QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated Filer | ☐ | ||||||||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||||||
Emerging Growth Company |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Item 1. | Financial Statements (Unaudited) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
REVENUE: | |||||||||||||||||||||||
Revenue before billable expenses | $ | $ | $ | $ | |||||||||||||||||||
Billable expenses | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Salaries and related expenses | |||||||||||||||||||||||
Office and other direct expenses | |||||||||||||||||||||||
Billable expenses | |||||||||||||||||||||||
Cost of services | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Restructuring charges | ( | ( | ( | ||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
OPERATING INCOME | |||||||||||||||||||||||
EXPENSES AND OTHER INCOME: | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||
Total (expenses) and other income | ( | ( | ( | ( | |||||||||||||||||||
INCOME BEFORE INCOME TAXES | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
INCOME OF CONSOLIDATED COMPANIES | |||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | |||||||||||||||||||||||
NET INCOME | |||||||||||||||||||||||
Net income attributable to non-controlling interests | ( | ( | ( | ( | |||||||||||||||||||
NET INCOME AVAILABLE TO IPG COMMON STOCKHOLDERS | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share available to IPG common stockholders: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||||||||
OTHER COMPREHENSIVE LOSS | |||||||||||||||||||||||
Foreign currency translation: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ( | |||||||||||||||||||
Reclassification adjustments recognized in net income | ( | ( | |||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Changes in fair value of derivative instruments | |||||||||||||||||||||||
Recognition of previously unrealized net (gain) loss in net income | ( | ( | ( | ||||||||||||||||||||
Income tax effect | ( | ( | ( | ||||||||||||||||||||
Defined benefit pension and other postretirement plans: | |||||||||||||||||||||||
Net actuarial gains for the period | |||||||||||||||||||||||
Amortization of unrecognized losses, transition obligation and prior service cost included in net income | |||||||||||||||||||||||
Settlement losses included in net income | |||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Income tax effect | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | ( | ( | |||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | |||||||||||||||||||||||
Less: comprehensive income attributable to non-controlling interests | |||||||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO IPG | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance of $57.4 and $68.5, respectively | |||||||||||
Accounts receivable, billable to clients | |||||||||||
Assets held for sale | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net of accumulated depreciation and amortization of $1,243.3 and $1,201.6, respectively | |||||||||||
Deferred income taxes | |||||||||||
Goodwill | |||||||||||
Other intangible assets | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other non-current assets | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Contract liabilities | |||||||||||
Short-term borrowings | |||||||||||
Current portion of long-term debt | |||||||||||
Current portion of operating leases | |||||||||||
Liabilities held for sale | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Non-current operating leases | |||||||||||
Deferred compensation | |||||||||||
Other non-current liabilities | |||||||||||
TOTAL LIABILITIES | |||||||||||
Redeemable non-controlling interests (see Note 5) | |||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss, net of tax | ( | ( | |||||||||
Less: Treasury stock | ( | ||||||||||
Total IPG stockholders’ equity | |||||||||||
Non-controlling interests | |||||||||||
TOTAL STOCKHOLDERS’ EQUITY | |||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | $ |
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of restricted stock and other non-cash compensation | |||||||||||
Deferred income tax | |||||||||||
Net losses on sales of businesses | |||||||||||
Net amortization of bond discounts and deferred financing costs | |||||||||||
Loss on early extinguishment of debt | |||||||||||
Provision for uncollectible receivables | ( | ( | |||||||||
Other | |||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures, provided (using) cash: | |||||||||||
Accounts receivable | |||||||||||
Accounts receivable, billable to clients | ( | ||||||||||
Other current assets | ( | ( | |||||||||
Accounts payable | ( | ( | |||||||||
Accrued liabilities | ( | ( | |||||||||
Contract liabilities | ( | ||||||||||
Other non-current assets and liabilities | ( | ( | |||||||||
Net cash (used in) provided by operating activities | ( | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Deconsolidation of a subsidiary | ( | ( | |||||||||
Net proceeds from investments | |||||||||||
Other investing activities | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Common stock dividends | ( | ( | |||||||||
Repurchases of common stock | ( | ||||||||||
Tax payments for employee shares withheld | ( | ( | |||||||||
Net decrease in short-term borrowings | ( | ( | |||||||||
Distributions to non-controlling interests | ( | ( | |||||||||
Acquisition-related payments | ( | ( | |||||||||
Proceeds from long-term debt | |||||||||||
Exercise of stock options | |||||||||||
Early extinguishment of long-term debt | ( | ||||||||||
Other financing activities | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | ( | ( | |||||||||
Net decrease in cash, cash equivalents and restricted cash | ( | ( | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss, Net of Tax | Treasury Stock | Total IPG Stockholders’ Equity | Non-controlling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications related to redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.290 per share) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss, Net of Tax | Treasury Stock | Total IPG Stockholders’ Equity | Non-controlling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications related to redeemable non-controlling interests | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable non-controlling interests | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.870 per share) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss, Net of Tax | Total IPG Stockholders’ Equity | Non-controlling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Reclassifications related to redeemable non-controlling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable non-controlling interests | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.270 per share) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | |||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss, Net of Tax | Total IPG Stockholders’ Equity | Non-controlling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Reclassifications related to redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable non-controlling interests | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($0.810 per share) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | |||||||||||||||||||||||||||||||||||||||||||||||
Shares withheld for taxes | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
Total revenue: | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International: | |||||||||||||||||||||||
United Kingdom | |||||||||||||||||||||||
Continental Europe | |||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||
Latin America | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total International | |||||||||||||||||||||||
Total Consolidated | $ | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
Revenue before billable expenses1: | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International: | |||||||||||||||||||||||
United Kingdom | |||||||||||||||||||||||
Continental Europe | |||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||
Latin America | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total International | |||||||||||||||||||||||
Total Consolidated | $ | $ | $ | $ |
MD&E | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
Total revenue: | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Total MD&E | $ | $ | $ | $ | |||||||||||||||||||
Revenue before billable expenses: | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Total MD&E | $ | $ | $ | $ |
IA&C | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
Total revenue: | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Total IA&C | $ | $ | $ | $ | |||||||||||||||||||
Revenue before billable expenses: | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Total IA&C | $ | $ | $ | $ |
SC&E | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
Total revenue: | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Total SC&E | $ | $ | $ | $ | |||||||||||||||||||
Revenue before billable expenses: | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Total SC&E | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Accounts receivable, net of allowance of $57.4 and $68.5, respectively | $ | $ | |||||||||
Accounts receivable, billable to clients | |||||||||||
Contract assets | |||||||||||
Contract liabilities (deferred revenue) |
