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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 1-6686
https://cdn.kscope.io/92add140b1eb3495845a54ded140273b-ipg-20210630_g1.jpg
THE INTERPUBLIC GROUP OF COMPANIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-1024020
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
909 Third Avenue, New York, New York 10022
(Address of principal executive offices) (Zip Code)
(212)704-1200
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareIPGThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý    No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No ý

The number of shares of the registrant’s common stock outstanding as of July 15, 2021 was 393,620,225.



INDEX
 Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
1




INFORMATION REGARDING FORWARD-LOOKING DISCLOSURE
This quarterly report on Form 10-Q contains forward-looking statements. Statements in this report that are not historical facts, including statements about management’s beliefs and expectations, constitute forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue” or comparable terminology are intended to identify forward-looking statements. These statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined under Item 1A, Risk Factors, in our most recent annual report on Form 10-K and our quarterly reports on Form 10-Q. Forward-looking statements speak only as of the date they are made, and we undertake 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, the following:
the effects of a challenging economy on the demand for our advertising and marketing services, on our clients’ financial condition and on our business or financial condition;
the impacts of the novel coronavirus (COVID-19) pandemic and the measures to contain its spread, including social distancing efforts and restrictions on businesses, social activities and travel, any failure to realize anticipated benefits from the rollout of COVID-19 vaccination campaigns and the resulting impact on the economy, our clients and demand for our services, which may precipitate or exacerbate other risks and uncertainties;
our ability to attract new clients and retain existing clients;
our ability to retain and attract key employees;
risks associated with assumptions we make in connection with our critical accounting estimates, including changes in assumptions associated with any effects of a weakened economy;
potential adverse effects if we are required to recognize impairment charges or other adverse accounting-related developments;
risks associated with the effects of global, national and regional economic and political conditions, including counterparty risks and fluctuations in economic growth rates, interest rates and currency exchange rates;
developments from changes in the regulatory and legal environment for advertising and marketing and communications services companies around the world, including laws and regulations related to data protection and consumer privacy; and
failure to fully realize the anticipated benefits of our 2020 restructuring actions and other cost-savings initiatives.
Investors should carefully consider these factors and the additional risk factors outlined in more detail under Item 1A, Risk Factors, in our most recent annual report on Form 10-K and our quarterly reports on Form 10-Q.
2


Table of Contents
PART I – FINANCIAL INFORMATION
Item 1.Financial Statements (Unaudited)
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Millions, Except Per Share Amounts)
(Unaudited)
 Three months ended
June 30,
Six months ended
June 30,
 2021202020212020
REVENUE:
Net revenue$2,269.6 $1,853.4 $4,297.3 $3,825.5 
Billable expenses240.0 172.3 469.3 560.0 
Total revenue2,509.6 2,025.7 4,766.6 4,385.5 
OPERATING EXPENSES:
Salaries and related expenses1,484.9 1,306.1 2,878.0 2,728.9 
Office and other direct expenses301.0 317.0 593.9 695.2 
Billable expenses240.0 172.3 469.3 560.0 
Cost of services
2,025.9 1,795.4 3,941.2 3,984.1 
Selling, general and administrative expenses29.4 4.1 57.6 26.5 
Depreciation and amortization70.1 73.1 139.3 145.9 
Restructuring charges(0.2)112.6 1.1 112.6 
Total operating expenses2,125.2 1,985.2 4,139.2 4,269.1 
OPERATING INCOME384.4 40.5 627.4 116.4 
EXPENSES AND OTHER INCOME:
Interest expense(42.6)(49.8)(92.2)(94.6)
Interest income7.6 5.9 14.5 16.6 
Other income (expense), net4.7 (21.5)(79.2)(43.3)
Total (expenses) and other income(30.3)(65.4)(156.9)(121.3)
INCOME (LOSS) BEFORE INCOME TAXES354.1 (24.9)470.5 (4.9)
Provision for income taxes86.7 19.0 110.5 36.2 
INCOME (LOSS) OF CONSOLIDATED COMPANIES267.4 (43.9)360.0 (41.1)
Equity in net income (loss) of unconsolidated affiliates0.4 0.0 0.2 (0.2)
NET INCOME (LOSS)267.8 (43.9)360.2 (41.3)
Net (income) loss attributable to noncontrolling interests(4.5)(1.7)(5.2)0.4 
NET INCOME (LOSS) AVAILABLE TO IPG COMMON STOCKHOLDERS$263.3 $(45.6)$355.0 $(40.9)
Earnings (Loss) per share available to IPG common stockholders:
Basic$0.67 $(0.12)$0.90 $(0.11)
Diluted$0.66 $(0.12)$0.89 $(0.11)
Weighted-average number of common shares outstanding:
Basic393.3389.4392.4388.5
Diluted399.0389.4397.6388.5

