SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------
FORM 8-K
-----------------------
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 19, 2002
The Interpublic Group of Companies, Inc.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 1-6686 13-1024020
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(State or Other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification No.)
1271 Avenue of the Americas, New York, New York 10020
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 212-399-8000
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Item 9. Regulation FD Disclosure.
The text of a slide show, dated November 19, 2002 and made available
by the Company via the internet in connection with a telephone conference with
investors of the same date, is attached hereto as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
The Interpublic Group of Companies, Inc.
Date: November 20, 2002 By: /s/ Nicholas J. Camera
----------------------------
Name: Nicholas J. Camera
Title: Senior Vice President,
General Counsel and Secretary
Exhibit 99.1
The
Interpublic
Group of Companies, Inc.
Third Quarter 2002
Conference Call Notes
November 19, 2002
Conference Call Agenda
I. Introduction
II. Restatement Review
III. Third Quarter Financials
IV. Outlook
V. Questions and Answers
Restatement
Process
o Three month process
o Iterative process
o Two premier law firms
o Two "Big Four" accounting firms
o Extensive internal resources
- 10,000s man-hours
- 50+ countries
o Focus on McCann Erickson; covered all parts of company
o Process complete
Restated Earnings (1997-2002)
($ Millions)
Impact of Restatement
---------------------------------------------------------
A. Years 2001 2000 1999 1998 1997
----- ---------- ---------- ---------- --------- ---------
Net income (loss) - as reported $ (505.3) $ 420.3 $ 359.4 $ 374.2 $ 168.7
Adjustments (22.1) (23.2) (19.2) (12.4) (16.7)
--------- --------- --------- --------- ---------
Net income (loss) - as restated (527.4) 397.1 340.2 361.8 152.0
========= ========= ========= ========= =========
Earnings (loss) per share - as reported $ (1.37) $ 1.14 $ 0.99 $ 1.04 $ 0.49
Earnings (loss) per share - as restated $ (1.43) $ 1.07 $ 0.94 $ 1.01 $ 0.44
2001 2002
---------------------------------- ---------------------
B. Quarters Q1 Q2 Q3 Q1 Q2
-------- ---------- ---------- ---------- --------- ---------
Net income (loss) - as reported $ (28.8) $ (110.2) $ (477.5) $ 66.7 $ 117.0
Adjustments (1.6) (6.1) (3.6) (5.0) (5.7)
--------- --------- --------- --------- ---------
Net income (loss) - as restated (30.4) (116.3) (481.1) 61.7 111.3
========= ========= ========= ========= =========
Earnings (loss) per share - as reported $ (0.08) $ (0.30) $ (1.29) $ 0.18 $ 0.31
Earnings (loss) per share - as restated $ (0.08) $ (0.32) $ (1.30) $ 0.16 $ 0.29
Restatement Analysis
o McCann
- Intracompany $101.0
- Other 36.3
-----------------
137.3
o Accounts Payable 30.3
o Other 13.7
----------
Total $181.3
==========
Restatement
Analysis:
o Prior period adjustment is $181.3 million
o No full year EPS impacted by more than $.07
o Primarily 2001 and prior
o No impact on current cash position
o No impact on client funds
o No impact on client service or new business activity
Restatement
Actions:
o New CFO at McCann Erickson WorldGroup
o IPG Executive is Acting Controller at McCann-Erickson
o New Controller at McCann Erickson WorldGroup
o New Controller at McCann Europe
o Appropriate personnel actions within McCann Erickson WorldGroup system
