Notes to Consolidated Financial Statements – (continued)
(Amounts in Millions, Except Per Share Amounts)
subsidiaries. If we lose access to these credit lines, we would have to provide funding directly to some of our international operations. As of June 30, 2017, the Company had uncommitted lines of credit in an aggregate amount of $906.5, under which we had outstanding borrowings of $237.7 classified as short-term borrowings on our Consolidated Balance Sheet. The average amount outstanding during the second quarter of 2017 was $457.6, with a weighted-average interest rate of approximately 2.2%.
In June 2017, the Company established a commercial paper program under which the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding at any time of $1,000.0. Borrowings under the program are supported by the Credit Agreement described above. Proceeds of the commercial paper will be used for working capital and general corporate purposes, including the repayment of maturing indebtedness and other short-term liquidity needs. The maturities of the commercial paper vary but may not exceed 397 days from the date of issue. As of June 30, 2017, there was no commercial paper outstanding. From the date the program was first utilized through June 30, 2017, the average amount outstanding under the program was $203.7, with a weighted-average interest rate of 1.4% and a weighted-average maturity of seven days.
Note 3: Earnings Per Share
The following sets forth basic and diluted earnings per common share available to IPG common stockholders.
Three months ended
Six months ended
Net income available to IPG common stockholders
Weighted-average number of common shares outstanding - basic
Add: Effect of dilutive securities
Restricted stock, stock options and other equity awards
Weighted-average number of common shares outstanding - diluted
Earnings per share available to IPG common stockholders:
Note 4: Acquisitions
We continue to evaluate strategic opportunities to expand our industry expertise, strengthen our position in high-growth and key strategic geographical markets and industry sectors, advance our technological capabilities and improve our operational efficiency through both acquisitions and increased ownership interests in current investments. Our acquisitions typically provide for an initial payment at the time of closing and additional contingent purchase price payments based on the future performance of the acquired entity. We have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries. The amounts at which we record these transactions in our financial statements are based on estimates of the future financial performance of the acquired entity, the timing of the exercise of these rights, foreign currency exchange rates and other factors.
During the first half of 2017, we completed three acquisitions, including a content creation and marketing agency based in the Netherlands, an independent media agency and digital consultancy based in Finland, and an integrated marketing communications agency based in Canada. All three of our acquisitions were included in the Integrated Agency Networks ("IAN") operating segment. During the first half of 2017, we recorded approximately $22.9 of goodwill and intangible assets related to our acquisitions.
During the first half of 2016, we completed four acquisitions, including a product and service design consultancy based in the U.S., an integrated healthcare marketing communications agency based in the U.S., a content creation and digital agency with offices in the U.S. and the U.K., and a mobile consultancy and application development agency based in the U.K. Of our four acquisitions, one was included in the IAN operating segment, and three were included in the Constituency Management Group ("CMG") operating segment. During the first half of 2016, we recorded approximately $75.7 of goodwill and intangible assets related to our acquisitions, primarily in CMG.