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SEC Filings

10-K
INTERPUBLIC GROUP OF COMPANIES, INC. filed this Form 10-K on 02/22/2016
Entire Document
 

THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Millions)
 
Years ended December 31,
  
2015
 
2014
 
2013
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
Net income
$
480.5

 
$
505.4

 
$
288.9

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization of fixed assets and intangible assets
157.0

 
163.0

 
157.4

Provision for uncollectible receivables
11.4

 
7.4

 
12.6

Amortization of restricted stock and other non-cash compensation
70.3

 
54.3

 
43.1

Net amortization of bond discounts and deferred financing costs
5.8

 
5.1

 
8.6

Non-cash (gain) loss related to early extinguishment of debt
0.0

 
(0.5
)
 
15.2

Deferred income tax provision
49.5

 
83.5

 
69.4

Losses on sales of businesses
50.1

 
0.2

 
1.0

Other
23.6

 
12.8

 
2.2

Changes in assets and liabilities, net of acquisitions and dispositions, providing cash:
 
 
 
 
 
Accounts receivable
(236.1
)
 
(20.1
)
 
(157.1
)
Expenditures billable to clients
(237.8
)
 
83.5

 
(241.5
)
Other current assets
(9.2
)
 
(57.2
)
 
(11.3
)
Accounts payable
400.9

 
(177.1
)
 
417.7

Accrued liabilities
(35.3
)
 
39.8

 
(17.4
)
Other non-current assets and liabilities
(56.7
)
 
(30.6
)
 
4.1

Net cash provided by operating activities
674.0

 
669.5

 
592.9

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
Capital expenditures
(161.1
)
 
(148.7
)
 
(173.0
)
Acquisitions, net of cash acquired
(28.6
)
 
(67.8
)
 
(61.5
)
Proceeds from sales of businesses, investments and fixed assets, net of cash sold
(12.1
)
 
18.8

 
2.5

Net sales (purchases) and maturities of short-term marketable securities
0.1

 
(0.6
)
 
10.8

Other investing activities
(1.1
)
 
(2.5
)
 
(3.3
)
Net cash used in investing activities
(202.8
)
 
(200.8
)
 
(224.5
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
Repurchase of common stock
(285.2
)
 
(275.1
)
 
(481.8
)
Common stock dividends
(195.5
)
 
(159.0
)
 
(126.0
)
Acquisition-related payments
(53.1
)
 
(13.6
)
 
(27.6
)
Distributions to noncontrolling interests
(15.9
)
 
(17.0
)
 
(14.9
)
Purchase of long-term debt
(2.0
)
 
(351.2
)
 
(602.4
)
Proceeds from issuance of long-term debt
0.1

 
499.1

 
0.0

Net increase (decrease) in short term bank borrowings
52.3

 
(63.2
)
 
5.4

Exercise of stock options
13.5

 
20.1

 
47.4

Excess tax benefit on share-based compensation
10.2

 
16.7

 
0.0

Preferred stock dividends
0.0

 
0.0

 
(11.6
)
Other financing activities
2.8

 
(0.7
)
 
(0.8
)
Net cash used in financing activities
(472.8
)
 
(343.9
)
 
(1,212.3
)
Effect of foreign exchange rate changes on cash and cash equivalents
(156.1
)
 
(101.0
)
 
(94.1
)
Net (decrease) increase in cash and cash equivalents
(157.7
)
 
23.8

 
(938.0
)
Cash and cash equivalents at beginning of period
1,660.6

 
1,636.8

 
2,574.8

Cash and cash equivalents at end of period
$
1,502.9

 
$
1,660.6

 
$
1,636.8

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

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