Effective Interest Rate | September 30, 2022 | December 31, 2021 | |||||||||||||||
4.200% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.1 and $0.3, respectively) | $ | $ | |||||||||||||||
4.650% Senior Notes due 2028 (less unamortized discount and issuance costs of $1.1 and $2.7, respectively) | |||||||||||||||||
4.750% Senior Notes due 2030 (less unamortized discount and issuance costs of $3.0 and $4.6, respectively) | |||||||||||||||||
2.400% Senior Notes due 2031 (less unamortized discount and issuance costs of $0.7 and $3.9, respectively) | |||||||||||||||||
3.375% Senior Notes due 2041 (less unamortized discount and issuance costs of $1.0 and $5.3, respectively) | |||||||||||||||||
5.400% Senior Notes due 2048 (less unamortized discount and issuance costs of $2.6 and $4.9, respectively) | |||||||||||||||||
Other notes payable and capitalized leases | |||||||||||||||||
Total long-term debt | |||||||||||||||||
Less: current portion | |||||||||||||||||
Long-term debt, excluding current portion | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income available to IPG common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average number of common shares outstanding - basic | |||||||||||||||||||||||
Dilutive effect of stock options and restricted shares | |||||||||||||||||||||||
Weighted-average number of common shares outstanding - diluted | |||||||||||||||||||||||
Earnings per share available to IPG common stockholders: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Salaries, benefits and related expenses | $ | $ | |||||||||
Interest | |||||||||||
Income taxes payable | |||||||||||
Office and related expenses | |||||||||||
Acquisition obligations | |||||||||||
Restructuring charges | |||||||||||
Other | |||||||||||
Total accrued liabilities | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net gains/(losses) on sales of businesses | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Loss on early extinguishment of debt | ( | ||||||||||||||||||||||
Other | |||||||||||||||||||||||
Other income (expense), net | $ | $ | $ | $ | ( |
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Number of shares repurchased | |||||||||||
Aggregate cost, including fees | $ | $ | |||||||||
Average price per share, including fees | $ | $ |
Nine months ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
Change in related non-controlling interests balance | ( | ||||||||||
Changes in redemption value of redeemable non-controlling interests: | |||||||||||
Additions | |||||||||||
Redemptions | ( | ( | |||||||||
Redemption value adjustments | |||||||||||
Balance at end of period | $ | $ |
IAN | DXTRA | MD&E | IA&C | SC&E | Total | ||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Dispositions | ( | ( | |||||||||||||||||||||||||||||||||
Foreign Currency and Other | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Goodwill Reallocation | ( | ( | |||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | |||||||||||||||||||||||||||||||||||
Dispositions and Deconsolidations | ( | ( | |||||||||||||||||||||||||||||||||
Foreign Currency and Other | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Severance and termination costs | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Lease impairment costs | ( | ( | ( | ( | |||||||||||||||||||
Other restructuring costs | |||||||||||||||||||||||
Total restructuring charges | $ | ( | $ | ( | $ | $ | ( |
2020 Restructuring Plan | |||||||||||||||||||||||||||||
Liability at December 31, 2021 | Restructuring Expense | Non-Cash Items | Cash Payments | Liability at September 30, 2022 | |||||||||||||||||||||||||
Severance and termination costs | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Lease impairment costs | ( | ( | |||||||||||||||||||||||||||
Other restructuring costs | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Awards | Weighted-average grant-date fair value (per award) | ||||||||||
Restricted stock (units) | $ | ||||||||||
Performance-based stock (shares) | $ | ||||||||||
Total stock-based compensation awards |
Foreign Currency Translation Adjustments | Derivative Instruments | Defined Benefit Pension and Other Postretirement Plans | Total | ||||||||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | |||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax | ( | ||||||||||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | $ | ( | $ | ( |
Foreign Currency Translation Adjustments | Derivative Instruments | Defined Benefit Pension and Other Postretirement Plans | Total | ||||||||||||||||||||
Balance as of December 31, 2020 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | |||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss, net of tax | ( | ||||||||||||||||||||||
Balance as of September 30, 2021 | $ | ( | $ | $ | ( | $ | ( |
Three months ended September 30, | Nine months ended September 30, | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | ( | $ | $ | $ | ( | Other income (expense), net | ||||||||||||||||||||||
Net (gain) loss on derivative instruments | ( | ( | ( | Other income (expense), net, Interest expense | |||||||||||||||||||||||||
Amortization of defined benefit pension and postretirement plan items | Other income (expense), net | ||||||||||||||||||||||||||||
Tax effect | ( | ( | ( | ( | Provision for income taxes | ||||||||||||||||||||||||
Total amount reclassified from accumulated other comprehensive loss, net of tax | $ | ( | $ | $ | $ |
Domestic Pension Plan | Foreign Pension Plans | Domestic Postretirement Benefit Plan | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Settlements | |||||||||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||
Prior service cost | |||||||||||||||||||||||||||||||||||
Unrecognized actuarial losses | |||||||||||||||||||||||||||||||||||
Net periodic cost | $ | ( | $ | $ | ( | $ | ( | $ | $ |
Domestic Pension Plan | Foreign Pension Plans | Domestic Postretirement Benefit Plan | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Settlements | |||||||||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||
Prior service cost | |||||||||||||||||||||||||||||||||||
Unrecognized actuarial losses | |||||||||||||||||||||||||||||||||||
Net periodic cost | $ | ( | $ | $ | ( | $ | ( | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Total revenue: | |||||||||||||||||||||||
MD&E | $ | $ | $ | $ | |||||||||||||||||||
IA&C | |||||||||||||||||||||||
SC&E | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Revenue before billable expenses: | |||||||||||||||||||||||
MD&E | $ | $ | $ | $ | |||||||||||||||||||
IA&C | |||||||||||||||||||||||
SC&E | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Segment EBITA1: | |||||||||||||||||||||||
MD&E | $ | $ | $ | $ | |||||||||||||||||||
IA&C | |||||||||||||||||||||||
SC&E | |||||||||||||||||||||||
Corporate and Other | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Amortization of acquired intangibles: | |||||||||||||||||||||||
MD&E | $ | $ | $ | $ | |||||||||||||||||||
IA&C | |||||||||||||||||||||||
SC&E | |||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Depreciation and amortization 2: | |||||||||||||||||||||||
MD&E | $ | $ | $ | $ | |||||||||||||||||||
IA&C | |||||||||||||||||||||||
SC&E | |||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
MD&E | $ | $ | $ | $ | |||||||||||||||||||
IA&C | |||||||||||||||||||||||
SC&E | |||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Total assets: | |||||||||||
MD&E | $ | $ | |||||||||
IA&C | |||||||||||
SC&E | |||||||||||
Corporate and Other | |||||||||||
Total | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
MD&E EBITA | $ | $ | $ | $ | |||||||||||||||||||
IA&C EBITA | |||||||||||||||||||||||
SC&E EBITA | |||||||||||||||||||||||
Corporate and Other EBITA | ( | ( | ( | ( | |||||||||||||||||||
Less: consolidated amortization of acquired intangibles | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Total (expenses) and other income | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | $ | $ | $ | $ |
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. |
September 30, 2022 | Balance Sheet Classification | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | Cash and cash equivalents | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Contingent acquisition obligations 1 | $ | $ | $ | $ | Accrued liabilities and Other non-current liabilities | ||||||||||||||||||||||||
December 31, 2021 | Balance Sheet Classification | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | Cash and cash equivalents | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Contingent acquisition obligations 1 | $ | $ | $ | $ | Accrued liabilities and Other non-current liabilities |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | $ | $ | $ | $ | $ | $ | $ |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
Statement of Operations Data | 2022 | 2021 | % Increase/ (Decrease) | 2022 | 2021 | % Increase/ (Decrease) | |||||||||||||||||||||||||||||
REVENUE: | |||||||||||||||||||||||||||||||||||
Revenue before billable expenses | $ | 2,296.2 | $ | 2,261.7 | 1.5 | % | $ | 6,898.9 | $ | 6,559.0 | 5.2 | % | |||||||||||||||||||||||
Billable expenses | 341.5 | 280.3 | 21.8 | % | 1,043.0 | 749.6 | 39.1 | % | |||||||||||||||||||||||||||
Total revenue | $ | 2,637.7 | $ | 2,542.0 | 3.8 | % | $ | 7,941.9 | $ | 7,308.6 | 8.7 | % | |||||||||||||||||||||||
