0000051644-22-000018 | 10-Q | XBRL Viewer | Interpublic Group OF Companies INC

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Long-term Debt (Details) - USD ($) $ in Millions	3 Months Ended
Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,908.7		$ 2,909.3
Long-term Debt, Fair Value	3,009.1		3,337.4
Long-term Debt, Current Maturities	0.6		0.7
Long-term Debt, Excluding Current Maturities	2,908.1		2,908.6
Loss on Extinguishment of Debt	0.0	$ (74.0)
4.000% Notes Due 2022
Debt Instrument [Line Items]
Par Value	$ 250.0
Interest Rate Stated Percentage	4.00%
3.750% Notes Due 2023
Debt Instrument [Line Items]
Par Value	$ 500.0
Interest Rate Stated Percentage	3.75%
4.200% Notes Due 2024 (less unamortized discount and issuance costs of $0.1 and $0.4, respectively)
Debt Instrument [Line Items]
Par Value	$ 500.0
Effective Interest Rate	4.24%
Long-term Debt, Gross			249.4
4.650% Notes Due 2028 (less unamortized discount and issuance costs of $1.2 and $2.9, respectively)
Debt Instrument [Line Items]
Par Value	$ 500.0
Maturity Date	Oct. 01, 2028
Interest Rate Stated Percentage	4.65%
Effective Interest Rate	4.78%
Unamortized Discount	$ 1.2
Issuance Cost	2.9
Long-term Debt, Gross	495.9		495.8
4.750% Notes Due 2030 (less unamortized discount and issuance costs of $3.2 and $4.9, respectively)
Debt Instrument [Line Items]
Par Value	$ 650.0
Maturity Date	Mar. 30, 2030
Interest Rate Stated Percentage	4.75%
Effective Interest Rate	4.92%
Unamortized Discount	$ 3.2
Issuance Cost	4.9
Long-term Debt, Gross	641.9		641.7
2.400% Notes Due 2031 (less unamortized discount and issuance costs of $0.7 and $4.2, respectively)
Debt Instrument [Line Items]
Par Value	$ 500.0
Maturity Date	Mar. 01, 2031
Effective Interest Rate	2.512%
Unamortized Discount	$ 0.7
Issuance Cost	4.2
Long-term Debt, Gross	$ 495.1		495.0
3.375% Notes Due 2041 (less unamortized discount and issuance costs of $1.0 and $5.5, respectively)
Debt Instrument [Line Items]
Maturity Date	Mar. 01, 2041
Effective Interest Rate	3.448%
Unamortized Discount	$ 1.0
Issuance Cost	5.5
Long-term Debt, Gross	493.5		493.4
5.400% Notes Due 2048 (less unamortized discount and issuance costs of $2.7 and $4.9, respectively)
Debt Instrument [Line Items]
Par Value	$ 500.0
Maturity Date	Oct. 01, 2048
Interest Rate Stated Percentage	5.40%
Effective Interest Rate	5.48%
Unamortized Discount	$ 2.7
Issuance Cost	4.9
Long-term Debt, Gross	492.4		492.3
Other notes payable and capitalized leases
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 40.4		$ 41.7
Unsecured Debt 2.400% Note [Member]
Debt Instrument [Line Items]
Interest Rate Stated Percentage	2.40%
Unsecured Debt 3.375% Note
Debt Instrument [Line Items]
Par Value	$ 500.0
Interest Rate Stated Percentage	3.375%
Unsecured Debt 4.200% Notes Remaining Principal
Debt Instrument [Line Items]
Par Value	$ 250.0
Maturity Date	Apr. 15, 2024
Interest Rate Stated Percentage	4.20%
Unamortized Discount	$ 0.1
Issuance Cost	0.4
Long-term Debt, Gross	$ 249.5

Earnings Per Share (Notes)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings Per Share

The following sets forth basic and diluted earnings per common share available to IPG common stockholders.


	Three Months Ended March 31,
	2022		2021
Net income available to IPG common stockholders	$	159.4	$	91.7

Weighted-average number of common shares outstanding - basic	394.5		391.5
Dilutive effect of stock options and restricted shares	3.9		4.5
Weighted-average number of common shares outstanding - diluted	398.4		396.0

Earnings per share available to IPG common stockholders:
Basic	$	0.40	$	0.23
Diluted	$	0.40	$	0.23

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock, Shares	Common Stock, Amount	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss, Net of Tax	Total IPG Stockholders' Equity	Noncontrolling Interests	Treasury Stock [Member]
Common Stock, shares		390.9
Balance at Dec. 31, 2020	$ 2,943.9		$ 39.0	$ 1,099.3	$ 2,636.9	$ (880.2)	$ 2,895.0	$ 48.9
Net income	92.4
Net income available to IPG common stockholders	91.7				91.7		91.7
Net income attributable to noncontrolling interest	0.7							0.7
Other comprehensive income (loss)	(16.2)					(16.1)	(16.1)
Other comprehensive loss, attributable to noncontrolling interest								(0.1)
Reclassifications related to redeemable noncontrolling interests	(1.0)							(1.0)
Distributions to noncontrolling interests	(3.3)							3.3
Change in redemption value of redeemable noncontrolling interests	1.0				1.0		1.0
Payments for Repurchase of Common Stock	0.0
Common stock dividends	(106.5)				(106.5)		(106.5)
Stock-based compensation, shares		2.6
Stock-based compensation, value	23.7		0.3	23.4			23.7
Exercise of stock options, shares		0.6
Exercise of stock options, value	8.3		0.1	8.2			8.3
Shares withheld for taxes, shares		(0.9)
Shares withheld for taxes, value	(23.1)		0.1	23.0			23.1
Other	(0.4)							(0.4)
Balance at Mar. 31, 2021	2,921.6		39.3	1,107.9	2,623.1	(896.3)	2,874.0	47.6
Common Stock, shares		393.2
Common Stock, shares		394.3
Balance at Dec. 31, 2021	3,589.2		39.3	1,226.6	3,154.3	(894.2)	3,526.0	63.2	$ 0.0
Net income	160.9
Net income available to IPG common stockholders	159.4				159.4		159.4
Net income attributable to noncontrolling interest	1.5							1.5
Other comprehensive income (loss)	2.2					1.9	1.9
Other comprehensive loss, attributable to noncontrolling interest								0.3
Reclassifications related to redeemable noncontrolling interests	1.3			1.2			1.2	0.1
Distributions to noncontrolling interests	(3.1)							3.1
Change in redemption value of redeemable noncontrolling interests	(1.4)				(1.4)		(1.4)
Payments for Repurchase of Common Stock	(63.1)						(63.1)		(63.1)
Common stock dividends	(115.6)				(115.6)		(115.6)
Stock-based compensation, shares		2.8
Stock-based compensation, value	18.0		0.5	17.5			18.0
Shares withheld for taxes, shares		(1.0)
Shares withheld for taxes, value	(37.0)		0.1	36.9			37.0
Balance at Mar. 31, 2022	$ 3,548.8		$ 39.7	$ 1,206.0	$ 3,196.7	$ (892.3)	$ 3,487.0	$ 61.8	$ (63.1)
Common Stock, shares		396.1

Incentive Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement, Additional Disclosure [Abstract]

Stock-based Compensation Awards

We issued the following stock-based awards under the 2019 Performance Incentive Plan (the "2019 PIP") during the three months ended March 31, 2022.


	Awards	Weighted-average grant-date fair value (per award)
Restricted stock (units)	1.2	$	36.67
Performance-based stock (shares)	1.5	$	30.05

Total stock-based compensation awards	2.7

Debt and Credit Arrangements Debt Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Loss on Extinguishment of Debt	$ 0.0	$ (74.0)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	0.3	$ (5.2)
4.000% Notes Due 2022
Debt Instrument [Line Items]
Par Value	$ 250.0
Debt Instrument, Interest Rate, Stated Percentage	4.00%
3.750% Notes Due 2023
Debt Instrument [Line Items]
Par Value	$ 500.0
Debt Instrument, Interest Rate, Stated Percentage	3.75%
4.200% Notes Due 2024 (less unamortized discount and issuance costs of $0.1 and $0.4, respectively)
Debt Instrument [Line Items]
Par Value	$ 500.0
Unsecured Debt 4.65% Notes [Member]
Debt Instrument [Line Items]
Par Value	$ 500.0
Debt Instrument, Interest Rate, Stated Percentage	4.65%
Maturity Date	Oct. 01, 2028
4.750% Notes Due 2030 (less unamortized discount and issuance costs of $3.2 and $4.9, respectively)
Debt Instrument [Line Items]
Par Value	$ 650.0
Debt Instrument, Interest Rate, Stated Percentage	4.75%
Maturity Date	Mar. 30, 2030
Unsecured Debt 2.400% Note [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.40%
2.400% Notes Due 2031 (less unamortized discount and issuance costs of $0.7 and $4.2, respectively)
Debt Instrument [Line Items]
Par Value	$ 500.0
Maturity Date	Mar. 01, 2031
3.375% Notes Due 2041 (less unamortized discount and issuance costs of $1.0 and $5.5, respectively)
Debt Instrument [Line Items]
Maturity Date	Mar. 01, 2041
Unsecured Debt 5.40% Notes [Member]
Debt Instrument [Line Items]
Par Value	$ 500.0
Debt Instrument, Interest Rate, Stated Percentage	5.40%
Maturity Date	Oct. 01, 2048
Unsecured Debt 3.375% Note
Debt Instrument [Line Items]
Par Value	$ 500.0
Debt Instrument, Interest Rate, Stated Percentage	3.375%
Unsecured Debt 4.200% Notes Remaining Principal
Debt Instrument [Line Items]
Par Value	$ 250.0
Debt Instrument, Interest Rate, Stated Percentage	4.20%
Maturity Date	Apr. 15, 2024

Revenue (Notes)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

We have three reportable segments as of March 31, 2022: MD&E, IA&C and SC&E, as further discussed in Note 11. MD&E principally generates revenue from providing global media and communications services, digital services and products, advertising and marketing technology, e‐commerce services, data management and analytics, strategic consulting, and digital brand experience. IA&C principally generates revenue from providing advertising, corporate and brand identity services, and strategic consulting. SC&E generates revenue from providing best-in-class global public relations and communications services, events, sports and entertainment marketing, and strategic consulting.