o Requisite policy and procedure changes being implemented
Third Quarter 2002
o EPS $.02 vs. ($1.30)
- Ex-non recurring and goodwill amortization $.04 vs. $.23
- Octagon Motor Sports and McCann shortfalls are principal factors
o Revenue sequentially improved, but remains volatile
- Constant dollar revenue down 6.1%
- Q3 revenue environment weaker than planned
o New business performance good and appears to be impacting revenue
comparisons
o Points of margin pressure
- Revenue declines
- Cost management
- Incremental severance
- Other matters impacting comparisons
o Debt declined; positive operating cash flow
Summary
Third Quarter Results
(Restated; Before Non-recurring Items)
($ Millions)
Favorable/ Adjusted
(Unfavorable) FAS 142
2002 2001 Variance 3Q `01
---------- ---------- ------------ ----------
Revenue $ 1,502.2 $ 1,622.0 (7.4%) $ 1,622.0
Operating Costs 1,374.7 1,392.0 1.2% 1,392.0
EBITDA 127.5 230.0 (44.6%) 230.0
Margin % 8.5% 14.2% 14.2%
Depreciation 51.4 52.2 1.5% 52.2
Amortization of Intangibles 1.7 42.8 96.0% 1.0
Income from Operations 74.4 135.0 (44.9%) 176.8
Margin % 5.0% 8.3% 10.9%
Net Income 14.7 51.0 (71.2%) 86.1
Diluted EPS .04 .14 (71.4%) .23
Summary
Nine Month Results
(Restated; Before Non-recurring Items)
($ Millions)
Favorable/ Adjusted
(Unfavorable) FAS 142
2002 2001 Variance `01
---------- ---------- ------------ ----------
Revenue $ 4,534.9 $ 5,056.6 (10.3%) $ 5,056.6
Operating Costs 3,944.5 4,248.4 7.2% 4,248.4
EBITDA 590.4 808.2 (26.9%) 808.2
Margin % 13.0% 16.0%
Depreciation 150.1 156.2 3.9% 156.2
Amortization of Intangibles 5.5 126.9 95.7% 2.9
Income from Operations 434.8 525.1 (17.2%) 649.1
Margin % 9.6% 10.4% 12.8%
Net Income 187.7 236.8 (20.7%) 342.3
Diluted EPS .49 .63 (22.2%) .91
Octagon Motor Sports (Brands Hatch)
(Restated; Before Non-recurring Costs)
3Q'02 3Q'01 Change YTD'02 YTD'01 Change
-------- -------- -------- -------- -------- --------
Revenue $ 30.2 $ 42.7 $ (12.5) $ 62.5 $ 85.0 (22.5)
Operating Expense 67.2 34.9 (32.3) 114.1 71.9 (42.2)
Operating Income (37.0) 7.8 (44.8) (51.6) 13.1 (64.7)
Operating Margin (122.5)% 18.3% -- (82.6)% 15.4% --
Other Income (Expense) (0.4) (0.4) -- (6.8) (0.8) (6.0)
Pretax Income (37.4) 7.4 (44.8) (58.4) 12.3 (70.7)
Net Income (24.4) 5.1 (29.5) (39.4) 8.6 (48.0)
EPS $ (0.06) $ .01 $ (.07) (0.10) .02 (.12)
Year to date EPS Impact: (0.12)
Interpublic (ex Brands Hatch)
(Restated; Before Non-recurring items and goodwill amortization)
2002 2001
YTD YTD Variance
---------- ---------- ----------
Revenue $ 4,472.4 $ 4,971.6 ($ 499.2)
Operating Expenses 3,986.0 4,335.6 (349.6)
---------- ---------- -----------
Operating Profit $ 486.4 $ 636.0 ($ 149.6)
========== ========== ==========
Operating Profit Margin 10.9% 12.8%
========== ==========
Net Income $ 227.1 $ 333.8 (106.7)
========== ==========
Diluted EPS $ .60 $ .90 $ (.30)
========== ==========
Interpublic (ex Brands Hatch)
(Restated; Before Non-recurring items and goodwill amortization)
3Q 3Q
2002 2001 Variance
---------- ---------- ----------
Revenue $ 1,472.0 $ 1,579.3 (107.3)
Operating Expenses 1,360.6 1,410.3 (49.7)
---------- ---------- -----------
Operating Profit $ 111.4 169.0 $ (57.8)
Operating Profit Margin 7.6% 10.7%
========== ==========
Net Income $ 39.1 $ 81.1 (42.0)
========== ==========
Diluted EPS $ .10 $ .22 $ (.12)
========== ==========
Third Quarter 2002:
Components of Change
(Restated; Excludes Octagon Motor Sports and non-recurring items)
($ Millions)
2001 Pro
Forma FAS Net Loss of Pepsi Taxes and
3RD QTR 141/142 Currency Dispositions Brands Organic Other 2002 Results
