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Employee Benefits (Notes)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
Pension and Postretirement Benefit
We have a defined benefit pension plan covering certain U.S. employees (the “Domestic Pension Plan”) that consists of approximately 2,700 participants and is closed to new participants. We also have numerous funded and unfunded plans outside the U.S. The Interpublic Limited Pension Plan in the U.K. (the "U.K. Pension Plan") is a defined benefit plan and is our most material foreign pension plan in terms of the benefit obligation and plan assets. Some of our domestic and foreign subsidiaries provide postretirement health benefits and life insurance to eligible employees and, in certain cases, their dependents. The domestic postretirement benefit plan is our most material postretirement benefit plan in terms of the benefit obligation. This plan consists of approximately 1,400 participants, is closed to new participants and is unfunded.
Differences between the aggregate income statement and balance sheet amounts listed in the tables below and the totals reported in our Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income and Consolidated Balance Sheets relate to non-material foreign pension and postretirement benefit plans.
In December 2023, the U. K .Pension Plan entered into an agreement with an insurance company to purchase a group annuity, or "buy-in", that matches the plans future projected benefit obligations to covered participants. Prior to the transaction, the Company contributed an incremental $46.0 to the U.K. Pension Plan. As part of the annuity purchase contract, the U.K. Pension Plan has the option to complete a "buy-out", which would transfer all liabilities of the plan to the insurer, which the Company anticipates to be completed in the next 12-18 months. The non-cash settlement charge, net of tax, associated with the transaction is currently estimated to be approximately $180.0 to $200.0.
Pension and Postretirement Benefit Obligation
The change in the benefit obligation, the change in plan assets, the funded status and amounts recognized for the Domestic Pension Plan, the significant foreign pension plans and the domestic postretirement benefit plan are listed below.
 Domestic
Pension Plan		Foreign
Pension Plans		Domestic Postretirement
Benefit Plan
 
202320222023202220232022
Benefit Obligation
Projected benefit obligation as of January 1$75.0 $104.1 $334.2 $546.0 $17.9 $24.2 
Service cost0.0 0.0 2.2 4.6 0.0 0.0 
Interest cost4.0 2.8 15.6 8.9 0.9 0.6 
Benefits paid(8.2)(9.0)(18.9)(20.9)(5.1)(4.8)
Plan participant contributions0.0 0.0 0.0 0.0 1.8 1.9 
Actuarial (gains) losses1.0 (23.0)6.8 (153.3)0.6 (4.0)
Settlements0.0 0.0 (2.5)0.0 0.0 0.0 
Plan amendments0.0 0.1 0.0 0.0 0.0 0.0 
Foreign currency effect0.0 0.0 17.4 (51.1)0.0 0.0 
      
Projected benefit obligation as of December 31$71.8 $75.0 $354.8 $334.2 $16.1 $17.9 
      
Fair Value of Plan Assets
Fair value of plan assets as of January 1$70.5 $98.1 $297.1 $484.8 $0.0 $0.0 
Actual return on plan assets6.7 (18.6)5.3 (134.8)0.0 0.0 
Employer contributions0.0 0.0 61.4 16.4 3.3 2.9 
Plan participant contributions0.0 0.0 0.0 0.0 1.8 1.9 
Benefits paid(8.2)(9.0)(18.9)(20.9)(5.1)(4.8)
Settlements 0.0 0.0 (2.5)0.0 0.0 0.0 
Foreign currency effect0.0 0.0 17.3 (48.4)0.0 0.0 
     
Fair value of plan assets as of December 31$69.0 $70.5 $359.7 $297.1 $0.0 $0.0 
      
Funded status of the plans at December 31$(2.8)$(4.5)$4.9 $(37.1)$(16.1)$(17.9)
 Domestic
Pension Plan		Foreign
Pension Plans		Domestic Postretirement
Benefit Plan
December 31,202320222023202220232022
Amounts recognized in Consolidated Balance Sheets
Non-current asset$0.0 $0.0 $59.8 $17.8 $0.0 $0.0 
Current liability0.0 0.0 (7.0)(5.1)(1.9)(2.0)
Non-current liability(2.8)(4.5)(47.9)(49.8)(14.2)(15.9)
      