Our agencies are located in over 100 countries, including every significant world market. Our geographic revenue breakdown is listed below.


	Three months ended March 31,
Total revenue:	2022		2021
United States	$	1,650.4	$	1,425.8
International:
United Kingdom	232.1		203.5
Continental Europe	204.7		195.6
Asia Pacific	215.3		210.9
Latin America	94.4		83.6
Other	171.6		137.6
Total International	918.1		831.2
Total Consolidated	$	2,568.5	$	2,257.0


	Three months ended March 31,
Net revenue:	2022		2021
United States	$	1,470.1	$	1,309.8
International:
United Kingdom	182.4		184.0
Continental Europe	179.3		175.8
Asia Pacific	174.6		169.1
Latin America	87.7		75.4
Other	133.1		113.6
Total International	757.1		717.9
Total Consolidated	$	2,227.2	$	2,027.7


MD&E	Three months ended March 31,
Total revenue:	2022		2021
United States	$	599.2	$	534.6
International	356.6		336.9
Total MD&E	$	955.8	$	871.5

Net revenue:
United States	$	587.8	$	527.7
International	344.3		322.1
Total MD&E	$	932.1	$	849.8


IA&C	Three months ended March 31,
Total revenue:	2022		2021
United States	$	673.9	$	599.9
International	380.3		354.0
Total IA&C	$	1,054.2	$	953.9

Net revenue:
United States	$	646.4	$	574.4
International	312.4		301.3
Total IA&C	$	958.8	$	875.7


SC&E	Three months ended March 31,
Total revenue:	2022		2021
United States	$	377.3	$	291.3
International	181.2		140.3
Total SC&E	$	558.5	$	431.6

Net revenue:
United States	$	235.9	$	207.7
International	100.4		94.5
Total SC&E	$	336.3	$	302.2

Contract Balances

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.


	March 31, 2022		December 31, 2021
Accounts receivable, net of allowance of $66.6 and $68.5, respectively	$	4,179.9	$	5,177.7
Accounts receivable, billable to clients	2,155.3		2,347.2
Contract assets	54.4		62.3
Contract liabilities (deferred revenue)	760.0		688.5

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 $556.2 of unsatisfied performance obligations as of March 31, 2022, which will be recognized as services are performed over the remaining contractual terms through 2027.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Foreign currency translation adjustment:
Balance at beginning of period	$ (723.2)	$ (637.6)
Other comprehensive (loss) income before reclassifications	(3.9)	(40.9)
Amount reclassified from accumulated other comprehensive loss, net of tax	0.0	0.7
Balance at end of period	(727.1)	(677.8)
Derivative Instrument:
Balance at beginning of period	22.9	6.8
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	4.4	18.4
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0.2	(3.9)
Balance at end of period	27.1	29.1
Defined Benefit Pension and Other Postretirement Plans
Balance at beginning of period	(192.3)	(247.6)	$ (193.9)	$ (249.4)
Other comprehensive (loss) income before reclassifications	0.3	0.0
Amount reclassified from accumulated other comprehensive loss, net of tax	1.3	1.8
Total:
Balance at beginning of period	(894.2)	(880.2)
Other comprehensive (loss) income before reclassifications	0.8	(22.5)
Amount reclassified from accumulated other comprehensive loss, net of tax	1.1	6.4
Balance at end of period	$ (892.3)	$ (896.3)

Commercial Paper (Details) $ in Millions	3 Months Ended
Commercial Paper (Details) $ in Millions	Mar. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Commercial paper borrowing capacity	$ 1,500.0
Debt Instrument, Term	397 days
Commercial Paper, Average Outstanding	$ 0.0
Commercial Paper	$ 0.0

Restructuring Charges 2020 Plan Restructuring Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Severance and termination costs	$ 0.3	$ 1.5
Lease impairment costs	5.3	(0.4)
Other restructuring costs	1.0	0.2
Restructuring charges	6.6	$ 1.3
Restructuring Reserve	4.9		$ 9.4
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	4.9		9.4
Lease impairment costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0.0		0.0
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0.0		$ 0.0
Non-cash Items [Member]
Restructuring Cost and Reserve [Line Items]
Severance and termination costs	0.0
Lease impairment costs	5.3
Other restructuring costs	1.0
Restructuring charges	6.3
Cash Payments [Member]
Restructuring Cost and Reserve [Line Items]
Severance and termination costs	4.8
Lease impairment costs	0.0
Other restructuring costs	0.0
Restructuring charges	$ 4.8

Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Fair value assets and liabilities measured on recurring and nonrecurring basis

Contingent acquisition liability, total change

$ 0.1

Long-term Debt, Fair Value

$ 3,009.1

$ 3,337.4

Discount rate floor contingent acquisition obligations

1.00%

Discount rate ceiling contingent acquisition obligations

4.00%

Discount rate floor long-term debt

0.40%

Discount rate ceiling long-term debt

3.40%

Level 1

Fair value assets and liabilities measured on recurring and nonrecurring basis

Cash equivalents

$ 1,221.2

2,391.8

Contingent acquisition obligations

^[1]

0.0

Long-term Debt, Fair Value

0.0

Level 2

Fair value assets and liabilities measured on recurring and nonrecurring basis

Cash equivalents

0.0

Contingent acquisition obligations

^[1]

0.0

Long-term Debt, Fair Value

2,968.7

3,295.6

Level 3

Fair value assets and liabilities measured on recurring and nonrecurring basis

Cash equivalents

0.0

Contingent acquisition obligations

^[1]

33.6

33.5

Long-term Debt, Fair Value

40.4

41.8

Fair Value, Total [Member]

Fair value assets and liabilities measured on recurring and nonrecurring basis

Cash equivalents

1,221.2

2,391.8

Contingent acquisition obligations

^[1]

33.6

33.5

Long-term Debt, Fair Value

$ 3,009.1

$ 3,337.4

[1]

Contingent acquisition obligations includes deferred acquisition payments and unconditional obligations to purchase additional non-controlling equity shares of consolidated subsidiaries. Fair value measurement of the obligations is based upon actual and projected operating performance targets as specified in the related agreements. The increase in this balance of $0.1 from December 31, 2021 to March 31, 2022 is primarily due to the exercises of redeemable non-controlling interest and valuation adjustments, offset by payments related to our deferred acquisitions payments from prior-year acquisitions. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities.

Accumulated Other Comprehensive Loss, Net of Tax (Notes)

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Accumulated Other Comprehensive Loss, Net of Tax

The following tables present the changes in accumulated other comprehensive loss, net of tax, by component.


	Foreign Currency Translation Adjustments		Derivative Instruments		Defined Benefit Pension and Other Postretirement Plans		Total
Balance as of December 31, 2021	$	(723.2)	$	22.9	$	(193.9)	$	(894.2)
Other comprehensive (loss) income before reclassifications	(3.9)		4.4		0.3		0.8
Amount reclassified from accumulated other comprehensive loss, net of tax	0.0		(0.2)		1.3		1.1
Balance as of March 31, 2022	$	(727.1)	$	27.1	$	(192.3)	$	(892.3)


	Foreign Currency Translation Adjustments		Derivative Instruments		Defined Benefit Pension and Other Postretirement Plans		Total
Balance as of December 31, 2020	$	(637.6)	$	6.8	$	(249.4)	$	(880.2)
Other comprehensive (loss) income before reclassifications	(40.9)		18.4		0.0		(22.5)
Amount reclassified from accumulated other comprehensive loss, net of tax	0.7		3.9		1.8		6.4
Balance as of March 31, 2021	$	(677.8)	$	29.1	$	(247.6)	$	(896.3)

Amounts reclassified from accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2022 and 2021 are as follows:


	Three months ended March 31,				Affected Line Item in the Consolidated Statements of Operations
	2022		2021
Foreign currency translation adjustments	$	0.0	$	0.7		Other expense, net
Net (gain) loss on derivative instruments	(0.3)		5.2			Other expense, net, Interest expense
Amortization of defined benefit pension and postretirement plan items	1.7		2.3			Other expense, net
Tax effect	(0.3)		(1.8)			Provision for income taxes
Total amount reclassified from accumulated other comprehensive loss, net of tax	$	1.1	$	6.4

