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SEC Filings

10-K
INTERPUBLIC GROUP OF COMPANIES, INC. filed this Form 10-K on 02/23/2015
Entire Document
 

THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Millions)
 
Years ended December 31,
  
2014
 
2013
 
2012
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
Net income
$
505.4

 
$
288.9

 
$
464.6

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization of fixed assets and intangible assets
163.0

 
157.4

 
147.7

Provision for uncollectible receivables
7.4

 
12.6

 
16.3

Amortization of restricted stock and other non-cash compensation
54.3

 
43.1

 
44.5

Net amortization of bond discounts and deferred financing costs
5.1

 
8.6

 
1.8

Non-cash (gain) loss related to early extinguishment of debt
(0.5
)
 
15.2

 
0.0

Deferred income tax provision
83.5

 
69.4

 
103.6

Gain on sale of an investment
0.0

 
0.0

 
(93.6
)
Other
13.0

 
3.2

 
12.3

Changes in assets and liabilities, net of acquisitions and dispositions, providing cash
 
 
 
 
 
Accounts receivable
(20.1
)
 
(157.1
)
 
(44.7
)
Expenditures billable to clients
83.5

 
(241.5
)
 
(73.8
)
Other current assets
(57.2
)
 
(11.3
)
 
3.5

Accounts payable
(177.1
)
 
417.7

 
(120.4
)
Accrued liabilities
39.8

 
(17.4
)
 
(57.8
)
Other non-current assets and liabilities
(30.6
)
 
4.1

 
(46.8
)
Net cash provided by operating activities
669.5

 
592.9

 
357.2

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
Capital expenditures
(148.7
)
 
(173.0
)
 
(169.2
)
Acquisitions, including deferred payments, net of cash acquired
(67.8
)
 
(61.5
)
 
(145.5
)
Net (purchases) sales and maturities of short-term marketable securities
(0.6
)
 
10.8

 
(1.2
)
Proceeds from sales of businesses and investments, net of cash sold
14.2

 
2.0

 
107.2

Other investing activities
2.1

 
(2.8
)
 
(1.5
)
Net cash used in investing activities
(200.8
)
 
(224.5
)
 
(210.2
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
Proceeds from issuance of long-term debt
499.1

 
0.0

 
1,044.6

Purchase of long-term debt
(351.2
)
 
(602.4
)
 
(401.5
)
Repurchase of common stock
(275.1
)
 
(481.8
)
 
(350.5
)
Common stock dividends
(159.0
)
 
(126.0
)
 
(103.4
)
Exercise of stock options
20.1

 
47.4

 
10.8

Acquisition-related payments
(13.6
)
 
(27.6
)
 
(37.1
)
Net (decrease) increase in short term bank borrowings
(63.2
)
 
5.4

 
12.6

Distributions to noncontrolling interests
(17.0
)
 
(14.9
)
 
(17.0
)
Preferred stock dividends
0.0

 
(11.6
)
 
(11.6
)
Excess tax benefit on share-based compensation
16.7

 
0.0

 
15.0

Other financing activities
(0.7
)
 
(0.8
)
 
(30.6
)
Net cash (used in) provided by financing activities
(343.9
)
 
(1,212.3
)
 
131.3

Effect of foreign exchange rate changes on cash and cash equivalents
(101.0
)
 
(94.1
)
 
(6.2
)
Net increase (decrease) in cash and cash equivalents
23.8

 
(938.0
)
 
272.1

Cash and cash equivalents at beginning of period
1,636.8

 
2,574.8

 
2,302.7

Cash and cash equivalents at end of period
$
1,660.6

 
$
1,636.8

 
$
2,574.8

The accompanying notes are an integral part of these financial statements.

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