OPERATING INCOME | $ | 341.8 | $ | 351.5 | (2.8) | % | $ | 936.6 | $ | 978.9 | (4.3) | % | |||||||||||||||||||||||
Adjusted EBITA 1 | $ | 362.0 | $ | 373.0 | (2.9) | % | $ | 999.2 | $ | 1,043.6 | (4.3) | % | |||||||||||||||||||||||
NET INCOME AVAILABLE TO IPG COMMON STOCKHOLDERS | $ | 251.8 | $ | 239.9 | $ | 640.8 | $ | 594.9 | |||||||||||||||||||||||||||
Earnings per share available to IPG common stockholders: | |||||||||||||||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.61 | $ | 1.63 | $ | 1.51 | |||||||||||||||||||||||||||
Diluted | $ | 0.64 | $ | 0.60 | $ | 1.62 | $ | 1.49 | |||||||||||||||||||||||||||
Operating Ratios | |||||||||||||||||||||||||||||||||||
Organic change in revenue before billable expenses | 5.6 | % | 15.0 | % | 8.2 | % | 12.0 | % | |||||||||||||||||||||||||||
Operating margin on revenue before billable expenses | 14.9 | % | 15.5 | % | 13.6 | % | 14.9 | % | |||||||||||||||||||||||||||
Operating margin on total revenue | 13.0 | % | 13.8 | % | 11.8 | % | 13.4 | % | |||||||||||||||||||||||||||
Adjusted EBITA margin on revenue before billable expenses 1 | 15.8 | % | 16.5 | % | 14.5 | % | 15.9 | % | |||||||||||||||||||||||||||
Expenses as a % of revenue before billable expenses: | |||||||||||||||||||||||||||||||||||
Salaries and related expenses | 67.4 | % | 66.8 | % | 68.1 | % | 66.9 | % | |||||||||||||||||||||||||||
Office and other direct expenses | 14.3 | % | 13.3 | % | 14.5 | % | 13.6 | % | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 0.8 | % | 1.4 | % | 0.8 | % | 1.4 | % | |||||||||||||||||||||||||||
Depreciation and amortization | 2.9 | % | 3.1 | % | 2.9 | % | 3.2 | % | |||||||||||||||||||||||||||
Restructuring charges 2 | (0.3) | % | (0.2) | % | 0.0 | % | 0.0 | % | |||||||||||||||||||||||||||
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | Foreign Currency | Net Acquisitions/ (Divestitures) | Organic | Three months ended September 30, 2022 | Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 2,261.7 | $ | (82.1) | $ | (9.9) | $ | 126.5 | $ | 2,296.2 | 5.6 | % | 1.5 | % | |||||||||||||||||||||||||||
Domestic | 1,459.3 | — | 0.0 | 63.7 | 1,523.0 | 4.4 | % | 4.4 | % | ||||||||||||||||||||||||||||||||
International | 802.4 | (82.1) | (9.9) | 62.8 | 773.2 | 7.8 | % | (3.6) | % | ||||||||||||||||||||||||||||||||
United Kingdom | 195.1 | (28.2) | 0.0 | 9.6 | 176.5 | 4.9 | % | (9.5) | % | ||||||||||||||||||||||||||||||||
Continental Europe | 178.1 | (26.3) | 0.0 | 8.3 | 160.1 | 4.7 | % | (10.1) | % | ||||||||||||||||||||||||||||||||
Asia Pacific | 192.0 | (15.7) | 0.0 | 10.8 | 187.1 | 5.6 | % | (2.6) | % | ||||||||||||||||||||||||||||||||
Latin America | 96.3 | (6.7) | (1.3) | 19.1 | 107.4 | 19.8 | % | 11.5 | % | ||||||||||||||||||||||||||||||||
Other | 140.9 | (5.2) | (8.6) | 15.0 | 142.1 | 10.6 | % | 0.9 | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | Foreign Currency | Net Acquisitions/ (Divestitures) | Organic | Nine months ended September 30, 2022 | Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 6,559.0 | $ | (167.7) | $ | (31.4) | $ | 539.0 | $ | 6,898.9 | 8.2 | % | 5.2 | % | |||||||||||||||||||||||||||
Domestic | 4,204.6 | — | 0.0 | 343.4 | 4,548.0 | 8.2 | % | 8.2 | % | ||||||||||||||||||||||||||||||||
International | 2,354.4 | (167.7) | (31.4) | 195.6 | 2,350.9 | 8.3 | % | (0.1) | % | ||||||||||||||||||||||||||||||||
United Kingdom | 573.7 | (50.9) | 0.0 | 20.9 | 543.7 | 3.6 | % | (5.2) | % | ||||||||||||||||||||||||||||||||
Continental Europe | 559.4 | (62.0) | 0.0 | 41.8 | 539.2 | 7.5 | % | (3.6) | % | ||||||||||||||||||||||||||||||||
Asia Pacific | 553.6 | (34.0) | (5.7) | 35.6 | 549.5 | 6.4 | % | (0.7) | % | ||||||||||||||||||||||||||||||||
Latin America | 268.6 | (12.4) | (3.0) | 43.8 | 297.0 | 16.3 | % | 10.6 | % | ||||||||||||||||||||||||||||||||
Other | 399.1 | (8.4) | (22.7) | 53.5 | 421.5 | 13.4 | % | 5.6 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Increase/ (Decrease) | 2022 | 2021 | % Increase/ (Decrease) | ||||||||||||||||||||||||||||||
Salaries and related expenses | $ | 1,546.8 | $ | 1,511.2 | 2.4 | % | $ | 4,701.4 | $ | 4,389.2 | 7.1 | % | |||||||||||||||||||||||
As a % of revenue before billable expenses: | |||||||||||||||||||||||||||||||||||
Salaries and related expenses | 67.4 | % | 66.8 | % | 68.1 | % | 66.9 | % | |||||||||||||||||||||||||||
Base salaries, benefits and tax | 57.9 | % | 53.9 | % | 58.1 | % | 54.9 | % | |||||||||||||||||||||||||||
Incentive expense | 3.3 | % | 5.8 | % | 3.9 | % | 5.5 | % | |||||||||||||||||||||||||||
Severance expense | 1.1 | % | 0.8 | % | 0.7 | % | 0.5 | % | |||||||||||||||||||||||||||
Temporary help | 4.0 | % | 5.0 | % | 4.4 | % | 4.7 | % | |||||||||||||||||||||||||||
All other salaries and related expenses | 1.1 | % | 1.3 | % | 1.0 | % | 1.3 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Increase/ (Decrease) | 2022 | 2021 | % Increase/ (Decrease) | ||||||||||||||||||||||||||||||
Office and other direct expenses | $ | 327.9 | $ | 300.9 | 9.0 | % | $ | 1,001.1 | $ | 894.8 | 11.9 | % | |||||||||||||||||||||||
As a % of revenue before billable expenses: | |||||||||||||||||||||||||||||||||||
Office and other direct expenses | 14.3 | % | 13.3 | % | 14.5 | % | 13.6 | % | |||||||||||||||||||||||||||
Occupancy expense | 4.8 | % | 5.0 | % | 4.9 | % | 5.2 | % | |||||||||||||||||||||||||||
All other office and other direct expenses 1 | 9.5 | % | 8.3 | % | 9.6 | % | 8.4 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Severance and termination costs | $ | 0.0 | $ | (2.1) | $ | 0.2 | $ | (0.1) | |||||||||||||||
Lease impairment costs | (7.3) | (3.2) | (2.0) | (4.2) | |||||||||||||||||||
Other restructuring costs | 1.5 | 1.8 | 2.5 | 1.9 | |||||||||||||||||||
Total restructuring charges | $ | (5.8) | $ | (3.5) | $ | 0.7 | $ | (2.4) |
2020 Restructuring Plan | |||||||||||||||||||||||||||||
Liability at December 31, 2021 | Restructuring Expense | Non-Cash Items | Cash Payments | Liability at September 30, 2022 | |||||||||||||||||||||||||
Severance and termination costs | $ | 9.4 | $ | 0.2 | $ | 0.0 | $ | 6.7 | $ | 2.9 | |||||||||||||||||||
Lease impairment costs | 0.0 | (2.0) | (2.0) | 0.0 | 0.0 | ||||||||||||||||||||||||
Other restructuring costs | 0.0 | 2.5 | 2.5 | 0.0 | 0.0 | ||||||||||||||||||||||||
Total | $ | 9.4 | $ | 0.7 | $ | 0.5 | $ | 6.7 | $ | 2.9 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cash interest on debt obligations | $ | (43.8) | $ | (42.0) | $ | (122.6) | $ | (130.8) | |||||||||||||||
Non-cash interest | (1.1) | (0.9) | (2.7) | (4.3) | |||||||||||||||||||
Interest expense | (44.9) | (42.9) | (125.3) | (135.1) | |||||||||||||||||||
Interest income | 17.0 | 7.4 | 38.0 | 21.9 | |||||||||||||||||||
Net interest expense | (27.9) | (35.5) | (87.3) | (113.2) | |||||||||||||||||||
Other income (expense), net | 17.5 | 2.3 | 6.8 | (76.9) | |||||||||||||||||||
Total (expenses) and other income | $ | (10.4) | $ | (33.2) | $ | (80.5) | $ | (190.1) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net gains/(losses) on sales of businesses | $ | 3.1 | $ | (4.4) | $ | (4.0) | $ | (18.6) | |||||||||||||||
Loss on early extinguishment of debt | — | — | — | (74.0) | |||||||||||||||||||
Other | 14.4 | 6.7 | 10.8 | 15.7 | |||||||||||||||||||
Other income (expense), net | $ | 17.5 | $ | 2.3 | $ | 6.8 | $ | (76.9) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
INCOME BEFORE INCOME TAXES | $ | 331.4 | $ | 318.3 | $ | 856.1 | $ | 788.8 | |||||||||||||||
Provision for income taxes | $ | 76.4 | $ | 73.9 | $ | 209.2 | $ | 184.4 |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | Foreign Currency | Net Acquisitions/ (Divestitures) | Organic | Three months ended September 30, 2022 | Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 980.0 | $ | (39.1) | $ | 0.0 | $ | 37.1 | $ | 978.0 | 3.8 | % | (0.2) | % | |||||||||||||||||||||||||||
Domestic | 606.8 | — | 0.0 | (0.3) | 606.5 | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||||||||||
International | 373.2 | (39.1) | 0.0 | 37.4 | 371.5 | 10.0 | % | (0.5) | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | Foreign Currency | Net Acquisitions/ (Divestitures) | Organic | Nine months ended September 30, 2022 | Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 2,815.1 | $ | (83.0) | $ | (0.2) | $ | 196.0 | $ | 2,927.9 | 7.0 | % | 4.0 | % | |||||||||||||||||||||||||||
Domestic | 1,733.2 | — | 0.0 | 78.7 | 1,811.9 | 4.5 | % | 4.5 | % | ||||||||||||||||||||||||||||||||
International | 1,081.9 | (83.0) | (0.2) | 117.3 | 1,116.0 | 10.8 | % | 3.2 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Segment EBITA | $ | 160.9 | $ | 198.5 | (18.9) | % | $ | 416.9 | $ | 535.9 | (22.2) | % | |||||||||||||||||||||||
Segment EBITA margin on revenue before billable expenses | 16.5 | % | 20.3 | % | 14.2 | % | 19.0 | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | Foreign Currency | Net Acquisitions/ (Divestitures) | Organic | Three months ended September 30, 2022 | Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 951.2 | $ | (31.7) | $ | (9.8) | $ | 63.6 | $ | 973.3 | 6.7 | % | 2.3 | % | |||||||||||||||||||||||||||
Domestic | 620.5 | — | 0.0 | 45.0 | 665.5 | 7.3 | % | 7.3 | % | ||||||||||||||||||||||||||||||||
International | 330.7 | (31.7) | (9.8) | 18.6 | 307.8 | 5.6 | % | (6.9) | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | Foreign Currency | Net Acquisitions/ (Divestitures) | Organic | Nine months ended September 30, 2022 | Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 2,789.7 | $ | (62.5) | $ | (29.7) | $ | 243.6 | $ | 2,941.1 | 8.7 | % | 5.4 | % | |||||||||||||||||||||||||||
