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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)

Revenue and long-lived assets, excluding intangible assets, are presented by major geographic area in the following table.
 
 
Revenue
 
Long-Lived Assets
 
 
Years ended December 31,
 
December 31,
 
 
2014
 
2013
 
2012
 
2014
 
2013
Domestic
 
$
4,184.0

 
$
3,972.6

 
$
3,803.6

 
$
572.9

 
$
545.7

International:
 
 
 
 
 
 
 
 
 
 
United Kingdom
 
688.3

 
568.3

 
572.0

 
56.7

 
60.8

Continental Europe
 
804.7

 
800.6

 
823.1

 
66.4

 
79.6

Asia Pacific
 
922.5

 
868.9

 
838.1

 
102.2

 
88.8

Latin America
 
470.4

 
464.5

 
450.1

 
69.2

 
72.3

Other
 
467.2

 
447.4

 
469.3

 
32.4

 
37.1

Total International
 
3,353.1

 
3,149.7

 
3,152.6

 
326.9

 
338.6

Total Consolidated
 
$
7,537.1

 
$
7,122.3

 
$
6,956.2

 
$
899.8

 
$
884.3

Revenue is primarily attributed to geographic areas based on where the services are performed. Property and equipment are allocated based upon physical location. Other assets and investments are allocated based on the location of the related operations.

Note 14:  Commitments and Contingencies
Leases
We lease office premises and equipment. Where leases contain escalation clauses or concessions, such as rent holidays and landlord/tenant incentives or allowances, the impact of such adjustments is recognized on a straight-line basis over the minimum lease period. Certain leases provide for renewal options and require the payment of real estate taxes or other occupancy costs, which are also subject to escalation clauses. Net rent expense is listed in the table below.
 
Years ended December 31,
 
2014
 
2013
 
2012
Gross rent expense
$
357.7

 
$
366.1

 
$
358.5

Third-party sublease rental income
(6.1
)
 
(16.1
)
 
(17.5
)
Net rent expense
$
351.6

 
$
350.0

 
$
341.0


Cash amounts for future minimum lease commitments for office premises and equipment under non-cancelable leases, along with minimum sublease rental income to be received under non-cancelable subleases, are listed in the table below.
Period
Rent
Obligations
 
Sublease Rental
Income
 
Net Rent
2015
$
328.4

 
$
(8.4
)
 
$
320.0

2016
288.9

 
(2.8
)
 
286.1

2017
248.3

 
(1.1
)
 
247.2

2018
222.3

 
(0.1
)
 
222.2

2019
198.9

 
0.0

 
198.9

Thereafter
845.1

 
0.0

 
845.1

Total
$
2,131.9

 
$
(12.4
)
 
$
2,119.5


Guarantees
We have guaranteed certain obligations of our subsidiaries relating principally to operating leases and credit facilities of certain subsidiaries. The amount of parent company guarantees on lease obligations was $580.4 and $588.1 as of December 31, 2014 and 2013, respectively, and the amount of parent company guarantees primarily relating to credit facilities was $329.2 and $279.6 as of December 31, 2014 and 2013, 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 December 31, 2014, there were no material assets pledged as security for such parent company guarantees.


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