48.6, respectively | $ 5,768.8 | $ 5,316 |
Accounts receivable, billable to clients | 2,229.2 | 2,023 |
Contract with Customer, Asset, after Allowance for Credit Loss | 68.6 | 67.4 |
Contract liabilities | 684.7 | 680 |
Revenue, remaining performance obligation, amount | 716.5 | |
Net revenue | $ 9,400.6 | $ 9,449.4 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Supplemental Cash Flow Information [Abstract] | ||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 221.6 | $ 171.1 | $ 175.9 | |
Change in operating lease right-of-use asset and lease liabilities | (32.4) | 55.1 | (35.2) | |
Cash paid for income taxes, net of refunds | [1] | 320.3 | 255.7 | 229.1 |
Tax refunds | 40.1 | 35.7 | 47.1 | |
Restructuring Charges | 0.1 | 102.4 | 10.6 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Lease restructuring costs | 85.4 | 6.3 | ||
Change in operating lease right-of-use asset and lease liabilities | (32.4) | 55.1 | (35.2) | |
Net cash activities for operating lease right-of-use asset and lease liabilities included in Other non-current assets and liabilities under Operating Activities | $ 31.2 | $ 30.3 | $ 41.5 | |
[1] Refunds of $40.1, $35.7 and $47.1 were received for the years ended December 31, 2023, 2022 and 2021, respectively. |
Significant Accounting Policies
Significant Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business Description The Interpublic Group of Companies, Inc. and subsidiaries (the “Company,” “IPG,” “we,” “us” or “our”) is one of the world’s premier global advertising and marketing services companies. Our agencies create customized marketing programs for clients that range in scale from large global marketers to regional and local clients. Comprehensive global services are critical to effectively serve our multinational and local clients in markets throughout the world, as they seek to build brands, increase sales of their products and services and gain market share. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, some of which are not wholly owned. Investments in companies over which we do not have control, but have the ability to exercise significant influence, are accounted for using the equity method of accounting. Investments in companies over which we have neither control nor have the ability to exercise significant influence are recorded at cost, less any impairment, adjusted for subsequent observable price changes. All intercompany accounts and transactions have been eliminated in consolidation. We have consolidated certain entities meeting the definition of variable interest entities, and the inclusion of these entities does not have a material impact on our Consolidated Financial Statements. Basis of Presentation We conduct our business across three reportable segments described in Note 15. The three reportable segments are: Media, Data & Engagement Solutions ("MD&E"), Integrated Advertising & Creativity Led Solutions ("IA&C"), and Specialized Communications & Experiential Solutions ("SC&E"). Cost of services is comprised of the expenses of our revenue-producing operating segments including salaries and related expenses, office and other direct expenses and billable expenses, as well as an allocation of the centrally managed expenses from Corporate and other. Office and other direct expenses include rent expense, professional fees, certain expenses incurred by our staff in servicing our clients and other costs directly attributable to client engagements. Selling, general and administrative expenses are primarily the unallocated expenses from Corporate and other, as disclosed further in Note 15, excluding depreciation and amortization. Depreciation and amortization of the fixed assets and intangible assets of the Company is disclosed as a separate operating expense. Restructuring charges relate to the Company's implementation of cost initiatives to better align our cost structure with our revenue, as discussed further in Note 11. Reclassifications Certain reclassifications and immaterial adjustments have been made to prior-period financial statements to conform to the current-period presentation. Additionally, certain prior period amounts, wherever applicable, have been recast to reflect the transfer of certain agencies between reportable segments. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires us to make judgments, assumptions and estimates that affect the amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the reporting date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates under different assumptions or conditions. A further decline in macroeconomic conditions or increasing interest rates could have a negative impact on these estimates, including the fair value of certain estimates. Revenue Recognition Our revenues are primarily derived from the planning and execution of multi-channel advertising and communications, marketing services, including public relations, meeting and event production, sports and entertainment marketing, corporate and brand identity, strategic marketing consulting, and providing marketing data and technology services around the world. Most of our client contracts are individually negotiated and, accordingly, the terms of client engagements and the basis on which we earn fees and commissions vary significantly. Our contracts generally provide for termination by either party on relatively short notice, usually 30 to 90 days, although our data management contracts typically have non-cancelable terms of more than one year. Our payment terms vary by client, and the time between invoicing date and due date is typically not significant. We generally have the legally enforceable right to payment for all services provided through the end of the contract or termination date. We recognize revenue when we determine our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue as or when we satisfy the performance obligation. We only apply the five-step model to contracts when it is probable that IPG will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, we assess the goods or services promised within each contract and determine those that are distinct performance obligations. We then assess whether we act as an agent or a principal for each identified performance obligation and include revenue within the transaction price for third-party costs when we determine that we act as principal. We typically do not capitalize costs to obtain a contract as these amounts would generally be recognized over a period of one year or less. Revenue before billable expenses, primarily consisting of fees, commissions and performance incentives, represents the amount of our gross billings excluding billable expenses charged to a client. Generally, our compensation is based on a negotiated fixed price, rate per hour, a retainer, commission or volume. The majority of our fees are recognized over time as services are performed, either utilizing a function of hours incurred and rates per hour, as compared to periodically updated estimates to complete, or ratably over the term of the contract. For certain less-frequent commission-based contracts which contain clauses allowing our clients to terminate the arrangement at any time for no compensation, revenue is recognized at a point in time, typically the date of broadcast or publication. We report revenue net of taxes assessed by governmental authorities that are directly imposed on our revenue-producing transactions. Contractual arrangements with clients may also include performance incentive provisions designed to link a portion of our revenue to our performance relative to mutually agreed-upon qualitative and/or quantitative metrics. Performance incentives are treated as variable consideration which is estimated at contract inception and included in revenue based on the most likely amount earned out of a range of potential outcomes. Our estimates are based on a combination of historical award experience, anticipated performance and our best judgment. These estimates are updated on a periodic basis and are not expected to result in a reversal of a significant amount of the cumulative revenue recognized. The predominant component of billable expenses are third-party vendor costs incurred for performance obligations where we have determined that we are acting as principal. These third-party expenses are generally billed back to our clients. Billable expenses also includes incidental costs incurred in the performance of our services including airfare, mileage, hotel stays, out-of-town meals and telecommunication charges. We record these billable expenses within total revenue with a corresponding offset to operating expenses. In international markets, we may receive rebates or credits from vendors based on transactions entered into on behalf of clients. Rebates and credits are remitted back to our clients in accordance with our contractual requirements or may be retained by us based on the terms of a particular client contract and local law. Amounts owed back to clients are recorded as a liability and amounts retained by us are recorded as revenue when earned. In certain international markets, our media contracts may allow clients to terminate our arrangement at any time for no compensation to the extent that media has not yet run. For those contracts, we do not recognize revenue until the media runs which is the point in time at which we have a legally enforceable right to compensation. In the normal course of business, certain agencies may enter into agreements with media suppliers to purchase an agreed value of media within a fixed timeframe. By entering into these agreements, the agency is taking a risk and may be required to pay a portion or all of the agreed value ahead of media being run. In order to participate in these arrangements and receive an agreed additional benefit from the agency, clients are required to contractually opt in. Performance Obligations Our client contracts may include various goods and services that are capable of being distinct, are distinct within the context of the contract and are therefore accounted for as separate performance obligations. We allocate revenue to each performance obligation in the contract at inception based on its relative standalone selling price. Our advertising businesses include a wide range of services that involve the creation of an advertising idea, concept, campaign, or marketing strategy in order to promote the client’s brand ("creative services"), and to act as an agent to facilitate the production of advertisements by third-party suppliers ("production services”). Our clients can contract us to perform one or both of these services, as they can derive stand-alone benefit from each. Production services can include formatting creative material for different media and communication mediums including digital, large-scale reproduction such as printing and adaptation services, talent engagement and acquisition, television and radio production, and outdoor billboard production. Our contracts that include both services are typically explicit in the description of which activities constitute the creative advertising services and those that constitute the production services. Both the creative and production services are sold separately, the client can derive utility from each service on its own, we do not provide a significant service of integrating these activities into a bundle, the services do not significantly modify one another, and the services are not highly interrelated or interdependent. As such, we typically identify two performance obligations in the assessment of our advertising contracts. Our media businesses include services to formulate strategic media plans ("media planning services") and to act as an agent to purchase media (e.g. television and radio spots, outdoor advertising, digital banners, etc.) from vendors on our clients' behalf ("media buying services"). Our contracts that include both services are typically explicit in the description of which activities constitute the planning services and those that constitute the buying services. Both the planning and buying services are sold separately, the client can derive utility from each service on its own, we do not provide a significant service of integrating these activities into a bundle, the services do not significantly modify one another, and the services are not highly interrelated or interdependent. As such, we typically identify two performance obligations in the assessment of our media contracts. Our events businesses include creative services related to the conception and planning of custom marketing events as well as activation services which entail the carrying out of the event, including, but not limited to, set-up, design and staffing. Additionally, our public relations businesses include a broad range of services, such as strategic planning, social media strategy and the monitoring and development of communication strategies, among others. While our contracts in these businesses may include some or all of these services, we typically identify only one performance obligation in the assessment of our events and public relations contracts as we provide a significant service of integrating the individual services into a combined service for which the customer has contracted. Our data and technology services businesses include data management, data and data strategy, identity resolution, and measurement and analytics products and services. While our contracts in these businesses may include some or all of these services, we typically identify each product and service as an individual performance obligation. We have elected not to disclose information about remaining performance obligations that have original expected durations of one year or less. The majority of our contracts are for periods of one year or less with the exception of our data management contracts. Principal vs. Agent When a third-party is involved in the delivery of our services to the client, we assess whether or not we are acting as a principal or an agent in the arrangement. The assessment is based on whether we control the specified services at any time before they are transferred to the customer. We have determined that in our events and public relations businesses, we generally act as a principal as our agencies provide a significant service of integrating goods or services provided by third parties into the specified deliverable to our clients. In addition, we have determined that we are responsible for the performance of the third-party suppliers, which are combined with our own services, before transferring those services to the customer. We have also determined that we act as principal when providing creative services and media planning services, as we perform a significant integration service in these transactions. For performance obligations in which we act as principal, we record the gross amount billed to the customer within total revenue and the related incremental direct costs incurred as billable expenses. In the vast majority of our business, when a third-party is involved in the production of an advertising campaign and for media buying services, we have determined that we act as the agent and are solely arranging for the third-party suppliers to provide services to the customer. Specifically, we do not control the specified services before transferring those services to the customer, we are not primarily responsible for the performance of the third-party services, nor can we redirect those services to fulfill any other contracts. We do not have inventory risk or discretion in establishing pricing in our contracts with customers. For performance obligations for which we act as the agent, we record our revenue as the net amount of our gross billings less amounts remitted to third parties. Cash and Cash Equivalents Cash equivalents are highly liquid investments, which include certificates of deposit, government securities, commercial paper and time deposits with original maturities of three months or less at the time of purchase and are stated at estimated fair value, which approximates cost. Cash is maintained at multiple high-credit-quality financial institutions. Allowance for Expected Credit Losses The allowance for credit losses on expected future uncollectible accounts receivable is estimated based on the aging of accounts receivable, reviews of client credit reports, industry trends and economic indicators, as well as reviews of recent payment history for specific customers. The estimate is based largely on a formula-driven calculation but is supplemented with economic indicators and knowledge of potential write-offs of specific client accounts. Accounts Receivable, Billable to Clients Accounts receivable, billable to clients are primarily comprised of production and media costs that have been incurred but have not yet been billed to clients, as well as fees that have been earned which have not yet been billed to clients. Unbilled amounts are presented in accounts receivable, billable to clients regardless of whether they relate to our fees or production and media costs. A provision is made for unrecoverable costs as deemed appropriate. Accounts Payable Accounts payable includes all operating payables, including those related to all media and production costs. These payables are due within one year. Investments Equity investments with readily determinable fair values, other than those accounted for using the equity method of accounting, will be measured at fair value. We regularly review our investments to determine whether a significant event or change in circumstances has occurred that may impact the fair value of each investment, with changes to fair value recorded in earnings. We evaluate fair value based on specific information (valuation methodologies, estimates of appraisals, financial statements, etc.) in addition to quoted market price, if available. We consider all known quantitative and qualitative factors in determining if a decline in value of an investment has occurred. Derivatives We are exposed to market risk related to interest rates, foreign currency rates and certain balance sheet items. From time to time we enter into derivative instruments for risk management purposes, and not for speculative purposes. All derivative instruments are recorded at fair value on our balance sheet. Changes in fair value are immediately included in earnings if the derivatives are not designated as a hedge instrument or if the derivatives do not qualify as effective hedges. For derivatives designated as hedge instruments, we evaluate for hedge accounting both at inception and throughout the hedge period. If a derivative is designated as a fair value hedge, then changes in the fair value of the derivative are offset against the changes in the fair value of the underlying hedged item. If a derivative is designated as a cash flow hedge, then the changes in the fair value of the derivative are recognized as a component of accumulated other comprehensive income and subsequently reclassified to earnings in our Consolidated Statement of Operations in the same period as the underlying hedged transaction affects earnings. If a derivative is a net investment hedge, then the changes in the fair value of the derivative are recognized in other comprehensive income in the same period as the change in fair value of the underlying hedged foreign investment. Property and Equipment Furniture, equipment, leasehold improvements and buildings are stated at cost, net of accumulated depreciation. Furniture and equipment are depreciated generally using the straight-line method over the estimated useful lives of the related assets, which range from 3 to 7 years for furniture and equipment, 10 to 35 years for buildings and the shorter of the useful life or the remaining lease term for leasehold improvements. Land is stated at cost and is not depreciated. We capitalize certain internal and external costs incurred to acquire or create internal use software, principally related to our enterprise resource planning (“ERP”) systems. Our ERP systems are stated at cost, net of accumulated amortization, and are amortized using the straight-line method over 10 years. All other internal use computer software are stated at cost, net of accumulated amortization and are amortized using the straight-line method over the estimated useful lives of the related assets, which range from 3 to 7 years. Leases As of December 31, 2023, we do not have a material amount of finance leases and the majority of our operating leases, for which we serve as the lessee, consist primarily of real-estate property for our offices around the world. Both the right-of-use asset and lease liability are measured at the present value of the future lease payments, with the asset being subject to adjustments such as initial direct costs, prepaid lease payments, and lease incentives. Many of our leases provide for renewal and/or termination options, as well as escalation clauses, which are also factored into our lease payments when appropriate. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, if readily determinable, or using the Company's collateralized credit-adjusted borrowing rate. Goodwill and Other Intangible Assets We account for our business combinations using the acquisition accounting method, which requires us to determine the fair value of net assets acquired and the related goodwill and other intangible assets. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and involves the use of significant estimates, including projections of future cash inflows and outflows, discount rates, asset lives and market multiples. Considering the characteristics of advertising, specialized marketing and communication services companies, our acquisitions usually do not have significant amounts of tangible assets, as the principal asset we typically acquire is creative talent. As a result, a substantial portion of the purchase price is allocated to goodwill and other intangible assets. We review goodwill as of October 1 st each year and whenever events or significant changes in circumstances indicate that the carrying value may not be recoverable. We evaluate the recoverability of goodwill at a reporting unit level. We have 10 reporting units that were subject to the 2023 annual impairment testing. Our annual impairment review as of October 1, 2023 did not result in an impairment charge for any of our reporting units. Intangible assets with indefinite useful lives are not amortized but are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that impairment may exist. The Company first assesses qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. Impairment exists if the fair value of the indefinite-lived intangible asset is less than the carrying value. The determination of fair value is based on the relief from royalty method of the income approach, which models the cash flows from indefinite-lived intangibles assuming royalties were received under a licensing arrangement. This discounted cash flow analysis includes assumptions related to forecasted future revenues attributable to indefinite-lived intangibles, royalty rates and risk-adjusted discount rates. If the carrying value of an indefinite-lived intangible asset exceeds its estimated fair value, the indefinite-lived intangible asset is considered impaired, and an impairment loss will be recognized in an amount equal to the excess of the carrying value over the fair value. Based on this analysis, for the indefinite lived-intangible asset for which we performed a quantitative impairment test as of October 1, 2023, we concluded that it was not impaired because its fair value was in excess of its carrying value. For reporting units not included in the qualitative assessment, or for any reporting units identified in the qualitative assessment as "more likely than not" that the fair value is less than its carrying value, the quantitative impairment test is performed. For our annual impairment test, we compare the respective fair value of our reporting units' equity to the carrying value of their net assets. The sum of the fair values of all our reporting units is also reconciled to our current market capitalization plus an estimated control premium. Goodwill allocated to a reporting unit whose fair value is equal to or greater than its carrying value is not impaired, and no further testing is required. Should the carrying amount for a reporting unit exceed its fair value, then the quantitative impairment test is failed and impaired goodwill is written down to its fair value with a charge to expense in the period the impairment is identified. The fair value of each reporting unit for 2023 and 2022 was estimated using a combination of the income approach, which incorporates the use of the discounted cash flow method, and the market approach, which incorporates the use of earnings and revenue multiples based on market data. We review intangible assets with definite lives subject to amortization whenever events or circumstances indicate that a carrying amount of an asset may not be recoverable. Recoverability of these assets is determined by comparing the carrying value of these assets to the estimated undiscounted future cash flows expected to be generated by these asset groups. These asset groups are impaired when their carrying value exceeds their fair value. Impaired intangible assets with definite lives subject to amortization are written down to their fair value with a charge to expense in the period the impairment is identified. Intangible assets with definite lives are amortized on a straight-line basis with estimated useful lives generally between 7 and 15 years. Events or circumstances that might require impairment testing include the loss of a significant client, the identification of other impaired assets within a reporting unit, loss of key personnel, the disposition of a significant portion of a reporting unit, significant decline in stock price or a significant adverse change in business climate or regulations. Foreign Currencies The functional currency of our foreign operations is generally their respective local currency. Assets and liabilities are translated at the exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the average exchange rates during the period presented. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss in the stockholders’ equity section of our Consolidated Balance Sheets. Currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses . Foreign currency transactions resulted in a pre-tax loss of $5.7 for the year ended December 31, 2023, a pre-tax gain of $2.5 for the year ended December 31, 2022, and a pre-tax loss of $5.0 for the year ended December 31, 2021. We monitor the currencies of countries in which we operate in order to determine if the country should be considered a highly inflationary environment. A currency is determined to be highly inflationary when there is cumulative inflation of approximately 100% or more over a three-year period. If this occurs the functional currency of that country is changed to our reporting currency, the U.S. Dollar, and foreign exchange gains or losses are recognized on all monetary transactions, assets and liabilities in currencies other than the U.S. Dollar until the currency is no longer considered highly inflationary. Income Taxes The provision for income taxes includes U.S. federal, state, local and foreign taxes. Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the financial statement carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. We evaluate the realizability of our deferred tax assets and establish a valuation allowance when it is “more likely than not” that all or a portion of the deferred tax assets will not be realized. We evaluate our tax positions using the “more likely than not” recognition threshold and then apply a measurement assessment to those positions that meet the recognition threshold. The factors used in assessing valuation allowances include all available evidence, such as past operating results, estimates of future taxable income and the feasibility of tax planning strategies. We have established tax reserves that we believe to be 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 adjust our reserves as additional information or events require. Redeemable Non-controlling Interests Many of our acquisitions include provisions under which the non-controlling equity owners can require us to purchase additional interests in a subsidiary at their discretion. Payments for these redeemable non-controlling interests may be contingent on projected operating performance and satisfying other conditions specified in the related agreements. These payments are also subject to revision in accordance with the terms of the agreements. We record these redeemable non-controlling interests in “mezzanine equity” in our Consolidated Balance Sheets. Each reporting period, redeemable non-controlling interests are reported at their estimated redemption value, but not less than their initial fair value. Any adjustment to the redemption value above initial value prior to exercise will also impact retained earnings but will not impact net income. Adjustments as a result of currency translation will affect the redeemable non-controlling interest balance, but do not impact retained earnings or additional paid-in capital. Earnings Per Share (“EPS”) Basic EPS available to IPG common stockholders equals net income available to IPG common stockholders divided by the weighted-average number of common shares outstanding for the applicable period. Diluted EPS equals net income available to IPG common stockholders divided by the weighted-average number of common shares outstanding, plus any additional common shares that would have been outstanding if potentially dilutive shares had been issued. Diluted EPS reflect the potential dilution that would occur if certain potentially dilutive securities were exercised. The potential issuance of common stock is assumed to occur at the beginning of the year (or at the time of issuance of the potentially dilutive instrument, if later) and the incremental shares are included using the treasury stock method. The proceeds utilized in applying the treasury stock method consist of the amount, if any, to be paid upon exercise and, as it relates to stock-based compensation, the amount of compensation cost attributed to future service not yet recognized. These proceeds are then assumed to be used to purchase common stock at the average market price of our stock during the period. The incremental shares (difference between the shares assumed to be issued and the shares assumed to be purchased), to the extent they would have been dilutive, are included in the denominator of the diluted EPS calculation. We may be required to calculate basic EPS using the two-class method as a result of our redeemable non-controlling interests. To the extent that the redemption value increases and exceeds the then-current fair value of a redeemable non-controlling interest, net income available to IPG common stockholders (used to calculate EPS) could be negatively impacted by that increase, subject to certain limitations. The partial or full recovery of any reductions to net income available to IPG common stockholders (used to calculate EPS) is limited to any cumulative prior-period reductions. For the years ended December 31, 2023, 2022 and 2021, there was no impact to EPS for adjustments related to our redeemable non-controlling interests. Pension and Postretirement Benefits We have pension and postretirement benefit plans covering certain domestic and international employees. We use various actuarial methods and assumptions in determining our net pension and postretirement benefit costs and obligations, including the discount rate used to determine the present value of future benefits, expected long-term rate of return on plan assets and healthcare cost trend rates. The overfunded or underfunded status of our pension and postretirement benefit plans is recorded on our C |