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUE:
Net revenue	$ 2,227.2	$ 2,027.7
Billable expenses	341.3	229.3
Total revenue	2,568.5	2,257.0
OPERATING EXPENSES:
Salaries and related expenses	1,564.4	1,393.1
Office and other direct expenses	323.4	292.9
Billable expenses	341.3	229.3
Cost of services	2,229.1	1,915.3
Selling, general and administrative expenses	19.3	28.2
Depreciation and amortization	67.8	69.2
Restructuring charges	6.6	1.3
Total operating expenses	2,322.8	2,014.0
OPERATING INCOME	245.7	243.0
EXPENSES AND OTHER INCOME:
Interest expense	(39.4)	(49.6)
Interest income	9.8	6.9
Other Expense, Net	(6.2)	(83.9)
Total (expenses) and other income	(35.8)	(126.6)
Income before income taxes	209.9	116.4
Provision for income taxes	49.1	23.8
Income of consolidated companies	160.8	92.6
Equity in net income (loss) of unconsolidated affiliates	0.1	(0.2)
NET INCOME	160.9	92.4
Net income attributable to noncontrolling interests	(1.5)	(0.7)
NET INCOME AVAILABLE TO IPG COMMON STOCKHOLDERS	$ 159.4	$ 91.7
Earnings per share, Basic	$ 0.40	$ 0.23
Earnings per share, Diluted	$ 0.40	$ 0.23
Weighted-average number of common shares outstanding, Basic	394.5	391.5
Weighted-average number of common shares outstanding, Diluted	398.4	396.0

Supplementary Data (Tables)

3 Months Ended

Mar. 31, 2022

Supplementary Data [Abstract]

Accrued Liabilities

The following table presents the components of accrued liabilities.


	March 31, 2022		December 31, 2021
Salaries, benefits and related expenses	$	386.1	$	685.4
Income taxes payable	41.6		42.8
Interest	39.3		39.0
Office and related expenses	28.2		30.5
Acquisition obligations	7.4		15.4
Restructuring charges	4.5		8.1
Other	83.8		96.9
Total accrued liabilities	$	590.9	$	918.1

Other Income (Expense), Net

Results of operations for the three months ended March 31, 2022 and 2021 include certain items that are not directly associated with our revenue-producing operations.


	Three months ended March 31,
	2022		2021
Net losses on sales of businesses	$	(6.4)	$	(12.5)
Loss on early extinguishment of debt	—		(74.0)
Other	0.2		2.6
Other expense, net	$	(6.2)	$	(83.9)

Redeemable Noncontrolling Interest [Table Text Block]

Redeemable Non-controlling Interests

Many of our acquisitions include provisions under which the non-controlling equity owners may require us to purchase additional interests in a subsidiary at their discretion. Redeemable non-controlling interests are adjusted quarterly, if necessary, to their estimated redemption value, but not less than their initial fair value. Any adjustments to the redemption value impact retained earnings or additional paid in capital, except for foreign currency translation adjustments.

The following table presents changes in our redeemable non-controlling interests.


	Three months ended March 31,
	2022		2021
Balance at beginning of period	$	15.6	$	93.1
Change in related non-controlling interests balance	(1.0)		0.2
Changes in redemption value of redeemable non-controlling interests:

Additions	1.1		0.0
Redemptions	(9.1)		(5.7)
Redemption value adjustments	1.3		(2.4)
Balance at end of period	$	7.9	$	85.2

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Summarized financial information concerning reportable segments

Summarized financial information concerning our reportable segments is shown in the following table.


	Three months ended March 31,
	2022		2021
Total revenue:
MD&E	$	955.8	$	871.5
IA&C	1,054.2		953.9
SC&E	558.5		431.6
Total	$	2,568.5	$	2,257.0

Net revenue:
MD&E	$	932.1	$	849.8
IA&C	958.8		875.7
SC&E	336.3		302.2
Total	$	2,227.2	$	2,027.7

Segment EBITA 1:
MD&E	$	101.4	$	135.8
IA&C	130.5		118.1
SC&E	56.0		40.8
Corporate and Other	(20.9)		(30.1)
Total	$	267.0	$	264.6

Amortization of acquired intangibles:
MD&E	$	17.9	$	18.0
IA&C	2.4		2.6
SC&E	1.0		1.0
Corporate and Other	0.0		0.0
Total	$	21.3	$	21.6

Depreciation and amortization 2:
MD&E	$	26.2	$	24.6
IA&C	14.7		16.5
SC&E	4.1		4.6
Corporate and Other	1.5		1.9
Total	$	46.5	$	47.6

Capital expenditures:
MD&E	$	16.0	$	13.0
IA&C	6.0		8.7
SC&E	0.8		0.7
Corporate and Other	7.9		5.9
Total	$	30.7	$	28.3

1 Adjusted EBITA is calculated as net income available to IPG common stockholders before provision for (benefit of) income taxes, total (expenses) and other income, equity in net income (loss) of unconsolidated affiliates, net income attributable to non-controlling interests and amortization of acquired intangibles.

2 Excludes amortization of acquired intangibles.


	March 31, 2022		December 31, 2021
Total assets:
MD&E	$	8,661.7	$	9,580.6
IA&C	5,777.9		6,004.2
SC&E	1,632.0		1,590.9
Corporate and Other	1,809.3		2,733.5
Total	$	17,880.9	$	19,909.2

The following table presents the reconciliation of segment EBITA to Income before income taxes.


	Three months ended March 31,
	2022		2021
MD&E EBITA	$	101.4	$	135.8
IA&C EBITA	130.5		118.1
SC&E EBITA	56.0		40.8
Corporate and Other EBITA	(20.9)		(30.1)
Less: consolidated amortization of acquired intangibles	21.3		21.6
Operating income	245.7		243.0
Total (expenses) and other income	(35.8)		(126.6)
Income before income taxes	$	209.9	$	116.4

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 160.9	$ 92.4
Foreign currency translation:
Foreign currency translation adjustments	(3.6)	(41.0)
Reclassification adjustments recognized in net income	0.0	0.7
Foreign currency transaction and translation adjustment, net of tax	(3.6)	(40.3)
Derivative Instrument:
Changes in fair value of derivative instruments	5.9	21.3
Recognition of previously unrealized (gain) losses in net income	(0.3)	5.2
Income tax effect	(1.4)	(4.2)
Net unrecognized gains on derivative instruments, net of tax	4.2	22.3
Defined benefit pension and other postretirement plans:
Net actuarial gains for the period	(0.6)	0.0
Amortization of unrecognized losses, transition obligation and prior service cost included in net income	1.7	2.3
Other	(0.1)	(0.1)
Income tax effect	0.6	(0.4)
Defined benefit pension and other postretirement plans adjustment, net of tax	1.6	1.8
Other comprehensive (loss) income, net of tax	2.2	(16.2)
TOTAL COMPREHENSIVE INCOME	163.1	76.2
Less: comprehensive income attributable to noncontrolling interests	1.8	0.6
COMPREHENSIVE INCOME ATTRIBUTABLE TO IPG	$ 161.3	$ 75.6

Accumulated Other Comprehensive Loss, Net of Tax Reclassification of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	$ 0.0	$ 0.7
Net (Gain) Loss on derivative instruments	(0.3)	5.2
Amortization of defined benefit pension and postretirement plan items	1.7	2.3
Tax effect	(0.3)	(1.8)
Reclassifications from accumulated other comprehensive loss to earnings, net of tax	$ 1.1	$ 6.4

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e39076-109324

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e38679-109324

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=124509347&loc=d3e640-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
ASSETS:
Cash and cash equivalents	$ 2,402.3	$ 3,270.0
Accounts receivable, net of allowance of $66.6 and $68.5, respectively	4,179.9	5,177.7
Accounts receivable, billable to clients	2,155.3	2,347.2
Assets held for sale	30.4	8.2
Other current assets	502.1	428.7
Total current assets	9,270.0	11,231.8
Property and equipment, net of accumulated depreciation and amortization of $1,228.6 and $1,201.6, respectively	654.9	675.8
Deferred Income Tax Assets, Net	308.8	301.4
Goodwill	4,899.3	4,908.7
Other intangible assets	825.3	847.5
Operating lease right-of-use asset	1,506.5	1,544.4
Other non-current assets	416.1	399.6
TOTAL ASSETS	17,880.9	19,909.2
LIABILITIES:
Accounts payable	7,245.3	8,960.0
Accrued liabilities	590.9	918.1
Contract liabilities	760.0	688.5
Short-term borrowings	59.1	47.5
Current portion of long-term debt	0.6	0.7
Current portion of operating leases	270.3	265.8
Liabilities held for sale	28.0	9.4
Total current liabilities	8,954.2	10,890.0
Long-term debt	2,908.1	2,908.6
Non-current operating leases	1,528.9	1,576.0
Deferred compensation	288.0	329.1
Other non-current liabilities	645.0	600.7
TOTAL LIABILITIES	14,324.2	16,304.4
Redeemable noncontrolling interests	7.9	15.6
STOCKHOLDERS' EQUITY:
Common stock	39.7	39.3
Additional paid-in capital	1,206.0	1,226.6
Retained earnings	3,196.7	3,154.3
Accumulated other comprehensive loss, net of tax	(892.3)	(894.2)
Stockholders' Equity before Treasury Stock	3,550.1	3,526.0
Treasury Stock, Value	(63.1)	0.0
Total IPG stockholders' equity	3,487.0	3,526.0
Noncontrolling interests	61.8	63.2
TOTAL STOCKHOLDERS' EQUITY	3,548.8	3,589.2
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	17,880.9	19,909.2
Parentheticals:
Allowance for doubtful accounts receivable	(66.6)	68.5
Accumulated depreciation, property and equipment	$ (1,228.6)	$ 1,201.6

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue Principal Geographic Markets

Our agencies are located in over 100 countries, including every significant world market. Our geographic revenue breakdown is listed below.