Net liability recognized$(2.8)$(4.5)$4.9 $(37.1)$(16.1)$(17.9)
      
Accumulated benefit obligation$71.8 $75.0 $351.2 $328.2 
    
Amounts recognized in Accumulated Other
Comprehensive Loss, net
Net actuarial loss$41.1 $44.4 $157.7 $134.6 $1.7 $1.1 
Prior service cost (credit)0.0 0.1 0.4 0.6 0.0 0.0 
      
Total amount recognized$41.1 $44.5 $158.1 $135.2 $1.7 $1.1 

Actuarial losses of $1.0 for the Domestic Pension Plan are attributed to a decrease in the discount rate from 5.65% as of December 31, 2022 to 5.40% as of December 31, 2023 and changes in demographic experience. Actuarial losses of $6.8 for the foreign pension plans are attributed to a decrease in the weighted-average discount rate from 4.62% as of December 31, 2022 to 4.32% as of December 31, 2023 and changes in demographic experience.
 Domestic
Pension Plan		Foreign Pension Plans
December 31,2023202220232022
Pension plans with an accumulated benefit obligation in excess of plan assets
Aggregate projected benefit obligation$71.8 $75.0 $55.8 $67.4 
Aggregate accumulated benefit obligation71.8 75.0 53.7 62.4 
Aggregate fair value of plan assets69.0 70.5 1.0 12.5 
 Domestic
Pension Plan		Foreign Pension Plans
December 31,2023202220232022
Pension plans with a projected benefit obligation in excess of plan assets
Aggregate projected benefit obligation$71.8 $75.0 $66.0 $67.4 
Aggregate accumulated benefit obligation71.8 75.0 63.5 62.4 
Aggregate fair value of plan assets69.0 70.5 11.1 12.5 
Net Periodic Cost
The components of net periodic benefit cost and key assumptions are listed below.
 Domestic Pension PlanForeign Pension PlansDomestic Postretirement Benefit Plan
Years ended December 31,202320222021202320222021202320222021
Service cost$0.0 $0.0 $0.0 $2.2 $4.6 $4.5 $0.0 $0.0 $0.0 
Interest cost4.0 2.8 2.9 15.6 8.9 8.0 0.9 0.6 0.7 
Expected return on plan assets(4.0)(4.7)(5.6)(17.0)(19.8)(20.8)0.0 0.0 0.0 
Curtailment and settlement0.0 0.0 1.5 (0.3)0.0 (0.9)0.0 0.0 0.0 
Amortization of:
Prior service cost (credit)0.1 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 
Net actuarial losses1.6 1.4 1.7 5.0 4.4 6.7 0.0 0.4 0.9 
Net periodic cost$1.7 $(0.5)$0.5 $5.6 $(1.8)$(2.4)$0.9 $1.0 $1.6 
Assumptions
 Domestic Pension PlanForeign Pension PlansDomestic Postretirement Benefit Plan
Years ended December 31,202320222021202320222021202320222021
Net periodic cost
Discount rate5.65 %2.95 %2.60 %4.62 %1.86 %1.35 %5.65 %2.90 %2.50 %
Rate of compensation increaseN/AN/AN/A2.80 %2.65 %2.47 %N/AN/AN/A
Expected return on plan assets6.00 %5.00 %5.75 %5.62 %4.47 %4.47 %N/AN/AN/A
Interest crediting rates5.10 %5.10 %5.10 %1.50 %1.50 %1.50 %N/AN/AN/A
Benefit obligation
Discount rate5.40 %5.65 %2.95 %4.32 %4.62 %1.86 %5.40 %5.65 %2.90 %
Rate of compensation increaseN/AN/AN/A3.35 %2.80 %2.65 %N/AN/AN/A
Interest crediting rates5.10 %5.10 %5.10 %1.50 %1.50 %1.50 %N/AN/AN/A
Healthcare cost trend rate assumed for next year
Initial rate (weighted-average)6.50 %6.75 %6.50 %
Year ultimate rate is reached203020302028
Ultimate rate5.00 %5.00 %5.00 %
Discount Rates – At December 31, 2023, 2022 and 2021, we determined our discount rates for our domestic pension plan, foreign pension plans and domestic postretirement benefit plan based on either a bond selection/settlement approach or bond yield curve approach. Using the bond selection/settlement approach, we determine the discount rate by selecting a portfolio of corporate bonds appropriate to provide for the projected benefit payments. Using the bond yield curve approach, we determine the discount rate by matching the plans' cash flows to spot rates developed from a yield curve. Both approaches utilize high-quality AA-rated corporate bonds and the plans' projected cash flows to develop a discounted value of the benefit payments, which is then used to develop a single discount rate. In countries where markets for high-quality long-term AA corporate bonds are not well developed, a portfolio of long-term government bonds is used as a basis to develop hypothetical corporate bond yields, which serve as a basis to derive the discount rate.