Treasury Stock [Text Block] | Treasury Stock We account for repurchased common stock under the cost method and include such treasury stock as a component of our Consolidated Statements of Stockholders' Equity. Upon retirement, we reduce common stock for the par value of the shares being retired and the excess of the cost of the shares over par value as a reduction to APIC, to the extent there is APIC in the same class of stock, and any remaining amount to retained earnings. These retired shares remain authorized but unissued. In October 2023, we retired 9.3 shares of our treasury stock, which resulted in a reduction in common stock of $0.9, treasury stock of $340.4 and APIC of $339.5. In October 2022, we retired 7.2 shares of our treasury stock, which resulted in a reduction in common stock of $0.7, treasury stock of $199.9 and APIC of $199.2. During 2021, there was no significant treasury stock activity due to the suspension of the share repurchase program. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Contract assets are primarily comprised of contract incentives that are generally satisfied annually under the terms of our contracts and are transferred to accounts receivable when the right to payment becomes unconditional. Contract liabilities relate to advance consideration received from customers under the terms of our contracts primarily related to reimbursements of third-party expenses, whether we act as principal or agent, and to a lesser extent, periodic retainer fees, both of which are generally recognized shortly after billing. The majority of our contracts are for periods of one year or less with the exception of our data management contracts. For those contracts with a term of more than one year, we had approximately $716.5 of unsatisfied performance obligations as of December 31, 2023, which will be recognized as services are performed over the remaining contractual terms through 2028. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases As of December 31, 2023 and 2022, the majority of our operating leases, for which we serve as the lessee, consist primarily of real-estate property for our offices around the world, and we do not have a material amount of finance leases. Both the right-of-use asset and lease liability are measured at the present value of the future lease payments, with the asset being subject to adjustments such as initial direct costs, prepaid lease payments, and lease incentives. Many of our leases provide for renewal and/or termination options, as well as escalation clauses, which are also factored into our lease payments when appropriate. As of December 31, 2023, our leases have remaining lease terms of 1 year to 13 years. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, if readily determinable, or using the Company's collateralized credit-adjusted borrowing rate. The following tables present information on our operating leases for the full years of 2023, 2022 and 2021 . Years ended December 31, 2023 2022 2021 Operating lease cost $ 268.4 $ 290.7 $ 306.0 Short-term lease cost 7.9 6.4 8.1 Sublease income (26.4) (23.8) (21.1) Total lease cost $ 249.9 $ 273.3 $ 293.0 Cash paid related to operating lease liabilities $ 299.5 $ 320.9 $ 347.6 Right-of-use assets obtained in exchange for lease liabilities $ 83.0 $ 93.0 $ 431.0 As of December 31, 2023 2022 2021 Weighted-average remaining lease term Seven years Eight years Eight years Weighted-average discount rate 3.63 % 3.51 % 3.45 % Our future payments of our operating leases as of December 31, 2023 are listed in the table below. Period Payments 2024 $ 299.6 2025 270.1 2026 249.8 2027 215.4 2028 170.9 Thereafter 458.4 Total future lease payments 1,664.2 Less: imputed interest 194.8 Present value of future lease payments 1,469.4 Less: current portion of operating leases 252.6 Non-current operating leases $ 1,216.8 As of December 31, 2023, we had additional operating leases that had not yet commenced with future lease payments of approximately $81.0 commencing in 2024 with lease terms of 1 to 12 years. |
Debt and Credit Agreements (Not
Debt and Credit Agreements (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Long-Term Debt A summary of the carrying amounts of our long-term debt is listed below. Effective December 31, 2023 1 2022 1 4.200% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.0 and $0.1, respectively) 4.240 % $ 249.9 $ 249.7 4.650% Senior Notes due 2028 (less unamortized discount and issuance costs of $0.9 and $2.1, respectively) 4.780 % 497.0 496.4 4.750% Senior Notes due 2030 (less unamortized discount and issuance costs of $2.6 and $3.8, respectively) 4.920 % 643.6 642.6 2.400% Senior Notes due 2031 (less unamortized discount and issuance costs of $0.7 and $3.3, respectively) 2.512 % 496.0 495.5 5.375% Senior Notes due 2033 (less unamortized discount and issuance costs of $3.6 and $3.0, respectively) 5.650 % 293.4 — 3.375% Senior Notes due 2041 (less unamortized discount and issuance costs of $0.9 and $5.0, respectively) 3.448 % 494.1 493.7 5.400% Senior Notes due 2048 (less unamortized discount and issuance costs of $2.6 and $4.6, respectively) 5.480 % 492.8 492.6 Other notes payable and capitalized leases 0.8 0.8 Total long-term debt 3,167.6 2,871.3 Less: current portion 250.1 0.6 Long-term debt, excluding current portion $ 2,917.5 $ 2,870.7 1 See Note 13 for information on the fair value measurement of our long-term debt. Annual maturities are scheduled as follows based on the book value as of December 31, 2023. 2024 $ 250.1 2025 0.2 2026 0.2 2027 0.1 2028 497.0 Thereafter 2,420.0 Total long-term debt $ 3,167.6 For those debt securities that have a premium or discount at the time of issuance, we amortize the amount through interest expense based on the maturity date or the first date the holders may require us to repurchase the debt securities, if applicable. A premium would result in a decrease in interest expense, and a discount would result in an increase in interest expense in future periods. Additionally, we have debt issuance costs related to certain financing transactions which are also amortized through interest expense. As of December 31, 2023 and 2022, we had total unamortized debt issuance costs of $22.7 and $26.2, respectively. Our debt securities 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. As of December 31, 2023 and 2022, the estimated fair value of the Company's long-term debt was $2,975.3 and $2,552.3, respectively. Refer to Note 13 for details. Debt Transactions 5.375% Senior Notes due 2033 On June 8, 2023, we issued a total of $300.0 in aggregate principal amount of 5.375% unsecured senior notes (the "5.375% Senior Notes") due June 15, 2033. Upon issuance, the 5.375% Senior Notes were reflected in our unaudited Consolidated Balance Sheets at $292.9, net of discount of $3.8 and net of capitalized debt issuance costs, including commissions and offering expenses of $3.3, both of which will be amortized in interest expense through the maturity date using the effective interest method. Interest is payable semi-annually in arrears on June 15th and December 15th of each year, which commenced on December 15, 2023. Credit Arrangement We maintain a committed corporate credit facility, originally dated as of July 18, 2008, which has been amended and restated from time to time (the "Credit Agreement"). We use our Credit Agreement to increase our financial flexibility, to provide letters of credit primarily to support obligations of our subsidiaries and to support our commercial paper program. On November 1, 2021, we amended and restated the Credit Agreement. As amended, among other things, the maturity date of the Credit Agreement was extended to November 1, 2026 and the cost structure of the Credit Agreement was changed. The Credit Agreement continues to include a required leverage ratio, of not more than 3.50 to 1.00, among other customary covenants like limitations on our liens and the liens of our consolidated subsidiaries and limitations on the incurrence of subsidiary debt. At the election of the Company, the leverage ratio may be changed to not more than 4.00 to 1.00 for four consecutive quarters, beginning with the fiscal quarter in which there is an occurrence of one or more acquisitions with an aggregate purchase price of at least $200.0. The Credit Agreement is a revolving facility, 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 $1,500.0, 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 $50.0, or the equivalent in other currencies. Our obligations under the Credit Agreement are unsecured. As of both December 31, 2023 and 2022, there were no borrowings under the Credit Agreement; however, we had $9.5 and $10.3 of letters of credit under the Credit Agreement, which reduced our total availability to $1,490.5 and $1,489.7, respectively. In addition to other customary covenants, we are required to maintain the financial covenant listed below as of the end of each fiscal quarter for the period of four fiscal quarters then ended pursuant to our Credit Agreement. We were in compliance with all of our covenants in the Credit Agreement as of December 31, 2023. Under the Credit Agreement, we can elect to receive advances bearing interest based on either the Base Rate or the Eurocurrency rate (each as defined in the Credit Agreement) plus an applicable margin that is determined based on our credit ratings. As of December 31, 2023, the applicable margin was 0.125% for Base Rate advances and 1.125% for Eurocurrency Rate borrowings. Letter of credit fees accrue on the average daily aggregate amount of letters of credit outstanding, at a rate equal to the applicable margin for Eurocurrency rate advances, and fronting fees accrue on the aggregate amount of letters of credit outstanding at an annual rate of 0.250%. We also pay a facility fee on each lender's revolving commitment of 0.125%, which is an annual rate determined based on our credit ratings. Financial Covenant Leverage ratio (not greater than): 1 3.50x 1 The leverage ratio is defined as debt as of the last day of such fiscal quarter to EBITDA, as defined in the Credit Agreement, for the four quarters then ended. Uncommitted Lines of Credit We also have uncommitted lines of credit with various banks that permit borrowings at variable interest rates and that are primarily used to fund working capital needs. We have guaranteed the repayment of some of these borrowings made by certain subsidiaries. If we lose access to these credit lines, we would have to provide funding directly to some of our operations. As of December 31, 2023 and 2022, the Company had uncommitted lines of credit in an aggregate amount of $780.7 and $936.2, under which we had outstanding borrowings of $34.2 and $44.3 classified as short-term borrowings on our Consolidated Balance Sheets, respectively. The average amounts outstanding during 2023 and 2022 were $47.9 and $61.2, respectively, with weighted-average interest rates of approximately 7.9% and 4.6%, respectively. Commercial Paper The Company is authorized to issue unsecured commercial paper up to a maximum aggregate amount outstanding at any time of $1,500.0. Borrowings under the commercial paper program are supported by the Credit Agreement described above. Commercial paper proceeds are used for working capital and general corporate purposes, including the repayment of maturing indebtedness and other short-term liquidity needs. Commercial paper maturities vary but may not exceed 397 days from the date of issue. As of both December 31, 2023 and 2022, there was no commercial paper outstanding. There was no outstanding commercial paper under the program during both 2023 and 2022. Cash Pooling We aggregate our domestic cash position on a daily basis. Outside the United States, we use cash pooling arrangements with banks to help manage our liquidity requirements. In these pooling arrangements, several IPG agencies agree with a single bank that the cash balances of any of the agencies with the bank will be subject to a full right of set-off against amounts other agencies owe the bank, and the bank provides for overdrafts as long as the net balance for all agencies does not exceed an agreed-upon level. Typically, each agency pays interest on outstanding overdrafts and receives interest on cash balances. Our Consolidated Balance Sheets reflect cash, net of bank overdrafts, under all of our pooling arrangements, and as of December 31, 2023 and 2022 the amounts netted were $2,718.0 and $2,411.2, respectively. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following sets forth basic and diluted earnings per common share available to IPG common stockholders. Years ended December 31, 2023 2022 2021 Net income available to IPG common stockholders $ 1,098.4 $ 938.0 $ 952.8 Weighted-average number of common shares outstanding - basic 384.1 391.5 393.0 Dilutive effect of stock options and restricted shares 1.8 3.6 5.4 Weighted-average number of common shares outstanding - diluted 385.9 395.1 398.4 Earnings per share available to IPG common stockholders: Basic $ 2.86 $ 2.40 $ 2.42 Diluted $ 2.85 $ 2.37 $ 2.39 |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [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, changes in foreign currency exchange rates and other factors. During 2023, we completed two acquisitions, one of which was included in the IA&C reportable segment, and one of which was included in the SC&E reportable segm ent. We paid $2.6, net of cash acquired and recorded approximately $11.7 of goodwill and $8.5 of other intangible assets related to the acquisitions. During 2022, we completed one acquisition, recorded in the MD&E reportable segment. On September 23, 2022, we entered into a definitive purchase agreement to acquire approximately 83.9% of the outstanding shares of RafterOne with options to purchase the remaining outstanding shares. The transaction closed on October 3, 2022, subject to customary closing adjustments. We paid $232.2, net of cash acquired, related to the acquisition. The purpose of the acquisition is to combine the Company's media, creative, marketing services and analytics capabilities, global scale and consumer insights, with RafterOne's Salesforce capabilities for commerce, service, data, marketing and customer experience. We recorded approximately $211.7 of goodwill, of which approximately $2.2 was recorded during 2023, and $62.0 of other intangible assets related to the acquisition of RafterOne. During 2021, no acquisitions occurred. The results of operations of our acquired companies were included in our consolidated results from the closing date of each acquisition. We did not make any payments in stock related to our acquisitions in 2023, 2022 or 2021. Details of cash paid for current and prior years' acquisitions are listed below. Years ended December 31, 2023 2022 2021 Cost of investment: current-year acquisitions $ 5.8 $ 235.4 $ — Cost of investment: prior-year acquisitions 16.6 9.3 28.0 Less: net cash acquired 3.2 3.2 — Total cost of investment 19.2 241.5 28.0 Operating payments 1 2.7 9.6 39.1 Total cash paid for acquisitions 2 $ 21.9 $ 251.1 $ 67.1 1 Represents cash payments for amounts that have been recognized in operating expenses since the date of acquisition either relating to adjustments to estimates in excess of the initial value of contingent payments recorded or were contingent upon the future employment of the former owners of the acquired companies. Amounts are reflected in the operating section of the Consolidated Statements of Cash Flows. 2 Of the total cash paid for acqu isitions, $6.3, $232.2 and $0.0 for the years ended December 31, 2023, 2022 and 2021, respectively, are classified under the investing section of the Consolidated Statements of Cash Flows as acquisitions, net of cash acquired. These amounts relate to initial payments for new transactions, as well as adjustments made to upfront payments related to prior year acquisitions. Of the total cash paid for acquisitio ns, $12.9, $9.3 and $28.0 for the years ended December 31, 2023, 2022 and 2021, respectively, are classified under the financing section of the Consolidated Statements of Cash Flows as acquisition-related payments. These amounts relate to deferred payments and increases in our ownership interest for prior acquisitions. For companies acquired, we estimate the fair values of the assets and liabilities based on 100% of the business for consolidation. The purchase price in excess of the estimated fair value of the tangible net assets acquired is allocated to identifiable intangible assets and then to goodwill. Due to the characteristics of advertising, specialized marketing and communication services companies, our acquisitions typically do not have significant amounts of tangible assets since the principal assets we acquire are client relationships and talent. As a result, a substantial portion of the purchase price is primarily allocated to customer lists, trade names and goodwill. For acquisitions, we record deferred payment and redeemable non-controlling interest amounts on our Consolidated Balance Sheets based on their acquisition-date fair value. Deferred payments are recorded on a discounted basis and adjusted quarterly, if necessary, through operating income or net interest expense, depending on the nature of the arrangement, for both changes in estimate and accretion between the acquisition date and the final payment date. See Note 16 for further information on contingent acquisition obligations. Redeemable non-controlling interests are adjusted quarterly, if necessary, to their estimated redemption value, but not less than their initial fair value. Any adjustments to the redemption value impact retained earnings or additional paid in capital, except for foreign currency translation adjustments. The following table presents changes in our redeemable non-controlling interests. Years ended December 31, 2023 2022 2021 Balance at beginning of period $ 38.3 $ 15.6 $ 93.1 Change in related non-controlling interests balance (0.3) (0.5) 2.2 Changes in redemption value of redeemable non-controlling interests: Additions 7.4 30.3 0.0 Redemptions and other (0.4) (9.9) (41.9) Redemption value adjustments (2.6) 3.0 (32.1) Currency translation adjustments (0.1) (0.2) (5.7) Balance at end of period $ 42.3 $ 38.3 $ 15.6 For all acquisitions, if a portion of the deferred payments and purchases of additional interests after the effective date of purchase are contingent upon employment terms, then that amount is accounted for separately from the business combination and recognized as compensation expense over the required earn-out period. Payments deemed as compensation are excluded from the fair value purchase price allocation to tangible net assets and intangible assets acquired. |
Supplementary Data (Notes)
Supplementary Data (Notes) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Supplementary Data [Abstract] | ||
Supplementary Data | Valuation and Qualifying Accounts – Accounts Receivable, Allowance for Expected Credit Losses Years ended December 31, 2023 2022 2021 Balance at beginning of period $ 48.6 $ 68.5 $ 98.3 Charges to costs and expenses 1 7.2 (5.8) (14.9) Adjustments: (Dispositions)/Acquisitions (1.7) (0.9) (3.2) Uncollectible accounts written off (7.8) (12.8) (9.8) Recoveries 0.1 1.9 0.3 Foreign currency translation adjustments 0.0 (2.3) (2.2) Balance at end of period $ 46.4 $ 48.6 $ 68.5 Property and Equipment December 31, 2023 2022 Furniture and equipment $ 632.8 $ 640.8 Leasehold improvements 507.0 528.6 Internal-use computer software 585.1 581.4 Land and buildings 136.7 131.4 Gross property and equipment 1,861.6 1,882.2 Less: accumulated depreciation and amortization (1,224.9) (1,244.8) Total property and equipment, net $ 636.7 $ 637.4 Total depreciation and amortization expense, which excludes the amortization of acquired intangibles, for property and equipment for the years ended December 31, 2023, 2022 and 2021 was $180.3, $189.3 and $197.6, respectively. Accrued Liabilities The following table presents the components of accrued liabilities. December 31, 2023 2022 Salaries, benefits and related expenses $ 507.5 $ 554.0 Income taxes payable 56.8 64.7 Interest 40.2 37.3 Office and related expenses 22.3 28.9 Acquisition obligations 2.9 18.7 Restructuring charges 0.6 2.2 Other 75.5 81.3 Total accrued liabilities $ 705.8 $ 787.1 Other Income (Expense), Net Results of operations include certain items that are not directly associated with our revenue-producing operations. Years ended December 31, 2023 2022 2021 Net gains/(losses) on sales of businesses $ 17.9 $ (11.3) $ (19.4) Loss on early extinguishment of debt — — (74.0) Other (7.7) 10.3 22.7 Total other income (expense), net $ 10.2 $ (1.0) $ (70.7) Net gains/(losses) on sales of businesses – During 2023, 2022 and 2021, the amounts recognized were related to sales of businesses and the classification of certain assets and liabilities, consisting primarily of accounts receivable and accounts payable, as held for sale within our MD&E, IA&C, and SC&E reportable segments. The businesses held for sale as of year-end primarily represent unprofitable, non-strategic agencies which are expected to be sold within the next twelve months. The sales of businesses and the classification of certain assets and liabilities as held for sale included cash, net of proceeds, of $58.7, $(22.4) and $(13.3) for the years ended 2023, 2022 and 2021, respectively, which is classified within the Proceeds from sale of businesses, net of cash sold line in our Consolidated Statements of Cash Flows. Loss on early extinguishment of debt – During the first quarter of 2021, we recorded a loss of $74.0 related to the early extinguishment of all $250.0 in aggregate principal amount of our 4.000% Senior Notes, all $500.0 in aggregate principal amount of our 3.750% Senior Notes, and $250.0 of the $500.0 in aggregate principal amount of our 4.200% Senior Notes. Other – During 2023, the majority of the amounts recognized were primarily related to pension and postretirement costs. During 2022, the majority of the amounts recognized were primarily related to a cash gain from the sale of an equity investment, partially offset by a non-cash loss related to the deconsolidation of a previously consolidated entity in which we maintain an equity interest. During 2021, the majority of the amounts recognized were related to a non-cash gain related to the deconsolidation of a previously consolidated entity in which we maintain an equity interest, and pension and postretirement costs. | Supplementary Data |
Cash Flow, Supplemental Disclosures | Supplemental Cash Flow Information Years ended December 31, 2023 2022 2021 Cash paid for interest $ 221.6 $ 171.1 $ 175.9 Changes in operating lease right-of-use assets and lease liabilities 1 (32.4) 55.1 (35.2) Cash paid for income taxes, net of refunds 2 320.3 255.7 229.1 1 For the year ended December 31, 2023, comprised of the impairments of operating lease right-of-use asset of ($1.2) classified in Non-cash restructuring charges, offset by $31.2 net cash outflow, classified in Other non-current assets and liabilities in our Consolidated Statements of Cash Flows. For the year ende d December 31, 2022, comprised of the impairments of operating lease right-of-use asset of $85.4, classified in Non-cash restructuring charges, offset by $30.3 net cash outflow, classified in Other non-current assets and liabilities in our Consolidated Statements of Cash Flows. For th e year ended December 31, 2021 , co mprised of the impairments of operating lease right-of-use asset of $6.3, classified in Non-cash restructuring charges offset by $41.5 net cash outflow, classified in Other non-current assets and liabilities in our Consolidated Statements of Cash Flows. 2 Refunds of $40.1, $35.7 and $47.1 were received for the years ended December 31, 2023, 2022 and 2021, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and intangible assets [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangible Assets Goodwill Goodwill is the excess purchase price remaining from an acquisition after an allocation of purchase price has been made to identifiable assets acquired and liabilities assumed based on estimated fair values. The Company transitioned to the new segment reporting structure effective January 1, 2022 which resulted in certain changes to our operating segments and reporting units. Additionally, the Company transferred certain agencies between operating segments as of January 1, 2023 which resulted in certain changes to our reporting units and reportable segments. We have allocated goodwill to our reporting units using a relative fair value approach. In addition, we completed an assessment of any potential goodwill impairment for all reporting units immediately prior and subsequent to the reallocations and determined that no impairment existed. The changes in the carrying value of goodwill for our reportable segments, MD&E, IA&C and SC&E, for the years ended December 31, 2023 and 2022 are listed below. IAN DXTRA MD&E IA&C SC&E Total 1 Balance as of December 31, 2021 $ 4,231.6 $ 677.1 $ — $ — $ — $ 4,908.7 Goodwill Reallocation (4,231.6) (677.1) 2,293.0 1,920.2 695.5 — Balance as of January 1, 2022 $ — $ — $ 2,293.0 $ 1,920.2 $ 695.5 $ 4,908.7 Acquisitions/(Dispositions) and Deconsolidations — — 209.5 (6.5) — 203.0 Foreign currency and other — — (14.9) (35.1) (11.1) (61.1) Balance as of December 31, 2022 $ — $ — $ 2,487.6 $ 1,878.6 $ 684.4 $ 5,050.6 Goodwill Reallocation — — 180.6 (180.6) — — Balance as of January 1, 2023 $ — $ — $ 2,668.2 $ 1,698.0 $ 684.4 $ 5,050.6 Acquisitions/(Dispositions) — — 2.2 10.7 (9.8) 3.1 Foreign currency and other — — 7.1 14.5 5.6 27.2 Balance as of December 31, 2023 $ — $ — $ 2,677.5 $ 1,723.2 $ 680.2 $ 5,080.9 1 For all periods presented, no goodwill impairment charge has been recorded. See Note 1 for information regarding our annual impairment testing methodology. Other Intangible Assets Other intangible assets primarily consist of customer lists and know-how and technology, which have definite lives and are subject to amortization on a straight-line basis with estimated useful lives generally between 7 and 15 years, as well as trade names which have both indefinite and definite lives which are subject to amortization on a straight-line basis with estimated useful lives of 15 years. Amortization expense for other intangible assets for the years ended December 31, 2023, 2022 and 2021 was $84.0, $84.7 and $86.2, respectively. There were no material impairment charges on other intangibles for the years ended December 31, 2023, 2022 and 2021. During 2023 and 2022, we recorded approximatel y $8.5 a nd $62.0, respectively, of other intangible assets related to our acquisitions. The following table provides a summary of other intangible assets, which are included in our Consolidated Balance Sheets. December 31, 2023 2022 Gross Amount Accumulated Net Amount Gross Amount Accumulated Net Amount Customer lists $ 882.1 $ (431.6) $ 450.5 $ 873.1 $ (378.4) $ 494.7 Know-how and technology 239.5 (138.9) 100.6 239.2 (111.1) 128.1 Trade names 227.3 (45.7) 181.6 231.8 (47.4) 184.4 Other 16.2 (5.3) 10.9 16.2 (5.3) 10.9 Total 1 $ 1,365.1 $ (621.5) $ 743.6 $ 1,360.3 $ (542.2) $ 818.1 1 Total gross amount includes indefinite-lived intangible assets not subject to amortization of $165.7 and $165.4 in the years ended December 31, 2023 and 2022, respectively, which primarily consist of trade names. The estimated annual amortization expense for other intangible assets for the next five years as of December 31, 2023 is listed below. 2024 2025 2026 2027 2028 Estimated amortization expense $ 83.1 $ 80.4 $ 78.4 $ 65.1 $ 49.8 |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | As of December 31, 2023 , there were $918.1 of loss carryforwards. These loss carryforwards were all non-U.S. tax loss carryforwards, of which $834.3 have unlimited carryforward periods and $83.8 have expiration periods from 2024 to 2043. As of December 31, 2023, the Company also had $22.9 in deferred tax assets for state net operating loss carryforwards and tax credit carryforwards, which will expire between 2024 and 2044. As of December 31, 2023 and 2022, we had $1,633.6 an d $1,496.9 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss, Net of Tax (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Comprehensive Income (Loss) Note | Accumulated Other Comprehensive Loss, Net of Tax The following table presents the changes in accumulated other comprehensive loss, net of tax, by component. Foreign Currency Translation Adjustments Derivative Instruments Defined Benefit Pension and Other Postretirement Plans Total Balance as of December 31, 2021 $ (723.2) $ 22.9 $ (193.9) $ (894.2) Other comprehensive (loss) income before (130.2) 13.2 9.4 (107.6) Amount reclassified from accumulated other comprehensive loss, net of tax 4.3 (1.1) 4.9 8.1 Balance as of December 31, 2022 $ (849.1) $ 35.0 $ (179.6) $ (993.7) Other comprehensive income (loss) before reclassifications 59.5 0.4 (15.8) 44.1 Amount reclassified from accumulated other comprehensive loss, net of tax 0.5 (1.9) 4.8 3.4 Balance as of December 31, 2023 $ (789.1) $ 33.5 $ (190.6) $ (946.2) Amounts reclassified from accumulated other comprehensive loss, net of tax, for the years ended December 31, 2023, 2022 and 2021 are as follows: Years ended December 31, Affected Line Item in the Consolidated Statements of Operations 2023 2022 2021 Foreign currency translation adjustments 1 $ 0.5 $ 4.3 $ (1.0) Other income (expense), net Net (gain) loss on derivative instruments (2.6) (1.4) 4.2 Other income (expense), net, Interest Expense Amortization of defined benefit pension and postretirement plans items 6.5 6.3 10.0 Other income (expense), net Tax effect (1.0) (1.1) (3.1) Provision for income taxes Total amount reclassified from accumulated other comprehensive loss, net of tax $ 3.4 $ 8.1 $ 10.1 1 These foreign currency translation adjustments are primarily a result of the sales of businesses. |
Restructuring Charges (Notes)
