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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)

common stock of the 4.75% Notes. In February 2014, 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 "2014 Share Repurchase Program").
We may effect such repurchases through open market purchases, trading plans established in accordance with SEC rules, derivative transactions or other means. We expect to continue to repurchase our common stock in future periods, although the timing and amount of the repurchases will depend on market conditions and other funding requirements.
The following table presents our share repurchase activity under our share repurchase programs.
 
Years ended December 31,
 
2014
 
2013
 
2012
Number of shares repurchased
14.9

 
31.8

 
32.7

Aggregate cost, including fees
$
275.1

 
$
481.8

 
$
350.5

Average price per share, including fees
$
18.41

 
$
15.17

 
$
10.72

We fully utilized the 2012 Share Repurchase Program as of the second quarter of 2013 and the 2013 Share Repurchase Program as of the third quarter of 2014. As of December 31, 2014, $143.6 remained available for repurchase under the 2014 Share Repurchase Program. The 2014 Share Repurchase Program has no expiration date.

Supplemental Cash Flow Information
 
Years ended December 31,
 
2014
 
2013
 
2012
Cash paid for interest
$
78.1

 
$
110.7

 
$
130.6

Cash paid for income taxes, net of refunds 1
103.9

 
111.8

 
95.7

 
1
Refunds of $21.3, $15.0 and $23.5 were received for the years ended December 31, 2014, 2013 and 2012, respectively.

Note 6:  Intangible Assets
Goodwill
Goodwill is the excess purchase price remaining from an acquisition after an allocation of purchase price has been made to identifiable assets acquired and liabilities assumed based on estimated fair values. The changes in the carrying value of goodwill for our segments, IAN and CMG, for the years ended December 31, 2014 and 2013 are listed below.
 
 
IAN
 
CMG
 
Total 1
Balance as of December 31, 2012
 
$
3,074.6

 
$
506.0

 
$
3,580.6

Current year acquisitions
 
58.8

 
16.5

 
75.3

Foreign currency and other
 
(24.1
)
 
(2.8
)
 
(26.9
)
Balance as of December 31, 2013
 
$
3,109.3

 
$
519.7

 
$
3,629.0

Current year acquisitions
 
95.2

 
40.9

 
136.1

Foreign currency and other
 
(83.7
)
 
(12.2
)
 
(95.9
)
Balance as of December 31, 2014
 
$
3,120.8

 
$
548.4

 
$
3,669.2

 
1
For all periods presented we have not recorded a goodwill impairment charge.
See Note 1 for information regarding our annual impairment methodology.

Other Intangible Assets
Other intangible assets are comprised of both assets with indefinite lives not subject to amortization and assets with definite lives subject to amortization. Other intangible assets primarily consist of customer lists and trade names, which have definitive lives and are subject to amortization on a straight-line basis with estimated useful lives generally between 7 and 15 years. Amortization expense for other intangible assets for the years ended December 31, 2014, 2013 and 2012 was $29.4, $26.8 and $23.4, respectively. There were no material impairment charges on other intangibles for the years ended December 31, 2014,

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