The accompanying notes are an integral part of these unaudited financial statements.
3


Table of Contents
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in Millions)
(Unaudited)
 Three months ended
June 30,
Six months ended
June 30,
2021202020212020
NET INCOME (LOSS)$267.8 $(43.9)$360.2 $(41.3)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation:
Foreign currency translation adjustments16.6 42.8 (24.4)(104.8)
Reclassification adjustments recognized in net income(2.2)3.3 (1.5)(0.3)
14.4 46.1 (25.9)(105.1)
Derivative instruments:
Changes in fair value of derivative instruments(6.4)(0.5)14.9 (0.9)
Recognition of previously unrealized net (gain) loss in net income(0.3)0.6 4.9 1.2 
Income tax effect1.6 0.0 (2.6)(0.1)
(5.1)0.1 17.2 0.2 
Defined benefit pension and other postretirement plans:
Net actuarial (loss) gains for the period(1.2)2.2 (1.2)2.2 
Amortization of unrecognized losses, transition obligation and prior service cost included in net income2.5 1.8 4.8 3.7 
Other0.1 (0.1)0.0 (1.4)
Income tax effect(0.6)(0.9)(1.0)(1.2)
0.8 3.0 2.6 3.3 
Other comprehensive income (loss), net of tax10.1 49.2 (6.1)(101.6)
TOTAL COMPREHENSIVE INCOME (LOSS)277.9 5.3 354.1 (142.9)
Less: comprehensive income (loss) attributable to noncontrolling interests4.6 1.3 5.2 (2.9)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPG$273.3 $4.0 $348.9 $(140.0)

The accompanying notes are an integral part of these unaudited financial statements.
4


Table of Contents
THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in Millions)
(Unaudited)
June 30,
2021
December 31,
2020
ASSETS:
Cash and cash equivalents$2,340.6 $2,509.0 
Accounts receivable, net of allowance of $90.2 and $98.3, respectively3,893.6 4,646.4 
Accounts receivable, billable to clients2,043.4 1,820.7 
Assets held for sale4.6 0.8 
Other current assets500.3 390.7 
Total current assets8,782.5 9,367.6 
Property and equipment, net of accumulated depreciation and amortization of $1,197.5 and $1,133.9, respectively658.2 690.3 
Deferred income taxes296.6 302.0 
Goodwill4,944.3 4,945.5 
Other intangible assets892.7 933.6 
Operating lease right-of-use assets1,336.3 1,379.3 
Other non-current assets411.1 424.4 
TOTAL ASSETS$17,321.7 $18,042.7 
LIABILITIES:
Accounts payable$6,605.9 $7,269.7 
Accrued liabilities679.8 832.4 
Contract liabilities678.5 657.8 
Short-term borrowings56.7 48.0 
Current portion of long-term debt503.1 502.5 
Current portion of operating leases267.9 268.5 
Liabilities held for sale4.8 1.6 
Total current liabilities8,796.7 9,580.5 
Long-term debt2,907.9 2,915.8 
Non-current operating leases1,379.5 1,441.0 
Deferred compensation382.6 413.2 
Other non-current liabilities671.5 655.2 
TOTAL LIABILITIES14,138.2 15,005.7 
Redeemable noncontrolling interests (see Note 5)72.2 93.1 
STOCKHOLDERS’ EQUITY:
Common stock39.3 39.0 
Additional paid-in capital1,132.4 1,099.3 
Retained earnings2,777.5 2,636.9 
Accumulated other comprehensive loss, net of tax(886.3)(880.2)
Total IPG stockholders’ equity3,062.9 2,895.0 
Noncontrolling interests48.4 48.9 
TOTAL STOCKHOLDERS’ EQUITY3,111.3 2,943.9 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$17,321.7 $18,042.7 
 
