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SEC Filings

10-Q
INTERPUBLIC GROUP OF COMPANIES, INC. filed this Form 10-Q on 10/26/2017
Entire Document
 
Notes to Consolidated Financial Statements – (continued)
(Amounts in Millions, Except Per Share Amounts)
(Unaudited)


Note 5:  Supplementary Data
Accrued Liabilities
The following table presents the components of accrued liabilities.
 
September 30,
2017
 
December 31,
2016
Salaries, benefits and related expenses
$
341.3

 
$
499.0

Acquisition obligations
53.2

 
77.5

Office and related expenses
48.8

 
46.7

Interest
17.0

 
17.3

Other
90.4

 
153.5

Total accrued liabilities
$
550.7

 
$
794.0


Other (Expense) Income, Net
Results of operations for the three and nine months ended September 30, 2017 and 2016 include certain items that are not directly associated with our revenue-producing operations.
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
2017
 
2016
 
2017
 
2016
Net (losses) gains on sales of businesses and investments
$
(6.2
)
 
$
3.9

 
$
(18.3
)
 
$
(14.6
)
Other (expense) income, net
(3.7
)
 
1.4

 
(6.2
)
 
1.1

Total other (expense) income, net
$
(9.9
)
 
$
5.3

 
$
(24.5
)
 
$
(13.5
)
Net (Losses) Gains on Sales of Businesses and Investments – During the three and nine months ended September 30, 2017, the amounts recognized are primarily related to 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 our IAN operating segment. During the three and nine months ended September 30, 2016, the amounts recognized are primarily related to sales of businesses within our IAN operating segment.

Share Repurchase Program
In February 2017, 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 "2017 Share Repurchase Program"), which was in addition to the remaining amount available to be repurchased from the $300.0 authorization made by the Board in February 2016 (the "2016 Share Repurchase Program").
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.
The following table presents our share repurchase activity under our share repurchase programs for the nine months ended September 30, 2017 and 2016.
 
Nine months ended
September 30,
 
2017
 
2016
Number of shares repurchased
9.4

 
8.5

Aggregate cost, including fees
$
216.0

 
$
193.3

Average price per share, including fees
$
22.92

 
$
22.69

We fully utilized the 2016 Share Repurchase Program during the third quarter of 2017. As of September 30, 2017, $239.5, excluding fees, remains available for repurchase under the 2017 Share Repurchase Program. The 2017 Share Repurchase Program has no expiration date.


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