- ------------------- --------- -------- ------------ ------------- ------- --------- ------------
Revenue $ 1,579.3 (22.2) (6.7) (10.2) (68.2) -- $ 1,472.0
Operating Expenses 1,410.3 (18.0) (8.4) (2.9) (20.4) -- 1,360.6
Operating Income 169.0 (4.2) 1.7 (7.3) (47.8) -- 111.4
Operating Margin
Change (0.1)% 0.1% (0.3)% (2.8)% -- --
Operating Margin 10.7% 10.6% 10.7% 10.4% 7.6% -- 7.6%
Diluted EPS 0.22 (0.01) -- (0.01) (0.07) (0.03) $ 0.10
September YTD 2002:
Components of Change
(Restated; Excludes Octagon Motor Sports and non-recurring items)
($ Millions)
2001 Pro Loss of
Forma FAS Net Chrysler/ Taxes and
SEPT YTD 141/142 Currency Dispositions Pepsi Brands Organic Other 2002 Results
- ------------------- --------- -------- ------------ ------------- ------- --------- ------------
Revenue $ 4,971.6 4.2 (36.0) (42.8) (424.6) -- $ 4,472.4
Operating Expenses 4,335.6 6.6 (40.8) (26.6) (288.8) -- 3,986.0
Operating Income 636.0 (2.4) 4.8 (16.2) (135.8) -- 486.4
Operating Margin
Change -- 0.0% 0.2% (0.3)% (1 .8)% -- --
Operating Margin 12.8% 12.8% 13.0% 12.7% 10.9% -- 10.9%
Diluted EPS 0.90 -- 0.01 (0.02) (0.21) (0.08) .60
2002 Recap
Original Algorithm
o Flat revenue = 15% EPS Growth
o (5%) revenue = 10% EPS Growth
o (9%) Revenue = Incremental $250MM + decline in revenue that cannot be
covered by incremental cost reductions
Additional Challenges
o Brands Hatch
o McCann restatement and operating shortfalls
Actions
Cost cutting actions across the company include:
o Adjustments of headcount levels
o Salary freezes / reductions
o Travel restrictions
o Capital expenditure freeze
2002 Net New Business
($ Millions)
Key Wins
- ---------------------------------
AmSouth Bank Merck (media)
AXA Financial Ortho Procrit
Bally Total Fitness Ontario Tourism
Bausch & Lomb Qwest Communications
Fisher Price Wendy's
Friskies Zenith Electronics
Gillette Vodaphone
Total Wins $ 1,060.2
Total Losses 330.0
---------
Net New Business $ 730.2
Organic Revenue Progression
[Bar graph describing organic revenue progression: 4Q 00: 9.0, 1Q 01: 6.0, 2Q
01: -3.0, 3Q 01: -8.5, 4Q 01: -10.1, 1Q 02: -13.8, 2Q 02: -9.5, 3Q 02: -5.2.]
Selected Balance Sheet Items
(Restated)
($ Millions)
September 30, June 30, March 31, December 31,
2002 2002 2002 2001
------------- -------- --------- ------------
Cash & Cash Equivalents $ 615.0 $ 537.3 $ 575.1 $ 935.2
Total Debt 2,902.4 2,976.3 2,893.9 2,933.7
Debt as % of Capital 57.2% 57.6% 60.2% 61.2%
Stockholders' Equity 2,170.2 2,191.6 1,914.2 1,857.9
Current Credit Picture
LTM @ September 30,
--------------------------
2002 2001
---------- ----------
EBITDA $ 954.7 $ 1,039.6
Interest Expense 147.8 163.5
EBITDA/Interest 6.5x 6.4x
Total Debt/EBITDA 3.0x 3.0x
Debt:
Bank Loans ( Due less than 1 year) $ 464.1 689.9
$500 Million Revolver Facility due 5/15/03 - -
$375 Million Facility due 6/27/05 103.4 342.9
1.87% Convertible Debentures due 6/1/06 233.8 226.4
1.80% Million Convertible Notes due 9/16/04 326.4 318.2
0% Million Convertible Notes due 12/24/21 577.7 -
- Next Put Date Dec. 2003
7.88% Senior Unsecured Notes due 10/15/05 500.0 500.0
7.25% Senior Unsecured Notes due 8/15/11 500.0 500.0
Floating Rate Notes - 100.0
Term Loans 197.0 448.5
--------- ---------
Total Debt $ 2,902.4 $ 3,125.9
========= =========
Current Liquidity Picture
o Interpublic believes that cash flow from operations together with its
existing lines of credit and refinancings thereof will be sufficient to
fund the Company's working capital needs and other obligations on a
timely basis.