The accompanying notes are an integral part of these unaudited financial statements.
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THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Millions)
(Unaudited)
 Six months ended
June 30,
  
20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$360.2 $(41.3)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization139.3 145.9 
Loss on early extinguishment of debt74.0  
Deferred income tax46.6 (21.1)
Amortization of restricted stock and other non-cash compensation42.2 35.8 
Net losses on sales of businesses14.2 43.2 
Net amortization of bond discounts and deferred financing costs3.8 5.3 
Non-cash restructuring charges(0.9)67.6 
(Reversal of) Provision for uncollectible receivables(3.2)39.4 
Other6.8 11.6 
Changes in assets and liabilities, net of acquisitions and divestitures, providing (using) cash:
Accounts receivable714.9 1,871.2 
Accounts receivable, billable to clients(235.2)418.9 
Other current assets(97.1)(75.0)
Accounts payable(615.4)(2,731.4)
Accrued liabilities(184.5)(109.4)
Contract liabilities22.0 (10.8)
Other non-current assets and liabilities(69.3)(14.1)
Net cash provided by (used in) operating activities218.4 (364.2)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(62.1)(71.9)
Acquisitions, net of cash acquired (2.5)
Net proceeds from investments 28.8 1.7 
Other investing activities(9.8)(20.6)
Net cash used in investing activities(43.1)(93.3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Early extinguishment of long-term debt(1,066.8) 
Common stock dividends(215.2)(199.2)
Tax payments for employee shares withheld (24.0)(21.8)
Acquisition-related payments(12.3)(32.3)
Distributions to noncontrolling interests(6.9)(9.4)
Proceeds from long-term debt998.1 646.2 
Net increase in short-term borrowings15.8 2.5 
Exercise of stock options8.0 0.0 
Other financing activities(11.2)(8.3)
Net cash (used in) provided by financing activities(314.5)377.7 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(27.9)(28.9)
Net decrease in cash, cash equivalents and restricted cash(167.1)(108.7)
Cash, cash equivalents and restricted cash at beginning of period2,511.5 1,195.7 
Cash, cash equivalents and restricted cash at end of period$2,344.4 $1,087.0 
The accompanying notes are an integral part of these unaudited financial statements.
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THE INTERPUBLIC GROUP OF COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Amounts in Millions)
(Unaudited)
 
 
Common Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated 
Other
Comprehensive
Loss, Net of Tax
Total IPG
Stockholders’
Equity
Noncontrolling
Interests
Total
Stockholders’
Equity
 SharesAmount
Balance at March 31, 2021393.2 $39.3 $1,107.9 $2,623.1 $(896.3)$2,874.0 $47.6 $2,921.6 
Net income263.3 263.3 4.5 267.8 
Other comprehensive income10.0 10.0 0.1 10.1 
Reclassifications related to redeemable noncontrolling interests(0.4)(0.4)
Distributions to noncontrolling interests(3.5)(3.5)
Change in redemption value of redeemable noncontrolling interests(1.7)(1.7)(1.7)
Common stock dividends ($0.270 per share)(107.2)(107.2)(107.2)
Stock-based compensation0.3 0.0 25.7 25.7 25.7 
Exercise of stock options0.0 0.0 0.1 0.1 0.1 
Shares withheld for taxes0.0 0.0 (1.3)(1.3)(1.3)
Other0.1 0.1 
Balance at June 30, 2021393.5 $39.3 $1,132.4 $2,777.5 $(886.3)$3,062.9 $48.4 $3,111.3 
 