Restructuring Charges (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Charges Restructuring Charges Years ended December 31, 2023 1 2022 2 2021 3 Severance and termination costs $ 0.4 $ (0.1) $ 0.4 Lease restructuring costs (1.2) 85.4 6.3 Other restructuring costs 0.9 17.1 3.9 Total restructuring charges $ 0.1 $ 102.4 $ 10.6 1 The amounts for the year ended December 31, 2023 represent adjustments to the 2022 Real Estate Actions, as well as adjustments to the actions taken in 2020. 2 The amounts for the year ended December 31, 2022 represent 2022 Real Estate Actions, as well as adjustments to the actions taken in 2020. The 2022 Real Estate Actions did not include any severance and termination costs. 3 The amounts for the year ended December 31, 2021 represent adjustments to the actions taken in 2020. Lease and Other restructuring costs include impairments of operating lease right-of-use assets and associated leasehold improvements, furniture and asset retirement obligations. Lease impairments were calculated based on estimated fair values using market participant assumptions including forecasted net discounted cash flows related to the operating lease right-of-use assets. 2022 Real Estate Actions In the fourth quarter of 2022, the Company took Real Estate Actions related to new real estate exits and lease terminations to further optimize the real estate footprint supporting our office-home hybrid service model in a post-pandemic economy. All included opportunities for further efficiencies as a result of the current working environment were identified and completed during the fourth quarter of 2022. These Real Estate Actions, taken during the fourth quarter of 2022, reduced our occupied global real estate footprint by approximately 6.7% or 500,000 square feet. All restructuring actions were identified and initiated in 2022, with all actions completed by the end of the fourth quarter of 2022. A summary of the restructuring activities related to the 2022 Real Estate Actions as of the year ended December 31, 2023 is as follows: 2022 Real Estate Actions Liability at December 31, 2022 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2023 Lease impairment costs $ 0.0 $ (0.9) $ (0.9) $ 0.0 $ 0.0 Other restructuring costs 0.0 0.8 0.2 0.6 0.0 Total $ 0.0 $ (0.1) $ (0.7) $ 0.6 $ 0.0 A summary of the restructuring activities related to the 2022 Real Estate Actions as of the year ended December 31, 2022 is as follows: 2022 Real Estate Actions Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2022 Lease impairment costs $ 84.4 $ 84.4 $ 0.0 $ 0.0 Other restructuring costs 14.2 13.5 0.7 0.0 Total $ 98.6 $ 97.9 $ 0.7 $ 0.0 A summary of the restructuring activities related to the 2022 Real Estate Actions by segment is as follows: Years ended December 31, 2023 2022 Restructuring charges: MD&E $ (1.0) $ 69.0 IA&C (0.3) 21.0 SC&E 1.1 8.0 Corporate and other 0.1 0.6 Total $ (0.1) $ 98.6 Non cash lease impairment costs: MD&E $ (1.0) $ 54.3 IA&C (0.5) 22.3 SC&E 0.4 7.0 Corporate and other 0.2 0.8 Total $ (0.9) $ 84.4 2020 Restructuring Plan Beginning in the second quarter of 2020, the Company took restructuring actions to lower its operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business (the “2020 Plan”). All restructuring actions were identified and initiated in 2020, with all actions completed by the end of the fourth quarter of 2020 and were based on our experience and learning in the COVID-19 pandemic and a resulting review of our operations to address certain operating expenses such as occupancy expense and salaries and related expenses. A summary of the restructuring activities related to the 2020 Plan as of the year ended December 31, 2023 is as follows: 2020 Plan Liability at December 31, 2022 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2023 Severance and termination costs $ 2.3 $ 0.4 $ 0.0 $ 2.1 $ 0.6 Lease impairment costs 0.0 (0.3) (0.3) 0.0 0.0 Other restructuring costs 0.0 0.1 0.1 0.0 0.0 Total $ 2.3 $ 0.2 $ (0.2) $ 2.1 $ 0.6 A summary of the restructuring activities related to the 2020 Plan as of the year ended December 31, 2022 is as follows: 2020 Plan Liability at December 31, 2021 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2022 Severance and termination costs $ 9.4 $ (0.1) $ 0.0 $ 7.0 $ 2.3 Lease impairment costs 0.0 1.0 1.0 0.0 0.0 Other restructuring costs 0.0 2.9 2.9 0.0 0.0 Total $ 9.4 $ 3.8 $ 3.9 $ 7.0 $ 2.3 A summary of the restructuring activities related to the 2020 Plan as of the year ended December 31, 2021 is as follows: 2020 Plan Liability at December 31, 2020 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2021 Severance and termination costs $ 74.6 $ 0.4 $ 0.3 $ 65.3 $ 9.4 Lease impairment costs 0.0 6.3 6.3 0.0 0.0 Other restructuring costs 0.0 3.9 3.2 0.7 0.0 Total $ 74.6 $ 10.6 $ 9.8 $ 66.0 $ 9.4 A summary of the restructuring activities related to the 2020 Plan by segment is as follows: Years ended December 31, 2023 2022 2021 Restructuring charges: MD&E $ (0.3) $ 0.1 $ 0.1 IA&C 0.5 7.7 2.6 SC&E 0.0 (4.2) 10.0 Corporate and other 0.0 0.2 (2.1) Total $ 0.2 $ 3.8 $ 10.6 Non cash lease impairment costs: MD&E $ (0.3) $ 0.0 $ (0.9) IA&C 0.0 7.0 (0.1) SC&E 0.0 (5.9) 7.3 Corporate and other 0.0 (0.1) 0.0 Total $ (0.3) $ 1.0 $ 6.3 |
Incentive Compensation Plans (N
Incentive Compensation Plans (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |
Incentive Compensation Plans | Incentive Compensation Plans 2019 Performance Incentive Plan We issue stock-based compensation and cash awards to our employees under various plans established by the Compensation and Leadership Talent Committee of the Board of Directors (the “Compensation Committee”) and approved by our shareholders. In May 2019, our shareholders approved the 2019 Performance Incentive Plan (the “2019 PIP”), replacing the 2014 Performance Incentive Plan (the “2014 PIP”) and previous incentive plans. The number of shares of common stock initially available for grants of all equity awards under the 2019 PIP is 27.0. Pursu ant to the terms of the 2019 PIP, the number of shares that may be awarded to any one participant for any stock based award s is limited to 2.0. Th e 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 2019 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 aw ard received by an employee with a performance vesting condition can range from 0% to 300% of the target amount of the original grant value, except for Executive Officers of IPG, with a range of 0% to 200%. Performance cash awards generally vest in three years. The Compensation Committee may grant performance cash awards to any eligible employee; however, no employee can receive more than $10.0 during a performance period. The amounts of stock-based compensation expense as reflected in salaries and related expenses in our Consolidated Statements of Operations, and the related tax benefit, are listed below. Years ended December 31, 2023 2022 2021 Stock-settled awards $ 27.8 $ 26.3 $ 36.7 Cash-settled awards 0.3 0.3 1.0 Performance-based awards 18.9 23.7 33.4 Stock Options 0.3 0.3 0.3 Employee stock purchase plan 2.9 3.1 2.1 Other 1 2.7 2.0 11.3 Stock-based compensation expense $ 52.9 $ 55.7 $ 84.8 Tax benefit $ 12.5 $ 13.1 $ 18.0 1 Represents charges recorded for severance expense related to stock-based compensation awards. Stock Options Stock options are granted with the exercise price equal to the fair market value of our common stock on the grant date. We use the Black-Scholes option-pricing model to estimate the fair value of options granted, which requires the input of subjective assumptions including the option’s expected term and the price volatility of the underlying stock. They are generally first exercisable betw een two and four years from the grant date and expire ten years after the grant date (or earlier in the case of certain terminations of employment). There were no stock options granted during the year ended December 31, 2023, no stock options granted during the year ended December 31, 2022 and 0.3 stock options granted during the year ended December 31, 2021. The following table summarizes our stock option activity during 2023. Options Weighted- Weighted- Aggregate Stock options outstanding as of January 1, 2023 0.3 $ 23.30 Granted 0.0 0.0 Exercised 0.0 $ 12.77 Stock options outstanding as of December 31, 2023 0.3 $ 23.33 7.0 $ 2.3 There were 0.0 stock options exercised in 2023 and there were 0.0 and 0.6 stock options exercised during 2022 and 2021, respectively. The total intrinsic value of stock options exercised during 2023, 2022 and 2021 wa s $0.0, $0.0 and $8.8, respectively. The cash received from the stock options exercised in 2023, 2022 and 2021 was $0.0, $0.0 and $12.2, which included taxes withheld of $0.0, $0.0, and $4.2, respectively. Stock-Based Compensation We grant other stock-based compensation awards such as stock-settled awards, cash-settled awards and performance-based awards (settled in cash or shares) to certain key employees. The number of shares or units received by an employee for performance-based awards depends on Company performance against specific performance target s and could range from 0% to 300% of the target amount of shares originally granted, except for Executive Officers of IPG, with a range of 0% to 200%. Incentive awards are subject to certain restrictions and vesting requirements as determined by the Compensation Committee. The fair value of the shares on the grant date is amortized over the vesting period, which is generally three years. Upon completion of the vesting period for cash-settled awards, the grantee is entitled to receive a payment in cash based on t he fair market value of the corresponding number of shares of common stock. No monetary consideration is paid by a recipient for any incentive award. The fair value of cash-settled awards is adjusted each quarter based on our share price. The holders of certain stock-settled awards have the right to receive dividends. Dividends declared on common stock are accrued during the vesting period and paid when the award vests. The holders of performance-based awards have no ownership interest in the underlying shares of common stock until the awards vest and the shares of common stock are issued. Stock-based compensation awards expected to be settled in cash have been classified as liabilities in our Consolidated Balance Sheets as of December 31, 2023 and 2022. Years ended December 31, 2023 2022 2021 Stock-Settled Awards: Awards granted 1.4 1.3 0.9 Weighted-average grant-date fair value (per award) $ 35.54 $ 36.36 $ 26.96 Total fair value of vested awards distributed $ 60.8 $ 59.7 $ 50.8 Cash-Settled Awards: Awards granted 0.0 0.0 0.0 Weighted-average grant-date fair value (per award) $ 35.71 $ 36.53 $ 0.0 Total fair value of vested awards distributed $ 0.8 $ 0.8 $ 0.7 Performance-Based Awards: Awards granted 2.1 1.6 0.5 Weighted-average grant-date fair value (per award) $ 26.31 $ 29.95 $ 21.98 Total fair value of vested awards distributed $ 84.8 $ 54.5 $ 39.3 In conjunction with common stock dividends declared in 2023 and 2022, we accrued dividends of $3.0 and $3.7, respectively, on non-vested stock-settled and cash-settled awards and paid dividends of $5.3 a nd $4.9 f or stock-settled and cash-settled awards that vested during 2023 and 2022, respectively. A summary of the activity of our non-vested stock-settled awards, cash-settled awards and performance-based awards during 2023 is presented below (performance-based awards are shown at 100% of the shares originally granted). Stock-Settled Awards Cash-Settled Awards Performance-Based Awards Awards Weighted- Awards Weighted- Awards Weighted- Non-vested as of January 1, 2023 3.5 $ 27.52 0.0 $ 27.96 2.9 $ 24.31 Reinstated 0.1 29.25 0.0 0.0 0.0 33.26 Granted 1.4 35.54 0.0 35.71 2.1 26.31 Vested (1.7) 21.92 0.0 21.02 (2.4) 18.03 Forfeited (0.4) 31.04 0.0 34.96 (0.3) 27.82 Non-vested as of December 31, 2023 2.9 $ 34.20 0.0 $ 36.05 2.3 $ 32.09 Total unrecognized compensation expense remaining $ 47.9 $ 0.7 $ 34.1 Weighted-average years expected to be recognized over 1.4 1.7 1.8 In conjunction with our annual grant of long-term incentive compensation awards, we reviewed our estimates and assumptions in 2023, which resulted in a forfeiture rate slightly less than prior years. 2020 Restricted Cash Plan In November 2020, the Compensation Committee approved a new Interpublic Restricted Cash Plan, (collectively the “Cash Plans”). Under the Cash Plan, the Board, the Compensation Committee or the Plan Administrator may grant cash awards to certain employees eligible to receive cash-settled awards. Cash awards, when granted, have a service-period vesting condition and generally vest in two years or three years. Cash Awards During the years ended December 31, 2023, 2022 and 2021, the Compensation Committee granted cash awards under the Cash Plans with a total target value of $20.4, $19.9 and $85.8, respectively. For those same years, we recogn ized $31.5 , $42.0 and $47.8, respectively, in salaries and related expenses in our Consolidated Statements of Operations. During the years ended December 31, 2023, 2022 and 2021, the Compensation Committee granted performance awards to be settled in cash under the 2019 PIP with a total target value of $46.2, $46.0, and $40.4, respectively. For those same years, we recog nized $38.0 , $44.7 an d $52.1, respectively, in salaries and related expenses in our Consolidated Statements of Operations. We amortize the present value of the amount expected to vest for cash awards and performance cash awards over the vesting period using the straight-line method, less an assumed forfeiture rate. Cash awards do not fall within the scope of the authoritative guidance for stock compensation as they are not paid in equity and the value of the award is not correlated with our stock price. Due to the cash nature of the payouts and the vesting period, we account for these awards in accordance with authoritative guidance for deferred compensation arrangements. Employee Stock Purchase Plans In May 2016, our shareholders approved The Interpublic Group of Companies Employee Stock Purchase Plan (2016) (the “ESPP”), replacing the prior employee stock purchase plan under which, prior to its expiration on December 31, 2015, 3.0 shares were issued. Under the ESPP, eligible employees may purchase our common stock through payroll deductions not exceeding 10% of their eligible compensation or 900 (actual number) shares each offering period, consistent with the prior employee stock purchase plan. The price an employee pays for a share of common stock under the ESPP is 90% of the lesser of the average market price of a share on the first business day of the offering period or the average market price of a share on the last business day of the offering period of three months. A n aggregate of approximately 10.0 shares are reserved for issuance under the ESPP, of which 3.1 shares have been issued since the inception of the ESPP through December 31, 2023. During the year ended December 31, 2023, 0.6 shares with a value of $18.7 were issued under the ESPP. |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 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 2023 as compared to the prior year. The following tables present information about our financial instruments measured at fair value on a recurring basis as of December 31, 2023 and 2022, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. December 31, 2023 Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 1,521.5 $ — $ — $ 1,521.5 Cash and cash equivalents Liabilities Contingent acquisition obligations 1 $ — $ — $ 3.1 $ 3.1 Accrued liabilities and Other non-current liabilities December 31, 2022 Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 1,688.1 — — $ 1,688.1 Cash and cash equivalents Liabilities Contingent acquisition obligations 1 — — 21.6 $ 21.6 Accrued liabilities and Other non-current liabilities 1 Contingent acquisition obligations includes deferred acquisition payments and unconditional obligations to purchase additional non-controlling equity shares of consolidated subsidiaries. Fair value measurement of the obligations is based upon actual and projected operating performance targets as specified in the related agreements. The decrease in this balance of $18.5 from December 31, 2022 to December 31, 2023 is primarily due to payments related to our deferred acquisitions from prior-year acquisitions and valuation adjustments, partially offset by the addition of a new contingent acquisition obligation and the exercises of redeemable non-controlling interest. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities. 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 December 31, 2023, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Total long-term debt $ — $ 2,974.5 $ 0.8 $ 2,975.3 $ — $ 2,551.5 $ 0.8 $ 2,552.3 Our long-term debt is comprised of senior notes and other notes payable. The fair value of our senior notes, which are traded over-the-counter, is based on quoted prices in markets that are not active. Therefore, these senior notes are classified as Level 2. Our other notes payable are not actively traded, and their fair value is not solely derived from readily observable inputs. 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. See Note 4 for further information on our long-term debt. The discount rates used as significant unobservable inputs in the Level 3 fair value measurements of our contingent acquisition obligations and long-term debt as of December 31, 2023 ranged from 3.0% to 6.0%. Non-financial Instruments that are Measured at Fair Value on a Nonrecurring Basis |
Employee Benefits (Notes)
Employee Benefits (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Employee Benefits Pension and Postretirement Benefit We have a defined benefit pension plan covering certain U.S. employees (the “Domestic Pension Plan”) that consists of approximately 2,700 participants and is closed to new participants. We also have numerous funded and unfunded plans outside the U.S. The Interpublic Limited Pension Plan in the U.K. (the "U.K. Pension Plan") 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. This plan consists of approximately 1,400 participants, is closed to new participants and is unfunded. Differences between the aggregate income statement and balance sheet amounts listed in the tables below and the totals reported in our Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income and Consolidated Balance Sheets relate to non-material foreign pension and postretirement benefit plans. In December 2023, the U. K .Pension Plan entered into an agreement with an insurance company to purchase a group annuity, or "buy-in", that matches the plans future projected benefit obligations to covered participants. Prior to the transaction, the Company contributed an incremental $46.0 to the U.K. Pension Plan. As part of the annuity purchase contract, the U.K. Pension Plan has the option to complete a "buy-out", which would transfer all liabilities of the plan to the insurer, which the Company anticipates to be completed in the next 12-18 months. The non-cash settlement charge, net of tax, associated with the transaction is currently estimated to be approximately $180.0 to $200.0. Pension and Postretirement Benefit Obligation The change in the benefit obligation, the change in plan assets, the funded status and amounts recognized for the Domestic Pension Plan, the significant foreign pension plans and the domestic postretirement benefit plan are listed below. Domestic Foreign Domestic Postretirement 2023 2022 2023 2022 2023 2022 Benefit Obligation Projected benefit obligation as of January 1 $ 75.0 $ 104.1 $ 334.2 $ 546.0 $ 17.9 $ 24.2 Service cost 0.0 0.0 2.2 4.6 0.0 0.0 Interest cost 4.0 2.8 15.6 8.9 0.9 0.6 Benefits paid (8.2) (9.0) (18.9) (20.9) (5.1) (4.8) Plan participant contributions 0.0 0.0 0.0 0.0 1.8 1.9 Actuarial (gains) losses 1.0 (23.0) 6.8 (153.3) 0.6 (4.0) Settlements 0.0 0.0 (2.5) 0.0 0.0 0.0 Plan amendments 0.0 0.1 0.0 0.0 0.0 0.0 Foreign currency effect 0.0 0.0 17.4 (51.1) 0.0 0.0 Projected benefit obligation as of December 31 $ 71.8 $ 75.0 $ 354.8 $ 334.2 $ 16.1 $ 17.9 Fair Value of Plan Assets Fair value of plan assets as of January 1 $ 70.5 $ 98.1 $ 297.1 $ 484.8 $ 0.0 $ 0.0 Actual return on plan assets 6.7 (18.6) 5.3 (134.8) 0.0 0.0 Employer contributions 0.0 0.0 61.4 16.4 3.3 2.9 Plan participant contributions 0.0 0.0 0.0 0.0 1.8 1.9 Benefits paid (8.2) (9.0) (18.9) (20.9) (5.1) (4.8) Settlements 0.0 0.0 (2.5) 0.0 0.0 0.0 Foreign currency effect 0.0 0.0 17.3 (48.4) 0.0 0.0 Fair value of plan assets as of December 31 $ 69.0 $ 70.5 $ 359.7 $ 297.1 $ 0.0 $ 0.0 Funded status of the plans at December 31 $ (2.8) $ (4.5) $ 4.9 $ (37.1) $ (16.1) $ (17.9) Domestic Foreign Domestic Postretirement December 31, 2023 2022 2023 2022 2023 2022 Amounts recognized in Consolidated Balance Sheets Non-current asset $ 0.0 $ 0.0 $ 59.8 $ 17.8 $ 0.0 $ 0.0 Current liability 0.0 0.0 (7.0) (5.1) (1.9) (2.0) Non-current liability (2.8) (4.5) (47.9) (49.8) (14.2) (15.9) Net liability recognized $ (2.8) $ (4.5) $ 4.9 $ (37.1) $ (16.1) $ (17.9) Accumulated benefit obligation $ 71.8 $ 75.0 $ 351.2 $ 328.2 Amounts recognized in Accumulated Other Net actuarial loss $ 41.1 $ 44.4 $ 157.7 $ 134.6 $ 1.7 $ 1.1 Prior service cost (credit) 0.0 0.1 0.4 0.6 0.0 0.0 Total amount recognized $ 41.1 $ 44.5 $ 158.1 $ 135.2 $ 1.7 $ 1.1 Actuarial losses of $1.0 for the Domestic Pension Plan are attributed to a decrease in the discount rate from 5.65% as of December 31, 2022 to 5.40% as of December 31, 2023 and changes in demographic experience. Actuarial losses of $6.8 for the foreign pension plans are attributed to a decrease in the weighted-average discount rate from 4.62% as of December 31, 2022 to 4.32% as of December 31, 2023 and changes in demographic experience. Domestic Foreign Pension Plans December 31, 2023 2022 2023 2022 Pension plans with an accumulated benefit obligation in excess of plan assets Aggregate projected benefit obligation $ 71.8 $ 75.0 $ 55.8 $ 67.4 Aggregate accumulated benefit obligation 71.8 75.0 53.7 62.4 Aggregate fair value of plan assets 69.0 70.5 1.0 12.5 Domestic Foreign Pension Plans December 31, 2023 2022 2023 2022 Pension plans with a projected benefit obligation in excess of plan assets Aggregate projected benefit obligation $ 71.8 $ 75.0 $ 66.0 $ 67.4 Aggregate accumulated benefit obligation 71.8 75.0 63.5 62.4 Aggregate fair value of plan assets 69.0 70.5 11.1 12.5 Net Periodic Cost The components of net periodic benefit cost and key assumptions are listed below. Domestic Pension Plan Foreign Pension Plans Domestic Postretirement Benefit Plan Years ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ 0.0 $ 0.0 $ 0.0 $ 2.2 $ 4.6 $ 4.5 $ 0.0 $ 0.0 $ 0.0 Interest cost 4.0 2.8 2.9 15.6 8.9 8.0 0.9 0.6 0.7 Expected return on plan assets (4.0) (4.7) (5.6) (17.0) (19.8) (20.8) 0.0 0.0 0.0 Curtailment and settlement 0.0 0.0 1.5 (0.3) 0.0 (0.9) 0.0 0.0 0.0 Amortization of: Prior service cost (credit) 0.1 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 Net actuarial losses 1.6 1.4 1.7 5.0 4.4 6.7 0.0 0.4 0.9 Net periodic cost $ 1.7 $ (0.5) $ 0.5 $ 5.6 $ (1.8) $ (2.4) $ 0.9 $ 1.0 $ 1.6 Assumptions Domestic Pension Plan Foreign Pension Plans Domestic Postretirement Benefit Plan Years ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Net periodic cost Discount rate 5.65 % 2.95 % 2.60 % 4.62 % 1.86 % 1.35 % 5.65 % 2.90 % 2.50 % Rate of compensation increase N/A N/A N/A 2.80 % 2.65 % 2.47 % N/A N/A N/A Expected return on plan assets 6.00 % 5.00 % 5.75 % 5.62 % 4.47 % 4.47 % N/A N/A N/A Interest crediting rates 5.10 % 5.10 % 5.10 % 1.50 % 1.50 % 1.50 % N/A N/A N/A Benefit obligation Discount rate 5.40 % 5.65 % 2.95 % 4.32 % 4.62 % 1.86 % 5.40 % 5.65 % 2.90 % Rate of compensation increase N/A N/A N/A 3.35 % 2.80 % 2.65 % N/A N/A N/A Interest crediting rates 5.10 % 5.10 % 5.10 % 1.50 % 1.50 % 1.50 % N/A N/A N/A Healthcare cost trend rate assumed for next year Initial rate (weighted-average) 6.50 % 6.75 % 6.50 % Year ultimate rate is reached 2030 2030 2028 Ultimate rate 5.00 % 5.00 % 5.00 % Discount Rates – At December 31, 2023, 2022 and 2021, we determined our discount rates for our domestic pension plan, foreign pension plans and domestic postretirement benefit plan based on either a bond selection/settlement approach or bond yield curve approach. Using the bond selection/settlement approach, we determine the discount rate by selecting a portfolio of corporate bonds appropriate to provide for the projected benefit payments. Using the bond yield curve approach, we determine the discount rate by matching the plans' cash flows to spot rates developed from a yield curve. Both approaches utilize high-quality AA-rated corporate bonds and the plans' projected cash flows to develop a discounted value of the benefit payments, which is then used to develop a single discount rate. In countries where markets for high-quality long-term AA corporate bonds are not well developed, a portfolio of long-term government bonds is used as a basis to develop hypothetical corporate bond yields, which serve as a basis to derive the discount rate. Expected Return on Assets – Our expected rate of return is determined at the beginning of each year and considers asset class index returns over various market and economic conditions, current and expected market conditions, risk premiums associated with asset classes and long-term inflation rates. We determine both a short-term and long-term view and then select a long-term rate of return assumption that matches the duration of our liabilities. Fair Value of Pension Plan Assets The following table presents the fair value of our domestic and foreign pension plan assets as of December 31, 2023 and 2022, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. See Note 13 for a description of the fair value hierarchy. December 31, 2023 December 31, 2022 Plan assets subject to fair value hierarchy Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Registered investment companies $ 6.7 $ 0.0 $ 0.0 $ 6.7 $ 10.6 $ 0.0 $ 0.0 $ 10.6 Limited partnerships 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Fixed income securities 9.2 0.0 0.0 9.2 12.5 0.0 0.0 12.5 Insurance contracts 0.0 1.4 334.4 335.8 0.0 1.6 0.0 1.6 Other 10.7 0.0 0.0 10.7 11.9 0.0 0.0 11.9 Total plan assets, subject to leveling $ 26.6 $ 1.4 $ 334.4 $ 362.4 $ 35.0 $ 1.6 $ — $ 36.6 Other Plan Assets Other investments measured at net asset value 1 106.5 331.0 Non-benefit obligation liabilities (40.2) 0.0 Total plan assets $ 428.7 $ 367.6 1 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy but are included to reconcile to the amounts presented in the fair value of plan assets table above. Registered investment companies, which are publicly traded, are primarily valued using recently reported sales prices. Limited partnerships are invested primarily in equity and fixed income securities. Fixed income securities include government and investment-grade corporate bonds. Insurance contracts are valued based on the cash surrender value of the contract. Other investments primarily include cash and cash equivalents, equity securities and derivatives. Other investments measured at net asset value include common/collective trusts, hedge funds and other commingled assets that are invested primarily in equity and fixed income securities. These investments are not publicly traded and are valued based on the net asset value of shares held by the plan at year end, which reflects the fair value of the underlying investments. The following table presents additional information about our significant foreign pension plan assets for which we utilize Level 3 inputs to determine fair value. Years ended December 31, Plan assets subject to fair value hierarchy, Level 3 2023 2022 Balance at beginning of period $ 0.0 $ 24.0 Actual return on plan assets 19.9 (1.7) Net purchases, sales and settlements 314.5 (22.3) Balance at end of period $ 334.4 $ 0.0 Asset Allocation The primary investment goal for our plans’ assets is to maximize total asset returns while ensuring the plans’ assets are available to fund the plans’ liabilities as they become due. The plans’ assets in aggregate and at the individual portfolio level are invested so that total portfolio risk exposure and risk-adjusted returns best achieve this objective. The aggregate amount of our own stock held as investment for our domestic and foreign pension funds is considered negligible relative to the total fund assets. As of December 31, 2023, the weighted-average target and actual asset allocations relating to our domestic and foreign pension plans' assets are listed below. December 31, Asset Class 2024 Target Allocation 2023 2022 Alternative investments 1 — % — % 18 % Equity securities 6 % 5 % 14 % Fixed income securities 15 % 16 % 26 % Insurance contracts 78 % 78 % — % Liability driven investments 2 — % — % 28 % Real estate & Other 1 % 1 % 14 % Total 100 % 100 % 100 % 1 Alternative investments have the flexibility to dynamically invest across a broad range of asset classes including bonds, equity, cash, property and commodities. 2 Liability driven investment strategies use government bonds as well as derivative instruments to hedge a portion of the impact of interest rates and inflation movements on the long-term liabilities. Cash Flows During 2023, we contributed $0.0 and $61.4 of cash to our domestic and foreign pension plans, respectively. For 2024, we expect to contribute approximately $0.0 and $10.0 of cash to our domestic and foreign pension plans, respectively. The estimated future benefit payments expected to be paid are presented below. Years Domestic Foreign Domestic Postretirement 2024 $ 8.0 $ 22.6 $ 1.6 2025 7.2 22.0 1.5 2026 6.9 21.6 1.4 2027 6.9 21.1 1.7 2028 6.4 21.6 1.6 2029 - 2033 27.4 108.4 6.3 The estimated future payments for our domestic postretirement benefit plan are net of any estimated U.S. federal subsidies expected to be received under the Medicare Prescription Drug, Improvement and Modernization Act of 2003, which total no more than $0.2 in any individual year. Savings Plans We sponsor defined contribution plans (the “Savings Plans”) that cover substantially all domestic employees. The Savings Plans permit participants to make contributions on a pre-tax and/or after-tax basis and allow participants to choose among various investment alternatives. We match a portion of participant contributions based upon their years of service. Amounts expensed for the Savings Plans for 2023, 2022 and 2021 were $62.8, $77.5 and $65.1, respectively. Expenses include a discretionary Company contribution of $0.0, $9.3 and $8.0 offset by participant forfeitures of $5.8, $6.3 and $8.5 in 2023, 2022 and 2021, respectively. In addition, we maintain defined contribution plans in various foreign countries and contributed $62.5, $58.2 and $59.7 to these plans in 2023, 2022 and 2021, respectively. Deferred Compensation and Benefit Arrangements We have deferred compensation and benefit arrangements which (i) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation or (ii) require us to contribute an amount to the participant’s account. These arrangements may provide participants with the amounts deferred plus interest upon attaining certain conditions, such as completing a certain number of years of service, attaining a certain age or upon retirement or termination. As of December 31, 2023 and 2022, the deferred compensation and deferred benefit liability balance was $126.5 and $141.1, respectively. Amounts expensed for deferred compensation and benefit arrangements in 2023, 2022 and 2021 were $10.7, $2.1 and $8.8, respectively. We have purchased life insurance policies on participants' lives to assist in the funding of the related deferred compensation and deferred benefit liabilities. As of December 31, 2023 and 2022, the cash surrender value of these policies was $164.7 and $161.2, respectively. Long-Term Disability Plan We have a long-term disability plan which provides income replacement benefits to eligible participants who are unable to perform their job duties or any job related to his or her education, training or experience. As all income replacement benefits are fully insured, no related obligation is required as of December 31, 2023 and 2022. In addition to income replacement benefits, plan participants may remain covered for certain health and life insurance benefits up to normal retirement age, and accordingly, we have recorded an obligation of $5.3 and $5.4 as of December 31, 2023 and 2022, respectively. |
Segment Information (Notes)