Domestic | 1,810.8 | — | 0.0 | 191.7 | 2,002.5 | 10.6 | % | 10.6 | % | ||||||||||||||||||||||||||||||||
International | 978.9 | (62.5) | (29.7) | 51.9 | 938.6 | 5.3 | % | (4.1) | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Segment EBITA 1 | $ | 157.3 | $ | 152.7 | 3.0 | % | $ | 464.9 | $ | 453.7 | 2.1 | % | |||||||||||||||||||||||
Segment EBITA margin on revenue before billable expenses 1 | 16.2 | % | 16.1 | % | 15.8 | % | 16.3 | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | Foreign Currency | Net Acquisitions/ (Divestitures) | Organic | Three months ended September 30, 2022 | Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 330.5 | $ | (11.3) | $ | (0.1) | $ | 25.8 | $ | 344.9 | 7.8 | % | 4.4 | % | |||||||||||||||||||||||||||
Domestic | 232.0 | — | 0.0 | 19.0 | 251.0 | 8.2 | % | 8.2 | % | ||||||||||||||||||||||||||||||||
International | 98.5 | (11.3) | (0.1) | 6.8 | 93.9 | 6.9 | % | (4.7) | % |
Components of Change | Change | ||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | Foreign Currency | Net Acquisitions/ (Divestitures) | Organic | Nine months ended September 30, 2022 | Organic | Total | |||||||||||||||||||||||||||||||||||
Consolidated | $ | 954.2 | $ | (22.2) | $ | (1.5) | $ | 99.4 | $ | 1,029.9 | 10.4 | % | 7.9 | % | |||||||||||||||||||||||||||
Domestic | 660.6 | — | 0.0 | 73.0 | 733.6 | 11.1 | % | 11.1 | % | ||||||||||||||||||||||||||||||||
International | 293.6 | (22.2) | (1.5) | 26.4 | 296.3 | 9.0 | % | 0.9 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||
Segment EBITA 1 | $ | 63.8 | $ | 54.1 | 12.5 | % | $ | 179.3 | $ | 148.0 | 23.3 | % | |||||||||||||||||||||||
Segment EBITA margin on revenue before billable expenses 1 | 18.5 | % | 16.4 | % | 17.4 | % | 15.5 | % |
Nine months ended September 30, | |||||||||||
Cash Flow Data | 2022 | 2021 | |||||||||
Net income | $ | 650.2 | $ | 604.8 | |||||||
Adjustments to reconcile to net cash provided by operating activities 1 | 267.4 | 394.2 | |||||||||
Net cash used in working capital 2 | (1,523.6) | (315.7) | |||||||||
Changes in other non-current assets and liabilities | (52.8) | (74.7) | |||||||||
Net cash (used in) provided by operating activities | $ | (658.8) | $ | 608.6 | |||||||
Net cash used in investing activities | (126.2) | (115.1) | |||||||||
Net cash used in financing activities | (652.9) | (467.8) |
Four Quarters Ended | Four Quarters Ended | |||||||||||||||||||
Financial Covenant | September 30, 2022 | Credit Agreement EBITDA Reconciliation | September 30, 2022 | |||||||||||||||||
Leverage ratio (not greater than) 1 | 3.50x | Net income available to IPG common stockholders | $ | 998.7 | ||||||||||||||||
Actual leverage ratio | 1.70x | Non-operating adjustments 2 | 395.2 | |||||||||||||||||
Operating income | 1,393.9 | |||||||||||||||||||
Add: | ||||||||||||||||||||
Depreciation and amortization | 331.2 | |||||||||||||||||||
Other non-cash charges reducing operating income | 11.5 | |||||||||||||||||||
Credit Agreement EBITDA 1 | $ | 1,736.6 |
Moody’s Investors Service | S&P Global Ratings | Fitch Ratings | |||||||||||||||
Short-term rating | P-2 | A-2 | F2 | ||||||||||||||
Long-term rating | Baa2 | BBB | BBB+ | ||||||||||||||
Outlook | Stable | Stable | Stable |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue before billable expenses | $ | 2,296.2 | $ | 2,261.7 | $ | 6,898.9 | $ | 6,559.0 | |||||||||||||||
Adjusted EBITA Reconciliation: | |||||||||||||||||||||||
Net Income Available to IPG Common Stockholders 1 | $ | 251.8 | $ | 239.9 | $ | 640.8 | $ | 594.9 | |||||||||||||||
Add Back: | |||||||||||||||||||||||
Provision for income taxes | 76.4 | 73.9 | 209.2 | 184.4 | |||||||||||||||||||
Subtract: | |||||||||||||||||||||||
Total (expenses) and other income | (10.4) | (33.2) | (80.5) | (190.1) | |||||||||||||||||||
Equity in net income of unconsolidated affiliates | 2.5 | 0.2 | 3.3 | 0.4 | |||||||||||||||||||
Net income attributable to non-controlling interests | (5.7) | (4.7) | (9.4) | (9.9) | |||||||||||||||||||
Operating Income 1 | 341.8 | 351.5 | 936.6 | 978.9 | |||||||||||||||||||
Add Back: | |||||||||||||||||||||||
Amortization of acquired intangibles | 20.2 | 21.5 | 62.6 | 64.7 | |||||||||||||||||||
Adjusted EBITA 1 | $ | 362.0 | $ | 373.0 | $ | 999.2 | $ | 1,043.6 | |||||||||||||||
Adjusted EBITA Margin on Revenue before billable expenses | 15.8 | % | 16.5 | % | 14.5 | % | 15.9 | % |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Total Number of Shares (or Units) Purchased 1 | Average Price Paid per Share (or Unit) 2 | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs 3 | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Programs 3 | ||||||||||||||||||||
July 1 - 31 | 941,244 | $ | 27.76 | 937,853 | $ | 226,155,813 | |||||||||||||||||
August 1 - 31 | 756,014 | $ | 29.58 | 755,524 | $ | 203,809,533 | |||||||||||||||||
September 1 - 30 | 932,242 | $ | 27.22 | 929,200 | $ | 178,516,700 | |||||||||||||||||
Total | 2,629,500 | $ | 28.09 | 2,622,577 |
Item 6. | Exhibits |
Exhibit No. | Description | |||||||
Extension of Existing Executive Change of Control Agreement between the Registrant and Philippe Krakowsky dated October 26, 2022. | ||||||||
Extension of Existing Executive Change of Control Agreement between the Registrant and Ellen Johnson dated October 26, 2022. | ||||||||
Extension of Existing Executive Change of Control Agreement between the Registrant and Andrew Bonzani dated October 26, 2022. | ||||||||
Extension of Existing Executive Change of Control Agreement between the Registrant and Christopher Carroll dated October 26, 2022. | ||||||||
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. | ||||||||
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. | ||||||||
Certification of the Chief Executive Officer and the Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350 and Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. | ||||||||
101 | Interactive Data File, for the period ended September 30, 2022. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
104 | Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document and are included in Exhibit 101. |
THE INTERPUBLIC GROUP OF COMPANIES, INC. | ||||||||
By | /s/ Philippe Krakowsky | |||||||
Philippe Krakowsky Chief Executive Officer |
By | /s/ Christopher F. Carroll | |||||||
Christopher F. Carroll Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) |
The Interpublic Group of Companies, Inc. | Executive | |||||||
By: /s/ Andrew Bonzani | By: /s/ Philippe Krakowsky | |||||||
Andrew Bonzani | Philippe Krakowsky | |||||||
EVP, General Counsel | ||||||||
Date: October 26, 2022 | Date: October 26, 2022 |
The Interpublic Group of Companies, Inc. | Executive | |||||||
By: /s/ Andrew Bonzani | By: /s/ Ellen Johnson | |||||||
Andrew Bonzani | Ellen Johnson | |||||||
EVP, General Counsel | ||||||||
Date: October 26, 2022 | Date: October 26, 2022 |
The Interpublic Group of Companies, Inc. | Executive | |||||||
By: /s/ Robert Dobson | By: /s/ Andrew Bonzani | |||||||
Robert Dobson | Andrew Bonzani | |||||||
SVP, Associate General Counsel & Secretary | ||||||||
Date: October 26, 2022 | Date: October 26, 2022 |
The Interpublic Group of Companies, Inc. | Executive | |||||||
By: /s/ Andrew Bonzani | By: /s/ Christopher Carroll | |||||||
Andrew Bonzani | Christopher Carroll | |||||||
EVP, General Counsel | ||||||||
Date: October 26, 2022 | Date: October 26, 2022 |
/s/ Philippe Krakowsky | |||||
Philippe Krakowsky | |||||
Chief Executive Officer |
/s/ Ellen Johnson | |||||
Ellen Johnson | |||||
Executive Vice President and Chief Financial Officer |
/s/ Philippe Krakowsky | |||||
Philippe Krakowsky | |||||
Chief Executive Officer |
/s/ Ellen Johnson | |||||
Ellen Johnson | |||||
Executive Vice President and Chief Financial Officer |
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Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
REVENUE: | ||||
Net revenue | $ 2,296.2 | $ 2,261.7 | $ 6,898.9 | $ 6,559.0 |
Billable expenses | 341.5 | 280.3 | 1,043.0 | 749.6 |
Total revenue | 2,637.7 | 2,542.0 | 7,941.9 | 7,308.6 |
OPERATING EXPENSES: | ||||
Salaries and related expenses | 1,546.8 | 1,511.2 | 4,701.4 | 4,389.2 |
Office and other direct expenses | 327.9 | 300.9 | 1,001.1 | 894.8 |
Billable expenses | 341.5 | 280.3 | 1,043.0 | 749.6 |
Cost of services | 2,216.2 | 2,092.4 | 6,745.5 | 6,033.6 |
Selling, general and administrative expenses | 18.5 | 32.2 | 57.2 | 89.8 |
Depreciation and amortization | 67.0 | 69.4 | 201.9 | 208.7 |
Restructuring charges | (5.8) | (3.5) | 0.7 | (2.4) |
Total operating expenses | 2,295.9 | 2,190.5 | 7,005.3 | 6,329.7 |
OPERATING INCOME | 341.8 | 351.5 | 936.6 | 978.9 |
EXPENSES AND OTHER INCOME: | ||||
Interest expense | (44.9) | (42.9) | (125.3) | (135.1) |
Interest income | 17.0 | 7.4 | 38.0 | 21.9 |
Other Income (Expense), Net | 17.5 | 2.3 | 6.8 | (76.9) |
Total (expenses) and other income | (10.4) | (33.2) | (80.5) | (190.1) |
Income before income taxes | 331.4 | 318.3 | 856.1 | 788.8 |
Provision for income taxes | 76.4 | 73.9 | 209.2 | 184.4 |
Income of consolidated companies | 255.0 | 244.4 | 646.9 | 604.4 |
Equity in net income of unconsolidated affiliates | 2.5 | 0.2 | 3.3 | 0.4 |
NET INCOME | 257.5 | 244.6 | 650.2 | 604.8 |