 
Common Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated 
Other
Comprehensive
Loss, Net of Tax
Total IPG
Stockholders’
Equity
Noncontrolling
Interests
Total
Stockholders’
Equity
 SharesAmount
Balance at December 31, 2020390.9 $39.0 $1,099.3 $2,636.9 $(880.2)$2,895.0 $48.9 $2,943.9 
Net income355.0 355.0 5.2 360.2 
Other comprehensive loss(6.1)(6.1)0.0 (6.1)
Reclassifications related to redeemable noncontrolling interests0.6 0.6 
Distributions to noncontrolling interests(6.8)(6.8)
Change in redemption value of redeemable noncontrolling interests(0.7)(0.7)(0.7)
Common stock dividends ($0.540 per share)(213.7)(213.7)(213.7)
Stock-based compensation2.9 0.3 49.1 49.4 49.4 
Exercise of stock options0.6 0.1 8.3 8.4 8.4 
Shares withheld for taxes(0.9)(0.1)(24.3)(24.4)(24.4)
Other0.5 0.5 
Balance at June 30, 2021393.5 $39.3 $1,132.4 $2,777.5 $(886.3)$3,062.9 $48.4 $3,111.3 
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 Common StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated 
Other
Comprehensive
Loss, Net of Tax
Total IPG
Stockholders’
Equity
Noncontrolling
Interests
Total
Stockholders’
Equity
 SharesAmount
Balance at March 31, 2020389.5 $38.9 $981.2 $2,591.1 $(1,078.7)$2,532.5 $42.7 $2,575.2 
Net (loss) income(45.6)(45.6)1.7 (43.9)
Other comprehensive income (loss)49.6 49.6 (0.4)49.2 
Reclassifications related to redeemable noncontrolling interests0.2 0.2 
Distributions to noncontrolling interests(3.8)(3.8)
Common stock dividends ($0.255 per share)(101.2)(101.2)(101.2)
Stock-based compensation0.2 0.1 15.5 15.6 15.6 
Exercise of stock options0.0 0.0 0.2 0.2 0.2 
Shares withheld for taxes(0.1)(0.1)(0.6)(0.7)(0.7)
Other0.3 0.3 
Balance at June 30, 2020389.6 $38.9 $996.3 $2,444.3 $(1,029.1)$2,450.4 $40.7 $2,491.1 
 Common StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated 
Other
Comprehensive
Loss, Net of Tax
Total IPG
Stockholders’
Equity
Noncontrolling
Interests
Total
Stockholders’
Equity
 SharesAmount
Balance at December 31, 2019387.0 $38.7 $977.3 $2,689.9 $(930.0)$2,775.9 $49.7 $2,825.6 
Cumulative effect of accounting change(6.6)(6.6)(6.6)
Net loss(40.9)(40.9)(0.4)(41.3)
Other comprehensive loss(99.1)(99.1)(2.5)(101.6)
Reclassifications related to redeemable noncontrolling interests3.0 3.0 
Distributions to noncontrolling interests(9.4)(9.4)
Change in redemption value of redeemable noncontrolling interests3.1 3.1 3.1 
Common stock dividends ($0.510 per share)(201.2)(201.2)(201.2)
Stock-based compensation3.6 0.4 40.6 41.0 41.0 
Exercise of stock options0.0 0.0 0.4 0.4 0.4 
Shares withheld for taxes(1.0)(0.2)(22.0)(22.2)(22.2)
Other0.3 0.3 
Balance at June 30, 2020389.6 $38.9 $996.3 $2,444.3 $(1,029.1)$2,450.4 $40.7 $2,491.1 
The accompanying notes are an integral part of these unaudited financial statements.
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Notes to Consolidated Financial Statements
(Amounts in Millions, Except Per Share Amounts)
(Unaudited)
Note 1:  Basis of Presentation
The unaudited Consolidated Financial Statements have been prepared by The Interpublic Group of Companies, Inc. and its subsidiaries (the “Company,” “IPG,” “we,” “us” or “our”) in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting interim financial information on Form 10-Q. Accordingly, they do not include certain information and disclosures required for complete financial statements. The effects of the novel coronavirus ("COVID-19") pandemic have impacted and will likely continue to impact our results of operations, cash flows and financial position. The Company’s Consolidated Financial Statements presented herein reflect the latest estimates and assumptions made by management that affect the reported amounts of assets and liabilities and related disclosures as of the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. The Company believes it has used reasonable estimates and assumptions to assess the fair values of goodwill, long-lived assets and indefinite-lived intangible assets; assessment of the annual effective tax rate; valuation of deferred income taxes and allowance for expected credit losses on future uncollectible accounts receivable.
Actual results could differ from these estimates and assumptions. The consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”).
Cost of services is comprised of the expenses of our revenue-producing reportable segments, Integrated Agency Networks (“IAN”) and IPG DXTRA (“DXTRA”), including salaries and related expenses, office and other direct expenses and billable expenses, and includes an allocation of the centrally managed expenses from our "Corporate and Other" group. Office and other direct expenses include rent expense, professional fees, certain expenses incurred by our staff in servicing our clients and other costs directly attributable to client engagements.
Selling, general and administrative expenses are primarily the unallocated expenses from Corporate and Other, excluding depreciation and amortization.
Depreciation and amortization of fixed assets and intangible assets of the Company is disclosed as a separate operating expense.
Restructuring charges in 2021 consist of adjustments to the Company's restructuring actions taken during 2020 to lower our operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business, as discussed further in Note 7. Restructuring charges mainly include severance and termination costs and lease impairment costs.
In the opinion of management, these unaudited Consolidated Financial Statements include all adjustments, consisting only of normal and recurring adjustments necessary for a fair statement of the information for each period contained therein. Certain reclassifications and immaterial changes have been made to prior-period financial statements to conform to the current-period presentation.