Expected Return on Assets – Our expected rate of return is determined at the beginning of each year and considers asset class index returns over various market and economic conditions, current and expected market conditions, risk premiums associated with asset classes and long-term inflation rates. We determine both a short-term and long-term view and then select a long-term rate of return assumption that matches the duration of our liabilities.
Fair Value of Pension Plan Assets
The following table presents the fair value of our domestic and foreign pension plan assets as of December 31, 2023 and 2022, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. See Note 13 for a description of the fair value hierarchy.
 December 31, 2023December 31, 2022
Plan assets subject to fair value hierarchyLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Registered investment companies$6.7 $0.0 $0.0 $6.7 $10.6 $0.0 $0.0 $10.6 
Limited partnerships0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 
Fixed income securities9.2 0.0 0.0 9.2 12.5 0.0 0.0 12.5 
Insurance contracts0.0 1.4 334.4 335.8 0.0 1.6 0.0 1.6 
Other10.7 0.0 0.0 10.7 11.9 0.0 0.0 11.9 
Total plan assets, subject to leveling$26.6 $1.4 $334.4 $362.4 $35.0 $1.6 $— $36.6 
Other Plan Assets
Other investments measured at net asset value 1
106.5 331.0 
Non-benefit obligation liabilities
(40.2)0.0 
Total plan assets$428.7 $367.6 
1Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy but are included to reconcile to the amounts presented in the fair value of plan assets table above.
Registered investment companies, which are publicly traded, are primarily valued using recently reported sales prices. Limited partnerships are invested primarily in equity and fixed income securities. Fixed income securities include government and investment-grade corporate bonds. Insurance contracts are valued based on the cash surrender value of the contract. Other investments primarily include cash and cash equivalents, equity securities and derivatives. Other investments measured at net asset value include common/collective trusts, hedge funds and other commingled assets that are invested primarily in equity and fixed income securities. These investments are not publicly traded and are valued based on the net asset value of shares held by the plan at year end, which reflects the fair value of the underlying investments.
The following table presents additional information about our significant foreign pension plan assets for which we utilize Level 3 inputs to determine fair value.
 Years ended December 31,
Plan assets subject to fair value hierarchy, Level 320232022
Balance at beginning of period$0.0 $24.0 
Actual return on plan assets19.9 (1.7)
Net purchases, sales and settlements314.5 (22.3)
Balance at end of period$334.4 $0.0 
Asset Allocation
The primary investment goal for our plans’ assets is to maximize total asset returns while ensuring the plans’ assets are available to fund the plans’ liabilities as they become due. The plans’ assets in aggregate and at the individual portfolio level are invested so that total portfolio risk exposure and risk-adjusted returns best achieve this objective. The aggregate amount of our own stock held as investment for our domestic and foreign pension funds is considered negligible relative to the total fund assets. As of December 31, 2023, the weighted-average target and actual asset allocations relating to our domestic and foreign pension plans' assets are listed below.
December 31,
Asset Class
2024 Target Allocation
20232022
Alternative investments 1
— %— %18 %
