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SEC Filings

10-K
INTERPUBLIC GROUP OF COMPANIES, INC. filed this Form 10-K on 02/21/2017
Entire Document
 

Item 6.
Selected Financial Data
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES
Selected Financial Data
(Amounts in Millions, Except Per Share Amounts and Ratios)
(Unaudited)
Years ended December 31,
2016
 
2015
 
2014
 
2013
 
2012
Statement of Operations Data
 
 
 
 
 
 
 
 
 
Revenue
$
7,846.6

 
$
7,613.8

 
$
7,537.1

 
$
7,122.3

 
$
6,956.2

Salaries and related expenses
5,038.1

 
4,857.7

 
4,820.4

 
4,545.5

 
4,391.9

Office and general expenses 1
1,870.5

 
1,884.2

 
1,928.3

 
1,978.5

 
1,886.0

Operating income
938.0

 
871.9

 
788.4

 
598.3

 
678.3

Provision for income taxes 2
198.0

 
282.8

 
216.5

 
181.2

 
213.3

Net income 3
632.5

 
480.5

 
505.4

 
288.9

 
464.6

Net income available to IPG common stockholders 3
608.5

 
454.6

 
477.1

 
259.2

 
435.1

 
 
 
 
 
 
 
 
 
 
Earnings per share available to IPG common stockholders:
 
 
 
 
 
 
 
 
 
Basic 4
$
1.53

 
$
1.11

 
$
1.14

 
$
0.62

 
$
1.01

Diluted 4
$
1.49

 
$
1.09

 
$
1.12

 
$
0.61

 
$
0.94

 
 
 
 
 
 
 
 
 
 
Weighted-average number of common shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
397.9

 
408.1

 
419.2

 
421.1

 
432.5

Diluted
408.0

 
415.7

 
425.4

 
429.6

 
481.4

 
 
 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.60

 
$
0.48

 
$
0.38

 
$
0.30

 
$
0.24

 
 
 
 
 
 
 
 
 
 
Other Financial Data
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities 5
$
513.4

 
$
689.0

 
$
696.4

 
$
635.9

 
$
380.1

Ratios of earnings to fixed charges
4.2

 
4.1

 
3.8

 
2.6

 
3.2

 
 
 
 
 
 
 
 
 
 
As of December 31,
2016
 
2015
 
2014
 
2013
 
2012
Balance Sheet Data
 
 
 
 
 
 
 
 
 
Cash and cash equivalents and marketable securities
$
1,100.6

 
$
1,509.7

 
$
1,667.2

 
$
1,642.1

 
$
2,590.8

Total assets
12,485.2

 
12,585.1

 
12,736.6

 
12,896.9

 
13,475.7

Total debt
1,690.3

 
1,745.1

 
1,705.5

 
1,640.8

 
2,410.7

Total liabilities
10,175.7

 
10,331.4

 
10,328.0

 
10,397.0

 
10,791.9

Preferred stock – Series B
0.0

 
0.0

 
0.0

 
0.0

 
221.5

Total stockholders’ equity
2,056.7

 
2,001.8

 
2,151.2

 
2,250.8

 
2,456.6

 
1
The year ended December 31, 2013 included a charge of $60.6 from the effects of restructuring and related costs.
2
The year ended December 31, 2016 included a net reversal of valuation allowances of $12.2, a benefit of $10.4 from the adoption of the Financial Accounting Standards Board Accounting Standards Update (ASU) 2016-09, a benefit of $23.4 related to the conclusion and settlement of a tax examination of previous years and a benefit of $44.6 related to refunds to be claimed on future amended U.S. federal returns. The year ended December 31, 2014 included a net reversal of valuation allowances of $67.6.
3
The year ended December 31, 2016 included losses of $39.0, net of tax, on sales of businesses. The year ended December 31, 2015 included losses of $47.1, net of tax, on sales of businesses. The years ended December 31, 2014 and 2013 included losses of $6.6 and $28.3, net of tax, related to our early extinguishment of debt, respectively. The year ended December 31, 2013 included a loss of $50.9, net of tax, from the effects of restructuring and related costs. The year ended December 31, 2012 included a gain of $57.2, net of tax related to the sales of our holdings in Facebook.
4
Refer to "Earnings Per Share" in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further detail on the basic and diluted earnings per share impacts for the years ended December 31, 2016, 2015 and 2014. Basic and diluted earnings per share for the year ended December 31, 2013 included a negative impact of $0.12 and $0.11 per share, respectively, from the effects of restructuring and related costs, net of tax, as well as a negative impact of $0.06 per share from a loss on early extinguishment of debt, net of tax. Basic and diluted earnings per share for the year ended December 31, 2012 included a positive impact of $0.14 and $0.12 per share, respectively, from the gain recorded for the sale of our holdings in Facebook, net of tax.
5
We have revised our prior-period Consolidated Statements of Cash Flows to reflect the adoption of ASU 2016-09 and ASU 2016-15.

14