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Table of Contents
Notes to Consolidated Financial Statements – (continued)
(Amounts in Millions, Except Per Share Amounts)
(Unaudited)
Note 2:  Revenue
Disaggregation of Revenue
We have two reportable segments as of June 30, 2021: IAN and DXTRA, as further discussed in Note 11. IAN principally generates revenue from providing advertising and media services as well as a comprehensive array of global communications, marketing services and data management. DXTRA generates revenue from a comprehensive array of global public relations and communication services as well as providing events, sports and entertainment marketing, corporate and brand identity, and strategic marketing consulting.
Our agencies are located in over 100 countries, including every significant world market. Our geographic revenue breakdown is listed below.
 Three months ended
June 30,
Six months ended
June 30,
Total revenue:2021202020212020
United States$1,557.9 $1,309.6 $2,983.7 $2,879.2 
International:
United Kingdom209.6 159.3 413.1 356.4 
Continental Europe229.8 164.2 425.4 334.0 
Asia Pacific233.2 200.4 444.1 411.8 
Latin America104.4 65.7 188.0 152.5 
Other174.7 126.5 312.3 251.6 
Total International951.7 716.1 1,782.9 1,506.3 
Total Consolidated$2,509.6 $2,025.7 $4,766.6 $4,385.5 
 
 Three months ended
June 30,
Six months ended
June 30,
Net revenue:2021202020212020
United States$1,435.5 $1,227.2 $2,745.3 $2,547.2 
International:
United Kingdom194.6 147.2 378.6 312.9 
Continental Europe205.5 149.7 381.3 295.7 
Asia Pacific192.5 162.6 361.6 321.4 
Latin America96.9 62.3 172.3 141.6 
Other144.6 104.4 258.2 206.7 
Total International834.1 626.2 1,552.0 1,278.3 
Total Consolidated$2,269.6 $1,853.4 $4,297.3 $3,825.5 
 
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Table of Contents
Notes to Consolidated Financial Statements – (continued)
(Amounts in Millions, Except Per Share Amounts)
(Unaudited)
IANThree months ended
June 30,
Six months ended
June 30,
Total revenue:2021202020212020
United States$1,267.3 $1,078.9 $2,425.2 $2,272.2 
International810.5 593.6 1,504.0 1,219.1 
Total IAN$2,077.8 $1,672.5 $3,929.2 $3,491.3 
Net revenue:
United States$1,225.3 $1,048.4 $2,338.8 $2,160.3 
International729.2 537.3 1,349.8 1,089.9 
Total IAN$1,954.5 $1,585.7 $3,688.6 $3,250.2 
 