As of September 30, 2002
Total Amount ------------------------
of Facility Outstanding Available
------------ ----------- ---------
Committed Facilities:
364 Day Revolving Credit Facility $ 500 0 $ 500
5 Year Revolving Credit Facility 375 103 272
Other Committed Credit Facilities 122 57 65
Total Committed Facilities 997 160 837
Uncommitted Facilities 717 326 391
-------- ------ --------
Total Credit Facilities $ 1,714 $ 486 $ 1,228
Cash & Cash Equivalents 615
--------
Total Capital Available $ 1,843
========
Consolidated Cash Flow Summary
September YTD
9 months 9 months
2002 2001
-------- --------
Net income (loss) 180.5 (627.8)
Non-cash income items 307.9 872.4
Net (increase) decrease in working capital (236.7) (752.6)
------- -------
Cash flows from operations 251.7 (508.0)
Cash flows from investing activities (360.6) (511.7)
Cash flows from financing activities (168.6) 885.4
Exchange rate impact (42.7) (24.7)
------- -------
Net change in cash (320.2) (159.0)
======= =======
Outlook - 2002
o As a result of:
- Continued revenue pressure
- Possibility of additional severance
- Unanticipated McCann charges
o The company no longer expects to meet its earlier guidance of $.85 - .90
per share for 2002
o Debt reduction and a return to historical profit margins are our primary
goals
Summary
o Accounting restatement complete
o Non-Core motor sports continues to deflate results
o Core business results diluted by unanticipated costs
o Otherwise core margins stable on a run-rate basis
o Further cost reductions necessary
o New business performance strong, especially at McCann
o Revenue comparisons improving sequentially
o Cash flow performance positive
o Balance sheet remains first priority
o Organizational initiatives underway
o Still cautious on short term outlook
Cautionary Statement
This document contains forward-looking statements. Interpublic's representatives
may also make forward-looking statements orally from time to time. Statements in
this document that are not historical facts, including statements about
Interpublic's beliefs and expectations, particularly regarding recent business
and economic trends, the impact of litigation, the integration of acquisitions
and restructuring costs, constitute forward-looking statements. These statements
are based on current plans, estimates and projections, and therefore undue
reliance should not be placed on them. Forward-looking statements speak only as
of the date they are made, and Interpublic undertakes no obligation to update
publicly any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially from those
contained in any forward-looking statement. Such factors include, but are not
limited to, those associated with the effects of national and regional economic
conditions, Interpublic's ability to attract new clients and retain existing
clients, the financial success of Interpublic's clients, developments from
changes in the regulatory and legal environment for advertising and marketing
and communications services companies around the world and the successful
completion and integration of acquisitions which complement and expand
Interpublic's business capabilities.
Interpublic's liquidity could be adversely affected if Interpublic is unable to
access the capital markets or to negotiate successfully further amendments to
its Revolving Credit Facilities or the Prudential Agreements by January 15,
2003. In addition, Interpublic could be adversely affected by developments in
connection with the purported class actions and derivative suits that it is
defending or the SEC informal inquiry relating to the restatement.
At any given time Interpublic may be engaged in a number of preliminary
discussions that may result in one or more substantial acquisitions. These
acquisition opportunities require confidentiality and from time to time give
rise to bidding scenarios that require quick responses by Interpublic. Although
there is uncertainty that any of these discussions will result in definitive
agreements or the completion of any transactions, the announcement of any such
transaction may lead to increased volatility in the trading price of
Interpublic's securities.
The success of recent or contemplated future acquisitions will depend on the
effective integration of newly acquired businesses into Interpublic's current
operations. Important factors for integration include realization of anticipated
synergies and cost savings and the ability to retain and attract new personnel
and clients.
In addition, Interpublic's representatives may from time to time refer to "pro
forma" financial information. Because "pro forma" financial information by its
very nature departs from traditional accounting conventions, this information
should not be viewed as a substitute for the information prepared by Interpublic
in accordance with GAAP, including the balance sheets and statements of income
and cash flow contained in Interpublic's quarterly and annual reports filed with
the SEC on Forms 10-Q and 10-K.
