IPG
    Print Page  Close Window

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 – (continued)
(Amounts in Millions, Except Per Share Amounts)

Property and Equipment
 
 
December 31,
 
 
2016
 
2015
Furniture and equipment
 
$
604.2

 
$
585.1

Leasehold improvements
 
599.8

 
570.1

Internal use computer software
 
306.5

 
295.2

Land and buildings
 
73.1

 
78.7

 
 
1,583.6

 
1,529.1

Less: accumulated depreciation
 
(961.6
)
 
(961.9
)
Total property and equipment, net
 
$
622.0

 
$
567.2

The total depreciation and amortization expense for property and equipment for the years ended December 31, 2016, 2015 and 2014 was $138.3, $130.9 and $133.7, respectively.

Accrued Liabilities
The following table presents the components of accrued liabilities.
 
December 31,
 
2016
 
2015
Salaries, benefits and related expenses
$
499.0

 
$
502.4

Office and related expenses
46.7

 
51.0

Acquisition obligations
77.5

 
50.1

Interest
17.3

 
17.3

Other
153.5

 
127.6

Total accrued liabilities
$
794.0

 
$
748.4


Other Expense, net
Results of operations include certain items that are not directly associated with our revenue-producing operations.
 
Years ended December 31,
 
2016
 
2015
 
2014
(Losses) gains on sales of businesses and investments, net
$
(39.7
)
 
$
(49.6
)
 
$
0.8

Loss on early extinguishment of debt
0.0

 
0.0

 
(10.4
)
Other income (expense), net
2.4

 
2.9

 
(0.6
)
Total other expense, net
$
(37.3
)
 
$
(46.7
)
 
$
(10.2
)
(Losses) Gains on Sales of Businesses and Investments, net – During 2016, the amounts recognized are related to the sales of businesses and the classification of certain assets and liabilities, consisting primarily of accounts receivable and accounts payable, respectively, as held for sale within both our IAN and CMG segments. During 2015, the amounts recognized are related to the sales of businesses within both our IAN and CMG segments and the classification of certain assets and liabilities, consisting primarily of accounts receivable and accounts payable, respectively, as held for sale within our IAN segment. The businesses held for sale as of each year end primarily represent unprofitable, non-strategic agencies which are expected to be sold within the next twelve months.
Loss on Early Extinguishment of Debt – During 2014, we recorded a charge of $10.4 related to the redemption of our 6.25% Senior Unsecured Notes due 2014.

Share Repurchase Program
In February 2014, our Board of Directors (the "Board") authorized a new share repurchase program to repurchase from time to time up to $300.0, excluding fees, of our common stock (the "2014 Share Repurchase Program"). In February 2015, the Board authorized a new share repurchase program to repurchase from time to time up to $300.0, excluding fees, of our common stock (the "2015 Share Repurchase Program"). In February 2016, the Board authorized a new share repurchase program to repurchase from time to time up to $300.0, excluding fees, of our common stock (the "2016 Share Repurchase Program").

52