DXTRAThree months ended
June 30,
Six months ended
June 30,
Total revenue:2021202020212020
United States$290.6 $230.7 $558.5 $607.0 
International141.2 122.5 278.9 287.2 
Total DXTRA$431.8 $353.2 $837.4 $894.2 
Net revenue:
United States$210.2 $178.8 $406.5 $386.9 
International104.9 88.9 202.2 188.4 
Total DXTRA$315.1 $267.7 $608.7 $575.3 
Contract Balances
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
June 30,
2021
December 31,
2020
Accounts receivable, net of allowance of $90.2 and $98.3, respectively$3,893.6 $4,646.4 
Accounts receivable, billable to clients2,043.4 1,820.7 
Contract assets39.4 51.8 
Contract liabilities (deferred revenue)678.5 657.8 
Contract assets are primarily comprised of contract incentives that are generally satisfied annually under the terms of our contracts and are transferred to accounts receivable when the right to payment becomes unconditional. Contract liabilities relate to advance consideration received from customers under the terms of our contracts primarily related to reimbursements of third-party expenses, whether we act as principal or agent, and to a lesser extent, periodic retainer fees, both of which are generally recognized shortly after billing.
The majority of our contracts are for periods of one year or less with the exception of our data management contracts. For those contracts with a term of more than one year, we had approximately $640.6 of unsatisfied performance obligations as of June 30, 2021, which will be recognized as services are performed over the remaining contractual terms through 2027.


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Table of Contents
Notes to Consolidated Financial Statements – (continued)
(Amounts in Millions, Except Per Share Amounts)
(Unaudited)
Note 3:  Debt and Credit Arrangements
Long-Term Debt
A summary of the carrying amounts of our long-term debt is listed below.
 Effective
Interest Rate
June 30,
2021
December 31,
2020
3.750% Senior Notes due 2021 (less unamortized discount and issuance costs of $0.0 and $0.3, respectively)3.980%$499.7 $499.1 
4.000% Senior Notes due 20224.130% 249.3 
3.750% Senior Notes due 20234.320% 498.8 
4.200% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.1 and $0.6, respectively)4.240%249.3 498.3 
4.650% Senior Notes due 2028 (less unamortized discount and issuance costs of $1.3 and $3.2, respectively)4.780%495.5 495.2 
4.750% Senior Notes due 2030 (less unamortized discount and issuance costs of $3.4 and $5.4, respectively)4.920%641.2 640.8 
2.400% Senior Notes due 2031 (less unamortized discount and issuance costs of $0.8 and $4.5, respectively)2.512%494.7  
3.375% Senior Notes due 2041 (less unamortized discount and issuance costs of $1.1 and $5.7, respectively)3.448%493.2  
5.400% Senior Notes due 2048 (less unamortized discount and issuance costs of $2.7 and $5.1, respectively)5.480%492.2 492.1 
Other notes payable and capitalized leases45.2 44.7 
Total long-term debt3,411.0 3,418.3 
Less: current portion503.1 502.5 
Long-term debt, excluding current portion$2,907.9 $2,915.8 
As of June 30, 2021 and December 31, 2020, the estimated fair value of the Company's long-term debt was $3,862.1 and $3,995.0, respectively. Refer to Note 12 for details.
Debt Transactions
2.400% Senior Notes due 2031
On February 25, 2021, we issued a total of $500.0 in aggregate principal amount of 2.400% unsecured senior notes (the “2.400% Senior Notes”) due March 1, 2031. Upon issuance, the 2.400% Senior Notes were reflected in our unaudited Consolidated Balance Sheets at $494.5, net of discount of $0.8 and net of capitalized debt issuance costs, including commissions and offering expenses of $4.7, both of which will be amortized in interest expense through the maturity date using the effective interest method. Interest is payable semi-annually in arrears on March 1st and September 1st of each year, commencing on September 1, 2021.
3.375% Senior Notes due 2041
On February 25, 2021, we issued a total of $500.0 in aggregate principal amount of 3.375% unsecured senior notes (the “3.375% Senior Notes”) due March 1, 2041. Upon issuance, the 3.375% Senior Notes were reflected in our unaudited Consolidated Balance Sheets at $493.1, net of discount of $1.1 and net of capitalized debt issuance costs, including commissions and offering expenses of $5.8, both of which will be amortized in interest expense through the maturity date using the effe