	Three months ended March 31,
Total revenue:	2022		2021
United States	$	1,650.4	$	1,425.8
International:
United Kingdom	232.1		203.5
Continental Europe	204.7		195.6
Asia Pacific	215.3		210.9
Latin America	94.4		83.6
Other	171.6		137.6
Total International	918.1		831.2
Total Consolidated	$	2,568.5	$	2,257.0


	Three months ended March 31,
Net revenue:	2022		2021
United States	$	1,470.1	$	1,309.8
International:
United Kingdom	182.4		184.0
Continental Europe	179.3		175.8
Asia Pacific	174.6		169.1
Latin America	87.7		75.4
Other	133.1		113.6
Total International	757.1		717.9
Total Consolidated	$	2,227.2	$	2,027.7


MD&E	Three months ended March 31,
Total revenue:	2022		2021
United States	$	599.2	$	534.6
International	356.6		336.9
Total MD&E	$	955.8	$	871.5

Net revenue:
United States	$	587.8	$	527.7
International	344.3		322.1
Total MD&E	$	932.1	$	849.8


IA&C	Three months ended March 31,
Total revenue:	2022		2021
United States	$	673.9	$	599.9
International	380.3		354.0
Total IA&C	$	1,054.2	$	953.9

Net revenue:
United States	$	646.4	$	574.4
International	312.4		301.3
Total IA&C	$	958.8	$	875.7

Contract Balances

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.


	March 31, 2022		December 31, 2021
Accounts receivable, net of allowance of $66.6 and $68.5, respectively	$	4,179.9	$	5,177.7
Accounts receivable, billable to clients	2,155.3		2,347.2
Contract assets	54.4		62.3
Contract liabilities (deferred revenue)	760.0		688.5

Incentive Compensation Plans Plan Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Share-based Payment Arrangement [Abstract]
Performance cash awards granted during the period target value	$ 45.1
Restricted cash awards granted during the period target value	$ 11.9
Performance based cash award vesting period	3 years
Restricted cash awards vesting period floor	2 years
Cash awards vesting period	3 years

Supplementary Data (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
Supplementary Data (Details) - USD ($) $ in Millions	Jan. 01, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Text Block [Abstract]
Goodwill	$ 4,908.7	$ 4,899.3	$ 4,908.7	$ 4,945.5
Goodwill, Acquired During Period			(0.2)
Goodwill, Other Decrease		(9.4)	(36.6)
Goodwill	4,908.7	4,899.3	4,908.7	4,945.5
Goodwill, Transfers	0.0
Goodwill, Acquired During Period			(0.2)
Goodwill, Other Decrease		(9.4)	(36.6)
IAN [Member]
Text Block [Abstract]
Goodwill	0.0	0.0	4,231.6	4,264.5
Goodwill, Acquired During Period			(0.2)
Goodwill, Other Decrease		0.0	(32.7)
Goodwill	0.0	0.0	4,231.6	4,264.5
Goodwill, Transfers	(4,231.6)
Goodwill, Acquired During Period			(0.2)
Goodwill, Other Decrease		0.0	(32.7)
DXTRA [Member]
Text Block [Abstract]
Goodwill	0.0	0.0	677.1	681.0
Goodwill, Acquired During Period			0.0
Goodwill, Other Decrease		0.0	(3.9)
Goodwill	0.0	0.0	677.1	681.0
Goodwill, Transfers	(677.1)
Goodwill, Acquired During Period			0.0
Goodwill, Other Decrease		0.0	(3.9)
MD&E
Text Block [Abstract]
Goodwill	2,293.0	2,290.7	0.0	0.0
Goodwill, Acquired During Period			0.0
Goodwill, Other Decrease		(2.3)	0.0
Goodwill	2,293.0	2,290.7	0.0	0.0
Goodwill, Transfers	2,293.0
Goodwill, Acquired During Period			0.0
Goodwill, Other Decrease		(2.3)	0.0
IA&C
Text Block [Abstract]
Goodwill	1,920.2	1,914.1	0.0	0.0
Goodwill, Acquired During Period			0.0
Goodwill, Other Decrease		(6.1)	0.0
Goodwill	1,920.2	1,914.1	0.0	0.0
Goodwill, Transfers	1,920.2
Goodwill, Acquired During Period			0.0
Goodwill, Other Decrease		(6.1)	0.0
SC&E
Text Block [Abstract]
Goodwill	695.5	694.5	0.0	0.0
Goodwill, Acquired During Period			0.0
Goodwill, Other Decrease		(1.0)	0.0
Goodwill	695.5	694.5	0.0	$ 0.0
Goodwill, Transfers	$ 695.5
Goodwill, Acquired During Period			0.0
Goodwill, Other Decrease		$ (1.0)	$ 0.0

Supplementary Data (Notes)

3 Months Ended

Mar. 31, 2022

Supplementary Data [Abstract]

Accrued Liabilities

The following table presents the components of accrued liabilities.


	March 31, 2022		December 31, 2021
Salaries, benefits and related expenses	$	386.1	$	685.4
Income taxes payable	41.6		42.8
Interest	39.3		39.0
Office and related expenses	28.2		30.5
Acquisition obligations	7.4		15.4
Restructuring charges	4.5		8.1
Other	83.8		96.9
Total accrued liabilities	$	590.9	$	918.1

Other Income, Net

Other Expense, Net

Results of operations for the three months ended March 31, 2022 and 2021 include certain items that are not directly associated with our revenue-producing operations.


	Three months ended March 31,
	2022		2021
Net losses on sales of businesses	$	(6.4)	$	(12.5)
Loss on early extinguishment of debt	—		(74.0)
Other	0.2		2.6
Other expense, net	$	(6.2)	$	(83.9)

Net losses on sales of businesses – During the three months ended March 31, 2022 and 2021, the amounts recognized were 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 MD&E, IA&C, and SC&E reportable segments. The businesses sold and held for sale primarily represent unprofitable, non-strategic agencies which are expected to be sold within the next twelve months.

Loss on early extinguishment of debt – During the three months ended March 31, 2021, we recorded a loss of $74.0 related to the early extinguishment of all $250.0 aggregate principal amount of our 4.000% unsecured senior notes due 2022, all $500.0 aggregate principal amount of our 3.750% unsecured senior notes due 2023, and $250.0 of the $500.0 aggregate principal amount of our 4.200% unsecured senior notes due 2024.

Share Repurchase Program

Redeemable Noncontrolling Interest [Table Text Block]

Redeemable Non-controlling Interests

The following table presents changes in our redeemable non-controlling interests.


	Three months ended March 31,
	2022		2021
Balance at beginning of period	$	15.6	$	93.1
Change in related non-controlling interests balance	(1.0)		0.2
Changes in redemption value of redeemable non-controlling interests:

Additions	1.1		0.0
Redemptions	(9.1)		(5.7)
Redemption value adjustments	1.3		(2.4)
Balance at end of period	$	7.9	$	85.2

Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Lease guarantees	$ 639,400,000	$ 667,500,000
Credit facility guarantees	310,800,000	306,500,000
Cash pooling guarantees	103,300,000	$ 104,400,000
Assets pledged as security for parent company guarantees	$ 0

Segment Information (Notes)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting Disclosure

Segment Information

During the quarter ended March 31, 2022, we adjusted our segment reporting to reflect our new organizational structure effective January 1, 2022. A managerial and operational review, as well as several organizational initiatives, completed on January 1, 2022, has resulted in modifications to our organizational and segment structure. As a result, we have determined we operate our results across three reportable segments: MD&E, IA&C, and SC&E.

MD&E primarily provides, and is distinguished by innovative capabilities and scale in, global media and communications services, digital services and products, advertising and marketing technology, e‐commerce services, data management and analytics, strategic consulting, and digital brand experience. MD&E is comprised of IPG Mediabrands, Acxiom, and Kinesso, as well as our digital and commerce specialist agencies, which include MRM, R/GA, and Huge.

IA&C primarily provides advertising, corporate and brand identity services, and strategic consulting. IA&C is distinguished by the leading role of complex integrations of ideation and the execution of advertising and creative campaigns across all communications channels that are foundational to client brand identities. IA&C is comprised of leading global networks and agencies that provide a broad range of services, including McCann Worldgroup, IPG Health, MullenLowe Group, Foote, Cone & Belding ("FCB"), and our domestic integrated agencies.

SC&E primarily provides best-in-class global public relations and other specialized communications services, events, sports and entertainment marketing, and strategic consulting. SC&E is comprised of agencies that provide a range of marketing services expertise, including IPG DXTRA and DXTRA Health, Weber Shandwick, Golin, and our sports, entertainment, and experiential agencies.