Segment Information (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information As of December 31, 2023, we have three reportable segments: MD&E, IA&C and SC&E. We also report results for the "Corporate and other" group. The MD&E segment provides, and is distinguished by innovative capabilities and scale in, global media and communications services, digital services and products, advertising and marketing technology, e‐commerce services, data management and analytics, strategic consulting, and digital brand experience. MD&E is comprised of IPG Mediabrands and Acxiom, as well as our digital and commerce specialist agencies, which include MRM, R/GA, and Huge. The IA&C segment provides advertising, corporate and brand identity services, and strategic consulting. IA&C is distinguished by the leading role of complex integrations of ideation and the execution of advertising and creative campaigns across all communications channels that are foundational to client brand identities. IA&C is comprised of leading global networks and agencies that provide a broad range of services, including McCann Worldgroup, IPG Health, MullenLowe Group, Foote, Cone & Belding ("FCB"), and our domestic integrated agencies. The SC&E segment provides best-in-class global public relations and other specialized communications services, events, sports and entertainment marketing, and strategic consulting. SC&E is comprised of agencies that provide a range of marketing services expertise, including Weber Shandwick, Golin, our sports, entertainment, and experiential agencies and IPG DXTRA Health. All segments follow the same accounting policies as those described in Note 1. Corporate and other is primarily comprised of selling, general and administrative expenses. Selling, general and administrative expenses includes corporate office expenses as well as shared service center and certain other centrally managed expenses that are not fully allocated to operating divisions; salaries, long-term incentives, annual bonuses and other miscellaneous benefits for corporate office employees; professional fees related to internal control compliance, financial statement audits and legal, information technology and other consulting services that are engaged and managed through the corporate office; and rental expense for properties occupied by corporate office employees. A portion of centrally managed expenses is allocated to operating divisions based on a formula that uses the planned revenues of each of the operating units. Amounts allocated also include specific charges for information technology-related projects, which are allocated based on utilization. Certain prior period amounts, wherever applicable, have been recast to reflect the transfer of certain agencies between our reportable segments. Summarized financial information concerning our reportable segments is shown in the following tables. Years ended December 31, 2023 2022 2021 Total Revenue: MD&E $ 4,394.8 $ 4,381.6 $ 4,196.6 IA&C 4,002.2 4,140.6 4,041.8 SC&E 2,492.3 2,405.6 2,002.3 Total $ 10,889.3 $ 10,927.8 $ 10,240.7 Revenue before billable expenses: MD&E $ 4,326.5 $ 4,296.9 $ 4,117.7 IA&C 3,633.2 3,766.3 3,679.7 SC&E 1,440.9 1,386.2 1,310.5 Total $ 9,400.6 $ 9,449.4 $ 9,107.9 Restructuring: MD&E (1.3) 69.1 0.1 IA&C 0.2 28.7 2.6 SC&E 1.1 3.8 10.0 Corporate and other 0.1 0.8 (2.1) Total $ 0.1 $ 102.4 $ 10.6 Segment EBITA 1 : MD&E $ 832.4 $ 744.5 $ 865.3 IA&C 541.3 581.4 597.9 SC&E 265.2 234.5 188.6 Corporate and other (72.3) (94.5) (129.4) Total $ 1,566.6 $ 1,465.9 $ 1,522.4 Amortization of acquired intangibles: MD&E $ 77.3 $ 72.8 $ 71.9 IA&C 4.3 7.2 10.4 SC&E 2.4 4.7 3.9 Corporate and other 0.0 0.0 0.0 Total $ 84.0 $ 84.7 $ 86.2 Depreciation and amortization 2 : MD&E $ 105.8 $ 107.4 $ 108.0 IA&C 53.6 58.4 62.7 SC&E 15.9 16.9 17.7 Corporate and other 5.0 6.6 9.2 Total $ 180.3 $ 189.3 $ 197.6 Capital expenditures: MD&E $ 100.1 $ 97.4 $ 99.7 IA&C 40.8 43.8 57.5 SC&E 6.4 7.3 8.1 Corporate and other 32.0 29.6 30.0 Total $ 179.3 $ 178.1 $ 195.3 1 Segment EBITA is calculated as net income available to IPG common stockholders before provision for income taxes, total (expenses) and other income, equity in net income of unconsolidated affiliates, net income attributable to non-controlling interests and amortization of acquired intangibles. 2 Excludes amortization of acquired intangibles. December 31, 2023 2022 Total assets: MD&E $ 10,715.4 $ 9,984.3 IA&C 4,812.5 5,083.5 SC&E 1,800.6 1,629.9 Corporate and other 1,938.8 2,114.0 Total $ 19,267.3 $ 18,811.7 The following table presents the reconciliation of segment EBITA to Income before income taxes. Years ended December 31, 2023 2022 2021 MD&E EBITA $ 832.4 $ 744.5 $ 865.3 IA&C EBITA 541.3 581.4 597.9 SC&E EBITA 265.2 234.5 188.6 Corporate and other EBITA (72.3) (94.5) (129.4) Less: consolidated amortization of acquired intangibles 84.0 84.7 86.2 Operating income 1,482.6 1,381.2 1,436.2 Total (expenses) and other income (74.6) (112.3) (214.1) Income before income taxes $ 1,408.0 $ 1,268.9 $ 1,222.1 Long-lived assets, including operating lease right-of-use assets and excluding intangible assets, are presented by major geographic area in the following table. Long-Lived Assets December 31, 2023 2022 Domestic $ 1,546.0 $ 1,676.7 International: United Kingdom 290.1 254.8 Continental Europe 84.7 87.6 Asia Pacific 163.2 176.5 Latin America 59.0 61.6 Other 84.3 88.9 Total International 681.3 669.4 Total Consolidated $ 2,227.3 $ 2,346.1 Property and equipment are allocated based upon physical location. Other assets and investments are allocated based on the location of the related operations. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Guarantees We have guaranteed certain obligations of our subsidiaries relating principally to operating leases and uncommitted lines of credit of certain subsidiaries. As of December 31, 2023 and December 31, 2022, the amount of parent company guarantees on lease obligations was $678.1 and $797.3, respectively, the amount of parent company guarantees primarily relating to uncommitted lines of credit was $255.7 and $276.4, respectively, and the amount of parent company guarantees related to daylight overdrafts, primarily utilized to manage intra-day overdrafts due to timing of transactions under cash pooling arrangements without resulting in incremental borrowings, was $85.5 and $101.3, respectively. In the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee, we would be obligated to pay the amounts covered by that guarantee. As of both December 31, 2023 and December 31, 2022, there were no material assets pledged as security for such parent company guarantees. Contingent Acquisition Obligations The following table details the estimated future contingent acquisition obligations payable in cash as of December 31, 2023. 2024 2025 2026 2027 2028 Thereafter Total Deferred acquisition payments $ 2.9 $ 0.1 $ 0.1 $ 0.0 $ 0.0 $ 0.0 $ 3.1 Redeemable non-controlling interests and call options with affiliates 1 9.7 17.4 19.9 28.7 0.0 0.0 75.7 Total contingent acquisition payments $ 12.6 $ 17.5 $ 20.0 $ 28.7 $ 0.0 $ 0.0 $ 78.8 1 We have entered into certain acquisitions that contain both redeemable non-controlling interests and call options with similar terms and conditions. The estimated amounts listed would be paid in the event of exercise at the earliest exercise date. We have certain redeemable non-controlling interests that are exercisable at the discretion of the non-controlling equity owners as of December 31, 2023. These estimated payments of $1.4 are included within the total payments expected to be made in 2024, and will continue to be carried forward into 2025 or beyond until exercised or expired. Redeemable non-controlling interests are included in the table at current exercise price payable in cash, not at applicable redemption value, in accordance with the authoritative guidance for classification and measurement of redeemable securities. The majority of these payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revision in accordance with the terms of the respective agreements. See Note 6 for further information relating to the payment structure of our acquisitions. 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 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. |
Recent Accounting Standards (No
Recent Accounting Standards (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Standards | Recent Accounting Standards Accounting pronouncements not listed below were assessed and determined to be not applicable or are expected to have minimal impact on our Consolidated Financial Statements. Income Taxes In December 2023, the Financial Accounting Standards Board issued amended guidance to enhance the transparency and decision usefulness of income tax disclosures by requiring disaggregated information about an entity's effective tax rate reconciliation, as well as information on taxes paid. This amended guidance is effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact on our Consolidated Financial Statements. Segment Reporting In November 2023, the Financial Accounting Standards Board issued amended guidance on segment reporting to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analysis. This amended guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. We are currently evaluating the impact on our Consolidated Financial Statements. Derivatives and Hedging In March 2022, the Financial Accounting Standards Board issued amended guidance on hedge accounting which allows nonprepayable financial assets to be included in a closed portfolio hedge using the portfolio layer method, allowing for more consistent accounting over prepayable and nonprepayable hedges. The new guidance also allows multiple hedged layers to be designated for a single closed portfolio, further aligning hedge accounting with risk management strategies. We adopted the standard January 1, 2023, which did not have a significant impact on our Consolidated Financial Statements. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events We announced on February 8, 2024 that our Board had declared a common stock cash dividend of $0.330 per share, payable on March 15, 2024 to holders of record as of the close of business on March 1, 2024. |
Significant Accounting Polici_2
Significant Accounting Policies Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation We conduct our business across three reportable segments described in Note 15. The three reportable segments are: Media, Data & Engagement Solutions ("MD&E"), Integrated Advertising & Creativity Led Solutions ("IA&C"), and Specialized Communications & Experiential Solutions ("SC&E"). Cost of services is comprised of the expenses of our revenue-producing operating segments including salaries and related expenses, office and other direct expenses and billable expenses, as well as an allocation of the centrally managed expenses from Corporate and other. Office and other direct expenses include rent expense, professional fees, certain expenses incurred by our staff in servicing our clients and other costs directly attributable to client engagements. Selling, general and administrative expenses are primarily the unallocated expenses from Corporate and other, as disclosed further in Note 15, excluding depreciation and amortization. Depreciation and amortization of the fixed assets and intangible assets of the Company is disclosed as a separate operating expense. Restructuring charges relate to the Company's implementation of cost initiatives to better align our cost structure with our revenue, as discussed further in Note 11. |
Lessee, Leases [Policy Text Block] | Leases As of December 31, 2023, we do not have a material amount of finance leases and the majority of our operating leases, for which we serve as the lessee, consist primarily of real-estate property for our offices around the world. Both |
Significant Accounting Polici_3
Significant Accounting Policies Principles of Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, some of which are not wholly owned. Investments in companies over which we do not have control, but have the ability to exercise significant influence, are accounted for using the equity method of accounting. Investments in companies over which we have neither control nor have the ability to exercise significant influence are recorded at cost, less any impairment, adjusted for subsequent observable price changes. All intercompany accounts and transactions have been eliminated in consolidation. We have consolidated certain entities meeting the definition of variable interest entities, and the inclusion of these entities does not have a material impact on our Consolidated Financial Statements. |
Significant Accounting Polici_4
Significant Accounting Policies Reclassifications (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain reclassifications and immaterial adjustments have been made to prior-period financial statements to conform to the current-period presentation. Additionally, certain prior period amounts, wherever applicable, have been recast to reflect the transfer of certain agencies between reportable segments. |
Significant Accounting Polici_5
Significant Accounting Policies Use of Estimates (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires us to make judgments, assumptions and estimates that affect the amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the reporting date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates under different assumptions or conditions. A further decline in macroeconomic conditions or increasing interest rates could have a negative impact on these estimates, including the fair value of certain estimates. |
Significant Accounting Polici_6
Significant Accounting Policies Revenue Recognition (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition Our revenues are primarily derived from the planning and execution of multi-channel advertising and communications, marketing services, including public relations, meeting and event production, sports and entertainment marketing, corporate and brand identity, strategic marketing consulting, and providing marketing data and technology services around the world. Most of our client contracts are individually negotiated and, accordingly, the terms of client engagements and the basis on which we earn fees and commissions vary significantly. Our contracts generally provide for termination by either party on relatively short notice, usually 30 to 90 days, although our data management contracts typically have non-cancelable terms of more than one year. Our payment terms vary by client, and the time between invoicing date and due date is typically not significant. We generally have the legally enforceable right to payment for all services provided through the end of the contract or termination date. We recognize revenue when we determine our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue as or when we satisfy the performance obligation. We only apply the five-step model to contracts when it is probable that IPG will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, we assess the goods or services promised within each contract and determine those that are distinct performance obligations. We then assess whether we act as an agent or a principal for each identified performance obligation and include revenue within the transaction price for third-party costs when we determine that we act as principal. We typically do not capitalize costs to obtain a contract as these amounts would generally be recognized over a period of one year or less. Revenue before billable expenses, primarily consisting of fees, commissions and performance incentives, represents the amount of our gross billings excluding billable expenses charged to a client. Generally, our compensation is based on a negotiated fixed price, rate per hour, a retainer, commission or volume. The majority of our fees are recognized over time as services are performed, either utilizing a function of hours incurred and rates per hour, as compared to periodically updated estimates to complete, or ratably over the term of the contract. For certain less-frequent commission-based contracts which contain clauses allowing our clients to terminate the arrangement at any time for no compensation, revenue is recognized at a point in time, typically the date of broadcast or publication. We report revenue net of taxes assessed by governmental authorities that are directly imposed on our revenue-producing transactions. Contractual arrangements with clients may also include performance incentive provisions designed to link a portion of our revenue to our performance relative to mutually agreed-upon qualitative and/or quantitative metrics. Performance incentives are treated as variable consideration which is estimated at contract inception and included in revenue based on the most likely amount earned out of a range of potential outcomes. Our estimates are based on a combination of historical award experience, anticipated performance and our best judgment. These estimates are updated on a periodic basis and are not expected to result in a reversal of a significant amount of the cumulative revenue recognized. The predominant component of billable expenses are third-party vendor costs incurred for performance obligations where we have determined that we are acting as principal. These third-party expenses are generally billed back to our clients. Billable expenses also includes incidental costs incurred in the performance of our services including airfare, mileage, hotel stays, out-of-town meals and telecommunication charges. We record these billable expenses within total revenue with a corresponding offset to operating expenses. In international markets, we may receive rebates or credits from vendors based on transactions entered into on behalf of clients. Rebates and credits are remitted back to our clients in accordance with our contractual requirements or may be retained by us based on the terms of a particular client contract and local law. Amounts owed back to clients are recorded as a liability and amounts retained by us are recorded as revenue when earned. In certain international markets, our media contracts may allow clients to terminate our arrangement at any time for no compensation to the extent that media has not yet run. For those contracts, we do not recognize revenue until the media runs which is the point in time at which we have a legally enforceable right to compensation. In the normal course of business, certain agencies may enter into agreements with media suppliers to purchase an agreed value of media within a fixed timeframe. By entering into these agreements, the agency is taking a risk and may be required to pay a portion or all of the agreed value ahead of media being run. In order to participate in these arrangements and receive an agreed additional benefit from the agency, clients are required to contractually opt in. Performance Obligations Our client contracts may include various goods and services that are capable of being distinct, are distinct within the context of the contract and are therefore accounted for as separate performance obligations. We allocate revenue to each performance obligation in the contract at inception based on its relative standalone selling price. Our advertising businesses include a wide range of services that involve the creation of an advertising idea, concept, campaign, or marketing strategy in order to promote the client’s brand ("creative services"), and to act as an agent to facilitate the production of advertisements by third-party suppliers ("production services”). Our clients can contract us to perform one or both of these services, as they can derive stand-alone benefit from each. Production services can include formatting creative material for different media and communication mediums including digital, large-scale reproduction such as printing and adaptation services, talent engagement and acquisition, television and radio production, and outdoor billboard production. Our contracts that include both services are typically explicit in the description of which activities constitute the creative advertising services and those that constitute the production services. Both the creative and production services are sold separately, the client can derive utility from each service on its own, we do not provide a significant service of integrating these activities into a bundle, the services do not significantly modify one another, and the services are not highly interrelated or interdependent. As such, we typically identify two performance obligations in the assessment of our advertising contracts. Our media businesses include services to formulate strategic media plans ("media planning services") and to act as an agent to purchase media (e.g. television and radio spots, outdoor advertising, digital banners, etc.) from vendors on our clients' behalf ("media buying services"). Our contracts that include both services are typically explicit in the description of which activities constitute the planning services and those that constitute the buying services. Both the planning and buying services are sold separately, the client can derive utility from each service on its own, we do not provide a significant service of integrating these activities into a bundle, the services do not significantly modify one another, and the services are not highly interrelated or interdependent. As such, we typically identify two performance obligations in the assessment of our media contracts. Our events businesses include creative services related to the conception and planning of custom marketing events as well as activation services which entail the carrying out of the event, including, but not limited to, set-up, design and staffing. Additionally, our public relations businesses include a broad range of services, such as strategic planning, social media strategy and the monitoring and development of communication strategies, among others. While our contracts in these businesses may include some or all of these services, we typically identify only one performance obligation in the assessment of our events and public relations contracts as we provide a significant service of integrating the individual services into a combined service for which the customer has contracted. Our data and technology services businesses include data management, data and data strategy, identity resolution, and measurement and analytics products and services. While our contracts in these businesses may include some or all of these services, we typically identify each product and service as an individual performance obligation. We have elected not to disclose information about remaining performance obligations that have original expected durations of one year or less. The majority of our contracts are for periods of one year or less with the exception of our data management contracts. Principal vs. Agent When a third-party is involved in the delivery of our services to the client, we assess whether or not we are acting as a principal or an agent in the arrangement. The assessment is based on whether we control the specified services at any time before they are transferred to the customer. We have determined that in our events and public relations businesses, we generally act as a principal as our agencies provide a significant service of integrating goods or services provided by third parties into the specified deliverable to our clients. In addition, we have determined that we are responsible for the performance of the third-party suppliers, which are combined with our own services, before transferring those services to the customer. We have also determined that we act as principal when providing creative services and media planning services, as we perform a significant integration service in these transactions. For performance obligations in which we act as principal, we record the gross amount billed to the customer within total revenue and the related incremental direct costs incurred as billable expenses. In the vast majority of our business, when a third-party is involved in the production of an advertising campaign and for media buying services, we have determined that we act as the agent and are solely arranging for the third-party suppliers to provide services to the customer. Specifically, we do not control the specified services before transferring those services to the customer, we are not primarily responsible for the performance of the third-party services, nor can we redirect those services to fulfill any other contracts. We do not have inventory risk or discretion in establishing pricing in our contracts with customers. For performance obligations for which we act as the agent, we record our revenue as the net amount of our gross billings less amounts remitted to third parties. |
Significant Accounting Polici_7
Significant Accounting Policies Cash and Cash Equivalents (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are highly liquid investments, which include certificates of deposit, government securities, commercial paper and time deposits with original maturities of three months or less at the time of purchase and are stated at estimated fair value, which approximates cost. Cash is maintained at multiple high-credit-quality financial institutions. |
Significant Accounting Polici_8
Significant Accounting Policies Allowance for Doubtful Accounts (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Allowance for Doubtful Accounts | Allowance for Expected Credit Losses The allowance for credit losses on expected future uncollectible accounts receivable is estimated based on the aging of accounts receivable, reviews of client credit reports, industry trends and economic indicators, as well as reviews of recent payment history for specific customers. The estimate is based largely on a formula-driven calculation but is supplemented with economic indicators and knowledge of potential write-offs of specific client accounts. |
Significant Accounting Polici_9
Significant Accounting Policies Acounts Receivable, Billable to Clients (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounts Receivable, Billable to Clients | Accounts Receivable, Billable to Clients Accounts receivable, billable to clients are primarily comprised of production and media costs that have been incurred but have not yet been billed to clients, as well as fees that have been earned which have not yet been billed to clients. Unbilled amounts are presented in accounts receivable, billable to clients regardless of whether they relate to our fees or production and media costs. A provision is made for unrecoverable costs as deemed appropriate. |
Significant Accounting Polic_10
Significant Accounting Policies Accounts Payable (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounts Payable | Accounts Payable Accounts payable includes all operating payables, including those related to all media and production costs. These payables are due within one year. |
Significant Accounting Polic_11
Significant Accounting Policies Investments (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Investments | Investments Equity investments with readily determinable fair values, other than those accounted for using the equity method of accounting, will be measured at fair value. We regularly review our investments to determine whether a significant event or change in circumstances has occurred that may impact the fair value of each investment, with changes to fair value recorded in earnings. We evaluate fair value based on specific information (valuation methodologies, estimates of appraisals, financial statements, etc.) in addition to quoted market price, if available. We consider all known quantitative and qualitative factors in determining if a decline in value of an investment has occurred. |
Significant Accounting Polic_12
Significant Accounting Policies Derivatives (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Derivatives | Derivatives |
Significant Accounting Polic_13
Significant Accounting Policies Property and Equipment (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Property and Equipment | Property and Equipment Furniture, equipment, leasehold improvements and buildings are stated at cost, net of accumulated depreciation. Furniture and equipment are depreciated generally using the straight-line method over the estimated useful lives of the related assets, which range from 3 to 7 years for furniture and equipment, 10 to 35 years for buildings and the shorter of the useful life or the remaining lease term for leasehold improvements. Land is stated at cost and is not depreciated. We capitalize certain internal and external costs incurred to acquire or create internal use software, principally related to our enterprise resource planning (“ERP”) systems. Our ERP systems are stated at cost, net of accumulated amortization, and are amortized using the straight-line method over 10 years. All other internal use computer software are stated at cost, net of accumulated amortization and are amortized using the straight-line method over the estimated useful lives of the related assets, which range from 3 to 7 years. |
Significant Accounting Polic_14