Net income attributable to noncontrolling interests | (5.7) | (4.7) | (9.4) | (9.9) |
NET INCOME AVAILABLE TO IPG COMMON STOCKHOLDERS | $ 251.8 | $ 239.9 | $ 640.8 | $ 594.9 |
Earnings per share, Basic | $ 0.64 | $ 0.61 | $ 1.63 | $ 1.51 |
Earnings per share, Diluted | $ 0.64 | $ 0.60 | $ 1.62 | $ 1.49 |
Weighted-average number of common shares outstanding, Basic | 390.6 | 393.5 | 392.7 | 392.8 |
Weighted-average number of common shares outstanding, Diluted | 394.1 | 399.8 | 396.2 | 398.3 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited Consolidated Financial Statements have been prepared by The Interpublic Group of Companies, Inc. and its subsidiaries (the “Company,” “IPG,” “we,” “us” or “our”) in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting interim financial information on Form 10-Q. Accordingly, they do not include certain information and disclosures required for complete financial statements. The effects of the coronavirus ("COVID-19") pandemic, as well as heightened macroeconomic uncertainty, have impacted and will likely continue to impact our results of operations, cash flows and financial position. The Company’s Consolidated Financial Statements presented herein reflect the latest estimates and assumptions made by management that affect the reported amounts of assets and liabilities and related disclosures as of the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. The Company believes it has used reasonable estimates and assumptions to assess the fair values of goodwill, long-lived assets and indefinite-lived intangible assets; assessment of the annual effective tax rate; valuation of deferred income taxes and allowance for expected credit losses on future uncollectible accounts receivable. Actual results could differ from these estimates and assumptions. The consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). Effective January 1, 2022, the Company completed a managerial and operational review, which resulted in organizational realignments to our financial reporting segment structure. As a result, the Company determined we conduct our business across three reportable segments described in Note 11. 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"). In conjunction with the new reporting structure, the Company has recast certain prior period amounts, wherever applicable, to reflect our revised organizational alignment. This change does not impact the unaudited consolidated statements of operations and comprehensive income, consolidated balance sheets, consolidated statement of cash flows and consolidated statements of stockholders' equity for any of the previously reported periods. Cost of services is comprised of the expenses of our revenue-producing reportable segments, MD&E, IA&C, and SC&E, including salaries and related expenses, office and other direct expenses and billable expenses, and includes an allocation of the centrally managed expenses from our "Corporate and Other" group. 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, excluding depreciation and amortization. Depreciation and amortization of fixed assets and intangible assets of the Company is disclosed as a separate operating expense. Restructuring charges in 2022 consist of adjustments to the Company's restructuring actions taken during 2020 to lower our operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business, as discussed further in Note 7. Restructuring charges mainly include severance and termination costs and lease impairment costs. In the opinion of management, these unaudited Consolidated Financial Statements include all adjustments, consisting only of normal and recurring adjustments necessary for a fair statement of the information for each period contained therein. Certain reclassifications have been made to prior-period financial statements to conform to the current-period presentation.
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Revenue (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Disaggregation of Revenue We have three reportable segments as of September 30, 2022: MD&E, IA&C and SC&E, as further discussed in Note 11. MD&E principally generates revenue from providing 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. IA&C principally generates revenue from providing advertising, corporate and brand identity services, and strategic consulting. SC&E generates revenue from providing best-in-class global public relations and communications services, events, sports and entertainment marketing, and strategic consulting. Our agencies are located in over 100 countries, including every significant world market. Our geographic revenue breakdown is listed below.
1 Revenue before billable expenses was previously labeled as net revenue.
Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
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 $635.9 of unsatisfied performance obligations as of September 30, 2022, which will be recognized as services are performed over the remaining contractual terms through 2027.
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Debt and Credit Arrangements (Notes) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Credit Arrangements | Debt and Credit Arrangements Long-Term Debt A summary of the carrying amounts of our long-term debt is listed below.
As of September 30, 2022 and December 31, 2021, the estimated fair value of the Company's long-term debt was $2,485.7 and $3,337.4, respectively. Refer to Note 12 for details. Credit Agreement 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, including 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 of $50.0, or the equivalent in other currencies. Our obligations under the Credit Agreement are unsecured. As of September 30, 2022, there were no borrowings under the Credit Agreement; however, we had $9.8 of letters of credit under the Credit Agreement, which reduced our total availability to $1,490.2. We were in compliance with all of our covenants in the Credit Agreement as of September 30, 2022. 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 September 30, 2022, the Company had uncommitted lines of credit in an aggregate amount of $801.6, under which we had outstanding borrowings of $55.8 classified as short-term borrowings on our Consolidated Balance Sheet. The average amount outstanding during the third quarter of 2022 was $63.3 with a weighted-average interest rate of approximately 5.0%. 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 program are supported by the Credit Agreement described above. Proceeds of the commercial paper are used for working capital and general corporate purposes, including the repayment of maturing indebtedness and other short-term liquidity needs. The maturities of the commercial paper vary but may not exceed 397 days from the date of issue. During the third quarter of 2022, there was no commercial paper activity and, as of September 30, 2022, there was no commercial paper outstanding.
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Earnings Per Share (Notes) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Earnings Per Share The following sets forth basic and diluted earnings per common share available to IPG common stockholders.
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Supplementary Data (Notes) |
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Accrued Liabilities | Accrued Liabilities The following table presents the components of accrued liabilities.
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Other Income, Net | Other Income (Expense), Net Results of operations for the three and nine months ended September 30, 2022 and 2021 include certain items that are not directly associated with our revenue-producing operations.
Net gains/(losses) on sales of businesses – During the three and nine months ended September 30, 2022 and 2021, the amounts recognized were related to sales of businesses and the classification of certain assets and liabilities, consisting primarily of cash, as held for sale within our MD&E, IA&C, and SC&E reportable segments. The businesses sold and held for sale primarily represent unprofitable, non-strategic agencies which are expected to be sold within the next twelve months. Loss on early extinguishment of debt – During the nine months ended September 30, 2021, we recorded a loss of $74.0 related to the early extinguishment of all $250.0 aggregate principal amount of our 4.000% unsecured senior notes due 2022, all $500.0 aggregate principal amount of our 3.750% unsecured senior notes due 2023, and $250.0 of the $500.0 aggregate principal amount of our 4.200% unsecured senior notes due 2024.Other - During the three months ended September 30, 2022, the amounts recognized were primarily related to a cash gain from the sale of an equity investment. During the nine months ended September 30, 2022, the amounts recognized were primarily attributable to factors noted for the third quarter of 2022, partially offset by a non-cash loss related to the deconsolidation of a previously consolidated entity in which we maintain an equity interest in the second quarter of 2022. During the three and nine months ended September 30, 2021, the amounts recognized were primarily related to a non-cash gain related to the deconsolidation of a previously consolidated subsidiary.