We also report results for the Corporate and Other group.

In conjunction with the new reporting structure, prior period segment disclosures have been recast to reflect our new reportable segments, as well as the way performance is internally managed and monitored.

We continue to evaluate our financial reporting structure, and the profitability measure, employed by our chief operating decision maker for allocating resources to operating divisions and assessing operating division performance, is segment EBITA. Summarized financial information concerning our reportable segments is shown in the following table.


	Three months ended March 31,
	2022		2021
Total revenue:
MD&E	$	955.8	$	871.5
IA&C	1,054.2		953.9
SC&E	558.5		431.6
Total	$	2,568.5	$	2,257.0

Net revenue:
MD&E	$	932.1	$	849.8
IA&C	958.8		875.7
SC&E	336.3		302.2
Total	$	2,227.2	$	2,027.7

Segment EBITA 1:
MD&E	$	101.4	$	135.8
IA&C	130.5		118.1
SC&E	56.0		40.8
Corporate and Other	(20.9)		(30.1)
Total	$	267.0	$	264.6

Amortization of acquired intangibles:
MD&E	$	17.9	$	18.0
IA&C	2.4		2.6
SC&E	1.0		1.0
Corporate and Other	0.0		0.0
Total	$	21.3	$	21.6

Depreciation and amortization 2:
MD&E	$	26.2	$	24.6
IA&C	14.7		16.5
SC&E	4.1		4.6
Corporate and Other	1.5		1.9
Total	$	46.5	$	47.6

Capital expenditures:
MD&E	$	16.0	$	13.0
IA&C	6.0		8.7
SC&E	0.8		0.7
Corporate and Other	7.9		5.9
Total	$	30.7	$	28.3

2 Excludes amortization of acquired intangibles.


	March 31, 2022		December 31, 2021
Total assets:
MD&E	$	8,661.7	$	9,580.6
IA&C	5,777.9		6,004.2
SC&E	1,632.0		1,590.9
Corporate and Other	1,809.3		2,733.5
Total	$	17,880.9	$	19,909.2

The following table presents the reconciliation of segment EBITA to Income before income taxes.


	Three months ended March 31,
	2022		2021
MD&E EBITA	$	101.4	$	135.8
IA&C EBITA	130.5		118.1
SC&E EBITA	56.0		40.8
Corporate and Other EBITA	(20.9)		(30.1)
Less: consolidated amortization of acquired intangibles	21.3		21.6
Operating income	245.7		243.0
Total (expenses) and other income	(35.8)		(126.6)
Income before income taxes	$	209.9	$	116.4

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Restructuring Charges Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6.6	$ 1.3
Lease impairment costs	5.3	(0.4)
IA&C
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6.1	0.4
Lease impairment costs	5.1
SC&E
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.4	$ 0.9
Lease impairment costs	$ 0.2

Revenue Contract Balances (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts receivable, net of allowance of $66.6 and $68.5, respectively	$ 4,179.9	$ 5,177.7
Accounts receivable, billable to clients	2,155.3	2,347.2
Contract assets	54.4	62.3
Contract liabilities (deferred revenue)	760.0	$ 688.5
Revenue, Remaining Performance Obligation, Amount	$ 556.2

Restructuring Charges (Tables)

3 Months Ended

Mar. 31, 2022

Restructuring Charges [Abstract]

Restructuring and Related Costs [Table Text Block]

The components of the restructuring charges related to the 2020 Restructuring Plan are listed below.


	Three months ended March 31,
	2022		2021
Severance and termination costs	$	0.3	$	1.5
Lease impairment costs	5.3		(0.4)
Other restructuring costs	1.0		0.2
Total restructuring charges	$	6.6	$	1.3

Schedule of Restructuring activities related to the 2020 Plan [Table Text Block]

A summary of the restructuring activities taken in the first three months of 2022 related to the 2020 Restructuring Plan is as follows:


	2020 Restructuring Plan
	Liability at December 31, 2021		Restructuring Expense		Non-Cash Items		Cash Payments		Liability at March 31, 2022
Severance and termination costs	$	9.4	$	0.3	$	0.0	$	4.8	$	4.9
Lease impairment costs	0.0		5.3		5.3		0.0		0.0
Other restructuring costs	0.0		1.0		1.0		0.0		0.0
Total	$	9.4	$	6.6	$	6.3	$	4.8	$	4.9

Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended
Restructuring Charges (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Severance and termination costs	$ 0.3	$ 1.5
Lease impairment costs	5.3	(0.4)
Other restructuring costs	1.0	0.2
Restructuring charges	6.6	1.3
Severance and termination costs	0.3	1.5
Lease impairment costs	5.3	(0.4)
Other restructuring costs	1.0	0.2
Restructuring charges	$ 6.6	$ 1.3

Incentive Compensation Plans Stock-based Compensation Awards (Details) shares in Millions	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Restricted stock (units)
Incentive Compensation Plans
Granted awards	1.2
Weighted average grant date fair value \| $ / shares	$ 36.67
Performance-based stock (shares)
Incentive Compensation Plans
Granted awards	1.5
Weighted average grant date fair value \| $ / shares	$ 30.05
Total stock-based compensation awards
Incentive Compensation Plans
Granted awards	2.7

Employee Benefits (Details) - USD ($) $ in Millions	3 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Domestic Plan [Member]
Defined Pension and Postretirement Benefit Plans
Service cost	$ 0.0	$ 0.0
Interest cost	0.7	0.7
Expected return on plan assets	(1.2)	(1.4)
Settlement and curtailments	0.0	0.0
Amortization of:
Unrecognized actuarial losses	0.4	0.5
Net periodic cost	(0.1)	(0.2)
Pension plan - employer contributions	0.0
Pension plan - estimated employer contributions for remainder of current fiscal year	0.0
Foreign Plan [Member]
Defined Pension and Postretirement Benefit Plans
Service cost	1.1	1.1
Interest cost	2.4	2.0
Expected return on plan assets	(5.3)	(5.2)
Settlement and curtailments	0.0	0.0
Amortization of:
Unrecognized actuarial losses	1.2	1.7
Net periodic cost	(0.6)	(0.4)
Pension plan - employer contributions	4.6
Pension plan - estimated employer contributions for remainder of current fiscal year	12.0
Domestic Postretirement Benefit Plan
Defined Pension and Postretirement Benefit Plans
Service cost	0.0	0.0
Interest cost	0.2	0.2
Expected return on plan assets	0.0	0.0
Settlement and curtailments	0.0	0.0
Amortization of:
Unrecognized actuarial losses	0.1	0.1
Net periodic cost	$ 0.3	$ 0.3

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present information about our financial instruments measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value.


	March 31, 2022								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	1,221.2	$	0.0	$	0.0	$	1,221.2	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	33.6	$	33.6	Accrued liabilities and Other non-current liabilities

	December 31, 2021								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	2,391.8	$	0.0	$	0.0	$	2,391.8	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	33.5	$	33.5	Accrued liabilities and Other non-current liabilities

1Contingent acquisition obligations includes deferred acquisition payments and unconditional obligations to purchase additional non-controlling equity shares of consolidated subsidiaries. Fair value measurement of the obligations is based upon actual and projected operating performance targets as specified in the related agreements. The increase in this balance of $0.1 from December 31, 2021 to March 31, 2022 is primarily due to the exercises of redeemable non-controlling interest and valuation adjustments, offset by payments related to our deferred acquisitions payments from prior-year acquisitions. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities.

^[1]

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table presents information about our financial instruments that are not measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.


	March 31, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Total long-term debt	$	0.0	$	2,968.7	$	40.4	$	3,009.1	$	0.0	$	3,295.6	$	41.8	$	3,337.4

[1]

Supplementary Data Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure of Repurchase Agreements [Abstract]
Stock repurchase program, remaining authorized repurchase amount, excluding fees	$ 337.0
Stock Repurchase Program, Authorized Amount	$ 400.0
Stock Repurchased During Period, Shares	1.8	0.0
Payments for Repurchase of Common Stock	$ 63.1	$ 0.0
Treasury Stock Acquired, Average Cost Per Share	$ 35.21	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 160.9	$ 92.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	67.8	69.2
Deferred income tax	19.9	18.2
Amortization of restricted stock and other non-cash compensation	12.5	20.3
Net losses on sales of businesses	6.4	12.5
Net amortization of bond discounts and deferred financing costs	0.7	2.7
Loss on Extinguishment of Debt	0.0	74.0
Provision for uncollectible receivables	(0.4)	(2.2)
Other	12.7	4.6
Changes in assets and liabilities, net of acquisitions and divestitures, providing (using) cash:
Accounts receivable	978.0	1,158.6
Accounts receivable, billable to clients	(184.7)	40.8
Other current assets	(82.1)	(68.8)
Accounts payable	(1,685.9)	(1,347.0)
Accrued liabilities	(334.5)	(233.6)
Contract liabilities	74.4	34.7
Other non-current assets and liabilities	(48.7)	(44.6)
Net cash used in operating activities	(633.6)	(249.8)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(30.7)	(28.3)
Net proceeds from investments	(2.6)	(28.8)
Other investing activities	(0.7)	(0.3)
Net cash (used in) provided by investing activities	(28.8)	0.2
CASH FLOWS FROM FINANCING ACTIVITIES:
Common stock dividends	(118.3)	(109.1)
Payments for Repurchase of Common Stock	(63.1)	0.0
Tax payments for employee shares withheld	(38.3)	(22.4)
Distributions to noncontrolling interests	(3.1)	(3.3)
Acquisition-related payments	(1.1)	(3.4)
Proceeds from Issuance of Long-term Debt	0.0	998.1
Early extinguishment of long-term debt	0.0	(1,066.8)
Exercise of stock options	0.0	8.0
Net increase (decrease) in short-term borrowings	13.9	(2.9)
Other financing activities	(0.1)	(10.9)
Net cash used in financing activities	(210.1)	(212.7)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	5.0	(30.4)
Net decrease in cash, cash equivalents and restricted cash	(867.5)	(492.7)
Cash, cash equivalents, and restricted cash at beginning of period	3,272.2	2,511.5
Cash, cash equivalents, and restricted cash at end of period	$ 2,404.7	$ 2,018.8