Significant Accounting Policies Goodwill and Other Intangible Assets (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We account for our business combinations using the acquisition accounting method, which requires us to determine the fair value of net assets acquired and the related goodwill and other intangible assets. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and involves the use of significant estimates, including projections of future cash inflows and outflows, discount rates, asset lives and market multiples. Considering the characteristics of advertising, specialized marketing and communication services companies, our acquisitions usually do not have significant amounts of tangible assets, as the principal asset we typically acquire is creative talent. As a result, a substantial portion of the purchase price is allocated to goodwill and other intangible assets. We review goodwill as of October 1 st each year and whenever events or significant changes in circumstances indicate that the carrying value may not be recoverable. We evaluate the recoverability of goodwill at a reporting unit level. We have 10 reporting units that were subject to the 2023 annual impairment testing. Our annual impairment review as of October 1, 2023 did not result in an impairment charge for any of our reporting units. Intangible assets with indefinite useful lives are not amortized but are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that impairment may exist. The Company first assesses qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. Impairment exists if the fair value of the indefinite-lived intangible asset is less than the carrying value. The determination of fair value is based on the relief from royalty method of the income approach, which models the cash flows from indefinite-lived intangibles assuming royalties were received under a licensing arrangement. This discounted cash flow analysis includes assumptions related to forecasted future revenues attributable to indefinite-lived intangibles, royalty rates and risk-adjusted discount rates. If the carrying value of an indefinite-lived intangible asset exceeds its estimated fair value, the indefinite-lived intangible asset is considered impaired, and an impairment loss will be recognized in an amount equal to the excess of the carrying value over the fair value. Based on this analysis, for the indefinite lived-intangible asset for which we performed a quantitative impairment test as of October 1, 2023, we concluded that it was not impaired because its fair value was in excess of its carrying value. For reporting units not included in the qualitative assessment, or for any reporting units identified in the qualitative assessment as "more likely than not" that the fair value is less than its carrying value, the quantitative impairment test is performed. For our annual impairment test, we compare the respective fair value of our reporting units' equity to the carrying value of their net assets. The sum of the fair values of all our reporting units is also reconciled to our current market capitalization plus an estimated control premium. Goodwill allocated to a reporting unit whose fair value is equal to or greater than its carrying value is not impaired, and no further testing is required. Should the carrying amount for a reporting unit exceed its fair value, then the quantitative impairment test is failed and impaired goodwill is written down to its fair value with a charge to expense in the period the impairment is identified. The fair value of each reporting unit for 2023 and 2022 was estimated using a combination of the income approach, which incorporates the use of the discounted cash flow method, and the market approach, which incorporates the use of earnings and revenue multiples based on market data. We review intangible assets with definite lives subject to amortization whenever events or circumstances indicate that a carrying amount of an asset may not be recoverable. Recoverability of these assets is determined by comparing the carrying value of these assets to the estimated undiscounted future cash flows expected to be generated by these asset groups. These asset groups are impaired when their carrying value exceeds their fair value. Impaired intangible assets with definite lives subject to amortization are written down to their fair value with a charge to expense in the period the impairment is identified. Intangible assets with definite lives are amortized on a straight-line basis with estimated useful lives generally between 7 and 15 years. Events or circumstances that might require impairment testing include the loss of a significant client, the identification of other impaired assets within a reporting unit, loss of key personnel, the disposition of a significant portion of a reporting unit, significant decline in stock price or a significant adverse change in business climate or regulations. |
Significant Accounting Polic_15
Significant Accounting Policies Foreign Currencies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Foreign Currencies | Foreign Currencies The functional currency of our foreign operations is generally their respective local currency. Assets and liabilities are translated at the exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the average exchange rates during the period presented. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss in the stockholders’ equity section of our Consolidated Balance Sheets. Currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses . Foreign currency transactions resulted in a pre-tax loss of $5.7 for the year ended December 31, 2023, a pre-tax gain of $2.5 for the year ended December 31, 2022, and a pre-tax loss of $5.0 for the year ended December 31, 2021. We monitor the currencies of countries in which we operate in order to determine if the country should be considered a highly inflationary environment. A currency is determined to be highly inflationary when there is cumulative inflation of approximately 100% or more over a three-year period. If this occurs the functional currency of that country is changed to our reporting currency, the U.S. Dollar, and foreign exchange gains or losses are recognized on all monetary transactions, assets and liabilities in currencies other than the U.S. Dollar until the currency is no longer considered highly inflationary. |
Significant Accounting Polic_16
Significant Accounting Policies Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes includes U.S. federal, state, local and foreign taxes. Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the financial statement carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. We evaluate the realizability of our deferred tax assets and establish a valuation allowance when it is “more likely than not” that all or a portion of the deferred tax assets will not be realized. We evaluate our tax positions using the “more likely than not” recognition threshold and then apply a measurement assessment to those positions that meet the recognition threshold. The factors used in assessing valuation allowances include all available evidence, such as past operating results, estimates of future taxable income and the feasibility of tax planning strategies. We have established tax reserves that we believe to be 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 adjust our reserves as additional information or events require. |
Significant Accounting Polic_17
Significant Accounting Policies Redeemable Noncontrolling Interests (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Redeemable Noncontrolling Interests | Redeemable Non-controlling Interests Many of our acquisitions include provisions under which the non-controlling equity owners can require us to purchase additional interests in a subsidiary at their discretion. Payments for these redeemable non-controlling interests may be contingent on projected operating performance and satisfying other conditions specified in the related agreements. These payments are also subject to revision in accordance with the terms of the agreements. We record these redeemable non-controlling interests in “mezzanine equity” in our Consolidated Balance Sheets. Each reporting period, redeemable non-controlling interests are reported at their estimated redemption value, but not less than their initial fair value. Any adjustment to the redemption value above initial value prior to exercise will also impact retained earnings but will not impact net income. Adjustments as a result of currency translation will affect the redeemable non-controlling interest balance, but do not impact retained earnings or additional paid-in capital. |
Significant Accounting Polic_18
Significant Accounting Policies Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Earnings Per Share | Earnings Per Share (“EPS”) Basic EPS available to IPG common stockholders equals net income available to IPG common stockholders divided by the weighted-average number of common shares outstanding for the applicable period. Diluted EPS equals net income available to IPG common stockholders divided by the weighted-average number of common shares outstanding, plus any additional common shares that would have been outstanding if potentially dilutive shares had been issued. Diluted EPS reflect the potential dilution that would occur if certain potentially dilutive securities were exercised. The potential issuance of common stock is assumed to occur at the beginning of the year (or at the time of issuance of the potentially dilutive instrument, if later) and the incremental shares are included using the treasury stock method. The proceeds utilized in applying the treasury stock method consist of the amount, if any, to be paid upon exercise and, as it relates to stock-based compensation, the amount of compensation cost attributed to future service not yet recognized. These proceeds are then assumed to be used to purchase common stock at the average market price of our stock during the period. The incremental shares (difference between the shares assumed to be issued and the shares assumed to be purchased), to the extent they would have been dilutive, are included in the denominator of the diluted EPS calculation. We may be required to calculate basic EPS using the two-class method as a result of our redeemable non-controlling interests. To the extent that the redemption value increases and exceeds the then-current fair value of a redeemable non-controlling interest, net income available to IPG common stockholders (used to calculate EPS) could be negatively impacted by that increase, subject to certain limitations. The partial or full recovery of any reductions to net income available to IPG common stockholders (used to calculate EPS) is limited to any cumulative prior-period reductions. For the years ended December 31, 2023, 2022 and 2021, there was no impact to EPS for adjustments related to our redeemable non-controlling interests. |
Significant Accounting Polic_19
Significant Accounting Policies Pension and Postretirement Benefits (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Pension and Postretirement Benefits | Pension and Postretirement Benefits We have pension and postretirement benefit plans covering certain domestic and international employees. We use various actuarial methods and assumptions in determining our net pension and postretirement benefit costs and obligations, including the discount rate used to determine the present value of future benefits, expected long-term rate of return on plan assets and healthcare cost trend rates. The overfunded or underfunded status of our pension and postretirement benefit plans is recorded on our Consolidated Balance Sheet. |
Significant Accounting Polic_20
Significant Accounting Policies Stock-Based Compensation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Compensation costs related to share-based transactions, including employee stock options, are recognized in the Consolidated Financial Statements based on fair value. Stock-based compensation expense is generally recognized ratably over the requisite service period based on the estimated grant-date fair value, net of estimated forfeitures. |
Significant Accounting Polic_21
Significant Accounting Policies Treasury Stock (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Treasury Stock, Shares [Abstract] | |
Treasury Stock [Text Block] | Treasury Stock We account for repurchased common stock under the cost method and include such treasury stock as a component of our Consolidated Statements of Stockholders' Equity. Upon retirement, we reduce common stock for the par value of the shares being retired and the excess of the cost of the shares over par value as a reduction to APIC, to the extent there is APIC in the same class of stock, and any remaining amount to retained earnings. These retired shares remain authorized but unissued. In October 2023, we retired 9.3 shares of our treasury stock, which resulted in a reduction in common stock of $0.9, treasury stock of $340.4 and APIC of $339.5. In October 2022, we retired 7.2 shares of our treasury stock, which resulted in a reduction in common stock of $0.7, treasury stock of $199.9 and APIC of $199.2. During 2021, there was no significant treasury stock activity due to the suspension of the share repurchase program. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Years ended December 31, Total revenue: 2023 2022 2021 United States $ 7,033.1 $ 7,031.0 $ 6,360.2 International: United Kingdom 891.5 902.7 880.5 Continental Europe 901.3 867.5 892.8 Asia Pacific 868.3 918.5 970.1 Latin America 477.0 454.9 430.3 Other 718.1 753.2 706.8 Total International 3,856.2 3,896.8 3,880.5 Total Consolidated $ 10,889.3 $ 10,927.8 $ 10,240.7 Years ended December 31, Revenue before billable expenses: 2023 2022 2021 United States $ 6,102.2 $ 6,157.7 $ 5,763.1 International: United Kingdom 759.2 742.2 781.5 Continental Europe 795.7 764.6 799.7 Asia Pacific 729.8 772.7 791.4 Latin America 448.7 423.6 396.4 Other 565.0 588.6 575.8 Total International 3,298.4 3,291.7 3,344.8 Total Consolidated $ 9,400.6 $ 9,449.4 $ 9,107.9 MD&E Years ended December 31, Total revenue: 2023 2022 2021 United States $ 2,731.4 $ 2,730.2 $ 2,584.7 International 1,663.4 1,651.4 1,611.9 Total MD&E $ 4,394.8 $ 4,381.6 $ 4,196.6 Revenue before billable expenses: United States $ 2,703.5 $ 2,690.9 $ 2,552.0 International 1,623.0 1,606.0 1,565.7 Total MD&E $ 4,326.5 $ 4,296.9 $ 4,117.7 IA&C Years ended December 31, Total revenue: 2023 2022 2021 United States $ 2,508.8 $ 2,585.9 $ 2,403.3 International 1,493.4 1,554.7 1,638.5 Total IA&C $ 4,002.2 $ 4,140.6 $ 4,041.8 Revenue before billable expenses: United States $ 2,383.8 $ 2,483.7 $ 2,306.0 International 1,249.4 1,282.6 1,373.7 Total IA&C $ 3,633.2 $ 3,766.3 $ 3,679.7 SC&E Years ended December 31, Total revenue: 2023 2022 2021 United States $ 1,792.9 $ 1,714.9 $ 1,372.2 International 699.4 690.7 630.1 Total SC&E $ 2,492.3 $ 2,405.6 $ 2,002.3 Revenue before billable expenses: United States $ 1,014.9 $ 983.1 $ 905.1 International 426.0 403.1 405.4 Total SC&E $ 1,440.9 $ 1,386.2 $ 1,310.5 |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers. December 31, December 31, Accounts receivable, net of allowance of $46.4 and $48.6, respectively $ 5,768.8 $ 5,316.0 Accounts receivable, billable to clients 2,229.2 2,023.0 Contract assets 68.6 67.4 Contract liabilities (deferred revenue) 684.7 680.0 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following tables present information on our operating leases for the full years of 2023, 2022 and 2021 . Years ended December 31, 2023 2022 2021 Operating lease cost $ 268.4 $ 290.7 $ 306.0 Short-term lease cost 7.9 6.4 8.1 Sublease income (26.4) (23.8) (21.1) Total lease cost $ 249.9 $ 273.3 $ 293.0 Cash paid related to operating lease liabilities $ 299.5 $ 320.9 $ 347.6 Right-of-use assets obtained in exchange for lease liabilities $ 83.0 $ 93.0 $ 431.0 As of December 31, 2023 2022 2021 Weighted-average remaining lease term Seven years Eight years Eight years Weighted-average discount rate 3.63 % 3.51 % 3.45 % |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Our future payments of our operating leases as of December 31, 2023 are listed in the table below. Period Payments 2024 $ 299.6 2025 270.1 2026 249.8 2027 215.4 2028 170.9 Thereafter 458.4 Total future lease payments 1,664.2 Less: imputed interest 194.8 Present value of future lease payments 1,469.4 Less: current portion of operating leases 252.6 Non-current operating leases $ 1,216.8 |
Debt and Credit Agreements Sche
Debt and Credit Agreements Schedule of Long-term Debt Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | A summary of the carrying amounts of our long-term debt is listed below. Effective December 31, 2023 1 2022 1 4.200% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.0 and $0.1, respectively) 4.240 % $ 249.9 $ 249.7 4.650% Senior Notes due 2028 (less unamortized discount and issuance costs of $0.9 and $2.1, respectively) 4.780 % 497.0 496.4 4.750% Senior Notes due 2030 (less unamortized discount and issuance costs of $2.6 and $3.8, respectively) 4.920 % 643.6 642.6 2.400% Senior Notes due 2031 (less unamortized discount and issuance costs of $0.7 and $3.3, respectively) 2.512 % 496.0 495.5 5.375% Senior Notes due 2033 (less unamortized discount and issuance costs of $3.6 and $3.0, respectively) 5.650 % 293.4 — 3.375% Senior Notes due 2041 (less unamortized discount and issuance costs of $0.9 and $5.0, respectively) 3.448 % 494.1 493.7 5.400% Senior Notes due 2048 (less unamortized discount and issuance costs of $2.6 and $4.6, respectively) 5.480 % 492.8 492.6 Other notes payable and capitalized leases 0.8 0.8 Total long-term debt 3,167.6 2,871.3 Less: current portion 250.1 0.6 Long-term debt, excluding current portion $ 2,917.5 $ 2,870.7 1 See Note 13 for information on the fair value measurement of our long-term debt. |
Debt and Credit Agreements Sc_2
Debt and Credit Agreements Schedule of Maturities of Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, Fiscal Year Maturity [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Annual maturities are scheduled as follows based on the book value as of December 31, 2023. 2024 $ 250.1 2025 0.2 2026 0.2 2027 0.1 2028 497.0 Thereafter 2,420.0 Total long-term debt $ 3,167.6 |
Earnings Per Share Basic and Di
Earnings Per Share Basic and Diluted Earnings Per Common Share Available to IPG Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Common Share Available to IPG Common Stockholders | The following sets forth basic and diluted earnings per common share available to IPG common stockholders. Years ended December 31, 2023 2022 2021 Net income available to IPG common stockholders $ 1,098.4 $ 938.0 $ 952.8 Weighted-average number of common shares outstanding - basic 384.1 391.5 393.0 Dilutive effect of stock options and restricted shares 1.8 3.6 5.4 Weighted-average number of common shares outstanding - diluted 385.9 395.1 398.4 Earnings per share available to IPG common stockholders: Basic $ 2.86 $ 2.40 $ 2.42 Diluted $ 2.85 $ 2.37 $ 2.39 |
Acquisitions Cash Paid for Curr
Acquisitions Cash Paid for Current and Prior Years' Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Cash Paid For Current And Prior Years' Acquisitions [Table Text Block] | Details of cash paid for current and prior years' acquisitions are listed below. Years ended December 31, 2023 2022 2021 Cost of investment: current-year acquisitions $ 5.8 $ 235.4 $ — Cost of investment: prior-year acquisitions 16.6 9.3 28.0 Less: net cash acquired 3.2 3.2 — Total cost of investment 19.2 241.5 28.0 Operating payments 1 2.7 9.6 39.1 Total cash paid for acquisitions 2 $ 21.9 $ 251.1 $ 67.1 1 Represents cash payments for amounts that have been recognized in operating expenses since the date of acquisition either relating to adjustments to estimates in excess of the initial value of contingent payments recorded or were contingent upon the future employment of the former owners of the acquired companies. Amounts are reflected in the operating section of the Consolidated Statements of Cash Flows. 2 Of the total cash paid for acqu isitions, $6.3, $232.2 and $0.0 for the years ended December 31, 2023, 2022 and 2021, respectively, are classified under the investing section of the Consolidated Statements of Cash Flows as acquisitions, net of cash acquired. These amounts relate to initial payments for new transactions, as well as adjustments made to upfront payments related to prior year acquisitions. Of the total cash paid for acquisitio ns, $12.9, $9.3 and $28.0 for the years ended December 31, 2023, 2022 and 2021, respectively, are classified under the financing section of the Consolidated Statements of Cash Flows as acquisition-related payments. These amounts relate to deferred payments and increases in our ownership interest for prior acquisitions. |
Redeemable Noncontrolling Interest | The following table presents changes in our redeemable non-controlling interests. Years ended December 31, 2023 2022 2021 Balance at beginning of period $ 38.3 $ 15.6 $ 93.1 Change in related non-controlling interests balance (0.3) (0.5) 2.2 Changes in redemption value of redeemable non-controlling interests: Additions 7.4 30.3 0.0 Redemptions and other (0.4) (9.9) (41.9) Redemption value adjustments (2.6) 3.0 (32.1) Currency translation adjustments (0.1) (0.2) (5.7) Balance at end of period $ 42.3 $ 38.3 $ 15.6 |
Supplementary Data Valuation an
Supplementary Data Valuation and Qualifying Accounts - Allowance for Uncollectible Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Valuation and Qualifying Accounts - Allowance for Uncollectible Accounts [Abstract] | |
Valuation and Qualifying Accounts - Allowance for Uncollectible Accounts Receivable | Valuation and Qualifying Accounts – Accounts Receivable, Allowance for Expected Credit Losses Years ended December 31, 2023 2022 2021 Balance at beginning of period $ 48.6 $ 68.5 $ 98.3 Charges to costs and expenses 1 7.2 (5.8) (14.9) Adjustments: (Dispositions)/Acquisitions (1.7) (0.9) (3.2) Uncollectible accounts written off (7.8) (12.8) (9.8) Recoveries 0.1 1.9 0.3 Foreign currency translation adjustments 0.0 (2.3) (2.2) Balance at end of period $ 46.4 $ 48.6 $ 68.5 |
Supplementary Data Property and
Supplementary Data Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and Equipment December 31, 2023 2022 Furniture and equipment $ 632.8 $ 640.8 Leasehold improvements 507.0 528.6 Internal-use computer software 585.1 581.4 Land and buildings 136.7 131.4 Gross property and equipment 1,861.6 1,882.2 Less: accumulated depreciation and amortization (1,224.9) (1,244.8) Total property and equipment, net $ 636.7 $ 637.4 |
Supplementary Data Accrued Liab
Supplementary Data Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued Liabilities The following table presents the components of accrued liabilities. December 31, 2023 2022 Salaries, benefits and related expenses $ 507.5 $ 554.0 Income taxes payable 56.8 64.7 Interest 40.2 37.3 Office and related expenses 22.3 28.9 Acquisition obligations 2.9 18.7 Restructuring charges 0.6 2.2 Other 75.5 81.3 Total accrued liabilities $ 705.8 $ 787.1 |
Supplementary Data Other Expens
Supplementary Data Other Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Other Income (Expense), Net Results of operations include certain items that are not directly associated with our revenue-producing operations. Years ended December 31, 2023 2022 2021 Net gains/(losses) on sales of businesses $ 17.9 $ (11.3) $ (19.4) Loss on early extinguishment of debt — — (74.0) Other (7.7) 10.3 22.7 Total other income (expense), net $ 10.2 $ (1.0) $ (70.7) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets Changes in Carrying Value of Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Value of Goodwill | The changes in the carrying value of goodwill for our reportable segments, MD&E, IA&C and SC&E, for the years ended December 31, 2023 and 2022 are listed below. IAN DXTRA MD&E IA&C SC&E Total 1 Balance as of December 31, 2021 $ 4,231.6 $ 677.1 $ — $ — $ — $ 4,908.7 Goodwill Reallocation (4,231.6) (677.1) 2,293.0 1,920.2 695.5 — Balance as of January 1, 2022 $ — $ — $ 2,293.0 $ 1,920.2 $ 695.5 $ 4,908.7 Acquisitions/(Dispositions) and Deconsolidations — — 209.5 (6.5) — 203.0 Foreign currency and other — — (14.9) (35.1) (11.1) (61.1) Balance as of December 31, 2022 $ — $ — $ 2,487.6 $ 1,878.6 $ 684.4 $ 5,050.6 Goodwill Reallocation — — 180.6 (180.6) — — Balance as of January 1, 2023 $ — $ — $ 2,668.2 $ 1,698.0 $ 684.4 $ 5,050.6 Acquisitions/(Dispositions) — — 2.2 10.7 (9.8) 3.1 Foreign currency and other — — 7.1 14.5 5.6 27.2 Balance as of December 31, 2023 $ — $ — $ 2,677.5 $ 1,723.2 $ 680.2 $ 5,080.9 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Summary of Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Other Intangible Assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table provides a summary of other intangible assets, which are included in our Consolidated Balance Sheets. December 31, 2023 2022 Gross Amount Accumulated Net Amount Gross Amount Accumulated Net Amount Customer lists $ 882.1 $ (431.6) $ 450.5 $ 873.1 $ (378.4) $ 494.7 Know-how and technology 239.5 (138.9) 100.6 239.2 (111.1) 128.1 Trade names 227.3 (45.7) 181.6 231.8 (47.4) 184.4 Other 16.2 (5.3) 10.9 16.2 (5.3) 10.9 Total 1 $ 1,365.1 $ (621.5) $ 743.6 $ 1,360.3 $ (542.2) $ 818.1 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Estimated future amortization of other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Other Intangible Assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated annual amortization expense for other intangible assets for the next five years as of December 31, 2023 is listed below. 2024 2025 2026 2027 2028 Estimated amortization expense $ 83.1 $ 80.4 $ 78.4 $ 65.1 $ 49.8 |
Income Taxes Schedule of Income
Income Taxes Schedule of Income before Income Tax, Domestic and Foreign (Tables) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Schedule of Income before Income Tax, Domestic and Foreign | The components of income before income taxes are listed below. Years ended December 31, 2023 2022 2021 Domestic $ 846.7 $ 707.4 $ 653.6 Foreign 561.3 561.5 568.5 Total $ 1,408.0 $ 1,268.9 $ 1,222.1 | |
Restructuring and Related Costs [Table Text Block] | Restructuring Charges Years ended December 31, 2023 1 2022 2 2021 3 Severance and termination costs $ 0.4 $ (0.1) $ 0.4 Lease restructuring costs (1.2) 85.4 6.3 Other restructuring costs 0.9 17.1 3.9 Total restructuring charges $ 0.1 $ 102.4 $ 10.6 1 The amounts for the year ended December 31, 2023 represent adjustments to the 2022 Real Estate Actions, as well as adjustments to the actions taken in 2020. 2 The amounts for the year ended December 31, 2022 represent 2022 Real Estate Actions, as well as adjustments to the actions taken in 2020. The 2022 Real Estate Actions did not include any severance and termination costs. 3 The amounts for the year ended December 31, 2021 represent adjustments to the actions taken in 2020. Lease and Other restructuring costs include impairments of operating lease right-of-use assets and associated leasehold improvements, furniture and asset retirement obligations. Lease impairments were calculated based on estimated fair values using market participant assumptions including forecasted net discounted cash flows related to the operating lease right-of-use assets. 2022 Real Estate Actions In the fourth quarter of 2022, the Company took Real Estate Actions related to new real estate exits and lease terminations to further optimize the real estate footprint supporting our office-home hybrid service model in a post-pandemic economy. All included opportunities for further efficiencies as a result of the current working environment were identified and completed during the fourth quarter of 2022. These Real Estate Actions, taken during the fourth quarter of 2022, reduced our occupied global real estate footprint by approximately 6.7% or 500,000 square feet. All restructuring actions were identified and initiated in 2022, with all actions completed by the end of the fourth quarter of 2022. A summary of the restructuring activities related to the 2022 Real Estate Actions as of the year ended December 31, 2023 is as follows: 2022 Real Estate Actions Liability at December 31, 2022 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2023 Lease impairment costs $ 0.0 $ (0.9) $ (0.9) $ 0.0 $ 0.0 Other restructuring costs 0.0 0.8 0.2 0.6 0.0 Total $ 0.0 $ (0.1) $ (0.7) $ 0.6 $ 0.0 A summary of the restructuring activities related to the 2022 Real Estate Actions as of the year ended December 31, 2022 is as follows: 2022 Real Estate Actions Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2022 Lease impairment costs $ 84.4 $ 84.4 $ 0.0 $ 0.0 Other restructuring costs 14.2 13.5 0.7 0.0 Total $ 98.6 $ 97.9 $ 0.7 $ 0.0 A summary of the restructuring activities related to the 2022 Real Estate Actions by segment is as follows: Years ended December 31, 2023 2022 Restructuring charges: MD&E $ (1.0) $ 69.0 IA&C (0.3) 21.0 SC&E 1.1 8.0 Corporate and other 0.1 0.6 Total $ (0.1) $ 98.6 Non cash lease impairment costs: MD&E $ (1.0) $ 54.3 IA&C (0.5) 22.3 SC&E 0.4 7.0 Corporate and other 0.2 0.8 Total $ (0.9) $ 84.4 2020 Restructuring Plan Beginning in the second quarter of 2020, the Company took restructuring actions to lower its operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business (the “2020 Plan”). All restructuring actions were identified and initiated in 2020, with all actions completed by the end of the fourth quarter of 2020 and were based on our experience and learning in the COVID-19 pandemic and a resulting review of our operations to address certain operating expenses such as occupancy expense and salaries and related expenses. A summary of the restructuring activities related to the 2020 Plan as of the year ended December 31, 2023 is as follows: 2020 Plan Liability at December 31, 2022 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2023 Severance and termination costs $ 2.3 $ 0.4 $ 0.0 $ 2.1 $ 0.6 Lease impairment costs 0.0 (0.3) (0.3) 0.0 0.0 Other restructuring costs 0.0 0.1 0.1 0.0 0.0 Total $ 2.3 $ 0.2 $ (0.2) $ 2.1 $ 0.6 A summary of the restructuring activities related to the 2020 Plan as of the year ended December 31, 2022 is as follows: 2020 Plan Liability at December 31, 2021 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2022 Severance and termination costs $ 9.4 $ (0.1) $ 0.0 $ 7.0 $ 2.3 Lease impairment costs 0.0 1.0 1.0 0.0 0.0 Other restructuring costs 0.0 2.9 2.9 0.0 0.0 Total $ 9.4 $ 3.8 $ 3.9 $ 7.0 $ 2.3 A summary of the restructuring activities related to the 2020 Plan as of the year ended December 31, 2021 is as follows: 2020 Plan Liability at December 31, 2020 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2021 Severance and termination costs $ 74.6 $ 0.4 $ 0.3 $ 65.3 $ 9.4 Lease impairment costs 0.0 6.3 6.3 0.0 0.0 Other restructuring costs 0.0 3.9 3.2 0.7 0.0 Total $ 74.6 $ 10.6 $ 9.8 $ 66.0 $ 9.4 A summary of the restructuring activities related to the 2020 Plan by segment is as follows: Years ended December 31, 2023 2022 2021 Restructuring charges: MD&E $ (0.3) $ 0.1 $ 0.1 IA&C 0.5 7.7 2.6 SC&E 0.0 (4.2) 10.0 Corporate and other 0.0 0.2 (2.1) Total $ 0.2 $ 3.8 $ 10.6 Non cash lease impairment costs: MD&E $ (0.3) $ 0.0 $ (0.9) IA&C 0.0 7.0 (0.1) SC&E 0.0 (5.9) 7.3 Corporate and other 0.0 (0.1) 0.0 Total $ (0.3) $ 1.0 $ 6.3 |
Income Taxes Schedule of Compon
Income Taxes Schedule of Components of Provision for Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes is listed below. Years ended December 31, 2023 2022 2021 U.S. federal income taxes (including foreign withholding taxes): Current $ 97.6 $ 168.0 $ 105.4 Deferred (16.2) (34.9) 13.2 $ 81.4 $ 133.1 $ 118.6 State and local income taxes: Current $ 40.4 $ 40.4 $ 27.4 Deferred 4.3 (5.3) (0.9) $ 44.7 $ 35.1 $ 26.5 Foreign income taxes: Current $ 148.1 $ 137.0 $ 127.2 Deferred 17.0 13.2 (20.5) $ 165.1 $ 150.2 $ 106.7 Total $ 291.2 $ 318.4 $ 251.8 |
Income Taxes Schedule of Effect
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the effective income tax rate as reflected in our Consolidated Statements of Operations to the U.S. federal statutory income tax rate is listed below. Years ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Income tax provision at U.S. federal statutory rate $ 295.7 $ 266.5 $ 256.6 State and local income taxes, net of U.S. federal income tax benefit 35.3 27.7 21.0 Impact of foreign operations, including withholding taxes 51.4 37.9 47.8 U.S. tax incentives (24.4) (23.0) (28.4) Change in net valuation allowance 1 (2.5) 8.0 (59.4) Divestitures 0.5 1.1 1.1 (Decrease)/Increase in unrecognized tax benefits (61.1) 3.5 13.2 Other (3.7) (3.3) (0.1) Provision for income taxes $ 291.2 $ 318.4 $ 251.8 Effective income tax rate on operations 20.7 % 25.1 % 20.6 % 1 Reflects changes in valuation allowances that impacted the effective income tax rate for each year presented. |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax assets and liabilities are listed below. December 31, 2023 2022 Postretirement/post-employment benefits $ 15.5 $ 12.4 Deferred compensation 65.1 78.1 Pension costs 0.4 6.7 Interest 18.1 38.7 Accruals and reserves 37.0 34.8 Allowance for credit losses 11.3 12.5 Basis differences in fixed assets 72.6 6.3 Operating lease liabilities 322.7 343.5 Tax loss/tax credit carry forwards 260.4 267.0 Other 71.1 43.3 Deferred tax assets 874.2 843.3 Valuation allowance for deferred tax assets (162.5) (145.8) Net deferred tax assets $ 711.7 $ 697.5 Basis differences in fixed assets $ — $ — Basis differences in intangible assets (395.3) (369.8) Operating lease right-of-use assets (252.8) (269.8) Prepaid expenses (11.4) (10.0) Deferred revenue (1.8) (1.8) Unremitted foreign earnings (7.0) (4.9) Deferred tax liabilities (668.3) (656.3) Total net deferred tax assets 1 $ 43.4 $ 41.2 |
