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SEC Filings

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


THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Millions)
 
Years ended December 31,
  
2016
 
2015
 
2014
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
Net income
$
632.5

 
$
480.5

 
$
505.4

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization of fixed assets and intangible assets
160.2

 
157.0

 
163.0

Provision for uncollectible receivables
16.7

 
11.4

 
7.4

Amortization of restricted stock and other non-cash compensation
85.6

 
70.3

 
54.3

Net amortization of bond discounts and deferred financing costs
5.6

 
5.8

 
5.1

Deferred income tax provision
45.7

 
49.5

 
83.5

Losses on sales of businesses
41.4

 
50.1

 
0.2

Other
35.5

 
24.2

 
24.1

Changes in assets and liabilities, net of acquisitions and dispositions, providing cash:
 
 
 
 
 
Accounts receivable
(220.7
)
 
(236.1
)
 
(20.1
)
Expenditures billable to clients
(2.2
)
 
(237.8
)
 
83.5

Other current assets
(4.2
)
 
(9.2
)
 
(57.2
)
Accounts payable
(126.1
)
 
419.0

 
(159.2
)
Accrued liabilities
(61.1
)
 
(35.3
)
 
39.8

Other non-current assets and liabilities
(95.5
)
 
(60.4
)
 
(33.4
)
Net cash provided by operating activities
513.4

 
689.0

 
696.4

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
Capital expenditures
(200.7
)
 
(161.1
)
 
(148.7
)
Acquisitions, net of cash acquired
(52.0
)
 
(28.6
)
 
(67.8
)
Other investing activities
(11.2
)
 
(10.0
)
 
17.6

Net cash used in investing activities
(263.9
)
 
(199.7
)
 
(198.9
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
Repurchase of common stock
(303.3
)
 
(285.2
)
 
(275.1
)
Common stock dividends
(238.4
)
 
(195.5
)
 
(159.0
)
Net (decrease) increase in short term bank borrowings
(56.2
)
 
51.8

 
(66.3
)
Acquisition-related payments
(40.8
)
 
(53.1
)
 
(13.6
)
Tax payments for employee shares withheld
(23.1
)
 
(17.6
)
 
(14.8
)
Distributions to noncontrolling interests
(13.7
)
 
(15.9
)
 
(17.0
)
Purchase of long-term debt
(1.8
)
 
(2.0
)
 
(351.2
)
Exercise of stock options
10.2

 
13.5

 
20.1

Proceeds from issuance of long-term debt
0.0

 
0.1

 
499.1

Excess tax benefit on share-based compensation
0.0

 
10.2

 
16.7

Other financing activities
0.7

 
2.8

 
(11.6
)
Net cash used in financing activities
(666.4
)
 
(490.9
)
 
(372.7
)
Effect of foreign exchange rate changes on cash and cash equivalents
11.6

 
(156.1
)
 
(101.0
)
Net (decrease) increase in cash and cash equivalents
(405.3
)
 
(157.7
)
 
23.8

Cash and cash equivalents at beginning of period
1,502.9

 
1,660.6

 
1,636.8

Cash and cash equivalents at end of period
$
1,097.6

 
$
1,502.9

 
$
1,660.6

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

40