Employee Benefits (Notes)

3 Months Ended

Mar. 31, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefits

We have a defined benefit pension plan that covers certain U.S. employees (the “Domestic Pension Plan”). We also have numerous funded and unfunded plans outside the U.S. The Interpublic Limited Pension Plan in the U.K. is a defined benefit plan and is our most material foreign pension plan in terms of the benefit obligation and plan assets. Some of our domestic and foreign subsidiaries provide postretirement health benefits and life insurance to eligible employees and, in certain cases, their dependents. The domestic postretirement benefit plan is our most material postretirement benefit plan in terms of the benefit obligation. Certain immaterial foreign pension and postretirement benefit plans have been excluded from the table below.

The components of net periodic cost for the Domestic Pension Plan, the significant foreign pension plans and the domestic postretirement benefit plan are listed below.


	Domestic Pension Plan				Foreign Pension Plans				Domestic Postretirement Benefit Plan
Three Months Ended March 31,	2022		2021		2022		2021		2022		2021
Service cost	$	0.0	$	0.0	$	1.1	$	1.1	$	0.0	$	0.0
Interest cost	0.7		0.7		2.4		2.0		0.2		0.2
Expected return on plan assets	(1.2)		(1.4)		(5.3)		(5.2)		0.0		0.0
Settlements	0.0		0.0		0.0		0.0		0.0		0.0
Amortization of:
Unrecognized actuarial losses	0.4		0.5		1.2		1.7		0.1		0.1
Net periodic cost	$	(0.1)	$	(0.2)	$	(0.6)	$	(0.4)	$	0.3	$	0.3

The components of net periodic cost other than the service cost component are included in the line item “Other expense, net” in the Consolidated Statements of Operations.

During the three months ended March 31, 2022, we contributed $0.0 and $4.6 of cash to our domestic and foreign pension plans, respectively. For the remainder of 2022, we expect to contribute approximately $0.0 and $12.0 of cash to our domestic and foreign pension plans, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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-Name Accounting Standards Codification
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+ Details

Accumulated Other Comprehensive Loss, Net of Tax (Tables)

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Loss, Net of Tax

The following tables present the changes in accumulated other comprehensive loss, net of tax, by component.


	Foreign Currency Translation Adjustments		Derivative Instruments		Defined Benefit Pension and Other Postretirement Plans		Total
Balance as of December 31, 2021	$	(723.2)	$	22.9	$	(193.9)	$	(894.2)
Other comprehensive (loss) income before reclassifications	(3.9)		4.4		0.3		0.8
Amount reclassified from accumulated other comprehensive loss, net of tax	0.0		(0.2)		1.3		1.1
Balance as of March 31, 2022	$	(727.1)	$	27.1	$	(192.3)	$	(892.3)


	Foreign Currency Translation Adjustments		Derivative Instruments		Defined Benefit Pension and Other Postretirement Plans		Total
Balance as of December 31, 2020	$	(637.6)	$	6.8	$	(249.4)	$	(880.2)
Other comprehensive (loss) income before reclassifications	(40.9)		18.4		0.0		(22.5)
Amount reclassified from accumulated other comprehensive loss, net of tax	0.7		3.9		1.8		6.4
Balance as of March 31, 2021	$	(677.8)	$	29.1	$	(247.6)	$	(896.3)

Reclassification out of Accumulated Other Comprehensive Income

Amounts reclassified from accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2022 and 2021 are as follows:


	Three months ended March 31,				Affected Line Item in the Consolidated Statements of Operations
	2022		2021
Foreign currency translation adjustments	$	0.0	$	0.7		Other expense, net
Net (gain) loss on derivative instruments	(0.3)		5.2			Other expense, net, Interest expense
Amortization of defined benefit pension and postretirement plan items	1.7		2.3			Other expense, net
Tax effect	(0.3)		(1.8)			Provision for income taxes
Total amount reclassified from accumulated other comprehensive loss, net of tax	$	1.1	$	6.4

Income Taxes Change in Unrecognized Tax Benefits (Details) $ in Millions	Mar. 31, 2022 USD ($)
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 35.0
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 45.0

Recent Accounting Standards (Notes)	3 Months Ended
Recent Accounting Standards (Notes)	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Standards	Recent Accounting Standards Accounting pronouncements not listed below were assessed and determined to be not applicable or are expected to have minimal impact on our Consolidated Financial Statements. Derivatives and Hedging In March 2022, the Financial Accounting Standards Board (the "FASB") issued amended guidance on hedge accounting which allows nonprepayable financial assets to be included in a closed portfolio hedge using the portfolio layer method, allowing for more consistent accounting over prepayable and nonprepayable hedges. The new guidance also allows multiple hedged layers to be designated for a single closed portfolio further aligning hedge accounting with risk management strategies. This amended guidance is effective beginning January 1, 2023, with early adoption permitted. We are currently assessing the impact the adoption of the amended guidance will have on our Consolidated Financial Statements.

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income available to IPG common stockholders	$ 159.4	$ 91.7
Weighted-average number of common shares outstanding, Basic	394.5	391.5
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	3.9	4.5
Weighted-average number of common shares outstanding, Diluted	398.4	396.0
Earnings per share, Basic	$ 0.40	$ 0.23
Earnings per share, Diluted	$ 0.40	$ 0.23

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Income Taxes (Notes)	3 Months Ended
Income Taxes (Notes)	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2022, our income tax expense was positively impacted by excess tax benefits on employee share-based payments, the majority of which is typically recognized in the first quarter due to the timing of the vesting of awards, partially offset by net losses on sales of businesses and the classification of certain assets as held for sale for which we received minimal tax benefit. We have various tax years under examination by tax authorities in various countries, and in various states, in which we have significant business operations. It is not yet known whether these examinations will, in the aggregate, result in our paying additional taxes. We believe our tax reserves are adequate in relation to the potential for additional assessments in each of the jurisdictions in which we are subject to taxation. We regularly assess the likelihood of additional tax assessments in those jurisdictions and, if necessary, adjust our reserves as additional information or events require. With respect to all tax years open to examination by U.S. federal, various state and local, and non-U.S. tax authorities, we currently anticipate that total unrecognized tax benefits will decrease by an amount between $35.0 and $45.0 in the next twelve months, a portion of which will affect our effective income tax rate, primarily as a result of the settlement of tax examinations and the lapsing of statutes of limitations. We are effectively settled with respect to U.S. federal income tax audits through 2016. With limited exceptions, we are no longer subject to state and local income tax audits for years prior to 2013 or non-U.S. income tax audits for years prior to 2010.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Supplementary Data Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Expense, Net [Abstract]
Net losses on sales of businesses	$ (6.4)	$ (12.5)
Loss on Extinguishment of Debt	0.0	(74.0)
Other Expense, Net, Other	(0.2)	(2.6)
Other Expense, Net	$ (6.2)	$ (83.9)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following sets forth basic and diluted earnings per common share available to IPG common stockholders.


	Three Months Ended March 31,
	2022		2021
Net income available to IPG common stockholders	$	159.4	$	91.7

Weighted-average number of common shares outstanding - basic	394.5		391.5
Dilutive effect of stock options and restricted shares	3.9		4.5
Weighted-average number of common shares outstanding - diluted	398.4		396.0

Earnings per share available to IPG common stockholders:
Basic	$	0.40	$	0.23
Diluted	$	0.40	$	0.23

Commitments and Contingencies (Notes)	3 Months Ended
Commitments and Contingencies (Notes)	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees As discussed in our 2021 Annual Report, we have guaranteed certain obligations of our subsidiaries relating principally to operating leases, uncommitted lines of credit and cash pooling arrangements. As of March 31, 2022 and December 31, 2021, the amount of parent company guarantees on lease obligations was $639.4 and $667.5, respectively, the amount of parent company guarantees relating to uncommitted lines of credit was $310.8 and $306.5, respectively, and the amount of parent company guarantees related to daylight overdrafts, primarily utilized to manage intra-day overdrafts due to timing of transactions under cash pooling arrangements without resulting in incremental borrowings, was $103.3 and $104.4, respectively. In the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee, we would be obligated to pay the amounts covered by that guarantee. As of March 31, 2022, there were no material assets pledged as security for such parent company guarantees. Legal Matters We are involved in various legal proceedings, and subject to investigations, inspections, audits, inquiries and similar actions by governmental authorities, arising in the normal course of business. The types of allegations that arise in connection with such legal proceedings vary in nature, but can include claims related to contract, employment, tax and intellectual property matters. We evaluate all cases each reporting period and record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount, or potential range, of loss can be reasonably estimated. In certain cases, we cannot reasonably estimate the potential loss because, for example, the litigation is in its early stages. While any outcome related to litigation or such governmental proceedings in which we are involved cannot be predicted with certainty, management believes that the outcome of these matters, individually and in the aggregate, will not have a material adverse effect on our financial condition, results of operations or cash flows.