Income Taxes Summary of Valuati
Income Taxes Summary of Valuation Allowance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | The change in the valuation allowance is listed below. Years ended December 31, 2023 2022 2021 Balance at beginning of period $ 145.8 $ 146.0 $ 197.1 Charged (reversed) to costs and expenses 13.8 8.9 (45.1) Charged to gross tax assets and other accounts 1 (2.1) 0.6 0.9 Foreign currency translation 5.0 (9.7) (6.9) Balance at end of period $ 162.5 $ 145.8 $ 146.0 |
Income Taxes Schedule of Unreco
Income Taxes Schedule of Unrecognized Tax Benefits Activity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits Activity [Table Text Block] | The table below summarizes the activity related to our unrecognized tax benefits. Years ended December 31, 2023 2022 2021 Balance at beginning of period $ 283.5 $ 262.6 $ 217.6 Increases as a result of tax positions taken during a prior year 50.9 4.9 17.2 Decreases as a result of tax positions taken during a prior year (68.2) (10.1) (10.4) Settlements with taxing authorities (5.8) (0.7) (8.7) Lapse of statutes of limitation (11.4) (6.4) (6.2) Increases as a result of tax positions taken during the current year 42.0 33.2 53.1 Balance at end of period $ 291.0 $ 283.5 $ 262.6 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss, Net of Tax Schedule of Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in accumulated other comprehensive loss, net of tax, by component. Foreign Currency Translation Adjustments Derivative Instruments Defined Benefit Pension and Other Postretirement Plans Total Balance as of December 31, 2021 $ (723.2) $ 22.9 $ (193.9) $ (894.2) Other comprehensive (loss) income before (130.2) 13.2 9.4 (107.6) Amount reclassified from accumulated other comprehensive loss, net of tax 4.3 (1.1) 4.9 8.1 Balance as of December 31, 2022 $ (849.1) $ 35.0 $ (179.6) $ (993.7) Other comprehensive income (loss) before reclassifications 59.5 0.4 (15.8) 44.1 Amount reclassified from accumulated other comprehensive loss, net of tax 0.5 (1.9) 4.8 3.4 Balance as of December 31, 2023 $ (789.1) $ 33.5 $ (190.6) $ (946.2) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss, Net of Tax Reclassification out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts reclassified from accumulated other comprehensive loss, net of tax, for the years ended December 31, 2023, 2022 and 2021 are as follows: Years ended December 31, Affected Line Item in the Consolidated Statements of Operations 2023 2022 2021 Foreign currency translation adjustments 1 $ 0.5 $ 4.3 $ (1.0) Other income (expense), net Net (gain) loss on derivative instruments (2.6) (1.4) 4.2 Other income (expense), net, Interest Expense Amortization of defined benefit pension and postretirement plans items 6.5 6.3 10.0 Other income (expense), net Tax effect (1.0) (1.1) (3.1) Provision for income taxes Total amount reclassified from accumulated other comprehensive loss, net of tax $ 3.4 $ 8.1 $ 10.1 1 These foreign currency translation adjustments are primarily a result of the sales of businesses. |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Restructuring Charges Years ended December 31, 2023 1 2022 2 2021 3 Severance and termination costs $ 0.4 $ (0.1) $ 0.4 Lease restructuring costs (1.2) 85.4 6.3 Other restructuring costs 0.9 17.1 3.9 Total restructuring charges $ 0.1 $ 102.4 $ 10.6 1 The amounts for the year ended December 31, 2023 represent adjustments to the 2022 Real Estate Actions, as well as adjustments to the actions taken in 2020. 2 The amounts for the year ended December 31, 2022 represent 2022 Real Estate Actions, as well as adjustments to the actions taken in 2020. The 2022 Real Estate Actions did not include any severance and termination costs. 3 The amounts for the year ended December 31, 2021 represent adjustments to the actions taken in 2020. Lease and Other restructuring costs include impairments of operating lease right-of-use assets and associated leasehold improvements, furniture and asset retirement obligations. Lease impairments were calculated based on estimated fair values using market participant assumptions including forecasted net discounted cash flows related to the operating lease right-of-use assets. 2022 Real Estate Actions In the fourth quarter of 2022, the Company took Real Estate Actions related to new real estate exits and lease terminations to further optimize the real estate footprint supporting our office-home hybrid service model in a post-pandemic economy. All included opportunities for further efficiencies as a result of the current working environment were identified and completed during the fourth quarter of 2022. These Real Estate Actions, taken during the fourth quarter of 2022, reduced our occupied global real estate footprint by approximately 6.7% or 500,000 square feet. All restructuring actions were identified and initiated in 2022, with all actions completed by the end of the fourth quarter of 2022. A summary of the restructuring activities related to the 2022 Real Estate Actions as of the year ended December 31, 2023 is as follows: 2022 Real Estate Actions Liability at December 31, 2022 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2023 Lease impairment costs $ 0.0 $ (0.9) $ (0.9) $ 0.0 $ 0.0 Other restructuring costs 0.0 0.8 0.2 0.6 0.0 Total $ 0.0 $ (0.1) $ (0.7) $ 0.6 $ 0.0 A summary of the restructuring activities related to the 2022 Real Estate Actions as of the year ended December 31, 2022 is as follows: 2022 Real Estate Actions Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2022 Lease impairment costs $ 84.4 $ 84.4 $ 0.0 $ 0.0 Other restructuring costs 14.2 13.5 0.7 0.0 Total $ 98.6 $ 97.9 $ 0.7 $ 0.0 A summary of the restructuring activities related to the 2022 Real Estate Actions by segment is as follows: Years ended December 31, 2023 2022 Restructuring charges: MD&E $ (1.0) $ 69.0 IA&C (0.3) 21.0 SC&E 1.1 8.0 Corporate and other 0.1 0.6 Total $ (0.1) $ 98.6 Non cash lease impairment costs: MD&E $ (1.0) $ 54.3 IA&C (0.5) 22.3 SC&E 0.4 7.0 Corporate and other 0.2 0.8 Total $ (0.9) $ 84.4 2020 Restructuring Plan Beginning in the second quarter of 2020, the Company took restructuring actions to lower its operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business (the “2020 Plan”). All restructuring actions were identified and initiated in 2020, with all actions completed by the end of the fourth quarter of 2020 and were based on our experience and learning in the COVID-19 pandemic and a resulting review of our operations to address certain operating expenses such as occupancy expense and salaries and related expenses. A summary of the restructuring activities related to the 2020 Plan as of the year ended December 31, 2023 is as follows: 2020 Plan Liability at December 31, 2022 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2023 Severance and termination costs $ 2.3 $ 0.4 $ 0.0 $ 2.1 $ 0.6 Lease impairment costs 0.0 (0.3) (0.3) 0.0 0.0 Other restructuring costs 0.0 0.1 0.1 0.0 0.0 Total $ 2.3 $ 0.2 $ (0.2) $ 2.1 $ 0.6 A summary of the restructuring activities related to the 2020 Plan as of the year ended December 31, 2022 is as follows: 2020 Plan Liability at December 31, 2021 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2022 Severance and termination costs $ 9.4 $ (0.1) $ 0.0 $ 7.0 $ 2.3 Lease impairment costs 0.0 1.0 1.0 0.0 0.0 Other restructuring costs 0.0 2.9 2.9 0.0 0.0 Total $ 9.4 $ 3.8 $ 3.9 $ 7.0 $ 2.3 A summary of the restructuring activities related to the 2020 Plan as of the year ended December 31, 2021 is as follows: 2020 Plan Liability at December 31, 2020 Restructuring Expense Non-Cash Items Cash Payments Liability at December 31, 2021 Severance and termination costs $ 74.6 $ 0.4 $ 0.3 $ 65.3 $ 9.4 Lease impairment costs 0.0 6.3 6.3 0.0 0.0 Other restructuring costs 0.0 3.9 3.2 0.7 0.0 Total $ 74.6 $ 10.6 $ 9.8 $ 66.0 $ 9.4 A summary of the restructuring activities related to the 2020 Plan by segment is as follows: Years ended December 31, 2023 2022 2021 Restructuring charges: MD&E $ (0.3) $ 0.1 $ 0.1 IA&C 0.5 7.7 2.6 SC&E 0.0 (4.2) 10.0 Corporate and other 0.0 0.2 (2.1) Total $ 0.2 $ 3.8 $ 10.6 Non cash lease impairment costs: MD&E $ (0.3) $ 0.0 $ (0.9) IA&C 0.0 7.0 (0.1) SC&E 0.0 (5.9) 7.3 Corporate and other 0.0 (0.1) 0.0 Total $ (0.3) $ 1.0 $ 6.3 |
Incentive Compensation Plans Sc
Incentive Compensation Plans Schedule of Stock-based Compensation Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |
Schedule of Stock-based Compensation Expense | The amounts of stock-based compensation expense as reflected in salaries and related expenses in our Consolidated Statements of Operations, and the related tax benefit, are listed below. Years ended December 31, 2023 2022 2021 Stock-settled awards $ 27.8 $ 26.3 $ 36.7 Cash-settled awards 0.3 0.3 1.0 Performance-based awards 18.9 23.7 33.4 Stock Options 0.3 0.3 0.3 Employee stock purchase plan 2.9 3.1 2.1 Other 1 2.7 2.0 11.3 Stock-based compensation expense $ 52.9 $ 55.7 $ 84.8 Tax benefit $ 12.5 $ 13.1 $ 18.0 1 Represents charges recorded for severance expense related to stock-based compensation awards. |
Incentive Compensation Plans _2
Incentive Compensation Plans Schedule of Stock Options Activity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Stock Options Assumptions [Abstract] | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | The following table summarizes our stock option activity during 2023. Options Weighted- Weighted- Aggregate Stock options outstanding as of January 1, 2023 0.3 $ 23.30 Granted 0.0 0.0 Exercised 0.0 $ 12.77 Stock options outstanding as of December 31, 2023 0.3 $ 23.33 7.0 $ 2.3 |
Incentive Compensation Plans St
Incentive Compensation Plans Stock-based Compensation, Grants in Period Weighted Average (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Stock Options Assumptions [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | Stock-based compensation awards expected to be settled in cash have been classified as liabilities in our Consolidated Balance Sheets as of December 31, 2023 and 2022. Years ended December 31, 2023 2022 2021 Stock-Settled Awards: Awards granted 1.4 1.3 0.9 Weighted-average grant-date fair value (per award) $ 35.54 $ 36.36 $ 26.96 Total fair value of vested awards distributed $ 60.8 $ 59.7 $ 50.8 Cash-Settled Awards: Awards granted 0.0 0.0 0.0 Weighted-average grant-date fair value (per award) $ 35.71 $ 36.53 $ 0.0 Total fair value of vested awards distributed $ 0.8 $ 0.8 $ 0.7 Performance-Based Awards: Awards granted 2.1 1.6 0.5 Weighted-average grant-date fair value (per award) $ 26.31 $ 29.95 $ 21.98 Total fair value of vested awards distributed $ 84.8 $ 54.5 $ 39.3 |
Incentive Compensation Plans _3
Incentive Compensation Plans Schedule of Nonvested Stock Activity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Stock Options Assumptions [Abstract] | |
Schedule of Nonvested Share Activity [Table Text Block] | A summary of the activity of our non-vested stock-settled awards, cash-settled awards and performance-based awards during 2023 is presented below (performance-based awards are shown at 100% of the shares originally granted). Stock-Settled Awards Cash-Settled Awards Performance-Based Awards Awards Weighted- Awards Weighted- Awards Weighted- Non-vested as of January 1, 2023 3.5 $ 27.52 0.0 $ 27.96 2.9 $ 24.31 Reinstated 0.1 29.25 0.0 0.0 0.0 33.26 Granted 1.4 35.54 0.0 35.71 2.1 26.31 Vested (1.7) 21.92 0.0 21.02 (2.4) 18.03 Forfeited (0.4) 31.04 0.0 34.96 (0.3) 27.82 Non-vested as of December 31, 2023 2.9 $ 34.20 0.0 $ 36.05 2.3 $ 32.09 Total unrecognized compensation expense remaining $ 47.9 $ 0.7 $ 34.1 Weighted-average years expected to be recognized over 1.4 1.7 1.8 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value of Assets and Liabilities Measured on a Recurring Basis (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables present information about our financial instruments measured at fair value on a recurring basis as of December 31, 2023 and 2022, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. December 31, 2023 Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 1,521.5 $ — $ — $ 1,521.5 Cash and cash equivalents Liabilities Contingent acquisition obligations 1 $ — $ — $ 3.1 $ 3.1 Accrued liabilities and Other non-current liabilities December 31, 2022 Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 1,688.1 — — $ 1,688.1 Cash and cash equivalents Liabilities Contingent acquisition obligations 1 — — 21.6 $ 21.6 Accrued liabilities and Other non-current liabilities 1 Contingent acquisition obligations includes deferred acquisition payments and unconditional obligations to purchase additional non-controlling equity shares of consolidated subsidiaries. Fair value measurement of the obligations is based upon actual and projected operating performance targets as specified in the related agreements. The decrease in this balance of $18.5 from December 31, 2022 to December 31, 2023 is primarily due to payments related to our deferred acquisitions from prior-year acquisitions and valuation adjustments, partially offset by the addition of a new contingent acquisition obligation and the exercises of redeemable non-controlling interest. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities. |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Nonrecurring (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Assets and Liabilities Measured at Fair Value on Recurring Basis [Abstract] | |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents information about our financial instruments that are not measured at fair value on a recurring basis as of December 31, 2023, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Total long-term debt $ — $ 2,974.5 $ 0.8 $ 2,975.3 $ — $ 2,551.5 $ 0.8 $ 2,552.3 |
Schedule of Defined Benefit Pla
Schedule of Defined Benefit Plans Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | Pension and Postretirement Benefit Obligation The change in the benefit obligation, the change in plan assets, the funded status and amounts recognized for the Domestic Pension Plan, the significant foreign pension plans and the domestic postretirement benefit plan are listed below. Domestic Foreign Domestic Postretirement 2023 2022 2023 2022 2023 2022 Benefit Obligation Projected benefit obligation as of January 1 $ 75.0 $ 104.1 $ 334.2 $ 546.0 $ 17.9 $ 24.2 Service cost 0.0 0.0 2.2 4.6 0.0 0.0 Interest cost 4.0 2.8 15.6 8.9 0.9 0.6 Benefits paid (8.2) (9.0) (18.9) (20.9) (5.1) (4.8) Plan participant contributions 0.0 0.0 0.0 0.0 1.8 1.9 Actuarial (gains) losses 1.0 (23.0) 6.8 (153.3) 0.6 (4.0) Settlements 0.0 0.0 (2.5) 0.0 0.0 0.0 Plan amendments 0.0 0.1 0.0 0.0 0.0 0.0 Foreign currency effect 0.0 0.0 17.4 (51.1) 0.0 0.0 Projected benefit obligation as of December 31 $ 71.8 $ 75.0 $ 354.8 $ 334.2 $ 16.1 $ 17.9 Fair Value of Plan Assets Fair value of plan assets as of January 1 $ 70.5 $ 98.1 $ 297.1 $ 484.8 $ 0.0 $ 0.0 Actual return on plan assets 6.7 (18.6) 5.3 (134.8) 0.0 0.0 Employer contributions 0.0 0.0 61.4 16.4 3.3 2.9 Plan participant contributions 0.0 0.0 0.0 0.0 1.8 1.9 Benefits paid (8.2) (9.0) (18.9) (20.9) (5.1) (4.8) Settlements 0.0 0.0 (2.5) 0.0 0.0 0.0 Foreign currency effect 0.0 0.0 17.3 (48.4) 0.0 0.0 Fair value of plan assets as of December 31 $ 69.0 $ 70.5 $ 359.7 $ 297.1 $ 0.0 $ 0.0 Funded status of the plans at December 31 $ (2.8) $ (4.5) $ 4.9 $ (37.1) $ (16.1) $ (17.9) Domestic Foreign Domestic Postretirement December 31, 2023 2022 2023 2022 2023 2022 Amounts recognized in Consolidated Balance Sheets Non-current asset $ 0.0 $ 0.0 $ 59.8 $ 17.8 $ 0.0 $ 0.0 Current liability 0.0 0.0 (7.0) (5.1) (1.9) (2.0) Non-current liability (2.8) (4.5) (47.9) (49.8) (14.2) (15.9) Net liability recognized $ (2.8) $ (4.5) $ 4.9 $ (37.1) $ (16.1) $ (17.9) Accumulated benefit obligation $ 71.8 $ 75.0 $ 351.2 $ 328.2 Amounts recognized in Accumulated Other Net actuarial loss $ 41.1 $ 44.4 $ 157.7 $ 134.6 $ 1.7 $ 1.1 Prior service cost (credit) 0.0 0.1 0.4 0.6 0.0 0.0 Total amount recognized $ 41.1 $ 44.5 $ 158.1 $ 135.2 $ 1.7 $ 1.1 Actuarial losses of $1.0 for the Domestic Pension Plan are attributed to a decrease in the discount rate from 5.65% as of December 31, 2022 to 5.40% as of December 31, 2023 and changes in demographic experience. Actuarial losses of $6.8 for the foreign pension plans are attributed to a decrease in the weighted-average discount rate from 4.62% as of December 31, 2022 to 4.32% as of December 31, 2023 and changes in demographic experience. Domestic Foreign Pension Plans December 31, 2023 2022 2023 2022 Pension plans with an accumulated benefit obligation in excess of plan assets Aggregate projected benefit obligation $ 71.8 $ 75.0 $ 55.8 $ 67.4 Aggregate accumulated benefit obligation 71.8 75.0 53.7 62.4 Aggregate fair value of plan assets 69.0 70.5 1.0 12.5 Domestic Foreign Pension Plans December 31, 2023 2022 2023 2022 Pension plans with a projected benefit obligation in excess of plan assets Aggregate projected benefit obligation $ 71.8 $ 75.0 $ 66.0 $ 67.4 Aggregate accumulated benefit obligation 71.8 75.0 63.5 62.4 Aggregate fair value of plan assets 69.0 70.5 11.1 12.5 |
Employee Benefits Schedule of N
Employee Benefits Schedule of Net Benefit Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Net Periodic Cost The components of net periodic benefit cost and key assumptions are listed below. Domestic Pension Plan Foreign Pension Plans Domestic Postretirement Benefit Plan Years ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ 0.0 $ 0.0 $ 0.0 $ 2.2 $ 4.6 $ 4.5 $ 0.0 $ 0.0 $ 0.0 Interest cost 4.0 2.8 2.9 15.6 8.9 8.0 0.9 0.6 0.7 Expected return on plan assets (4.0) (4.7) (5.6) (17.0) (19.8) (20.8) 0.0 0.0 0.0 Curtailment and settlement 0.0 0.0 1.5 (0.3) 0.0 (0.9) 0.0 0.0 0.0 Amortization of: Prior service cost (credit) 0.1 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 Net actuarial losses 1.6 1.4 1.7 5.0 4.4 6.7 0.0 0.4 0.9 Net periodic cost $ 1.7 $ (0.5) $ 0.5 $ 5.6 $ (1.8) $ (2.4) $ 0.9 $ 1.0 $ 1.6 Assumptions Domestic Pension Plan Foreign Pension Plans Domestic Postretirement Benefit Plan Years ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Net periodic cost Discount rate 5.65 % 2.95 % 2.60 % 4.62 % 1.86 % 1.35 % 5.65 % 2.90 % 2.50 % Rate of compensation increase N/A N/A N/A 2.80 % 2.65 % 2.47 % N/A N/A N/A Expected return on plan assets 6.00 % 5.00 % 5.75 % 5.62 % 4.47 % 4.47 % N/A N/A N/A Interest crediting rates 5.10 % 5.10 % 5.10 % 1.50 % 1.50 % 1.50 % N/A N/A N/A Benefit obligation Discount rate 5.40 % 5.65 % 2.95 % 4.32 % 4.62 % 1.86 % 5.40 % 5.65 % 2.90 % Rate of compensation increase N/A N/A N/A 3.35 % 2.80 % 2.65 % N/A N/A N/A Interest crediting rates 5.10 % 5.10 % 5.10 % 1.50 % 1.50 % 1.50 % N/A N/A N/A Healthcare cost trend rate assumed for next year Initial rate (weighted-average) 6.50 % 6.75 % 6.50 % Year ultimate rate is reached 2030 2030 2028 Ultimate rate 5.00 % 5.00 % 5.00 % |
Employee Benefits Fair Value of
Employee Benefits Fair Value of Pension Plan Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Fair Value of Pension Plan Assets [Table Text Block] | The following table presents the fair value of our domestic and foreign pension plan assets as of December 31, 2023 and 2022, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. See Note 13 for a description of the fair value hierarchy. December 31, 2023 December 31, 2022 Plan assets subject to fair value hierarchy Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Registered investment companies $ 6.7 $ 0.0 $ 0.0 $ 6.7 $ 10.6 $ 0.0 $ 0.0 $ 10.6 Limited partnerships 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Fixed income securities 9.2 0.0 0.0 9.2 12.5 0.0 0.0 12.5 Insurance contracts 0.0 1.4 334.4 335.8 0.0 1.6 0.0 1.6 Other 10.7 0.0 0.0 10.7 11.9 0.0 0.0 11.9 Total plan assets, subject to leveling $ 26.6 $ 1.4 $ 334.4 $ 362.4 $ 35.0 $ 1.6 $ — $ 36.6 Other Plan Assets Other investments measured at net asset value 1 106.5 331.0 Non-benefit obligation liabilities (40.2) 0.0 Total plan assets $ 428.7 $ 367.6 1 Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy but are included to reconcile to the amounts presented in the fair value of plan assets table above. |
Employee Benefits Schedule of E
Employee Benefits Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following table presents additional information about our significant foreign pension plan assets for which we utilize Level 3 inputs to determine fair value. Years ended December 31, Plan assets subject to fair value hierarchy, Level 3 2023 2022 Balance at beginning of period $ 0.0 $ 24.0 Actual return on plan assets 19.9 (1.7) Net purchases, sales and settlements 314.5 (22.3) Balance at end of period $ 334.4 $ 0.0 |
Employee Benefits Schedule of A
Employee Benefits Schedule of Allocation of Plan Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Allocation of Plan Assets [Table Text Block] | As of December 31, 2023, the weighted-average target and actual asset allocations relating to our domestic and foreign pension plans' assets are listed below. December 31, Asset Class 2024 Target Allocation 2023 2022 Alternative investments 1 — % — % 18 % Equity securities 6 % 5 % 14 % Fixed income securities 15 % 16 % 26 % Insurance contracts 78 % 78 % — % Liability driven investments 2 — % — % 28 % Real estate & Other 1 % 1 % 14 % Total 100 % 100 % 100 % 1 Alternative investments have the flexibility to dynamically invest across a broad range of asset classes including bonds, equity, cash, property and commodities. 2 Liability driven investment strategies use government bonds as well as derivative instruments to hedge a portion of the impact of interest rates and inflation movements on the long-term liabilities. |
Employee Benefits Schedule of_2
Employee Benefits Schedule of Estimated Future Benefit Payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Expected Benefit Payments [Table Text Block] | The estimated future benefit payments expected to be paid are presented below. Years Domestic Foreign Domestic Postretirement 2024 $ 8.0 $ 22.6 $ 1.6 2025 7.2 22.0 1.5 2026 6.9 21.6 1.4 2027 6.9 21.1 1.7 2028 6.4 21.6 1.6 2029 - 2033 27.4 108.4 6.3 |
Segment Information Schedule of
Segment Information Schedule of Segment Reporting Information, by Segment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Summarized financial information concerning our reportable segments is shown in the following tables. Years ended December 31, 2023 2022 2021 Total Revenue: MD&E $ 4,394.8 $ 4,381.6 $ 4,196.6 IA&C 4,002.2 4,140.6 4,041.8 SC&E 2,492.3 2,405.6 2,002.3 Total $ 10,889.3 $ 10,927.8 $ 10,240.7 Revenue before billable expenses: MD&E $ 4,326.5 $ 4,296.9 $ 4,117.7 IA&C 3,633.2 3,766.3 3,679.7 SC&E 1,440.9 1,386.2 1,310.5 Total $ 9,400.6 $ 9,449.4 $ 9,107.9 Restructuring: MD&E (1.3) 69.1 0.1 IA&C 0.2 28.7 2.6 SC&E 1.1 3.8 10.0 Corporate and other 0.1 0.8 (2.1) Total $ 0.1 $ 102.4 $ 10.6 Segment EBITA 1 : MD&E $ 832.4 $ 744.5 $ 865.3 IA&C 541.3 581.4 597.9 SC&E 265.2 234.5 188.6 Corporate and other (72.3) (94.5) (129.4) Total $ 1,566.6 $ 1,465.9 $ 1,522.4 Amortization of acquired intangibles: MD&E $ 77.3 $ 72.8 $ 71.9 IA&C 4.3 7.2 10.4 SC&E 2.4 4.7 3.9 Corporate and other 0.0 0.0 0.0 Total $ 84.0 $ 84.7 $ 86.2 Depreciation and amortization 2 : MD&E $ 105.8 $ 107.4 $ 108.0 IA&C 53.6 58.4 62.7 SC&E 15.9 16.9 17.7 Corporate and other 5.0 6.6 9.2 Total $ 180.3 $ 189.3 $ 197.6 Capital expenditures: MD&E $ 100.1 $ 97.4 $ 99.7 IA&C 40.8 43.8 57.5 SC&E 6.4 7.3 8.1 Corporate and other 32.0 29.6 30.0 Total $ 179.3 $ 178.1 $ 195.3 1 Segment EBITA is calculated as net income available to IPG common stockholders before provision for income taxes, total (expenses) and other income, equity in net income of unconsolidated affiliates, net income attributable to non-controlling interests and amortization of acquired intangibles. 2 Excludes amortization of acquired intangibles. December 31, 2023 2022 Total assets: MD&E $ 10,715.4 $ 9,984.3 IA&C 4,812.5 5,083.5 SC&E 1,800.6 1,629.9 Corporate and other 1,938.8 2,114.0 Total $ 19,267.3 $ 18,811.7 The following table presents the reconciliation of segment EBITA to Income before income taxes. Years ended December 31, 2023 2022 2021 MD&E EBITA $ 832.4 $ 744.5 $ 865.3 IA&C EBITA 541.3 581.4 597.9 SC&E EBITA 265.2 234.5 188.6 Corporate and other EBITA (72.3) (94.5) (129.4) Less: consolidated amortization of acquired intangibles 84.0 84.7 86.2 Operating income 1,482.6 1,381.2 1,436.2 Total (expenses) and other income (74.6) (112.3) (214.1) Income before income taxes $ 1,408.0 $ 1,268.9 $ 1,222.1 |
Segment Information Schedule _2
Segment Information Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Long-lived assets, including operating lease right-of-use assets and excluding intangible assets, are presented by major geographic area in the following table. Long-Lived Assets December 31, 2023 2022 Domestic $ 1,546.0 $ 1,676.7 International: United Kingdom 290.1 254.8 Continental Europe 84.7 87.6 Asia Pacific 163.2 176.5 Latin America 59.0 61.6 Other 84.3 88.9 Total International 681.3 669.4 Total Consolidated $ 2,227.3 $ 2,346.1 Property and equipment are allocated based upon physical location. Other assets and investments are allocated based on the location of the related operations. |
Commitments and Contingencies S
Commitments and Contingencies Schedule of Contingent Acquisition Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Contingent Acquisition Obligations The following table details the estimated future contingent acquisition obligations payable in cash as of December 31, 2023. 2024 2025 2026 2027 2028 Thereafter Total Deferred acquisition payments $ 2.9 $ 0.1 $ 0.1 $ 0.0 $ 0.0 $ 0.0 $ 3.1 Redeemable non-controlling interests and call options with affiliates 1 9.7 17.4 19.9 28.7 0.0 0.0 75.7 Total contingent acquisition payments $ 12.6 $ 17.5 $ 20.0 $ 28.7 $ 0.0 $ 0.0 $ 78.8 1 We have entered into certain acquisitions that contain both redeemable non-controlling interests and call options with similar terms and conditions. The estimated amounts listed would be paid in the event of exercise at the earliest exercise date. We have certain redeemable non-controlling interests that are exercisable at the discretion of the non-controlling equity owners as of December 31, 2023. These estimated payments of $1.4 are included within the total payments expected to be made in 2024, and will continue to be carried forward into 2025 or beyond until exercised or expired. Redeemable non-controlling interests are included in the table at current exercise price payable in cash, not at applicable redemption value, in accordance with the authoritative guidance for classification and measurement of redeemable securities. The majority of these payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revision in accordance with the terms of the respective agreements. See Note 6 for further information relating to the payment structure of our acquisitions. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Details) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Operating Lease, Right-of-Use Asset | $ 1,162.6 | $ 1,277.5 | |
Operating Lease, Liability | 1,469.4 | ||
Revenue, remaining performance obligation, amount | 716.5 | ||
Retirement of treasury stock, amount | $ 0 | 0 | |
ERP Systems, Useful Life | 10 | ||
Minimum Remaining Lease Term | 1 year | ||
Maximum Remaining Lease Term | 13 years | ||
Leasehold Improvements, Useful Life | the shorter of the useful life or the remaining lease term | ||
Number of Reporting Units for Purposes of Annual Goodwill Impairment Test | 10 | ||
Foreign Currency Transaction pre-tax Gain (Loss) | $ 5.7 | (2.5) | $ 5 |
Minimum | |||
Furniture and Equipment, Useful Life | 3 years | ||
Buildings, Useful Life | 10 years | ||
Other Internal Use Software, Useful Life | 3 | ||
Identifiable Intangible Assets, Useful Life | 7 years | ||
Maximum | |||
Furniture and Equipment, Useful Life | 7 years | ||
Buildings, Useful Life | 35 years | ||
Other Internal Use Software, Useful Life | 7 | ||
Identifiable Intangible Assets, Useful Life | 15 years | ||
Common Stock [Member] | |||
Retirement of treasury stock, amount | $ 0.9 | 0.7 | |
Treasury Stock [Member] | |||
Retirement of treasury stock, amount | (340.4) | (199.9) | |
Additional Paid-in Capital [Member] | |||
Retirement of treasury stock, amount | $ 339.5 | $ 199.2 | |
Common Stock, Shares Issued [Member] | |||
Retirement of treasury stock, shares | shares | (9.3) | (7.2) | 0 |
Revenue Major Geographical Area
Revenue Major Geographical Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net revenue | $ 9,400.6 | $ 9,449.4 | $ 9,107.9 |
Total revenue | 10,889.3 | 10,927.8 | 10,240.7 |
United States | |||
Net revenue | 6,102.2 | 6,157.7 | 5,763.1 |
Total revenue | 7,033.1 | 7,031 | 6,360.2 |
Total International | |||
Net revenue | 3,298.4 | 3,291.7 | 3,344.8 |
Total revenue | 3,856.2 | 3,896.8 | 3,880.5 |
United Kingdom | |||
Net revenue | 759.2 | 742.2 | 781.5 |
Total revenue | 891.5 | 902.7 | 880.5 |
Continental Europe | |||
Net revenue | 795.7 | 764.6 | 799.7 |
Total revenue | 901.3 | 867.5 | 892.8 |
Asia Pacific | |||
Net revenue | 729.8 | 772.7 | 791.4 |
Total revenue | 868.3 | 918.5 | 970.1 |
Latin America | |||
Net revenue | 448.7 | 423.6 | 396.4 |
Total revenue | 477 | 454.9 | 430.3 |
Other | |||
Net revenue | 565 | 588.6 | 575.8 |
Total revenue | 718.1 | 753.2 | 706.8 |
MD&E | |||
Net revenue | 4,326.5 | 4,296.9 | 4,117.7 |
Total revenue | 4,394.8 | 4,381.6 | 4,196.6 |
MD&E | United States | |||
Net revenue | 2,703.5 | 2,690.9 | 2,552 |
Total revenue | 2,731.4 | 2,730.2 | 2,584.7 |
MD&E | Total International | |||
Net revenue | 1,623 | 1,606 | 1,565.7 |
Total revenue | 1,663.4 | 1,651.4 | 1,611.9 |
IA&C | |||
Net revenue | 3,633.2 | 3,766.3 | 3,679.7 |
Total revenue | 4,002.2 | 4,140.6 | 4,041.8 |
IA&C | United States | |||
Net revenue | 2,383.8 | 2,483.7 | 2,306 |
Total revenue | 2,508.8 | 2,585.9 | 2,403.3 |
IA&C | Total International | |||
Net revenue | 1,249.4 | 1,282.6 | 1,373.7 |
Total revenue | 1,493.4 | 1,554.7 | 1,638.5 |
SC&E | |||
Net revenue | 1,440.9 | 1,386.2 | 1,310.5 |
Total revenue | 2,492.3 | 2,405.6 | 2,002.3 |
SC&E | United States | |||
Net revenue | 1,014.9 | 983.1 | 905.1 |
Total revenue | 1,792.9 | 1,714.9 | 1,372.2 |
SC&E | Total International | |||
Net revenue | 426 | 403.1 | 405.4 |
Total revenue | $ 699.4 | $ 690.7 | $ 630.1 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Liability, Leases Not Commenced | $ 81 | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 299.6 | ||
Operating Lease, Expense | $ 268.4 | $ 290.7 | $ 306 |
Minimum Remaining Lease Term | 1 year | ||
Maximum Remaining Lease Term | 13 years | ||
Short-term Lease, Cost | $ 7.9 | 6.4 | 8.1 |
Sublease Income | (26.4) | (23.8) | (21.1) |
Lease, Cost | 249.9 | 273.3 | 293 |
Operating Lease, Payments | 299.5 | 320.9 | 347.6 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 83 | $ 93 | $ 431 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 8 years | 8 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.63% | 3.51% | 3.45% |
Lessee, Operating Lease, Liability, Payments, Due Year Two | $ 270.1 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 249.8 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 215.4 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 170.9 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 458.4 | ||
Lessee, Operating Lease, Liability, Payments, Due | 1,664.2 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 194.8 | ||
Operating Lease, Liability | 1,469.4 | ||
Operating Lease, Liability, Current | 252.6 | $ 235.9 | |
