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

whether the standard will result in a change in the number of performance obligations within our contractual arrangements, and what impact, if any, the standard will have on our assessment of principal versus agent in connection with media buying, production and studio work, and our events businesses. Additionally, under the new standard certain out-of-pocket expenses reimbursed by our clients will no longer be recorded in revenue.

Note 15:  Results by Quarter (Unaudited) 
 
Three Months Ended
March 31,
 
Three Months Ended
June 30,
 
Three Months Ended
September 30,
 
Three Months Ended
December 31,
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Revenue
$
1,742.0

 
$
1,676.0

 
$
1,917.9

 
$
1,876.1

 
$
1,922.2

 
$
1,865.5

 
$
2,264.5

 
$
2,196.2

Salaries and related expenses
1,270.9

 
1,215.2

 
1,229.0

 
1,205.2

 
1,228.8

 
1,202.2

 
1,309.4

 
1,235.1

Office and general expenses
450.2

 
453.0

 
464.1

 
455.1

 
486.2

 
471.4

 
470.0

 
504.7

Operating income
20.9

 
7.8

 
224.8

 
215.8

 
207.2

 
191.9

 
485.1

 
456.4

Other (expense) income, net 1
(17.1
)
 
0.3

 
(0.1
)
 
0.5

 
6.1

 
(37.2
)
 
(26.2
)
 
(10.3
)
Total (expenses) and other income 1
(33.9
)
 
(13.4
)
 
(19.0
)
 
(14.8
)
 
(10.9
)
 
(52.9
)
 
(44.0
)
 
(28.6
)
(Benefit of) provision for income taxes 2
(15.6
)
 
(1.4
)
 
43.7

 
77.7

 
63.8

 
61.1

 
106.1

 
145.4

Net income (loss)
2.7

 
(4.2
)
 
160.2

 
123.8

 
132.7

 
78.0

 
336.9

 
282.9

Net income (loss) available to IPG common stockholders 2
$
5.4

 
$
(1.8
)
 
$
156.9

 
$
121.2

 
$
128.6

 
$
74.9

 
$
317.6

 
$
260.3

Earnings per share available to IPG common stockholders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.01

 
$
0.00

 
$
0.39

 
$
0.30

 
$
0.32

 
$
0.18

 
$
0.81

 
$
0.65

Diluted
$
0.01

 
$
0.00

 
$
0.38

 
$
0.29

 
$
0.32

 
$
0.18

 
$
0.78

 
$
0.63

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common stock
$
0.15

 
$
0.12

 
$
0.15

 
$
0.12

 
$
0.15

 
$
0.12

 
$
0.15

 
$
0.12

 
1
The three months ended March 31 and December 31, 2016 included pre-tax losses of $16.3 and $25.3, respectively, on sales of businesses. The three months ended September 30 and December 31, 2015 included pre-tax losses of $38.0 and $12.0, respectively, on sales of businesses.
2
The three months ended March 31, 2016 included tax benefits of $12.2 and $7.5 due to the reversal of valuation allowances and the adoption of FASB ASU 2016-09, respectively. The three months ended June 30 and December 31, 2016 included tax benefits of $23.4 related to the conclusion and settlement of a tax examination of previous years and $37.4 for refunds to be claimed on future amended U.S. federal returns, respectively.

Note 16:  Subsequent Events
In February 2017, we announced that our Board had approved a new share repurchase program to repurchase from time to time up to $300.0, excluding fees, of our common stock (the "2017 Share Repurchase Program"). The authorization for repurchases under the 2017 Share Repurchase Program is in addition to any amounts remaining for repurchase under the 2016 Share Repurchase Program. See Note 5 for further information on the 2016 Share Repurchase Program. There is no expiration date associated with the share repurchase programs. We may effect such repurchases through open market purchases, trading plans established in accordance with SEC rules, derivative transactions or other means. We expect to continue to repurchase our common stock in future periods, although the timing and amount of the repurchases will depend on market conditions and other funding requirements.
We also announced in February 2017 that our Board had declared a common stock cash dividend of $0.18 per share, payable on March 15, 2017 to holders of record as of the close of business on March 1, 2017.


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