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Share Repurchase Program | Share Repurchase Program | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | Redeemable Non-controlling Interests Many of our acquisitions include provisions under which the non-controlling equity owners may require us to purchase additional interests in a subsidiary at their discretion. 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.
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Income Taxes (Notes) |
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Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three and nine months ended September 30, 2022, our income tax expense was positively impacted by excess tax benefits on employee share-based payments, the majority of which were recognized in the first quarter due to the timing of the vesting of awards, partially offset by net losses on sales of businesses and the classification of certain assets as held for sale for which we received minimal tax benefit. We have various tax years under examination by tax authorities in various countries, and in various states, in which we have significant business operations. It is not yet known whether these examinations will, in the aggregate, result in our paying additional taxes. We believe our tax reserves are adequate in relation to the potential for additional assessments in each of the jurisdictions in which we are subject to taxation. We regularly assess the likelihood of additional tax assessments in those jurisdictions and, if necessary, adjust our reserves as additional information or events require. With respect to all tax years open to examination by U.S. federal, various state and local, and non-U.S. tax authorities, we currently anticipate that total unrecognized tax benefits will decrease by an amount between $100.0 and $110.0 in the next twelve months, a portion of which will affect our effective income tax rate, primarily as a result of the settlement of tax examinations and the lapsing of statutes of limitations. We are effectively settled with respect to U.S. federal income tax audits through 2016. With limited exceptions, we are no longer subject to state and local income tax audits for years prior to 2015 or non-U.S. income tax audits for years prior to 2010.
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Restructuring Charges (Notes) |
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Restructuring and Related Activities Disclosure [Text Block] | Restructuring Charges 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 Restructuring Plan”). These actions continued through the fourth quarter of 2020, and most 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. Lease impairment costs, which relate to the office spaces that were vacated as part of the 2020 Restructuring Plan, included impairments of operating lease right-of-use assets and associated leasehold improvements, furniture and asset retirement obligations in addition to losses and gains related to early lease terminations. 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. All restructuring actions were identified and initiated in 2020, with all actions completed by the end of the fourth quarter of 2020. The amounts for the three and nine months ended September 30, 2022 and 2021 are adjustments to the actions taken in 2020. The components of the restructuring charges related to the 2020 Restructuring Plan are listed below.
Net restructuring charges were comprised of $(5.8) at SC&E for the three months ended September 30, 2022, which include non-cash lease impairment costs of $(7.3) at SC&E. Net restructuring charges were comprised of $6.0 at IA&C, $(5.4) at SC&E and $0.1 at Corporate and Other for the nine months ended September 30, 2022, which include non-cash lease impairment costs of $5.1 at IA&C and $(7.1) at SC&E. Net restructuring charges were comprised of $(0.4) at MD&E, $(0.2) at IA&C, $(0.6) at SC&E, and $(2.3) at Corporate and Other for the three months ended September 30, 2021. Net restructuring charges were comprised of $(0.2) at MD&E, $(0.2) at IA&C, $0.2 at SC&E and $(2.2) at Corporate and Other for the nine months ended September 30, 2021. A summary of the restructuring activities taken in the first nine months of 2022 related to the 2020 Restructuring Plan is as follows:
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Incentive Compensation Plans (Notes) |
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Incentive Compensation Plans | Incentive Compensation PlansWe 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 stockholders. We issued the following stock-based awards under the 2019 Performance Incentive Plan (the "2019 PIP") during the nine months ended September 30, 2022.
During the nine months ended September 30, 2022, the Compensation Committee granted performance cash awards under the 2019 PIP and restricted cash awards under the 2020 Restricted Cash Plan with a total annual target value of $45.8 and $16.6, respectively. Cash awards are expensed over the vesting period, which is typically three years for performance cash awards and two years or three years for restricted cash awards.
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Accumulated Other Comprehensive Loss, Net of Tax (Notes) |
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Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss, Net of Tax The following tables present the changes in accumulated other comprehensive loss, net of tax, by component.
Amounts reclassified from accumulated other comprehensive loss, net of tax, for the three and nine months ended September 30, 2022 and 2021 are as follows:
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Employee Benefits (Notes) |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits | Employee Benefits We have a defined benefit pension plan that covers certain U.S. employees (the “Domestic Pension Plan”). We also have numerous funded and unfunded plans outside the U.S. The Interpublic Limited Pension Plan in the U.K. is a defined benefit plan and is our most material foreign pension plan in terms of the benefit obligation and plan assets. Some of our domestic and foreign subsidiaries provide postretirement health benefits and life insurance to eligible employees and, in certain cases, their dependents. The domestic postretirement benefit plan is our most material postretirement benefit plan in terms of the benefit obligation. Certain immaterial foreign pension and postretirement benefit plans have been excluded from the table below. The components of net periodic cost for the Domestic Pension Plan, the significant foreign pension plans and the domestic postretirement benefit plan are listed below.
The components of net periodic cost other than the service cost component are included in the line item “Other income (expense), net” in the Consolidated Statements of Operations. During the nine months ended September 30, 2022, we contributed $0.0 and $12.7 of cash to our domestic and foreign pension plans, respectively. For the remainder of 2022, we expect to contribute approximately $0.0 and $3.0 of cash to our domestic and foreign pension plans, respectively.
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Segment Information (Notes) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure | Segment Information As of September 30, 2022, we operate our results across three reportable segments: MD&E, IA&C, and SC&E. MD&E primarily 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, Acxiom, and Kinesso, as well as our digital and commerce specialist agencies, which include MRM, R/GA, and Huge. IA&C primarily 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. SC&E primarily 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 DXTRA Health. We also report results for the Corporate and Other group. In conjunction with the new reporting structure, prior period segment disclosures have been recast to reflect our new reportable segments, as well as the way performance is internally managed and monitored. We continue to evaluate our financial reporting structure, and the profitability measure employed by our chief operating decision maker for allocating resources to operating divisions and assessing operating division performance is segment EBITA. Summarized financial information concerning our reportable segments is shown in the following table.
1 Adjusted 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.
The following table presents the reconciliation of segment EBITA to Income before income taxes.
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Fair Value Measurements (Notes) |
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Fair Value Measurements | Fair Value Measurements Authoritative guidance for fair value measurements establishes a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:
Financial Instruments that are Measured at Fair Value on a Recurring Basis We primarily apply the market approach to determine the fair value of financial instruments that are measured at fair value on a recurring basis. There were no changes to our valuation techniques used to determine the fair value of financial instruments during the nine months ended September 30, 2022. The following tables present information about our financial instruments measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value.
1Contingent 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 $12.8 from December 31, 2021 to September 30, 2022 is primarily due to payments related to our deferred acquisitions payments from prior-year acquisitions and valuation adjustments, partially offset by 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 September 30, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
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 3 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 September 30, 2022 ranged from 3.0% to 6.0% and 0.4% to 3.4%, respectively. Non-financial Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis, primarily goodwill (Level 3), intangible assets, and property and equipment. Accordingly, these assets are not measured and adjusted to fair value on an ongoing basis but are subject to periodic evaluations for potential impairment.
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Commitments and Contingencies (Notes) |
9 Months Ended |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Guarantees As discussed in our 2021 Annual Report, we have guaranteed certain obligations of our subsidiaries relating principally to operating leases, uncommitted lines of credit and cash pooling arrangements. As of September 30, 2022 and December 31, 2021, the amount of parent company guarantees on lease obligations was $586.3 and $667.5, respectively, the amount of parent company guarantees relating to uncommitted lines of credit was $267.5 and $306.5, 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 $93.7 and $104.4, 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 September 30, 2022, there were no material assets pledged as security for such parent company guarantees. 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.
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Recent Accounting Standards (Notes) |
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Sep. 30, 2022 | |
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. Derivatives and Hedging In March 2022, the Financial Accounting Standards Board (the "FASB") 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. This amended guidance is effective beginning January 1, 2023, with early adoption permitted. We are currently assessing the impact the adoption of the amended guidance will have on our Consolidated Financial Statements.
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Subsequent Events |
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Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events RafterOne Acquisition ClosingOn 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 for a cash payment of $241.2, subject to customary closing adjustments. |
Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue Principal Geographic Markets | Our agencies are located in over 100 countries, including every significant world market. Our geographic revenue breakdown is listed below.
1 Revenue before billable expenses was previously labeled as net revenue.
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Contract Balances | The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
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Debt and Credit Arrangements (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Carrying Amounts and Fair Values of Long-term Debt | A summary of the carrying amounts of our long-term debt is listed below.
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following sets forth basic and diluted earnings per common share available to IPG common stockholders.
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Supplementary Data (Tables) |
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Supplementary Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | The following table presents the components of accrued liabilities.
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Other Income (Expense), Net | Results of operations for the three and nine months ended September 30, 2022 and 2021 include certain items that are not directly associated with our revenue-producing operations.
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Redeemable Noncontrolling Interest [Table Text Block] | Redeemable Non-controlling Interests Many of our acquisitions include provisions under which the non-controlling equity owners may require us to purchase additional interests in a subsidiary at their discretion. 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.