Operating Lease, Liability, Noncurrent | $ 1,216.8 | $ 1,380.1 | |
Minimum Lease Term for Leases That Have Not Yet Commenced | 1 year | ||
Maximum Lease Term for Leases That Have Not Yet Commenced | 12 years |
Debt and Credit Agreements Long
Debt and Credit Agreements Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 3,167.6 | $ 2,871.3 |
Long-term debt, current maturities | 250.1 | 0.6 |
Long-term debt, excluding current maturities | 2,917.5 | 2,870.7 |
Deb instrument, unamortized debt issuance costs | 22.7 | 26.2 |
Long-term debt, fair value | 2,975.3 | 2,552.3 |
4.000% Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 250 | |
Interest rate, stated percentage | 4% | |
3.750% Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 500 | |
Interest rate, stated percentage | 3.75% | |
4.200% Notes Due 2024 (less unamortized discount and issuance costs of $0.1 and $0.5, respectively) | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 250 | |
Long-term debt, gross | 249.9 | 249.7 |
Deb instrument, unamortized debt issuance costs | $ 0.1 | |
Debt instrument, maturity date | Apr. 15, 2024 | |
Interest rate, stated percentage | 4.20% | |
Debt instrument, interest rate, effective percentage | 4.24% | |
Debt Instrument, Unamortized Discount (Premium), Net | $ 0 | |
4.650% Notes Due 2028 (less unamortized discount and issuance costs of $1.2 and $3.0, respectively) | ||
Debt Instrument [Line Items] | ||
Senior Notes | 500 | |
Long-term debt, gross | 497 | 496.4 |
Deb instrument, unamortized debt issuance costs | $ 2.1 | |
Debt instrument, maturity date | Oct. 01, 2028 | |
Interest rate, stated percentage | 4.65% | |
Debt instrument, interest rate, effective percentage | 4.78% | |
Debt Instrument, Unamortized Discount (Premium), Net | $ 0.9 | |
4.750% Note Due 2030 (less unamortized discount and issuance costs of $3.2 and $5.1, respectively) | ||
Debt Instrument [Line Items] | ||
Senior Notes | 650 | |
Long-term debt, gross | 643.6 | 642.6 |
Deb instrument, unamortized debt issuance costs | $ 3.8 | |
Debt instrument, maturity date | Mar. 30, 2030 | |
Interest rate, stated percentage | 4.75% | |
Debt instrument, interest rate, effective percentage | 4.92% | |
Debt Instrument, Unamortized Discount (Premium), Net | $ 2.6 | |
2.400% Note Due 2031 (less unamortized discount and issuance costs of $0.7 and $4.3, respectively) | ||
Debt Instrument [Line Items] | ||
Senior Notes | 500 | |
Long-term debt, gross | 496 | 495.5 |
Deb instrument, unamortized debt issuance costs | $ 3.3 | |
Debt instrument, maturity date | Mar. 01, 2031 | |
Interest rate, stated percentage | 2.40% | |
Debt instrument, interest rate, effective percentage | 2.512% | |
Debt Instrument, Unamortized Discount (Premium), Net | $ 0.7 | |
3.375% Note Due 2041 (less unamortized discount and issuance costs of $1.1 and $5.5, respectively) | ||
Debt Instrument [Line Items] | ||
Senior Notes | 500 | |
Long-term debt, gross | 494.1 | 493.7 |
Deb instrument, unamortized debt issuance costs | $ 5 | |
Debt instrument, maturity date | Mar. 01, 2041 | |
Interest rate, stated percentage | 3.375% | |
Debt instrument, interest rate, effective percentage | 3.448% | |
Debt Instrument, Unamortized Discount (Premium), Net | $ 0.9 | |
5.40% Notes Due 2048 (less unamortized discount and issuance costs of $2.7 and $5.0, respectively) | ||
Debt Instrument [Line Items] | ||
Senior Notes | 500 | |
Long-term debt, gross | 492.8 | 492.6 |
Deb instrument, unamortized debt issuance costs | $ 4.6 | |
Debt instrument, maturity date | Oct. 01, 2048 | |
Interest rate, stated percentage | 5.40% | |
Debt instrument, interest rate, effective percentage | 5.48% | |
Debt Instrument, Unamortized Discount (Premium), Net | $ 2.6 | |
Other notes payable and capitalized leases | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0.8 | 0.8 |
Unsecured Debt 5.375% Notes | ||
Debt Instrument [Line Items] | ||
Senior Notes | 300 | |
Long-term debt, gross | 293.4 | $ 0 |
Deb instrument, unamortized debt issuance costs | $ 3 | |
Debt instrument, maturity date | Jun. 15, 2033 | |
Interest rate, stated percentage | 5.375% | |
Debt instrument, interest rate, effective percentage | 5.65% | |
Debt Instrument, Unamortized Discount (Premium), Net | $ 3.6 |
Debt and Credit Agreements Debt
Debt and Credit Agreements Debt Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of New Debt Issuance [Line Items] | |||
Loss on Extinguishment of Debt | $ 0 | $ 0 | $ (74) |
Recognition of previously unrealized losses included in net income | 2.6 | $ 1.4 | $ (4.2) |
4.00% Notes Due 2022 | |||
Schedule of New Debt Issuance [Line Items] | |||
Debt Instrument, Face Amount | $ 250 | ||
Interest rate, stated percentage | 4% | ||
3.75% Notes Due 2023 | |||
Schedule of New Debt Issuance [Line Items] | |||
Debt Instrument, Face Amount | $ 500 | ||
Interest rate, stated percentage | 3.75% | ||
4.20% Notes Due 2024 | |||
Schedule of New Debt Issuance [Line Items] | |||
Debt Instrument, Face Amount | $ 250 | ||
Interest rate, stated percentage | 4.20% | ||
4.65% Notes Due 2028 | |||
Schedule of New Debt Issuance [Line Items] | |||
Debt Instrument, Face Amount | $ 500 | ||
Interest rate, stated percentage | 4.65% | ||
4.75% Note Due 2030 | |||
Schedule of New Debt Issuance [Line Items] | |||
Debt Instrument, Face Amount | $ 650 | ||
Interest rate, stated percentage | 4.75% | ||
5.40% Notes Due 2048 | |||
Schedule of New Debt Issuance [Line Items] | |||
Debt Instrument, Face Amount | $ 500 | ||
Interest rate, stated percentage | 5.40% | ||
2.400% Note Due 2031 (less unamortized discount and issuance costs of $0.7 and $4.3, respectively) | |||
Schedule of New Debt Issuance [Line Items] | |||
Debt Instrument, Face Amount | $ 500 | ||
Interest rate, stated percentage | 2.40% | ||
3.375% Note Due 2041 (less unamortized discount and issuance costs of $1.1 and $5.5, respectively) | |||
Schedule of New Debt Issuance [Line Items] | |||
Debt Instrument, Face Amount | $ 500 | ||
Interest rate, stated percentage | 3.375% | ||
Unsecured Debt 4.200% Notes Original Principal | |||
Schedule of New Debt Issuance [Line Items] | |||
Debt Instrument, Face Amount | $ 500 | ||
Unsecured Debt 5.375% Notes | |||
Schedule of New Debt Issuance [Line Items] | |||
Debt Instrument, Face Amount | 300 | ||
Unsecured Debt | 292.9 | ||
Debt instrument, unamortized discount | 3.8 | ||
Debt Issuance Costs, Gross | $ 3.3 | ||
Interest rate, stated percentage | 5.375% |
Debt and Credit Agreements Annu
Debt and Credit Agreements Annual Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Long-term debt, maturities, repayments of principal in next twelve months | $ 250.1 | |
Long-term debt, maturities, repayments of principal in year two | 0.2 | |
Long-term debt, maturities,repayments of principal in year three | 0.2 | |
Long-term debt, maturities, repayments of principal in year four | 0.1 | |
Long-term debt, maturities, repayments of principal in year five | 497 | |
Long-term debt, maturities, repayments of principal after year five | 2,420 | |
Total long-term debt | $ 3,167.6 | $ 2,871.3 |
Debt and Credit Agreements Cred
Debt and Credit Agreements Credit Agreements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Cash debt pooling arrangements, amount netted | $ 2,718 | $ 2,411.2 |
Margin for base rate advances | 0.125% | |
Margin for Eurocurrency rate advances | 1.125% | |
Annual rate for fronting fees accrued on letters of credit | 0.25% | |
Annual facility fee | 0.125% | |
Leverage ratio maximum | 3.50x | |
Asset Acquisition, Price of Acquisition, Expected | $ 200 | |
Committed credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 1,500 | |
Line of credit facility, available capacity increase amount | 250 | |
Limits on letters of credit | 50 | |
Line of credit facility, amount outstanding | 0 | |
Letters of credit, amount outstanding | 9.5 | 10.3 |
Line of credit facility, remaining borrowing capacity | 1,490.5 | 1,489.7 |
Uncommitted credit facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, amount outstanding | 34.2 | 44.3 |
Line of Credit Facility, Average Outstanding Amount | 47.9 | 61.2 |
Line of credit facility, current borrowing capacity | $ 780.7 | $ 936.2 |
Line of credit facility, weighted average interest rate, over time | 7.90% | 4.60% |
Debt and Credit Agreements Comm
Debt and Credit Agreements Commercial Paper (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Debt Disclosure [Abstract] | |
Commercial paper, current borrowing capacity | $ 1,500 |
Debt Instrument, Term | 397 days |
Commercial paper, amount outstanding | $ 0 |
Commercial paper, average outstanding amount | $ 0 |
Debt and Credit Agreements Cash
Debt and Credit Agreements Cash Pooling (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Cash debt pooling arrangements, amount netted | $ 2,718 | $ 2,411.2 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net Income (Loss) Attributable to Parent | $ 1,098.4 | $ 938 | $ 952.8 |
Weighted-average number of common shares outstanding, Basic | 384.1 | 391.5 | 393 |
Restricted stock, stock options and other equity awards | 1.8 | 3.6 | 5.4 |
Weighted-average number of common shares outstanding, Diluted | 385.9 | 395.1 | 398.4 |
Basic | $ 2.86 | $ 2.40 | $ 2.42 |
Diluted | $ 2.85 | $ 2.37 | $ 2.39 |
Acquisitions Narrative (Details
Acquisitions Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 03, 2022 | |
Number of businesses acquired | 2 | 0 | ||
Current year acquisitions/(dispositions) | $ 11.7 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 83.90% | |||
Acquired finite-lived intangible assets related to acquisitions | 8.5 | $ 62 | ||
Acquisitions, net of cash acquired | (2.6) | |||
Payments to Acquire Businesses, Net of Cash Acquired, including adjustments for prior period acquisitons | 6.3 | 232.2 | $ 0 | |
Interest income | 140.8 | 56.6 | $ 27.2 | |
IAN | ||||
Current year acquisitions/(dispositions) | 0 | 0 | ||
DXTRA | ||||
Current year acquisitions/(dispositions) | $ 0 | $ 0 | ||
MD&E | ||||
Number of businesses acquired | 1 | |||
Acquired finite-lived intangible assets related to acquisitions | $ 62 | |||
Acquisitions, net of cash acquired | 232.2 | |||
Goodwill, Acquired During Period, Including Purchase Accounting Adjustments | $ 211.7 | |||
IA&C | ||||
Number of businesses acquired | 1 | |||
SC&E | ||||
Number of businesses acquired | 1 |
Acquisitions Cash Paid for Acqu
Acquisitions Cash Paid for Acquisitions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Paid for Acquisitions [Abstract] | |||
Cost of investment: current-year acquisitions | $ 5.8 | $ 235.4 | $ 0 |
Cost of investment: prior-year acquisitions | 16.6 | 9.3 | 28 |
Less: net cash acquired | 3.2 | 3.2 | 0 |
Total cost of investment | 19.2 | 241.5 | 28 |
Operating payments | 2.7 | 9.6 | 39.1 |
Total cash paid for acquisitions | 21.9 | 251.1 | 67.1 |
Acquisitions, net of cash acquired | (2.6) | ||
Payments for previous acquisition, financing cash flows | 12.9 | 9.3 | $ 28 |
Acquired finite-lived intangible assets related to acquisitions | $ 8.5 | $ 62 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Redeemable Noncontrolling Interests | |||
Balance at beginning of period | $ 38.3 | $ 15.6 | $ 93.1 |
Change in related noncontrolling interest balance | (0.3) | (0.5) | 2.2 |
Changes in redemption value of redeemable noncontrolling interests: | |||
Additions | 7.4 | 30.3 | 0 |
Redemptions and other | (0.4) | (9.9) | (41.9) |
Redemption value adjustments | (2.6) | 3 | (32.1) |
Balance at end of period | $ 42.3 | $ 38.3 | $ 15.6 |
Acquisitions Acxiom Acquisition
Acquisitions Acxiom Acquisition (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2023 | Jan. 01, 2022 | |
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 1,365.1 | $ 1,360.3 | |||
Cash and Cash Equivalents, at Carrying Value | 2,386.1 | 2,545.3 | |||
Accounts receivable, net of allowance | 5,768.8 | 5,316 | |||
Accounts receivable, billable to clients | 2,229.2 | 2,023 | |||
Other current assets | 128.6 | 83.7 | |||
Property, Plant and Equipment, Net | 636.7 | 637.4 | |||
Goodwill | 5,080.9 | 5,050.6 | $ 4,908.7 | $ 5,050.6 | $ 4,908.7 |
Other non-current assets | 428.1 | 431.2 | |||
Contract liabilities | (684.7) | (680) | |||
Other non-current liabilities | (532.4) | (572.6) | |||
Net revenue | 9,400.6 | 9,449.4 | 9,107.9 | ||
Net Income Attributable to Parent | 1,098.4 | 938 | $ 952.8 | ||
Customer Lists [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 882.1 | 873.1 | |||
know-how technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 239.5 | 239.2 | |||
Trade Names [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 227.3 | $ 231.8 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts - Allowance for Uncollectible Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 48.6 | $ 68.5 | $ 98.3 |
Charges to costs and expenses | 7.2 | (5.8) | (14.9) |
Acquisitions/(dispositions) | (1.7) | (0.9) | (3.2) |
Uncollectible accounts written off | (7.8) | (12.8) | (9.8) |
Accounts Receivable, Allowance for Credit Loss, Recovery | 0.1 | 1.9 | 0.3 |
Foreign currency translation adjustment | 0 | (2.3) | (2.2) |
Balance at end of period | $ 46.4 | $ 48.6 | $ 68.5 |
Supplementary Data Property a_2
Supplementary Data Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Furniture and equipment | $ 632.8 | $ 640.8 | |
Leasehold improvements | 507 | 528.6 | |
Internal-use computer software | 585.1 | 581.4 | |
Land and buildings | 136.7 | 131.4 | |
Total property and equipment, gross | 1,861.6 | 1,882.2 | |
Less: accumulated depreciation and amortization | (1,224.9) | (1,244.8) | |
Total property and equipment, net | 636.7 | 637.4 | |
Depreciation | $ 180.3 | $ 189.3 | $ 197.6 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 507.5 | $ 554 |
Accrued Income Taxes | 56.8 | 64.7 |
Interest | 40.2 | 37.3 |
Office and related expenses | 22.3 | 28.9 |
Acquisition obligations | 2.9 | 18.7 |
Restructuring Reserve, Current | 0.6 | 2.2 |
Other | 75.5 | 81.3 |
Total accrued liabilities | $ 705.8 | $ 787.1 |
Other Expense, Net (Details)
Other Expense, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Loss on Extinguishment of Debt | $ 0 | $ 0 | $ 74 |
Net (gains) losses on sales of businesses | 17.9 | (11.3) | (19.4) |
Other | (7.7) | 10.3 | 22.7 |
Total other expense, net | 10.2 | (1) | (70.7) |
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 58.7 | $ (22.4) | $ (13.3) |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 07, 2024 | Feb. 08, 2023 | Feb. 10, 2022 | |
Stock Repurchase Program, Authorized Amount | $ 320 | $ 350 | $ 400 | |||
Stock Repurchased During Period, Shares | 10.4 | 10.3 | 0 | |||
Payments for Repurchase of Common Stock | $ 350.2 | $ (320.1) | $ 0 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 33.64 | $ 31.01 | $ 0 | |||
Excise and Sales Taxes | $ 2.5 | |||||
2017 Share Repurchase Program | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 80.1 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jan. 01, 2023 | Jan. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | |||||
Goodwill | $ 5,050.6 | $ 4,908.7 | $ 5,080.9 | $ 5,050.6 | $ 4,908.7 |
Goodwill, Acquired/(Disposed) During Period | 3.1 | 203 | |||
Goodwill, Transfers | 0 | 0 | |||
Current year acquisitions/(dispositions) | 11.7 | ||||
Foreign currency and other | 27.2 | (61.1) | |||
IAN | |||||
Goodwill | |||||
Goodwill | 0 | 0 | 0 | 0 | 4,231.6 |
Goodwill, Transfers | 0 | (4,231.6) | |||
Current year acquisitions/(dispositions) | 0 | 0 | |||
Foreign currency and other | 0 | 0 | |||
DXTRA | |||||
Goodwill | |||||
Goodwill | 0 | 0 | 0 | 0 | 677.1 |
Goodwill, Transfers | 0 | (677.1) | |||
Current year acquisitions/(dispositions) | 0 | 0 | |||
Foreign currency and other | 0 | 0 | |||
MD&E | |||||
Goodwill | |||||
Goodwill | 2,668.2 | 2,293 | 2,677.5 | 2,487.6 | 0 |
Goodwill, Acquired/(Disposed) During Period | 2.2 | 209.5 | |||
Goodwill, Transfers | 180.6 | 2,293 | |||
Foreign currency and other | 7.1 | (14.9) | |||
IA&C | |||||
Goodwill | |||||
Goodwill | 1,698 | 1,920.2 | 1,723.2 | 1,878.6 | 0 |
Goodwill, Acquired/(Disposed) During Period | 10.7 | (6.5) | |||
Goodwill, Transfers | (180.6) | 1,920.2 | |||
Foreign currency and other | 14.5 | (35.1) | |||
SC&E | |||||
Goodwill | |||||
Goodwill | 684.4 | 695.5 | 680.2 | 684.4 | $ 0 |
Goodwill, Acquired/(Disposed) During Period | (9.8) | 0 | |||
Goodwill, Transfers | $ 0 | $ 695.5 | |||
Foreign currency and other | $ 5.6 | $ (11.1) |
Other Intangible Assets (Detail
Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Future amortization expense 2022 | $ 83.1 | ||
Future amortization expense 2023 | 80.4 | ||
Future amortization expense 2024 | 78.4 | ||
Future amortization expense 2025 | 65.1 | ||
Future amortization expense 2026 | 49.8 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 84 | $ 84.7 | $ 86.2 |
Acquired finite-lived intangible assets related to acquisitions | 8.5 | 62 | |
Gross Amount | 1,365.1 | 1,360.3 | |
Accumulated Amortization | (621.5) | (542.2) | |
Net Amount | 743.6 | 818.1 | |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 165.7 | 165.4 | |
Customer lists | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 882.1 | 873.1 | |
Accumulated Amortization | (431.6) | (378.4) | |
Net Amount | 450.5 | 494.7 | |
know-how technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 239.5 | 239.2 | |
Accumulated Amortization | (138.9) | (111.1) | |
Net Amount | 100.6 | 128.1 | |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 227.3 | 231.8 | |
Accumulated Amortization | (45.7) | (47.4) | |
Net Amount | 181.6 | 184.4 | |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 16.2 | 16.2 | |
Accumulated Amortization | (5.3) | (5.3) | |
Net Amount | $ 10.9 | $ 10.9 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Components of Income Before Inc
Components of Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income before income taxes, Domestic | $ 846.7 | $ 707.4 | $ 653.6 |
Income before income taxes, Foreign | 561.3 | 561.5 | 568.5 |
Income before income taxes | $ 1,408 | $ 1,268.9 | $ 1,222.1 |
Effective Income Tax Rate Reconciliation, Percent | 20.70% | 25.10% | 20.60% |
Provision for Income Taxes (Det
Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. federal income taxes (including foreign withholding taxes): | |||
Current federal income taxes | $ 97.6 | $ 168 | $ 105.4 |
Deferred federal income taxes | (16.2) | (34.9) | 13.2 |
Total federal income taxes | 81.4 | 133.1 | 118.6 |
State and local income taxes: | |||
Current state and local income taxes | 40.4 | 40.4 | 27.4 |
Deferred state and local income taxes | 4.3 | (5.3) | (0.9) |
Total state and local income taxes | 44.7 | 35.1 | 26.5 |
Foreign income taxes: | |||
Current foreign income taxes | 148.1 | 137 | 127.2 |
Deferred foreign income taxes | 17 | 13.2 | (20.5) |
Total foreign income taxes | 165.1 | 150.2 | 106.7 |
Provision for income taxes | $ 291.2 | $ 318.4 | $ 251.8 |
Reconciliation of Effective Inc
Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
U.S. federal statutory income tax rate | 21% | 21% | 21% | |
Income tax provision at U.S. federal statutory rate | $ 295.7 | $ 266.5 | $ 256.6 | |
State and local income taxes, net of federal income tax benefit | 35.3 | 27.7 | 21 | |
Impact of foreign operations, including withholding taxes | 51.4 | 37.9 | 47.8 | |
U.S. tax incentives | (24.4) | (23) | (28.4) | |
Change in net valuation allowance | [1] | (2.5) | 8 | (59.4) |
Divestitures | 0.5 | 1.1 | 1.1 | |
Change in unrecognized tax benefits | (61.1) | 3.5 | 13.2 | |
Other | (3.7) | (3.3) | (0.1) | |
Provision for income taxes | $ 291.2 | $ 318.4 | $ 251.8 | |
Effective income tax rate on operations | 20.70% | 25.10% | 20.60% | |
Tax Adjustments, Settlements, and Unusual Provisions | $ (64.2) | |||
[1] Reflects changes in valuation allowances that impacted the effective income tax rate for each year presented. |
Income Taxes Primary Impact on
Income Taxes Primary Impact on Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Percent | 20.70% | 25.10% | 20.60% |
Previously unrecognized tax benefits | $ (64.2) |
Components of Deferred Tax Asse
Components of Deferred Tax Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Net [Abstract] | ||||
Postretirement/post-employment benefits | $ 15.5 | $ 12.4 | ||
Deferred compensation | 65.1 | 78.1 | ||
Pension costs | 0.4 | 6.7 | ||
Basis differences in fixed assets | 0 | 0 | ||
Interest | 18.1 | 38.7 | ||
Accruals and reserves | 37 | 34.8 | ||
Allowance for doubtful accounts | 11.3 | 12.5 | ||
Deferred Tax Assets, Property, Plant and Equipment | 72.6 | (6.3) | ||
Basis differences in intangible assets | 395.3 | (369.8) | ||
Deferred Tax Liabilities, ROU | 252.8 | (269.8) | ||
Deferred Tax Liabilities, Leasing Arrangements | 322.7 | 343.5 | ||
Tax loss/tax credit carry forwards | 260.4 | 267 | ||
Prepaid expenses | 11.4 | (10) | ||
Deferred revenue | 1.8 | (1.8) | ||
Unremitted foreign earnings | 7 | (4.9) | ||
Deferred Tax and Other Liabilities, Noncurrent | 668.3 | (656.3) | ||
Other | 71.1 | 43.3 | ||
Net deferred tax assets | 874.2 | 843.3 | ||
Deferred Tax Assets, Valuation Allowance | (162.5) | (145.8) | $ (146) | $ (197.1) |
Deferred Tax Assets, Net | 43.4 | 41.2 | ||
Total deferred tax assets, net | 711.7 | 697.5 | ||
Foreign Income Tax Expense (Benefit), Continuing Operations | 165.1 | 150.2 | $ 106.7 | |
Deferred Tax Assets | 265 | 271.7 | ||
Deferred Tax Liabilities | $ 221.6 | $ 230.5 |
Income Taxes Change in Valuatio
Income Taxes Change in Valuation Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Summary of Valuation Allowances | ||||
Beginning balance | $ 145.8 | $ 146 | $ 197.1 | |
Charged (reversed) to costs and expenses | 13.8 | 8.9 | (45.1) | |
Charged to gross tax assets and other accounts 1 | [1] | (2.1) | 0.6 | 0.9 |
Foreign currency translation | 5 | (9.7) | (6.9) | |
Ending balance | 162.5 | 145.8 | 146 | |
Foreign Income Tax Expense (Benefit), Continuing Operations | 165.1 | 150.2 | $ 106.7 | |
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ||||
Operating Loss Carryforwards | 918.1 | |||
Undistributed Earnings of Foreign Subsidiaries | 1,633.6 | $ 1,496.9 | ||
Foreign Tax Authority | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 834.3 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 83.8 | |||
State and Local Jurisdiction | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 22.9 | |||
[1] Primarily represents changes to the valuation allowance related to the change of a corresponding deferred tax asset. |
Unrecognized Tax Benefits (Deta
Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Balance at beginning of period | $ 283.5 | $ 262.6 | $ 217.6 |
Increases as a result of tax positions taken during a prior year | 50.9 | 4.9 | 17.2 |
Decreases as a result of tax positions taken during a prior year | (68.2) | (10.1) | (10.4) |
Settlements with taxing authorities | (5.8) | (0.7) | (8.7) |
Lapse of statutes of limitation | (11.4) | (6.4) | (6.2) |
Increases as a result of tax positions taken during the current year | 42 | 33.2 | 53.1 |
Balance at end of period | 291 | 283.5 | $ 262.6 |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits that would impact effective tax rate | 241.4 | ||
Income tax penalties and interest accrued | 38.5 | 36 | |
Income tax penalties and interest expense | 2.5 | 6 | |
Deferred Tax and Other Liabilities, Noncurrent | (668.3) | $ 656.3 | |
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Anticipated decrease in unrecognized tax benefits | 95 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Anticipated decrease in unrecognized tax benefits | $ 105 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss, Net of Tax Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Derivative instruments, before reclassifications | $ 0.6 | $ 17.5 | $ 14 |
Total other comprehensive income, before reclassifications | 44.1 | (107.6) | |
Total reclassification from AOCI | 3.4 | 8.1 | 10.1 |
Accumulated other comprehensive loss, net of tax | (946.2) | (993.7) | (894.2) |
Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Foreign currency translation adjustment, before reclassifications | 59.5 | (130.2) | |
Foreign currency translation adjustment, amount reclassified from AOCI, net of tax | 0.5 | 4.3 | |
Foreign currency translation adjustment, net of tax | (789.1) | (849.1) | (723.2) |
Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Derivative instruments, before reclassifications | 0.4 | 13.2 | |
Derivative instruments, amount reclassified from AOCI, net of tax | (1.9) | (1.1) | |
Derivative Instruments, net of tax | 33.5 | 35 | 22.9 |
Defined Benefit and Postretirement Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Defined Benefit and Postretirement Plans, before reclassifications | (15.8) | 9.4 | |
Defined benefit and Postretirement Plans, amount reclassified from AOCI, net of tax | 4.8 | 4.9 | |
Pension and Other Postretirement Benefit Plans, net of tax | $ (190.6) | $ (179.6) | $ (193.9) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss, Net of Tax Reclassifications from AOCI, net of tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total income tax effect | $ (1) | $ (1.1) | $ (3.1) |
Total reclassified from AOCI, net of tax | 3.4 | 8.1 | 10.1 |
Foreign Currency Translation Adjustment | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from AOCI, before tax | 0.5 | 4.3 | (1) |
Derivative Instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from AOCI, before tax | (2.6) | (1.4) | 4.2 |
Defined Benefit and Postretirement Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from AOCI, before tax | $ 6.5 | $ 6.3 | $ 10 |
Restructuring Charges (Details)
Restructuring Charges (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance and termination costs | $ 0.4 | $ (0.1) | $ 0.4 | |
Lease Restructuring Cost | (1.2) | 85.4 | 6.3 | |
Lease restructuring costs | 85.4 | 6.3 | ||
Other Restructuring Costs | 0.9 | 17.1 | 3.9 | |
Restructuring Charges | 0.1 | 102.4 | 10.6 | |
Lease impairment costs 2020 plan | (0.3) | 1 | 6.3 | |
Other restructuring costs 2020 Plan | 0.1 | 2.9 | 3.9 | |
Other Restructuring Costs 2022 Real Estate Actions | 0.8 | 14.2 | ||
Restructuring Charges 2020 Plan Reserve | 0.6 | 2.3 | 9.4 | $ 74.6 |
Restructuring Charges 2020 Plan | 0.2 | 3.8 | 10.6 | |
Restructuring Charges 2022 Real Estate Actions Reserve | 0 | 0 | ||
Restructuring Charges 2022 Real Estate Actions | $ (0.1) | 98.6 | ||
Area of Real Estate Property | ft² | 500,000 | |||
Operating Lease, Impairment Loss 2022 Real Estate Action | $ (0.9) | 84.4 | ||
MD&E | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | (1.3) | 69.1 | 0.1 | |
Lease impairment costs 2020 plan | (0.3) | 0 | (0.9) | |
Restructuring Charges 2020 Plan | (0.3) | 0.1 | 0.1 | |
Restructuring Charges 2022 Real Estate Actions | (1) | 69 | ||
Operating Lease, Impairment Loss 2022 Real Estate Action | (1) | 54.3 | ||
IA&C | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0.2 | 28.7 | 2.6 | |
Lease impairment costs 2020 plan | 0 | 7 | (0.1) | |
Restructuring Charges 2020 Plan | 0.5 | 7.7 | 2.6 | |
Restructuring Charges 2022 Real Estate Actions | (0.3) | 21 | ||
Operating Lease, Impairment Loss 2022 Real Estate Action | (0.5) | 22.3 | ||
SC&E | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 1.1 | 3.8 | 10 | |
Lease impairment costs 2020 plan | 0 | (5.9) | 7.3 | |
Restructuring Charges 2020 Plan | 0 | (4.2) | 10 | |
Restructuring Charges 2022 Real Estate Actions | 1.1 | 8 | ||
Operating Lease, Impairment Loss 2022 Real Estate Action | 0.4 | 7 | ||
Corporate and Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0.1 | 0.8 | (2.1) | |
Lease impairment costs 2020 plan | 0 | (0.1) | 0 | |
Restructuring Charges 2020 Plan | 0 | 0.2 | (2.1) | |
Restructuring Charges 2022 Real Estate Actions | 0.1 | 0.6 | ||
Operating Lease, Impairment Loss 2022 Real Estate Action | 0.2 | 0.8 | ||
Non-cash Items [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and termination costs | 0 | 0 | 0.3 | |
Lease impairment costs 2020 plan | (0.3) | 1 | 6.3 | |
Other restructuring costs 2020 Plan | 0.1 | 2.9 | 3.2 | |
Other Restructuring Costs 2022 Real Estate Actions | 0.2 | 13.5 | ||
Restructuring Charges 2020 Plan | (0.2) | 3.9 | 9.8 | |
Restructuring Charges 2022 Real Estate Actions | (0.7) | 97.9 | ||
Operating Lease, Impairment Loss 2022 Real Estate Action | (0.9) | 84.4 | ||
Cash Payments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and termination costs | 2.1 | 7 | 65.3 | |
Lease impairment costs 2020 plan | 0 | 0 | 0 | |
Other restructuring costs 2020 Plan | 0 | 0 | 0.7 | |
Other Restructuring Costs 2022 Real Estate Actions | 0.6 | 0.7 | ||
Restructuring Charges 2020 Plan | 2.1 | 7 | 66 | |
Restructuring Charges 2022 Real Estate Actions | 0.6 | 0.7 | ||
Operating Lease, Impairment Loss 2022 Real Estate Action | 0 | 0 | ||
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Restructuring Costs 2022 Real Estate Actions Reserve | 0 | 0 | ||
Other restructuring costs reserve 2020 plan | 0 | 0 | 0 | 0 |
Lease impairment costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 0 | ||
Lease impairment costs reserve 2020 Plan | 0 | 0 | 0 | 0 |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 0.6 | $ 2.3 | $ 9.4 | $ 74.6 |
Restructuring and Related Activ
Restructuring and Related Activities (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance and termination costs | $ 0.4 | $ (0.1) | $ 0.4 | |
Lease Restructuring Cost | (1.2) | 85.4 | 6.3 | |
Other Restructuring Costs | 0.9 | 17.1 | 3.9 | |
Restructuring Charges | $ 0.1 | 102.4 | 10.6 | |
Area of Real Estate Property | ft² | 500,000 | |||
Non-cash Items [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and termination costs | $ 0 | 0 | 0.3 | |
Cash Payments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and termination costs | 2.1 | 7 | 65.3 | |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0.6 | 2.3 | $ 9.4 | $ 74.6 |
Lease impairment costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 0 | $ 0 |
Plan Information (Details)
Plan Information (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Compensation Liability, Current and Noncurrent | $ 126.5 | $ 141.1 |
Incentive compensation plan initiation year | 2019 | |
2019 PIP target performance cash award percentage range | range from 0% to 300% of the target amount | |
2019 PIP target award percentage range - Executives | 0% to 200% | |
Number of shares initially available for grant | 27 | |
Maximum shares participants are eligible to receive | 2 | |
Maximum cash award per employee | $ 10 | |
Vesting period in which the fair value of shares on grant date is amortized over, years | 2 years |
Stock Based Compensation Expens
Stock Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Stock-based Payment Award | ||||
Stock-based compensation expense | $ 52.9 | $ 55.7 | $ 84.8 | |
Tax benefit | 12.5 | 13.1 | 18 | |
Stock-settled awards | ||||
Stock-based Payment Award | ||||
Stock-based compensation expense | 27.8 | 26.3 | 36.7 | |
Cash-settled awards | ||||
Stock-based Payment Award | ||||
Stock-based compensation expense | 0.3 | 0.3 | 1 | |
Performance-based awards | ||||
Stock-based Payment Award | ||||
Stock-based compensation expense | 18.9 | 23.7 | 33.4 | |
Employee stock purchase plan | ||||
Stock-based Payment Award | ||||
Stock-based compensation expense | 2.9 | 3.1 | 2.1 | |
Other | ||||
Stock-based Payment Award | ||||
Stock-based compensation expense | [1] | 2.7 | 2 | 11.3 |
Equity Option | ||||
Stock-based Payment Award | ||||
Stock-based compensation expense | $ 0.3 | $ 0.3 | $ 0.3 | |
[1] Represents charges recorded for severance expense related to stock-based compensation awards. |
Incentive Compensation Plans _4
Incentive Compensation Plans Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-based Payment Award | |||
