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SEC Filings

10-K
INTERPUBLIC GROUP OF COMPANIES, INC. filed this Form 10-K on 02/21/2017
Entire Document
 
Notes to Consolidated Financial Statements
(Amounts in Millions, Except Per Share Amounts)


In October 2016, we retired 13.7 shares of our treasury stock, which resulted in a reduction in common stock of $1.4, treasury stock of $311.0 and APIC of $309.6. In October 2015, we retired 11.3 shares of our treasury stock, which resulted in a reduction in common stock of $1.2, treasury stock of $233.2 and APIC of $232.0. In November 2014, we retired 121.9 shares of our treasury stock, which resulted in a reduction in common stock of $12.2, treasury stock of $1,522.4 and APIC of $1,510.2. There was no effect on total stockholders' equity as a result of these retirements.

Note 2:  Debt and Credit Arrangements
Long-Term Debt
A summary of the carrying amounts and fair values of our long-term debt is listed below.
 
Effective
Interest Rate
 
December 31,
2016
 
2015
 
Book
Value
 
Fair
Value 1
 
Book
Value
 
Fair
Value
1
2.25% Senior Notes due 2017 (less unamortized discount and issuance costs of $0.1 and $0.5, respectively)
2.30
%
 
$
299.4

 
$
301.4

 
$
298.8

 
$
299.3

4.00% Senior Notes due 2022 (less unamortized discount and issuance costs of $1.7 and $1.3, respectively)
4.13
%
 
247.0

 
258.4

 
246.4

 
250.9

3.75% Senior Notes due 2023 (less unamortized discount and issuance costs of $0.9 and $2.5, respectively)
4.32
%
 
496.6

 
503.3

 
496.0

 
484.8

4.20% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.8 and $3.0, respectively)
4.24
%
 
496.2

 
511.6

 
495.8

 
496.4

Other notes payable and capitalized leases
 
 
65.4

 
65.4

 
75.2

 
75.2

Total long-term debt
 
 
1,604.6

 
 
 
1,612.2

 
 
Less: current portion
 
 
323.9

 
 
 
1.9

 
 
Long-term debt, excluding current portion
 
 
$
1,280.7

 
 
 
$
1,610.3

 
 
 
1
See Note 10 for information on the fair value measurement of our long-term debt.

Annual maturities are scheduled as follows based on the book value as of December 31, 2016.
2017
$
323.9

2018
1.8

2019
1.7

2020
0.8

2021
0.0

Thereafter
1,276.4

Total long-term debt
$
1,604.6


For those debt securities that have a premium or discount at the time of issuance, we amortize the amount through interest expense based on the maturity date or the first date the holders may require us to repurchase the debt securities, if applicable. A premium would result in a decrease in interest expense, and a discount would result in an increase in interest expense in future periods. Additionally, we have debt issuance costs related to certain financing transactions which are also amortized through interest expense. As of December 31, 2016 and 2015, we had total unamortized debt issuance costs of $12.3 and $15.0, respectively.
Our debt securities include covenants that, among other things, limit our liens and the liens of certain of our consolidated subsidiaries, but do not require us to maintain any financial ratios or specified levels of net worth or liquidity.

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