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Restructuring Charges (Tables) |
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Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | The components of the restructuring charges related to the 2020 Restructuring Plan are listed below.
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Schedule of Restructuring activities related to the 2020 Plan [Table Text Block] | A summary of the restructuring activities taken in the first nine months of 2022 related to the 2020 Restructuring Plan is as follows:
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Incentive Compensation Plans (Tables) |
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Share-Based Payment Arrangement, Additional Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Awards | We issued the following stock-based awards under the 2019 Performance Incentive Plan (the "2019 PIP") during the nine months ended September 30, 2022.
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Accumulated Other Comprehensive Loss, Net of Tax (Tables) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss, Net of Tax The following tables present the changes in accumulated other comprehensive loss, net of tax, by component.
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Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified from accumulated other comprehensive loss, net of tax, for the three and nine months ended September 30, 2022 and 2021 are as follows:
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Employee Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Costs | The components of net periodic cost for the Domestic Pension Plan, the significant foreign pension plans and the domestic postretirement benefit plan are listed below.
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized financial information concerning reportable segments | Summarized financial information concerning our reportable segments is shown in the following table.
1 Adjusted 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.
The following table presents the reconciliation of segment EBITA to Income before income taxes.
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Fair Value Measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present information about our financial instruments measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value.
1Contingent 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 $12.8 from December 31, 2021 to September 30, 2022 is primarily due to payments related to our deferred acquisitions payments from prior-year acquisitions and valuation adjustments, partially offset by the exercises of redeemable non-controlling interest. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities.
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[1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents information about our financial instruments that are not measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
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Revenue Major Geographical Area (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Total revenues: | ||||
Total revenue | $ 2,637.7 | $ 2,542.0 | $ 7,941.9 | $ 7,308.6 |
Net revenue | 2,296.2 | 2,261.7 | 6,898.9 | 6,559.0 |
United States | ||||
Total revenues: | ||||
Total revenue | 1,744.3 | 1,612.1 | 5,171.8 | 4,595.8 |
Net revenue | 1,523.0 | 1,459.3 | 4,548.0 | 4,204.6 |
United Kingdom | ||||
Total revenues: | ||||
Total revenue | 195.5 | 224.3 | 646.8 | 637.4 |
Net revenue | 176.5 | 195.1 | 543.7 | 573.7 |
Continental Europe | ||||
Total revenues: | ||||
Total revenue | 184.4 | 200.2 | 610.2 | 625.6 |
Net revenue | 160.1 | 178.1 | 539.2 | 559.4 |
Asia Pacific | ||||
Total revenues: | ||||
Total revenue | 219.8 | 229.0 | 652.9 | 673.1 |
Net revenue | 187.1 | 192.0 | 549.5 | 553.6 |
Latin America | ||||
Total revenues: | ||||
Total revenue | 113.6 | 104.3 | 318.0 | 290.1 |
Net revenue | 107.4 | 96.3 | 297.0 | 268.6 |
Other | ||||
Total revenues: | ||||
Total revenue | 180.1 | 172.1 | 542.2 | 486.6 |
Net revenue | 142.1 | 140.9 | 421.5 | 399.1 |
International | ||||
Total revenues: | ||||
Total revenue | 893.4 | 929.9 | 2,770.1 | 2,712.8 |
Net revenue | 773.2 | 802.4 | 2,350.9 | 2,354.4 |
MD&E | ||||
Total revenues: | ||||
Total revenue | 994.6 | 1,001.5 | 2,991.2 | 2,876.0 |
Net revenue | 978.0 | 980.0 | 2,927.9 | 2,815.1 |
MD&E | United States | ||||
Total revenues: | ||||
Total revenue | 613.1 | 614.4 | 1,841.3 | 1,752.5 |
Net revenue | 606.5 | 606.8 | 1,811.9 | 1,733.2 |
MD&E | International | ||||
Total revenues: | ||||
Total revenue | 381.5 | 387.1 | 1,149.9 | 1,123.5 |
Net revenue | 371.5 | 373.2 | 1,116.0 | 1,081.9 |
IA&C | ||||
Total revenues: | ||||
Total revenue | 1,057.5 | 1,033.3 | 3,215.1 | 3,035.4 |
Net revenue | 973.3 | 951.2 | 2,941.1 | 2,789.7 |
IA&C | United States | ||||
Total revenues: | ||||
Total revenue | 689.9 | 644.0 | 2,081.7 | 1,883.8 |
Net revenue | 665.5 | 620.5 | 2,002.5 | 1,810.8 |
IA&C | International | ||||
Total revenues: | ||||
Total revenue | 367.6 | 389.3 | 1,133.4 | 1,151.6 |
Net revenue | 307.8 | 330.7 | 938.6 | 978.9 |
SC&E | ||||
Total revenues: | ||||
Total revenue | 585.6 | 507.2 | 1,735.6 | 1,397.2 |
Net revenue | 344.9 | 330.5 | 1,029.9 | 954.2 |
SC&E | United States | ||||
Total revenues: | ||||
Total revenue | 441.3 | 353.7 | 1,248.8 | 959.5 |
Net revenue | 251.0 | 232.0 | 733.6 | 660.6 |
SC&E | International | ||||
Total revenues: | ||||
Total revenue | 144.3 | 153.5 | 486.8 | 437.7 |
Net revenue | $ 93.9 | $ 98.5 | $ 296.3 | $ 293.6 |
Revenue Contract Balances (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Accounts receivable, net of allowance of $57.4 and $68.5, respectively | $ 4,121.1 | $ 5,177.7 |
Accounts receivable, billable to clients | 2,158.0 | 2,347.2 |
Contract assets | 56.3 | 62.3 |
Contract liabilities (deferred revenue) | 659.8 | $ 688.5 |
Revenue, Remaining Performance Obligation, Amount | $ 635.9 |
Credit Facilities (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
|
Short-term Debt [Line Items] | ||
Asset Acquisition, Price of Acquisition, Expected | $ 200.0 | |
Committed credit facility [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500.0 | 1,500.0 |
Line of Credit Facility, Available Capacity Increase Amount | 250.0 | 250.0 |
Line of Credit Facility, Limit on Letters of Credit | 50.0 | 50.0 |
Line of Credit Outstanding, Amount | 0.0 | 0.0 |
Letters of Credit Outstanding, Amount | 9.8 | 9.8 |
Line of Credit Facility, Remaining Borrowing Capacity | 1,490.2 | 1,490.2 |
Uncommitted credit facility [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 801.6 | 801.6 |
Line of Credit Outstanding, Amount | 55.8 | $ 55.8 |
Line of Credit Facility, Average Outstanding Amount | $ 63.3 | |
Short-term Debt, Weighted Average Interest Rate, over Time | 5.00% |
Commercial Paper (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
|
Debt Disclosure [Abstract] | ||
Commercial paper borrowing capacity | $ 1,500.0 | $ 1,500.0 |
Debt Instrument, Term | 397 days | |
Commercial Paper, Average Outstanding | 0.0 | |
Commercial Paper | $ 0.0 | $ 0.0 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Net income available to IPG common stockholders | $ 251.8 | $ 239.9 | $ 640.8 | $ 594.9 |
Weighted-average number of common shares outstanding, Basic | 390.6 | 393.5 | 392.7 | 392.8 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 3.5 | 6.3 | 3.5 | 5.5 |
Weighted-average number of common shares outstanding, Diluted | 394.1 | 399.8 | 396.2 | 398.3 |
Earnings per share, Basic | $ 0.64 | $ 0.61 | $ 1.63 | $ 1.51 |
Earnings per share, Diluted | $ 0.64 | $ 0.60 | $ 1.62 | $ 1.49 |
Supplementary Data Accrued Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Accrued Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 483.0 | $ 685.4 |
Income Taxes payable | 26.4 | 42.8 |
Interest | 40.6 | 39.0 |
Office and related expenses | 26.0 | 30.5 |
Acquisition obligations | 15.0 | 15.4 |
Restructuring charges | 2.8 | 8.1 |
Other | 75.5 | 96.9 |
Total Accrued Liabilities | $ 669.3 | $ 918.1 |
Supplementary Data Other Expense, Net (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Other Expense, Net [Abstract] | ||||
Net losses on sales of businesses | $ 3.1 | $ (4.4) | $ (4.0) | $ (18.6) |
