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SEC Filings

10-K
INTERPUBLIC GROUP OF COMPANIES, INC. filed this Form 10-K on 02/23/2015
Entire Document
 
Notes to Consolidated Financial Statements – (continued)
(Amounts in Millions, Except Per Share Amounts)

Accrued Liabilities
The following table presents the components of accrued liabilities.
 
December 31,
 
2014
 
2013
Salaries, benefits and related expenses
$
510.6

 
$
467.2

Office and related expenses
51.5

 
56.9

Acquisition obligations
88.1

 
12.8

Interest
18.3

 
16.0

Restructuring and other reorganization-related
5.5

 
46.7

Other
122.0

 
118.8

Total accrued liabilities
$
796.0

 
$
718.4


Other (Expense) Income, net
Results of operations include certain items that are not directly associated with our revenue-producing operations.
 
Years ended December 31,
 
2014
 
2013
 
2012
Loss on early extinguishment of debt
$
(10.4
)
 
$
(45.2
)
 
$
0.0

Gains on sales of businesses and investments, net
0.8

 
1.5

 
88.2

Vendor discounts and credit adjustments
3.3

 
8.6

 
15.3

Other (expense) income, net
(3.9
)
 
2.8

 
(3.0
)
Total other (expense) income, net
$
(10.2
)
 
$
(32.3
)
 
$
100.5

Loss on Early Extinguishment of Debt – During 2014, we recorded a charge of $10.4 related to the redemption of our 6.25% Notes. During 2013, we recorded a charge of $45.2 related to the redemption of our 10.00% Notes. See Note 2 to the Consolidated Financial Statements for further information.
Gains on Sales of Businesses and Investments, net – During 2014, we recognized gains from the sale of a business located in the Continental Europe region within our IAN segment and the sale of investments in our Rabbi Trusts, which were partially offset by a loss from the sale of a business in the domestic market within our IAN segment. During 2013, we recognized gains from the sale of marketable securities in the Asia Pacific region within our IAN segment and the sale of investments in our Rabbi Trusts, which were partially offset by a loss from the sale of a business in the United Kingdom within our IAN segment. During 2012, we recognized gains from the sale of remaining holdings in Facebook and a business in an international market within our CMG segment, which were partially offset by losses from the sale of businesses within our IAN segment, as well as an adjustment relating to a reserve for a change in estimate in connection with a business disposed of in a prior year.
Vendor Discounts and Credit Adjustments In connection with the liabilities related to vendor discounts and credits established as part of the restatement we presented in our 2004 Annual Report on Form 10-K, these adjustments reflect the reversal of certain of these liabilities primarily where the statute of limitations has lapsed, or as a result of differences resulting from settlements with clients or vendors.
Other (Expense) Income, net – During 2014, we recorded an other-than-temporary impairment on an investment in an unconsolidated affiliate in the Asia Pacific region within our IAN segment. During 2013, other income (expense), net primarily included a non-cash gain on re-measurement to fair value of an equity interest in an affiliate, located in the Asia Pacific region within our CMG segment, upon acquiring a controlling interest.

Share Repurchase Program
In February 2012, our Board of Directors (the "Board") authorized a share repurchase program to repurchase from time to time up to $300.0, excluding fees, of our common stock (the "2012 Share Repurchase Program"). In November 2012, the Board authorized an increase in the amount available under our 2012 Share Repurchase Program up to $400.0, excluding fees, of our common stock, as a result of the sale of our remaining holdings in Facebook. In February 2013, the Board authorized a new share repurchase program to repurchase from time to time up to $300.0, excluding fees, of our common stock (the "2013 Share Repurchase Program"). In March 2013, the Board authorized an increase in the amount available under our 2013 Share Repurchase Program up to $500.0, excluding fees, of our common stock to be used towards the repurchase of shares resulting from the conversion to

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