Incentive Compensation Plans (Notes)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement, Additional Disclosure [Abstract]

Incentive Compensation Plans

We issue stock-based compensation and cash awards to our employees under various plans established by the Compensation and Leadership Talent Committee of the Board of Directors (the "Compensation Committee") and approved by our stockholders. We issued the following stock-based awards under the 2019 Performance Incentive Plan (the "2019 PIP") during the three months ended March 31, 2022.


	Awards	Weighted-average grant-date fair value (per award)
Restricted stock (units)	1.2	$	36.67
Performance-based stock (shares)	1.5	$	30.05

Total stock-based compensation awards	2.7

During the three months ended March 31, 2022, the Compensation Committee granted performance cash awards under the 2019 PIP and restricted cash awards under the 2020 Restricted Cash Plan with a total annual target value of $45.1 and $11.9,

respectively. Cash awards are expensed over the vesting period, which is typically three years for performance cash awards and two years or three years for restricted cash awards.

Restructuring Charges (Notes)

3 Months Ended

Mar. 31, 2022

Restructuring Charges [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

Restructuring Charges

Beginning in the second quarter of 2020, the Company took restructuring actions to lower its operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business (the “2020 Restructuring Plan”). These actions continued through the fourth quarter of 2020, and most were based on our recent experience and learning in the COVID-19 pandemic and a resulting review of our operations to address certain operating expenses such as occupancy expense and salaries and related expenses.

Lease impairment costs, which relate to the office spaces that were vacated as part of the 2020 Restructuring Plan, included impairments of operating lease right-of-use assets and associated leasehold improvements, furniture and asset retirement obligations in addition to losses and gains related to early lease terminations. Lease impairments were calculated based on estimated fair values using market participant assumptions including forecasted net discounted cash flows related to the operating lease right-of-use assets.

All restructuring actions were identified and initiated in 2020, with all actions completed by the end of the fourth quarter of 2020. The amounts for the three months ended March 31, 2022 are adjustments to the actions taken in 2020.

The components of the restructuring charges related to the 2020 Restructuring Plan are listed below.


	Three months ended March 31,
	2022		2021
Severance and termination costs	$	0.3	$	1.5
Lease impairment costs	5.3		(0.4)
Other restructuring costs	1.0		0.2
Total restructuring charges	$	6.6	$	1.3

Net restructuring charges were comprised of $6.1 at IA&C and $0.4 at SC&E for the three months ended March 31, 2022, which include non-cash lease impairment costs of $5.1 at IA&C and $0.2 at SC&E.

Net restructuring charges were comprised of $0.4 at IA&C and $0.9 at SC&E for the three months ended March 31, 2021.

A summary of the restructuring activities taken in the first three months of 2022 related to the 2020 Restructuring Plan is as follows:


	2020 Restructuring Plan
	Liability at December 31, 2021		Restructuring Expense		Non-Cash Items		Cash Payments		Liability at March 31, 2022
Severance and termination costs	$	9.4	$	0.3	$	0.0	$	4.8	$	4.9
Lease impairment costs	0.0		5.3		5.3		0.0		0.0
Other restructuring costs	0.0		1.0		1.0		0.0		0.0
Total	$	9.4	$	6.6	$	6.3	$	4.8	$	4.9

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 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, 2021 (the “2021 Annual Report”). Effective January 1, 2022, the Company completed a managerial and operational review, which resulted in organizational realignments to our financial reporting segment structure. As a result, the Company determined we conduct our business across three reportable segments described in Note 11. The three reportable segments are: Media, Data & Engagement Solutions ("MD&E"), Integrated Advertising & Creativity Led Solutions ("IA&C"), and Specialized Communications & Experiential Solutions ("SC&E"). In conjunction with the new reporting structure, the Company has recast certain prior period amounts, wherever applicable, to reflect our revised organizational alignment. This change does not impact the unaudited consolidated statements of operations and comprehensive income, consolidated balance sheets, consolidated statement of cash flows and consolidated statements of stockholders' equity for any of the previously reported periods. Cost of services is comprised of the expenses of our revenue-producing reportable segments, MD&E, IA&C, and SC&E, 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 2022 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 have been made to prior-period financial statements to conform to the current-period presentation.

Debt and Credit Arrangements (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Summary of Carrying Amounts and Fair Values of Long-term Debt

A summary of the carrying amounts of our long-term debt is listed below.


	Effective Interest Rate	March 31, 2022		December 31, 2021

4.200% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.1 and $0.4, respectively)	4.240%	$	249.5	$	249.4
4.650% Senior Notes due 2028 (less unamortized discount and issuance costs of $1.2 and $2.9, respectively)	4.780%	495.9		495.8
4.750% Senior Notes due 2030 (less unamortized discount and issuance costs of $3.2 and $4.9, respectively)	4.920%	641.9		641.7
2.400% Senior Notes due 2031 (less unamortized discount and issuance costs of $0.7 and $4.2, respectively)	2.512%	495.1		495.0
3.375% Senior Notes due 2041 (less unamortized discount and issuance costs of $1.0 and $5.5, respectively)	3.448%	493.5		493.4
5.400% Senior Notes due 2048 (less unamortized discount and issuance costs of $2.7 and $4.9, respectively)	5.480%	492.4		492.3
Other notes payable and capitalized leases		40.4		41.7
Total long-term debt		2,908.7		2,909.3
Less: current portion		0.6		0.7
Long-term debt, excluding current portion		$	2,908.1	$	2,908.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segments:
Total revenue	$ 2,568.5	$ 2,257.0
Net revenue	2,227.2	2,027.7
Segment EBITA	267.0	264.6
Amortization of acquired intangibles	(21.3)	(21.6)
Depreciation	46.5	47.6
Capital expenditures	30.7	28.3
Total assets	17,880.9		$ 19,909.2
Operating income	245.7	243.0
Total (expenses) and other income	(35.8)	(126.6)
Income before income taxes	209.9	116.4
MD&E
Segments:
Total revenue	955.8	871.5
Net revenue	932.1	849.8
Segment EBITA	101.4	135.8
Amortization of acquired intangibles	17.9	18.0
Depreciation	26.2	24.6
Capital expenditures	16.0	13.0
Total assets	8,661.7		9,580.6
IA&C
Segments:
Total revenue	1,054.2	953.9
Net revenue	958.8	875.7
Segment EBITA	130.5	118.1
Amortization of acquired intangibles	2.4	2.6
Depreciation	14.7	16.5
Capital expenditures	6.0	8.7
Total assets	5,777.9		6,004.2
SC&E
Segments:
Total revenue	558.5	431.6
Net revenue	336.3	302.2
Segment EBITA	56.0	40.8
Amortization of acquired intangibles	1.0	1.0
Depreciation	4.1	4.6
Capital expenditures	0.8	0.7
Total assets	1,632.0		1,590.9
Corporate and Other
Segments:
Segment EBITA	(20.9)	(30.1)
Amortization of acquired intangibles	0.0	0.0
Depreciation	1.5	1.9
Capital expenditures	7.9	$ 5.9
Total assets	$ 1,809.3		$ 2,733.5

Fair Value Measurements (Notes)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Authoritative guidance for fair value measurements establishes a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:


Level 1						Unadjusted quoted prices in active markets for identical assets or liabilities. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2						Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3						Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Financial Instruments that are Measured at Fair Value on a Recurring Basis

We primarily apply the market approach to determine the fair value of financial instruments that are measured at fair value on a recurring basis. There were no changes to our valuation techniques used to determine the fair value of financial instruments during the three months ended March 31, 2022. The following tables present information about our financial instruments measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value.


	March 31, 2022								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	1,221.2	$	0.0	$	0.0	$	1,221.2	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	33.6	$	33.6	Accrued liabilities and Other non-current liabilities

	December 31, 2021								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	2,391.8	$	0.0	$	0.0	$	2,391.8	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	33.5	$	33.5	Accrued liabilities and Other non-current liabilities

Financial Instruments that are not Measured at Fair Value on a Recurring Basis


	March 31, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Total long-term debt	$	0.0	$	2,968.7	$	40.4	$	3,009.1	$	0.0	$	3,295.6	$	41.8	$	3,337.4

Our long-term debt is comprised of senior notes and other notes payable. The fair value of our senior notes, which are traded over-the-counter, is based on quoted prices in markets that are not active. Therefore, these senior notes are classified as Level 2. Our other notes payable are not actively traded, and their fair value is not solely derived from readily observable inputs. The fair value of our other notes payable is determined based on a discounted cash flow model and other proprietary valuation methods, and therefore is classified as Level 3. See Note 3 for further information on our long-term debt.