Loss on Extinguishment of Debt | 0.0 | 0.0 | 0.0 | (74.0) |
Other Expense, Net, Other | (14.4) | (6.7) | (10.8) | (15.7) |
Other Income (Expense), Net | $ 17.5 | $ 2.3 | $ 6.8 | $ (76.9) |
Supplementary Data Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Disclosure of Repurchase Agreements [Abstract] | |||
Stock repurchase program, remaining authorized repurchase amount, excluding fees | $ 178.5 | $ 178.5 | |
Stock Repurchase Program, Authorized Amount | 400.0 | $ 400.0 | |
Stock Repurchased During Period, Shares | 7.1 | 0.0 | |
Payments for Repurchase of Common Stock | $ 73.7 | $ 221.6 | $ 0.0 |
Treasury Stock Acquired, Average Cost Per Share | $ 31.1 | $ 0 |
Supplementary Data Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Redeemable Noncontrolling Interests [Abstract] | ||||
Redeemable noncontrolling interests | $ 9.1 | $ 72.6 | $ 15.6 | $ 93.1 |
Noncontrolling interest related to redeemable noncontrolling interests | (0.8) | 1.1 | ||
Additions | 3.1 | 0.0 | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (9.4) | (22.7) | ||
Redemption value adjustments | $ 0.6 | $ 1.1 |
Income Taxes Change in Unrecognized Tax Benefits (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
Minimum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Decrease in unrecognized tax benefits is reasonably possible | $ 100.0 |
Maximum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Decrease in unrecognized tax benefits is reasonably possible | $ 110.0 |
Restructuring Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Severance and termination costs | $ 0.0 | $ (2.1) | $ 0.2 | $ (0.1) |
Lease impairment costs | (7.3) | (3.2) | (2.0) | (4.2) |
Other restructuring costs | 1.5 | 1.8 | 2.5 | 1.9 |
Restructuring charges | (5.8) | (3.5) | 0.7 | (2.4) |
Severance and termination costs | 0.0 | (2.1) | 0.2 | (0.1) |
Lease impairment costs | (7.3) | (3.2) | (2.0) | (4.2) |
Other restructuring costs | 1.5 | 1.8 | 2.5 | 1.9 |
Restructuring charges | $ (5.8) | $ (3.5) | $ 0.7 | $ (2.4) |
Restructuring Charges Segments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ (5.8) | $ (3.5) | $ 0.7 | $ (2.4) |
Lease impairment costs | (7.3) | (3.2) | (2.0) | (4.2) |
IA&C | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (0.2) | 6.0 | (0.2) | |
Lease impairment costs | 5.1 | |||
SC&E | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (5.8) | (0.6) | (5.4) | 0.2 |
Lease impairment costs | $ (7.3) | (7.1) | ||
Corporate and Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (2.3) | $ 0.1 | (2.2) | |
MD&E | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ (0.4) | $ (0.2) |
Incentive Compensation Plans Stock-based Compensation Awards (Details) shares in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
$ / shares
shares
| |
Restricted stock (units) | |
Incentive Compensation Plans | |
Granted awards | 1.3 |
Weighted average grant date fair value | $ / shares | $ 36.39 |
Performance-based stock (shares) | |
Incentive Compensation Plans | |
Granted awards | 1.6 |
Weighted average grant date fair value | $ / shares | $ 29.97 |
Total stock-based compensation awards | |
Incentive Compensation Plans | |
Granted awards | 2.9 |
Incentive Compensation Plans Plan Information (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Share-Based Payment Arrangement [Abstract] | |
Performance cash awards granted during the period target value | $ 45.8 |
Restricted cash awards granted during the period target value | $ 16.6 |
Performance based cash award vesting period | 3 years |
Restricted cash awards vesting period floor | 2 years |
Cash awards vesting period | 3 years |
Accumulated Other Comprehensive Loss, Net of Tax Reclassification of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation adjustments | $ (1.3) | $ 0.5 | $ 0.5 | $ (1.0) |
Net (Gain) Loss on derivative instruments | (0.4) | (0.3) | (1.1) | 4.6 |
Amortization of defined benefit pension and postretirement plan items | 1.5 | 3.6 | 4.8 | 8.4 |
Tax effect | (0.3) | (0.4) | (0.8) | (2.7) |
Reclassifications from accumulated other comprehensive loss to earnings, net of tax | $ (0.5) | $ 3.4 | $ 3.4 | $ 9.3 |
Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Segments: | |||||
Total revenue | $ 2,637.7 | $ 2,542.0 | $ 7,941.9 | $ 7,308.6 | |
Net revenue | 2,296.2 | 2,261.7 | 6,898.9 | 6,559.0 | |
Segment EBITA | 362.0 | 373.0 | 999.2 | 1,043.6 | |
Amortization of acquired intangibles | (20.2) | (21.5) | (62.6) | (64.7) | |
Depreciation | 46.8 | 47.9 | 139.3 | 144.0 | |
Capital expenditures | 46.2 | 61.3 | 118.5 | 123.4 | |
Total assets | 16,875.2 | 16,875.2 | $ 19,909.2 | ||
Operating income | 341.8 | 351.5 | 936.6 | 978.9 | |
Total (expenses) and other income | (10.4) | (33.2) | (80.5) | (190.1) | |
Income before income taxes | 331.4 | 318.3 | 856.1 | 788.8 | |
MD&E | |||||
Segments: | |||||
Total revenue | 994.6 | 1,001.5 | 2,991.2 | 2,876.0 | |
Net revenue | 978.0 | 980.0 | 2,927.9 | 2,815.1 | |
Segment EBITA | 160.9 | 198.5 | 416.9 | 535.9 | |
Amortization of acquired intangibles | 17.7 | 17.9 | 53.4 | 54.0 | |
Depreciation | 26.0 | 26.0 | 77.8 | 75.3 | |
Capital expenditures | 26.9 | 36.6 | 64.4 | 66.8 | |
Total assets | 8,443.0 | 8,443.0 | 9,580.6 | ||
IA&C | |||||
Segments: | |||||
Total revenue | 1,057.5 | 1,033.3 | 3,215.1 | 3,035.4 | |
Net revenue | 973.3 | 951.2 | 2,941.1 | 2,789.7 | |
Segment EBITA | 157.3 | 152.7 | 464.9 | 453.7 | |
Amortization of acquired intangibles | 1.7 | 2.5 | 6.4 | 7.7 | |
Depreciation | 15.1 | 15.5 | 44.3 | 49.0 | |
Capital expenditures | 10.0 | 15.8 | 27.0 | 34.9 | |
Total assets | 5,294.0 | 5,294.0 | 6,001.1 | ||
SC&E | |||||
Segments: | |||||
Total revenue | 585.6 | 507.2 | 1,735.6 | 1,397.2 | |
Net revenue | 344.9 | 330.5 | 1,029.9 | 954.2 | |
Segment EBITA | 63.8 | 54.1 | 179.3 | 148.0 | |
Amortization of acquired intangibles | 0.8 | 1.1 | 2.8 | 3.0 | |
Depreciation | 4.2 | 4.0 | 12.6 | 13.3 | |
Capital expenditures | 2.4 | 2.4 | 5.7 | 4.7 | |
Total assets | 1,649.6 | 1,649.6 | 1,594.0 | ||
Corporate and Other | |||||
Segments: | |||||
Segment EBITA | (20.0) | (32.3) | (61.9) | (94.0) | |
Amortization of acquired intangibles | 0.0 | 0.0 | 0.0 | 0.0 | |
Depreciation | 1.5 | 2.4 | 4.6 | 6.4 | |
Capital expenditures | 6.9 | $ 6.5 | 21.4 | $ 17.0 | |
Total assets | $ 1,488.6 | $ 1,488.6 | $ 2,733.5 |
Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
|||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ||||
Contingent acquisition liability, total change | $ (12.8) | |||
Long-term Debt, Fair Value | $ 2,485.7 | $ 3,337.4 | ||
Discount rate floor contingent acquisition obligations | 3.00% | |||
Discount rate ceiling contingent acquisition obligations | 6.00% | |||
Discount rate floor long-term debt | 0.40% | |||
Discount rate ceiling long-term debt | 3.40% | |||
Level 1 | ||||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ||||
Cash equivalents | $ 1,078.1 | 2,391.8 | ||
Contingent acquisition obligations | [1] | 0.0 | 0.0 | |
Long-term Debt, Fair Value | 0.0 | 0.0 | ||
Level 2 | ||||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ||||
Cash equivalents | 0.0 | 0.0 | ||
Contingent acquisition obligations | [1] | 0.0 | 0.0 | |
Long-term Debt, Fair Value | 2,452.3 | 3,295.6 | ||
Level 3 | ||||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ||||
Cash equivalents | 0.0 | 0.0 | ||
Contingent acquisition obligations | [1] | 20.7 | 33.5 | |
Long-term Debt, Fair Value | 33.4 | 41.8 | ||
Fair Value, Total [Member] | ||||
Fair value assets and liabilities measured on recurring and nonrecurring basis | ||||
Cash equivalents | 1,078.1 | 2,391.8 | ||
Contingent acquisition obligations | [1] | 20.7 | 33.5 | |
Long-term Debt, Fair Value | $ 2,485.7 | $ 3,337.4 | ||
|
Commitments and Contingencies (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Lease guarantees | $ 586,300,000 | $ 667,500,000 |
Credit facility guarantees | 267,500,000 | 306,500,000 |
Cash pooling guarantees | 93,700,000 | $ 104,400,000 |
Assets pledged as security for parent company guarantees | $ 0 |
Subsequent Events (Details) $ in Millions |
Oct. 03, 2022
USD ($)
|
---|---|
Subsequent Events [Abstract] | |
Business Acquisition, Percentage of Voting Interests Acquired | 83.90% |
Business Acquisition, Transaction Costs | $ 241.2 |
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