Investors should evaluate any statements made by Interpublic in light of these
important factors.
Appendices
Revenue by Discipline
($ Millions)
Third Quarter Revenue
------------------------------------------------------
2002 % of Rev 2001 % of Rev % Change
---------- -------- --------- -------- --------
Marketing Communications $ 400.4 26.7% $ 477.9 29.5% (16.2%)
Marketing Intelligence 117.0 7.8% 105.8 6.5% 10.5%
Marketing Services 114.9 7.6% 120.0 7.4% (4.3%)
--------- ----- --------- ----- -----
Total Marketing and Communication
Services 632.3 42.1% 703.7 43.4% (10.2%)
Advertising & Media 869.9 57.9% 918.3 56.6% (5.3%)
--------- ----- --------- ----- -----
Total Revenue $ 1,502.2 100.0% $ 1,622.0 100.0% (7.4%)
========= ===== ========= ===== =====
Revenue by Discipline
($ Millions)
Nine Months Revenue
------------------------------------------------------
2002 % of Rev 2001 % of Rev % Change
---------- -------- --------- -------- --------
Marketing Communications $ 1,205.6 26.6% $ 1,385.0 27.4% (13.0%)
Marketing Intelligence 343.3 7.6% 324.7 6.4% 5.7%
Marketing Services 315.1 6.9% 353.2 7.0% (10.8%)
--------- ----- --------- ----- -----
Total Marketing and Communication
Services $ 1,864.0 41.1% $ 2,062.9 40.8% (9.6%)
Advertising & Media $ 2,670.9 58.9% 2,993.7 59.2% (10.8%)
--------- ----- --------- ----- -----
Total Revenue $ 4,534.9 100.0% $ 5,056.6 100.0% (10.3%)
========= ===== ========= ===== =====
Revenue by Region
Third Quarter 2002
($ Millions)
% Change % Change
Revenue % Total % Change Constant $ Organic
--------- ------- -------- ---------- --------
Europe $ 431.4 28.7% (4.7%) (4.6%) (4.8%)
Asia/Other 120.6 8.0% (12.2%) (8.9%) (7.7%)
Latin America 61.9 4.1% (18.9%) 3.1% 1.5%
Canada 36.6 2.4% (3.3%) (1.1%) 7.1%
--------- ----- ---- ---- ----
Total International 650.5 43.3% (7.6%) (4.6%) (4.2%)
Total Domestic 851.7 56.7% (7.2%) (7.2%) (6.0%)
--------- ----- ---- ---- ----
Total Revenue $ 1,502.2 100.0% (7.4%) (6.1%) (5.2%)
========= ===== ==== ==== ====
Trend Q2 `02: Domestic -- (12%); International -- (6%); Worldwide (10%) constant
Q1 `02: Domestic -- (18%); International -- (10%) (8%) constant
Q4 `01: Domestic -- (19%); International -- (12%) (7%) constant
Revenue by Region
Year-to-Date 2002
($ Millions)
% Change % Change
Revenue % Total % Change Constant $ Organic
--------- ------- -------- ---------- --------
Europe $ 1,300.8 28.7% (3.2%) (7.3%) (7.1%)
Asia/Other 381.0 8.4% (8.9%) (6.6%) (5.4%)
Latin America 190.1 4.2% (17.6%) 1.0% (1.2%)
Canada 112.3 2.5% (6.5%) (4.9%) 0.4%
--------- ----- ----- ----- ----
Total International 1,984.2 43.8% (6.1%) (6.3%) (5.8%)
Total Domestic 2,550.7 56.2% (13.3%) (13.3%) (11.5%)
--------- ----- ----- ----- ----
Total Revenue $ 4,534.9 100.0% (10.3%) (10.4%) (9.1%)
========= ===== ===== ===== ====
Trend Q2 `02: Domestic-- (14%); International-- (7%); Worldwide (12%) constant
Q1 `02: Domestic-- (17%); International-- (8%); Worldwide (14%) constant
Q4 `01: Domestic-- (18%); International-- (7%); Worldwide (14%) constant
Third Quarter 2002:
Components of Revenue Change