The discount rates used as significant unobservable inputs in the Level 3 fair value measurements of our contingent acquisition obligations and long-term debt as of March 31, 2022 ranged from 1.0% to 4.0% and 0.4% to 3.4%, respectively.

Non-financial Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis

Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis, primarily goodwill (Level 3), intangible assets, and property and equipment. Accordingly, these assets are not measured and adjusted to fair value on an ongoing basis but are subject to periodic evaluations for potential impairment.

Credit Facilities (Details) $ in Millions	3 Months Ended
Credit Facilities (Details) $ in Millions	Mar. 31, 2022 USD ($)
Short-term Debt [Line Items]
Asset Acquisition, Price of Acquisition, Expected	$ 200.0
Committed credit facility [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	1,500.0
Line of Credit Facility, Available Capacity Increase Amount	250.0
Line of Credit Facility, Limit on Letters of Credit	50.0
Line of Credit Outstanding, Amount	0.0
Letters of Credit Outstanding, Amount	10.6
Line of Credit Facility, Remaining Borrowing Capacity	1,489.4
Uncommitted credit facility [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	861.4
Line of Credit Outstanding, Amount	59.1
Line of Credit Facility, Average Outstanding Amount	$ 51.4
Short-term Debt, Weighted Average Interest Rate, over Time	4.70%

Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Net Periodic Costs

The components of net periodic cost for the Domestic Pension Plan, the significant foreign pension plans and the domestic postretirement benefit plan are listed below.


	Domestic Pension Plan				Foreign Pension Plans				Domestic Postretirement Benefit Plan
Three Months Ended March 31,	2022		2021		2022		2021		2022		2021
Service cost	$	0.0	$	0.0	$	1.1	$	1.1	$	0.0	$	0.0
Interest cost	0.7		0.7		2.4		2.0		0.2		0.2
Expected return on plan assets	(1.2)		(1.4)		(5.3)		(5.2)		0.0		0.0
Settlements	0.0		0.0		0.0		0.0		0.0		0.0
Amortization of:
Unrecognized actuarial losses	0.4		0.5		1.2		1.7		0.1		0.1
Net periodic cost	$	(0.1)	$	(0.2)	$	(0.6)	$	(0.4)	$	0.3	$	0.3

Supplementary Data Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Redeemable Noncontrolling Interests [Abstract]
Redeemable noncontrolling interests	$ 7.9	$ 85.2	$ 15.6	$ 93.1
Noncontrolling interest related to redeemable noncontrolling interests	(1.0)	0.2
Additions	1.1	0.0
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(9.1)	(5.7)
Redemption value adjustments	$ 1.3	$ (2.4)

Revenue Major Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total revenues:
Total revenue	$ 2,568.5	$ 2,257.0
Net revenue	2,227.2	2,027.7
United States
Total revenues:
Total revenue	1,650.4	1,425.8
Net revenue	1,470.1	1,309.8
United Kingdom
Total revenues:
Total revenue	232.1	203.5
Net revenue	182.4	184.0
Continental Europe
Total revenues:
Total revenue	204.7	195.6
Net revenue	179.3	175.8
Asia Pacific
Total revenues:
Total revenue	215.3	210.9
Net revenue	174.6	169.1
Latin America
Total revenues:
Total revenue	94.4	83.6
Net revenue	87.7	75.4
Other
Total revenues:
Total revenue	171.6	137.6
Net revenue	133.1	113.6
International
Total revenues:
Total revenue	918.1	831.2
Net revenue	757.1	717.9
MD&E
Total revenues:
Total revenue	955.8	871.5
Net revenue	932.1	849.8
MD&E \| United States
Total revenues:
Total revenue	599.2	534.6
Net revenue	587.8	527.7
MD&E \| International
Total revenues:
Total revenue	356.6	336.9
Net revenue	344.3	322.1
IA&C
Total revenues:
Total revenue	1,054.2	953.9
Net revenue	958.8	875.7
IA&C \| United States
Total revenues:
Total revenue	673.9	599.9
Net revenue	646.4	574.4
IA&C \| International
Total revenues:
Total revenue	380.3	354.0
Net revenue	312.4	301.3
SC&E
Total revenues:
Total revenue	558.5	431.6
Net revenue	336.3	302.2
SC&E \| United States
Total revenues:
Total revenue	377.3	291.3
Net revenue	235.9	207.7
SC&E \| International
Total revenues:
Total revenue	181.2	140.3
Net revenue	$ 100.4	$ 94.5

Supplementary Data Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities [Abstract]
Salaries, benefits and related expenses		$ 386.1	$ 685.4
Income Taxes payable		41.6	42.8
Interest		39.3	39.0
Office and related expenses		28.2	30.5
Acquisition obligations		7.4	15.4
Restructuring charges		4.5	8.1
Other		83.8	$ 96.9
Total Accrued Liabilities	$ 918.1	$ 590.9

Debt and Credit Arrangements (Notes)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt and Credit Arrangements

Long-Term Debt

A summary of the carrying amounts of our long-term debt is listed below.


	Effective Interest Rate	March 31, 2022		December 31, 2021

4.200% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.1 and $0.4, respectively)	4.240%	$	249.5	$	249.4
4.650% Senior Notes due 2028 (less unamortized discount and issuance costs of $1.2 and $2.9, respectively)	4.780%	495.9		495.8
4.750% Senior Notes due 2030 (less unamortized discount and issuance costs of $3.2 and $4.9, respectively)	4.920%	641.9		641.7
2.400% Senior Notes due 2031 (less unamortized discount and issuance costs of $0.7 and $4.2, respectively)	2.512%	495.1		495.0
3.375% Senior Notes due 2041 (less unamortized discount and issuance costs of $1.0 and $5.5, respectively)	3.448%	493.5		493.4
5.400% Senior Notes due 2048 (less unamortized discount and issuance costs of $2.7 and $4.9, respectively)	5.480%	492.4		492.3
Other notes payable and capitalized leases		40.4		41.7
Total long-term debt		2,908.7		2,909.3
Less: current portion		0.6		0.7
Long-term debt, excluding current portion		$	2,908.1	$	2,908.6

As of March 31, 2022 and December 31, 2021, the estimated fair value of the Company's long-term debt was $3,009.1 and $3,337.4, respectively. Refer to Note 12 for details.

Credit Agreement

We maintain a committed corporate credit facility, originally dated as of July 18, 2008, which has been amended and restated from time to time (the "Credit Agreement"). We use our Credit Agreement to increase our financial flexibility, to provide letters of credit primarily to support obligations of our subsidiaries and to support our commercial paper program. On November 1, 2021, we amended and restated the Credit Agreement. As amended, among other things, the maturity date of the Credit Agreement was extended to November 1, 2026 and the cost structure of the Credit Agreement was changed. The Credit Agreement continues to include a required leverage ratio of not more than 3.50 to 1.00, among other customary covenants, including limitations on our liens and the liens of our consolidated subsidiaries and limitations on the incurrence of subsidiary debt. At the election of the Company, the leverage ratio may be changed to not more than 4.00 to 1.00 for four consecutive quarters, beginning with the fiscal quarter in which there is an occurrence of one or more acquisitions with an aggregate purchase price of at least $200.0.

The Credit Agreement is a revolving facility, under which amounts borrowed by us or any of our subsidiaries designated under the Credit Agreement may be repaid and reborrowed, subject to an aggregate lending limit of $1,500.0, or the equivalent in other currencies. The Company has the ability to increase the commitments under the Credit Agreement from time to time by an additional amount of up to $250.0, provided the Company receives commitments for such increases and satisfies certain other conditions. The aggregate available amount of letters of credit outstanding may decrease or increase, subject to a sublimit of $50.0, or the equivalent in other currencies. Our obligations under the Credit Agreement are unsecured. The Credit Agreement includes covenants that, among other things, (i) limit our liens and the liens of our consolidated subsidiaries, and (ii) limit subsidiary debt. The Credit Agreement also contains a financial covenant that requires us to maintain a certain leverage ratio on a consolidated basis as of the end of each fiscal quarter. As of March 31, 2022, there were no borrowings under the Credit Agreement; however, we had $10.6 of letters of credit under the Credit Agreement, which reduced our total availability to $1,489.4. We were in compliance with all of our covenants in the Credit Agreement as of March 31, 2022.

Uncommitted Lines of Credit

We also have uncommitted lines of credit with various banks that permit borrowings at variable interest rates and that are primarily used to fund working capital needs. We have guaranteed the repayment of some of these borrowings made by certain subsidiaries. If we lose access to these credit lines, we would have to provide funding directly to some of our operations. As of March 31, 2022, the Company had uncommitted lines of credit in an aggregate amount of $861.4, under which we had outstanding borrowings of $59.1 classified as short-term borrowings on our Consolidated Balance Sheet. The average amount outstanding during the first quarter of 2022 was $51.4 with a weighted-average interest rate of approximately 4.7%.

Commercial Paper

The Company is authorized to issue unsecured commercial paper up to a maximum aggregate amount outstanding at any time of $1,500.0. Borrowings under the program are supported by the Credit Agreement described above. Proceeds of the commercial paper are 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. During the first quarter of 2022, there was no commercial paper activity and, as of March 31, 2022, there was no commercial paper outstanding.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details