Intrinsic value of stock options exercised | $ 0 | $ 0 | $ 8.8 |
Proceeds from stock options exercised including taxes withheld | 0 | 0 | 12.2 |
Tax withheld on stock options received | $ 0 | $ 0 | $ 4.2 |
Award Vesting Period - Maximum | 3 years | ||
Employee Stock Option | |||
Stock-based Payment Award | |||
Stock options outstanding as of January 1, 2018 | 0.3 | ||
Stock options outstanding as of Jan 1, 2018, Weighted-average exercise price | $ 23.30 | ||
Exercised | 0 | 0 | (0.6) |
Exercised, weighted-average exercise price | $ 12.77 | ||
Stock options outstanding as of December 31, 2018 | 0.3 | 0.3 | |
Stock options outstanding as of Dec 31, 2018, Weighted-average exercise price | $ 23.33 | $ 23.30 | |
Options outstanding, weighted average remaining contractual term | 7 years | ||
Stock options outstanding, aggregate intrinsic value | $ 2.3 | ||
Performance-based awards | |||
Stock-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0.3 |
Share-based Compensation Awards
Share-based Compensation Awards (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-based Payment Award | |||
Vesting period in which the fair value of shares on grant date is amortized over, years | 2 years | ||
Stock-settled awards | |||
Stock-based Payment Award | |||
Awards granted | 1.4 | 1.3 | 0.9 |
Weighted-average grant-date fair value (per award) | $ 35.54 | $ 36.36 | $ 26.96 |
Total fair value of vested awards distributed | $ 60.8 | $ 59.7 | $ 50.8 |
Accrued dividends on non-vested stock-settled awards | 3 | 3.7 | |
Dividends paid for stock-settled awards | $ 5.3 | $ 4.9 | |
Cash-settled awards | |||
Stock-based Payment Award | |||
Awards granted | 0 | 0 | 0 |
Weighted-average grant-date fair value (per award) | $ 35.71 | $ 36.53 | $ 0 |
Total fair value of vested awards distributed | $ 0.8 | $ 0.8 | $ 0.7 |
Performance-based awards | |||
Stock-based Payment Award | |||
Awards granted | 2.1 | 1.6 | 0.5 |
Weighted-average grant-date fair value (per award) | $ 26.31 | $ 29.95 | $ 21.98 |
Total fair value of vested awards distributed | $ 84.8 | $ 54.5 | $ 39.3 |
Non-vested Award Activity (Deta
Non-vested Award Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-settled awards | |||
Stock-based Payment Award | |||
Non-vested as of January 1, 2018 | 3.5 | ||
Nonvested as of January 1, 2018, weighted-average grant date fair value | $ 27.52 | ||
Granted | 1.4 | ||
Granted, Weighted-average grant-date fair value | $ 35.54 | $ 36.36 | $ 26.96 |
Vested | (1.7) | ||
Vested, Weighted-average grant date fair value | $ 21.92 | ||
Forfeited | (0.4) | ||
Forfeited, Weighted-average grant date fair value | $ 31.04 | ||
Non-vested as of December 31, 2018 | 2.9 | 3.5 | |
Nonvested as of December 31, 2018, weighted-average grant date fair value | $ 34.20 | $ 27.52 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Reinstated in Period, Weighted Average Grant Date Fair Value | $ 29.25 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Other | 0.1 | ||
Total unrecognized compensation expense remaining | $ 47.9 | ||
Weighted-average years expected to be recognized over | 1 year 4 months 24 days | ||
Cash-settled awards | |||
Stock-based Payment Award | |||
Non-vested as of January 1, 2018 | 0 | ||
Nonvested as of January 1, 2018, weighted-average grant date fair value | $ 27.96 | ||
Granted | 0 | ||
Granted, Weighted-average grant-date fair value | $ 35.71 | $ 36.53 | $ 0 |
Vested | 0 | ||
Vested, Weighted-average grant date fair value | $ 21.02 | ||
Forfeited | 0 | ||
Forfeited, Weighted-average grant date fair value | $ 34.96 | ||
Non-vested as of December 31, 2018 | 0 | 0 | |
Nonvested as of December 31, 2018, weighted-average grant date fair value | $ 36.05 | $ 27.96 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Reinstated in Period, Weighted Average Grant Date Fair Value | $ 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Other | 0 | ||
Total unrecognized compensation expense remaining | $ 0.7 | ||
Weighted-average years expected to be recognized over | 1 year 8 months 12 days | ||
Cash awards granted during the period target value | $ 20.4 | $ 19.9 | $ 85.8 |
Incentive compensation expense, non share-based | $ 31.5 | $ 42 | $ 47.8 |
Performance-based awards | |||
Stock-based Payment Award | |||
Non-vested as of January 1, 2018 | 2.9 | ||
Nonvested as of January 1, 2018, weighted-average grant date fair value | $ 24.31 | ||
Granted | 2.1 | ||
Granted, Weighted-average grant-date fair value | $ 26.31 | $ 29.95 | $ 21.98 |
Vested | (2.4) | ||
Vested, Weighted-average grant date fair value | $ 18.03 | ||
Forfeited | (0.3) | ||
Forfeited, Weighted-average grant date fair value | $ 27.82 | ||
Non-vested as of December 31, 2018 | 2.3 | 2.9 | |
Nonvested as of December 31, 2018, weighted-average grant date fair value | $ 32.09 | $ 24.31 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Reinstated in Period, Weighted Average Grant Date Fair Value | $ 33.26 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Other | 0 | ||
Total unrecognized compensation expense remaining | $ 34.1 | ||
Weighted-average years expected to be recognized over | 1 year 9 months 18 days | ||
Cash awards granted during the period target value | $ 46.2 | $ 46 | $ 40.4 |
Incentive compensation expense, non share-based | $ 38 | $ 44.7 | $ 52.1 |
Incentive Compensation Plans Em
Incentive Compensation Plans Employee Stock Purchase Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2015 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ||
Maximum employee subscription rate | 10% | |
Maximum number of shares per employee | 900 | |
Employee stock purchase plan description | 90% of the lesser of the average market price of a share on the first business day of the offering period or the average market price of a share on the last business day of the offering period of three months | |
Employee Stock Purchase Plan, stock issued, shares | 600,000 | 3,000,000 |
Employee Stock Purchase Plan, stock reserved for issuance, shares | 10,000,000 | |
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 3,100,000 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 18.7 |
Fair Value on a Recurring Basis
Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Fair value assets and liabilities measured on recurring basis | |||
Cash equivalents | $ 1,521.5 | $ 1,688.1 | |
Contingent acquisition obligations | [1] | 3.1 | 21.6 |
Contingent acquisition obligation, total change | $ (18.5) | ||
Discount rate floor contingent acquisition obligations | 3% | ||
Level 1 | |||
Fair value assets and liabilities measured on recurring basis | |||
Cash equivalents | $ 1,521.5 | 1,688.1 | |
Contingent acquisition obligations | [1] | 0 | 0 |
Level 2 | |||
Fair value assets and liabilities measured on recurring basis | |||
Cash equivalents | 0 | 0 | |
Contingent acquisition obligations | [1] | 0 | 0 |
Level 3 | |||
Fair value assets and liabilities measured on recurring basis | |||
Cash equivalents | 0 | 0 | |
Contingent acquisition obligations | $ 3.1 | $ 21.6 | |
[1] Contingent acquisition obligations includes deferred acquisition payments and unconditional obligations to purchase additional non-controlling equity shares of consolidated subsidiaries. Fair value measurement of the obligations is based upon actual and projected operating performance targets as specified in the related agreements. The decrease in this balance of $18.5 from December 31, 2022 to December 31, 2023 is primarily due to payments related to our deferred acquisitions from prior-year acquisitions and valuation adjustments, partially offset by the addition of a new contingent acquisition obligation and the exercises of redeemable non-controlling interest. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities. |
Fair Value on a Nonrecurring Ba
Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value assets and liabilities measured on nonrecurring basis | ||
Long-term debt, fair value | $ 2,975.3 | $ 2,552.3 |
Discount rate ceiling contingent acquisition obligations | 6% | |
Level 1 | ||
Fair value assets and liabilities measured on nonrecurring basis | ||
Long-term debt, fair value | $ 0 | 0 |
Level 2 | ||
Fair value assets and liabilities measured on nonrecurring basis | ||
Long-term debt, fair value | 2,974.5 | 2,551.5 |
Level 3 | ||
Fair value assets and liabilities measured on nonrecurring basis | ||
Long-term debt, fair value | $ 0.8 | $ 0.8 |
Employee Benefits (Details)
Employee Benefits (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Plan, Pension, Significant, Plan Contribution | $ 46 | ||
Retirement Benefits, Description [Abstract] | |||
Number of participants domestic pension plan | 2,700 | ||
Number of participants postretirement benefit plan | 1,400 | ||
Deferred Compensation Arrangements [Abstract] | |||
Deferred compensation and benefit liability balance | $ 126.5 | $ 141.1 | |
Deferred compensation and benefit arrangement expense | 10.7 | 2.1 | $ 8.8 |
Cash Surrender Value of Life Insurance | 164.7 | 161.2 | |
Long-Term Disability Plan [Abstract] | |||
Long-term disability plan obligation | 5.3 | $ 5.4 | |
Long term disability plan, income replacement benefit obligation | 0 | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan buyout non-cash settlement charge, net of tax | 180 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan buyout non-cash settlement charge, net of tax | $ 200 |
Pension and Postretirement Bene
Pension and Postretirement Benefit Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Benefit Obligation [Roll Forward] | |||
Domestic Pension Plan Discount Rate | 5.40% | 5.65% | |
Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets (Period Start) | $ 367.6 | ||
Fair Value of Plan Assets (Period End) | $ 428.7 | $ 367.6 | |
Pension plans with underfunded or unfunded accumulated benefit obligation | |||
Foreign Pension Plan Discount Rate | 4.32% | 4.62% | |
Domestic Plan [Member] | |||
Benefit Obligation [Roll Forward] | |||
Benefit obligation (period start) | $ 75 | $ 104.1 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 4 | 2.8 | 2.9 |
Benefits Paid | (8.2) | (9) | |
Plan participant contributions | 0 | 0 | |
Actuarial losses (gains) | 1 | 23 | |
Settlements and curtailments | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | (0.1) | |
Foreign currency effect | 0 | 0 | |
Benefit Obligation (Period End) | 71.8 | 75 | 104.1 |
Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets (Period Start) | 70.5 | 98.1 | |
Actual return on plan assets | 6.7 | (18.6) | |
Plan participant contributions | 0 | 0 | |
Employer contributions | 0 | 0 | |
Benefits paid | (8.2) | (9) | |
Settlements | 0 | 0 | |
Foreign currency effect | 0 | 0 | |
Fair Value of Plan Assets (Period End) | 69 | 70.5 | $ 98.1 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (2.8) | (4.5) | |
Amounts Recognized in Consolidated Balance Sheets | |||
Non-current asset | 0 | 0 | |
Current liability | 0 | 0 | |
Non-current liability | (2.8) | (4.5) | |
Net liability recognized | (2.8) | (4.5) | |
Accumulated benefit obligation | 71.8 | 75 | |
Amounts recognized in Accumulated Other Comprehensive Loss, net | |||
Net actuarial loss | 41.1 | 44.4 | |
Prior service cost (credit) | 0 | 0.1 | |
Total amount recognized | 41.1 | 44.5 | |
Pension plans with underfunded or unfunded accumulated benefit obligation | |||
Aggregate projected benefit obligation | 71.8 | 75 | |
Aggregate accumulated benefit obligation | 71.8 | 75 | |
Aggregate fair value of plan assets | $ 69 | $ 70.5 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.40% | 5.65% | 2.95% |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 71.8 | $ 75 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 71.8 | 75 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 69 | 70.5 | |
Foreign Plan [Member] | |||
Benefit Obligation [Roll Forward] | |||
Benefit obligation (period start) | 334.2 | 546 | |
Service cost | 2.2 | 4.6 | $ 4.5 |
Interest cost | 15.6 | 8.9 | 8 |
Benefits Paid | (18.9) | (20.9) | |
Plan participant contributions | 0 | 0 | |
Actuarial losses (gains) | 6.8 | 153.3 | |
Settlements and curtailments | (2.5) | 0 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Foreign currency effect | 17.4 | (51.1) | |
Benefit Obligation (Period End) | 354.8 | 334.2 | 546 |
Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets (Period Start) | 297.1 | 484.8 | |
Actual return on plan assets | 5.3 | (134.8) | |
Plan participant contributions | 0 | 0 | |
Employer contributions | 61.4 | 16.4 | |
Benefits paid | (18.9) | (20.9) | |
Settlements | (2.5) | 0 | |
Foreign currency effect | 17.3 | (48.4) | |
Fair Value of Plan Assets (Period End) | 359.7 | 297.1 | $ 484.8 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 4.9 | (37.1) | |
Amounts Recognized in Consolidated Balance Sheets | |||
Non-current asset | 59.8 | 17.8 | |
Current liability | (7) | (5.1) | |
Non-current liability | (47.9) | (49.8) | |
Net liability recognized | 4.9 | (37.1) | |
Accumulated benefit obligation | 351.2 | 328.2 | |
Amounts recognized in Accumulated Other Comprehensive Loss, net | |||
Net actuarial loss | 157.7 | 134.6 | |
Prior service cost (credit) | 0.4 | 0.6 | |
Total amount recognized | 158.1 | 135.2 | |
Pension plans with underfunded or unfunded accumulated benefit obligation | |||
Aggregate projected benefit obligation | 55.8 | 67.4 | |
Aggregate accumulated benefit obligation | 53.7 | 62.4 | |
Aggregate fair value of plan assets | $ 1 | $ 12.5 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.32% | 4.62% | 1.86% |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 66 | $ 67.4 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 63.5 | 62.4 | |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 11.1 | 12.5 | |
Other Postretirement Benefits Plan [Member] | |||
Benefit Obligation [Roll Forward] | |||
Benefit obligation (period start) | 17.9 | 24.2 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 0.9 | 0.6 | 0.7 |
Benefits Paid | (5.1) | (4.8) | |
Plan participant contributions | 1.8 | 1.9 | |
Actuarial losses (gains) | (0.6) | 4 | |
Settlements and curtailments | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Foreign currency effect | 0 | 0 | |
Benefit Obligation (Period End) | 16.1 | 17.9 | 24.2 |
Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets (Period Start) | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Plan participant contributions | 1.8 | 1.9 | |
Employer contributions | 3.3 | 2.9 | |
Benefits paid | (5.1) | (4.8) | |
Settlements | 0 | 0 | |
Foreign currency effect | 0 | 0 | |
Fair Value of Plan Assets (Period End) | 0 | 0 | $ 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (16.1) | (17.9) | |
Amounts Recognized in Consolidated Balance Sheets | |||
Non-current asset | 0 | 0 | |
Current liability | (1.9) | (2) | |
Non-current liability | (14.2) | (15.9) | |
Net liability recognized | (16.1) | (17.9) | |
Amounts recognized in Accumulated Other Comprehensive Loss, net | |||
Net actuarial loss | 1.7 | 1.1 | |
Prior service cost (credit) | 0 | 0 | |
Total amount recognized | $ 1.7 | $ 1.1 | |
Pension plans with underfunded or unfunded accumulated benefit obligation | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.40% | 5.65% | 2.90% |
Net Periodic Cost (Details)
Net Periodic Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Curtailment and settlement | $ 0.3 | $ 0 | $ (0.6) |
Domestic Plan [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Service cost | 0 | 0 | 0 |
Interest cost | 4 | 2.8 | 2.9 |
Expected return on plan assets | (4) | (4.7) | (5.6) |
Curtailment and settlement | 0 | 0 | 1.5 |
Amortization of: | |||
Prior service cost (credit) | 0.1 | 0 | 0 |
Net actuarial losses | 1.6 | 1.4 | 1.7 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 1.7 | $ (0.5) | $ 0.5 |
Discount rate | 5.65% | 2.95% | 2.60% |
Expected return on plan assets | 6% | 5% | 5.75% |
Interest crediting rate | 5.10% | 5.10% | 5.10% |
Discount rate | 5.40% | 5.65% | 2.95% |
Interest crediting rate | 5.10% | 5.10% | 5.10% |
Foreign Plan [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Service cost | $ 2.2 | $ 4.6 | $ 4.5 |
Interest cost | 15.6 | 8.9 | 8 |
Expected return on plan assets | (17) | (19.8) | (20.8) |
Curtailment and settlement | (0.3) | 0 | (0.9) |
Amortization of: | |||
Prior service cost (credit) | 0.1 | 0.1 | 0.1 |
Net actuarial losses | 5 | 4.4 | 6.7 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 5.6 | $ (1.8) | $ (2.4) |
Discount rate | 4.62% | 1.86% | 1.35% |
Rate of compensation increase | 2.80% | 2.65% | 2.47% |
Expected return on plan assets | 5.62% | 4.47% | 4.47% |
Interest crediting rate | 1.50% | 1.50% | 1.50% |
Discount rate | 4.32% | 4.62% | 1.86% |
Rate of compensation increase | 3.35% | 2.80% | 2.65% |
Interest crediting rate | 1.50% | 1.50% | 1.50% |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 0.9 | 0.6 | 0.7 |
Expected return on plan assets | 0 | 0 | 0 |
Curtailment and settlement | 0 | 0 | 0 |
Amortization of: | |||
Prior service cost (credit) | 0 | 0 | 0 |
Net actuarial losses | 0 | 0.4 | 0.9 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 0.9 | $ 1 | $ 1.6 |
Discount rate | 5.65% | 2.90% | 2.50% |
Discount rate | 5.40% | 5.65% | 2.90% |
Health care cost trend rate assumed for next year | 6.50% | 6.75% | 6.50% |
Year ultimate rate is reached | 2030 | 2030 | 2028 |
Ultimate rate | 5% | 5% | 5% |
Fair Value of Pension Plan Asse
Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | $ 367.6 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 314.5 | $ (22.3) |
Fair Value of Plan Assets (Period End) | 428.7 | 367.6 |
Investment funds | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 10.6 | |
Fair Value of Plan Assets (Period End) | 6.7 | 10.6 |
Limited partnerships | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | 0 | 0 |
Fixed income securities | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 12.5 | |
Fair Value of Plan Assets (Period End) | 9.2 | 12.5 |
Insurance contracts | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 1.6 | |
Fair Value of Plan Assets (Period End) | 335.8 | 1.6 |
Other plan assets | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 11.9 | |
Fair Value of Plan Assets (Period End) | 10.7 | 11.9 |
Total plan assets subject to leveling | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 36.6 | |
Fair Value of Plan Assets (Period End) | 362.4 | 36.6 |
Investments measured at net asset value | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 331 | |
Fair Value of Plan Assets (Period End) | 106.5 | 331 |
Non-benefit obligation liabilities | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | (40.2) | 0 |
Level 1 | Investment funds | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 10.6 | |
Fair Value of Plan Assets (Period End) | 6.7 | 10.6 |
Level 1 | Limited partnerships | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | 0 | 0 |
Level 1 | Fixed income securities | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 12.5 | |
Fair Value of Plan Assets (Period End) | 9.2 | 12.5 |
Level 1 | Insurance contracts | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | 0 | 0 |
Level 1 | Other plan assets | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 11.9 | |
Fair Value of Plan Assets (Period End) | 10.7 | 11.9 |
Level 1 | Total plan assets subject to leveling | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 35 | |
Fair Value of Plan Assets (Period End) | 26.6 | 35 |
Level 2 | Investment funds | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | 0 | 0 |
Level 2 | Limited partnerships | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | 0 | 0 |
Level 2 | Fixed income securities | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | 0 | 0 |
Level 2 | Insurance contracts | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 1.6 | |
Fair Value of Plan Assets (Period End) | 1.4 | 1.6 |
Level 2 | Other plan assets | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | 0 | 0 |
Level 2 | Total plan assets subject to leveling | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 1.6 | |
Fair Value of Plan Assets (Period End) | 1.4 | 1.6 |
Level 3 | Investment funds | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | 0 | 0 |
Level 3 | Limited partnerships | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | 24 |
Actual return on plan assets | 19.9 | (1.7) |
Fair Value of Plan Assets (Period End) | 0 | 0 |
Level 3 | Fixed income securities | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | 0 | 0 |
Level 3 | Insurance contracts | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | 334.4 | 0 |
Level 3 | Other plan assets | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | 0 | 0 |
Level 3 | Total plan assets subject to leveling | ||
Fair value assets and liabilities measured on recurring basis | ||
Fair Value of Plan Assets (Period Start) | 0 | |
Fair Value of Plan Assets (Period End) | $ 334.4 | $ 0 |
Employee Benefits Allocation of
Employee Benefits Allocation of Plan Assets (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Allocation of Plan Assets | ||
Defined benefit plan, plan assets, target allocation, percentage | 100% | |
Defined benefit plan, actual plan asset allocations | 100% | 100% |
Alternative Investments | ||
Allocation of Plan Assets | ||
Defined benefit plan, plan assets, target allocation, percentage | 0% | |
Defined benefit plan, actual plan asset allocations | 0% | 18% |
Equity securities | ||
Allocation of Plan Assets | ||
Defined benefit plan, plan assets, target allocation, percentage | 6% | |
Defined benefit plan, actual plan asset allocations | 5% | 14% |
Fixed income securities | ||
Allocation of Plan Assets | ||
Defined benefit plan, plan assets, target allocation, percentage | 15% | |
Defined benefit plan, actual plan asset allocations | 16% | 26% |
Liability driven investments | ||
Allocation of Plan Assets | ||
Defined benefit plan, plan assets, target allocation, percentage | 0% | |
Defined benefit plan, actual plan asset allocations | 0% | 28% |
Real estate | ||
Allocation of Plan Assets | ||
Defined benefit plan, plan assets, target allocation, percentage | 1% | |
Defined benefit plan, actual plan asset allocations | 1% | 14% |
Insurance, Other | ||
Allocation of Plan Assets | ||
Defined benefit plan, plan assets, target allocation, percentage | 78% | |
Defined benefit plan, actual plan asset allocations | 78% | 0% |
Pension Cash Flows (Details)
Pension Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Estimated U.S. federal subsidies expected to be received under the Medicare Prescription Drug, Improvement and Modernization Act of 2003, no more than | $ 0.2 | |
Domestic Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Employer contributions | 0 | $ 0 |
Defined benefit plan, estimated future employer contributions in next fiscal year | 0 | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | ||
Expected future benefit payments in 2019 | 8 | |
Expected future benefit payments in 2020 | 7.2 | |
Expected future benefit payments in 2021 | 6.9 | |
Expected future benefit payments in 2022 | 6.9 | |
Expected future benefit payments in 2023 | 6.4 | |
Expected future benefit payments in 2024-2025 | 27.4 | |
Foreign Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Employer contributions | 61.4 | 16.4 |
Defined benefit plan, estimated future employer contributions in next fiscal year | 10 | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | ||
Expected future benefit payments in 2019 | 22.6 | |
Expected future benefit payments in 2020 | 22 | |
Expected future benefit payments in 2021 | 21.6 | |
Expected future benefit payments in 2022 | 21.1 | |
Expected future benefit payments in 2023 | 21.6 | |
Expected future benefit payments in 2024-2025 | 108.4 | |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Employer contributions | 3.3 | $ 2.9 |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | ||
Expected future benefit payments in 2019 | 1.6 | |
Expected future benefit payments in 2020 | 1.5 | |
Expected future benefit payments in 2021 | 1.4 | |
Expected future benefit payments in 2022 | 1.7 | |
Expected future benefit payments in 2023 | 1.6 | |
Expected future benefit payments in 2024-2025 | $ 6.3 |
Savings Plans (Details)
Savings Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Domestic Tax Authority | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Cost Recognized | $ 62.8 | $ 77.5 | $ 65.1 |
Discretionary Company Contribution | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Cost Recognized | 0 | 9.3 | 8 |
Defined Contribution Plans Participant Forfeitures | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Cost Recognized | 5.8 | 6.3 | 8.5 |
Foreign Tax Authority | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Cost Recognized | $ 62.5 | $ 58.2 | $ 59.7 |
Segment Operations (Details)
Segment Operations (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) numberOfPeople | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segments: | |||
Number of Reportable Segments | numberOfPeople | 3 | ||
EBITA | $ 1,566.6 | $ 1,465.9 | $ 1,522.4 |
Total (expenses) and other income | (74.6) | (112.3) | (214.1) |
Total revenue | 10,889.3 | 10,927.8 | 10,240.7 |
Net revenue | 9,400.6 | 9,449.4 | 9,107.9 |
Operating Income (Loss) | 1,482.6 | 1,381.2 | 1,436.2 |
Amortization of Intangible Assets | 84 | 84.7 | 86.2 |
Interest expense | (225.6) | (167.9) | (170.6) |
Interest income | 140.8 | 56.6 | 27.2 |
Other income (expense), net | 10.2 | (1) | (70.7) |
Income before income taxes | 1,408 | 1,268.9 | 1,222.1 |
Depreciation and amortization | 180.3 | 189.3 | 197.6 |
Capital expenditures | 179.3 | 178.1 | 195.3 |
Assets | 19,267.3 | 18,811.7 | |
Restructuring Charges | 0.1 | 102.4 | 10.6 |
Corporate and Other | |||
Segments: | |||
EBITA | (72.3) | (94.5) | (129.4) |
Amortization of Intangible Assets | 0 | 0 | 0 |
Depreciation and amortization | 5 | 6.6 | 9.2 |
Capital expenditures | 32 | 29.6 | 30 |
Assets | 1,938.8 | 2,114 | |
Restructuring Charges | 0.1 | 0.8 | (2.1) |
MD&E | |||
Segments: | |||
EBITA | 832.4 | 744.5 | 865.3 |
Total revenue | 4,394.8 | 4,381.6 | 4,196.6 |
Net revenue | 4,326.5 | 4,296.9 | 4,117.7 |
Amortization of Intangible Assets | 77.3 | 72.8 | 71.9 |
Depreciation and amortization | 105.8 | 107.4 | 108 |
Capital expenditures | 100.1 | 97.4 | 99.7 |
Assets | 10,715.4 | 9,984.3 | |
Restructuring Charges | (1.3) | 69.1 | 0.1 |
IA&C | |||
Segments: | |||
EBITA | 541.3 | 581.4 | 597.9 |
Total revenue | 4,002.2 | 4,140.6 | 4,041.8 |
Net revenue | 3,633.2 | 3,766.3 | 3,679.7 |
Amortization of Intangible Assets | 4.3 | 7.2 | 10.4 |
Depreciation and amortization | 53.6 | 58.4 | 62.7 |
Capital expenditures | 40.8 | 43.8 | 57.5 |
Assets | 4,812.5 | 5,083.5 | |
Restructuring Charges | 0.2 | 28.7 | 2.6 |
SC&E | |||
Segments: | |||
EBITA | 265.2 | 234.5 | 188.6 |
Total revenue | 2,492.3 | 2,405.6 | 2,002.3 |
Net revenue | 1,440.9 | 1,386.2 | 1,310.5 |
Amortization of Intangible Assets | 2.4 | 4.7 | 3.9 |
Depreciation and amortization | 15.9 | 16.9 | 17.7 |
Capital expenditures | 6.4 | 7.3 | 8.1 |
Assets | 1,800.6 | 1,629.9 | |
Restructuring Charges | $ 1.1 | $ 3.8 | $ 10 |
Segment Information Major Geogr
Segment Information Major Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues and Long-Lived Assets | |||
Long-Lived Assets | $ 2,227.3 | $ 2,346.1 | |
Net revenue | 9,400.6 | 9,449.4 | $ 9,107.9 |
Domestic | |||
Revenues and Long-Lived Assets | |||
Long-Lived Assets | 1,546 | 1,676.7 | |
Total International | |||
Revenues and Long-Lived Assets | |||
Long-Lived Assets | 681.3 | 669.4 | |
Net revenue | 3,298.4 | 3,291.7 | 3,344.8 |
United Kingdom | |||
Revenues and Long-Lived Assets | |||
Long-Lived Assets | 290.1 | 254.8 | |
Net revenue | 759.2 | 742.2 | 781.5 |
Continental Europe | |||
Revenues and Long-Lived Assets | |||
Long-Lived Assets | 84.7 | 87.6 | |
Net revenue | 795.7 | 764.6 | 799.7 |
Asia Pacific | |||
Revenues and Long-Lived Assets | |||
Long-Lived Assets | 163.2 | 176.5 | |
Net revenue | 729.8 | 772.7 | 791.4 |
Latin America | |||
Revenues and Long-Lived Assets | |||
Long-Lived Assets | 59 | 61.6 | |
Net revenue | 448.7 | 423.6 | 396.4 |
Other | |||
Revenues and Long-Lived Assets | |||
Long-Lived Assets | 84.3 | 88.9 | |
Net revenue | $ 565 | $ 588.6 | $ 575.8 |
Guarantees (Details)
Guarantees (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Parent company guarantees on lease obligations | $ 678.1 | $ 797.3 |
Parent company guarantees relating to credit facilities | 255.7 | 276.4 |
Cash pooling guarantees | 85.5 | $ 101.3 |
Assets pledged as security for parent company guarantees | $ 0 |
Contingent Acquisition Obligati
Contingent Acquisition Obligations (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Deferred acquisition payments | |
Business Acquisition, Contingent Consideration [Line Items] | |
Future contingent acquisition obligation due in 2018 | $ 2.9 |
Future contingent acquisition obligation due in 2019 | 0.1 |
Future contingent acquisition obligation due in 2020 | 0.1 |
Future contingent acquisition obligation due in 2021 | 0 |
Future contingent acquisition obligation due in 2022 | 0 |
Future contingent acquisition obligation due thereafter | 0 |
Future contingent acquisition obligation due, total | 3.1 |
Redeemable noncontrolling interests and call options with affiliates | |
Business Acquisition, Contingent Consideration [Line Items] | |
Future contingent acquisition obligation due in 2018 | 9.7 |
Future contingent acquisition obligation due in 2019 | 17.4 |
Future contingent acquisition obligation due in 2020 | 19.9 |
Future contingent acquisition obligation due in 2021 | 28.7 |
Future contingent acquisition obligation due in 2022 | 0 |
Future contingent acquisition obligation due thereafter | 0 |
Future contingent acquisition obligation due, total | 75.7 |
Redeemable at noncontrolling equity owners discretion | |
Business Acquisition, Contingent Consideration [Line Items] | |
Future contingent acquisition obligation due in 2018 | 1.4 |
Total contingent acquisition payments | |
Business Acquisition, Contingent Consideration [Line Items] | |
Future contingent acquisition obligation due in 2018 | 12.6 |
Future contingent acquisition obligation due in 2019 | 17.5 |
Future contingent acquisition obligation due in 2020 | 20 |
Future contingent acquisition obligation due in 2021 | 28.7 |
Future contingent acquisition obligation due in 2022 | 0 |
Future contingent acquisition obligation due thereafter | 0 |
Future contingent acquisition obligation due, total | $ 78.8 |
Results by Quarter (Unaudited)
Results by Quarter (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Net revenue | $ 9,400.6 | $ 9,449.4 | $ 9,107.9 |
Billable expenses | 1,488.7 | 1,478.4 | 1,132.8 |
Total revenue | 10,889.3 | 10,927.8 | 10,240.7 |
Salaries and related expenses | 6,243.9 | 6,258.3 | 5,975.4 |
Office and other direct expenses | 1,342.5 | 1,346.4 | 1,279.6 |
Billable expense | 1,488.7 | 1,478.4 | 1,132.8 |
Cost of services | 9,075.1 | 9,083.1 | 8,387.8 |
Depreciation and amortization | 264.3 | 274 | 283.8 |
Restructuring Charges | 0.1 | 102.4 | 10.6 |
Total operating expenses | 9,406.7 | 9,546.6 | 8,804.5 |
Operating Income (Loss) | 1,482.6 | 1,381.2 | 1,436.2 |
Net losses on sales of businesses | 17.9 | (11.3) | (19.4) |
Tax Adjustments, Settlements, and Unusual Provisions | (64.2) | ||
Total (expenses) and other income | (74.6) | (112.3) | (214.1) |
NET INCOME | $ 1,118.1 | $ 956.1 | $ 972.8 |
Earnings per share, Basic | $ 2.86 | $ 2.40 | $ 2.42 |
Earnings per share, Diluted | $ 2.85 | $ 2.37 | $ 2.39 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 08, 2024 $ / shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividends payable, amount per share | $ 0.330 |