Effects of: Change %
--------
Organic (5.2%)
Merger-Related Losses (0.6%)
Currency Translation (1.3%)
Net Dispositions (0.3%)
--------
(7.4%)
========
Nine Months 2002:
Components of Revenue Change
Effects of: Change %
--------
Organic (9.1%)
Merger-Related Losses (0.8%)
Currency Translation 0.1%
Net Dispositions (0.5%)
--------
(10.3%)
========
Restructuring Update
($ Millions)
Long-Term
Cash Paid Liabilities
2001 2002 Non- ---------------------------------------- and Non-
Charge Charge cash Q4 `01 Q1 `02 Q2 `02 Q3 `02 Cash Items Accrual
-------- ------ ------- -------- -------- -------- -------- ---------- --------
Severance $ 297.5 2.3 $ -- $ 143.5 $ 59.6 $ 34.6 $ 20.7 (11.2) $ 30.2
Lease Termination 180.1 10.3 -- 41.4 17.7 15.6 13.5 -- 102.2
Leasehold Improvement 77.5 -- 77.5 -- -- -- -- -- --
Transaction costs 37.2 -- 5.7 31.5 -- -- -- -- --
Other costs 53.3 (0.5) 21.1 13.8 4.0 2.1 1.2 -- 10.6
-------- ------ -------- -------- -------- -------- -------- ----- --------
Total $ 645.6 12.1 $ 104.3 $ 230.2 $ 81.3 $ 52.3 $ 35.4 (11.2) $ 143.0
======== ====== ======== ======== ======== ======== ======== ===== ========
Diluted EPS Calculation
(Restated; Actual Reported)
($ Millions)
1Q '02 2Q '02 3Q'02 3Q YTD
-------- -------- -------- ---------
Net Income $ 61.7 $ 111.3 $ 7.5 $ 180.5
Basic Shares 372.96 375.68 377.28 375.31
Add-Backs:
Stock Options and Restricted Stock 6.79 6.73 3.80 5.77
-------- -------- -------- ---------
Total Shares (MM) 379.75 382.41 381.08 381.08
-------- -------- -------- ---------
Diluted EPS $ .16 $ .29 $ 0.02 $ 0.47
2001 Quarterly Results
Restated for FAS 142
(Restated; Before Non-recurring Items)
($ Millions)
1Q 2Q 3Q 4Q Year
-------- -------- -------- -------- --------
Revenue $1,674.8 $1,759.8 $1,622.0 $1,734.6 $6,791.2
EBITDA 244.8 333.5 230.0 321.2 1,129.5
Margin % 14.6% 19.0% 14.2% 18.5% 16.6%
Depreciation 51.8 52.3 52.2 53.6 209.9
Amortization of Intangibles .9 1.0 1.0 1.0 3.9
Income from Operations 192.1 280.2 176.8 266.6 915.7
Margin % 11.5% 15.9% 10.9% 15.4% 13.5%
Net Income 110.3 145.9 86.1 139.3 481.6
EPS .29 .39 .23 .37 1.28
Schedule of Debt Maturities at 9/30/02
($ Millions)
Original
Issue Principal 2002 2003 2004 2005 After Total
- ------------------------------------------- --------- -------- ---------- -------- --------- -----------
1.87% Convertible debenture $ 250.0 $ 233.8 $ 233.8
1.80% Convertible debenture $ 361.0 $ 326.4 326.4
0% Convertible debenture $ 702.0 $ 577.7 577.7
7.88% Senior Unsecured Notes $ 500.0 $ 500.0 500.0
7.25% Senior Unsecured Notes $ 500.0 $ 500.0 500.0
5 Year Revolving Facility $ 375.0 $ 103.4 103.4
Term Loans $ 197.0 $ 28.3 $ 26.1 $ 31.3 $ 6.3 $ 105.0 197.0
Other(1) $ 464.1 464.1
- ------------------------------------------- --------- -------- ---------- -------- --------- -----------
Total $ 492.4 $ 603.8 $ 265.1 $ 609.7 $ 931.4 $ 2,902.4
- ------------------------------------------- --------- -------- ---------- -------- --------- -----------
Note:
1. Includes capitalized leases and international evergreen lines of credit.
