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SEC Filings

10-K
INTERPUBLIC GROUP OF COMPANIES, INC. filed this Form 10-K on 02/23/2015
Entire Document
 
IPG 12.31.14 10K Ex 12


EXHIBIT 12
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in Millions, Except Ratios)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December 31,
 
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
Earnings1
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
720.7

 
$
468.0

 
$
674.8

 
$
738.4

 
$
450.6

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges 1
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
84.9

 
122.7

 
133.5

 
136.8

 
139.7

 
Interest factor of net operating rents 2
 
170.0

 
173.3

 
169.0

 
175.6

 
172.8

 
    Total fixed charges
 
254.9

 
296.0

 
302.5

 
312.4

 
312.5

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings, as adjusted
 
$
975.6

 
$
764.0

 
$
977.3

 
$
1,050.8

 
$
763.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
3.8

 
2.6

 
3.2

 
3.4

 
2.4

 
 
1
Earnings consist of income from continuing operations before income taxes, equity in net income of unconsolidated affiliates and adjustments for net income attributable to noncontrolling interests. Fixed charges consist of interest on indebtedness, amortization of debt discount, waiver and other amendment fees, debt issuance costs (all of which are included in interest expense) and the portion of net rental expense deemed representative of the interest component (one-third).
2