Equity securities6 %5 %14 %
Fixed income securities15 %16 %26 %
Insurance contracts
78 %78 %— %
Liability driven investments 2
— %— %28 %
Real estate & Other
1 %1 %14 %
Total100 %100 %100 %
1Alternative investments have the flexibility to dynamically invest across a broad range of asset classes including bonds, equity, cash, property and commodities.
2Liability driven investment strategies use government bonds as well as derivative instruments to hedge a portion of the impact of interest rates and inflation movements on the long-term liabilities.
Cash Flows
During 2023, we contributed $0.0 and $61.4 of cash to our domestic and foreign pension plans, respectively. For 2024, we expect to contribute approximately $0.0 and $10.0 of cash to our domestic and foreign pension plans, respectively.
The estimated future benefit payments expected to be paid are presented below.
YearsDomestic
Pension Plan		Foreign
Pension Plans		Domestic Postretirement
Benefit Plan
2024$8.0 $22.6 $1.6 
20257.2 22.0 1.5 
20266.9 21.6 1.4 
20276.9 21.1 1.7 
20286.4 21.6 1.6 
2029 - 203327.4 108.4 6.3 
The estimated future payments for our domestic postretirement benefit plan are net of any estimated U.S. federal subsidies expected to be received under the Medicare Prescription Drug, Improvement and Modernization Act of 2003, which total no more than $0.2 in any individual year.
Savings Plans
We sponsor defined contribution plans (the “Savings Plans”) that cover substantially all domestic employees. The Savings Plans permit participants to make contributions on a pre-tax and/or after-tax basis and allow participants to choose among various investment alternatives. We match a portion of participant contributions based upon their years of service. Amounts expensed for the Savings Plans for 2023, 2022 and 2021 were $62.8, $77.5 and $65.1, respectively. Expenses include a discretionary Company contribution of $0.0, $9.3 and $8.0 offset by participant forfeitures of $5.8, $6.3 and $8.5 in 2023, 2022 and 2021, respectively. In addition, we maintain defined contribution plans in various foreign countries and contributed $62.5, $58.2 and $59.7 to these plans in 2023, 2022 and 2021, respectively.
Deferred Compensation and Benefit Arrangements
We have deferred compensation and benefit arrangements which (i) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation or (ii) require us to contribute an amount to the participant’s account. These arrangements may provide participants with the amounts deferred plus interest upon attaining certain conditions, such as
completing a certain number of years of service, attaining a certain age or upon retirement or termination. As of December 31, 2023 and 2022, the deferred compensation and deferred benefit liability balance was $126.5 and $141.1, respectively. Amounts expensed for deferred compensation and benefit arrangements in 2023, 2022 and 2021 were $10.7, $2.1 and $8.8, respectively.
We have purchased life insurance policies on participants' lives to assist in the funding of the related deferred compensation and deferred benefit liabilities. As of December 31, 2023 and 2022, the cash surrender value of these policies was $164.7 and $161.2, respectively.
Long-Term Disability Plan
We have a long-term disability plan which provides income replacement benefits to eligible participants who are unable to perform their job duties or any job related to his or her education, training or experience. As all income replacement benefits are fully insured, no related obligation is required as of December 31, 2023 and 2022. In addition to income replacement benefits, plan participants may remain covered for certain health and life insurance benefits up to normal retirement age, and accordingly, we have recorded an obligation of $5.3 and $5.4 as of December 31, 2023 and 2022, respectively.