0000051644-23-000017 | 10-Q | XBRL Viewer | Interpublic Group OF Companies INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 18, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-6686
Entity Registrant Name	INTERPUBLIC GROUP OF COMPANIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-1024020
Entity Address, Address Description	909 Third Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
Area Code	(212)
Local Phone Number	704-1200
Title of each class	Common Stock, par value $0.10 per share
Trading Symbol	IPG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000051644
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		386,032,784

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE:
Net revenue	$ 2,176.9	$ 2,227.2
Billable expenses	344.1	341.3
Total revenue	2,521.0	2,568.5
OPERATING EXPENSES:
Salaries and related expenses	1,577.3	1,564.4
Office and other direct expenses	330.3	323.4
Billable expenses	344.1	341.3
Cost of services	2,251.7	2,229.1
Selling, general and administrative expenses	12.9	19.3
Depreciation and amortization	66.5	67.8
Restructuring charges	1.6	6.6
Total operating expenses	2,332.7	2,322.8
OPERATING INCOME	188.3	245.7
EXPENSES AND OTHER INCOME:
Interest expense	(55.8)	(39.4)
Interest income	40.2	9.8
Other Income (Expense), Net	(6.7)	(6.2)
Total (expenses) and other income	(22.3)	(35.8)
Income before income taxes	166.0	209.9
Provision for income taxes	33.8	49.1
Income of consolidated companies	132.2	160.8
Equity in net income of unconsolidated affiliates	(0.1)	0.1
NET INCOME	132.1	160.9
Net income attributable to noncontrolling interests	(6.1)	(1.5)
NET INCOME AVAILABLE TO IPG COMMON STOCKHOLDERS	$ 126.0	$ 159.4
Earnings per share, Basic	$ 0.33	$ 0.40
Earnings per share, Diluted	$ 0.33	$ 0.40
Weighted-average number of common shares outstanding, Basic	385.8	394.5
Weighted-average number of common shares outstanding, Diluted	387.4	398.4

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 132.1	$ 160.9
Foreign currency translation:
Foreign currency translation adjustments	22.3	(3.6)
Reclassification adjustments recognized in net income	0.0	0.0
Derivative Instrument:
Changes in fair value of derivative instruments	(2.8)	5.9
Recognition of previously unrealized (gain) loss in net income	(0.4)	(0.3)
Income tax effect	0.8	(1.4)
Net unrecognized gains on derivative instruments, net of tax	(2.4)	4.2
Defined benefit pension and other postretirement plans:
Net actuarial gains for the period	1.9	(0.6)
Amortization of unrecognized losses, transition obligation and prior service cost included in net income	1.7	1.7
Other	0.4	(0.1)
Income tax effect	(0.4)	0.6
Defined benefit pension and other postretirement plans adjustment, net of tax	3.6	1.6
Other comprehensive loss, net of tax	23.5	2.2
TOTAL COMPREHENSIVE INCOME	155.6	163.1
Less: comprehensive income attributable to noncontrolling interests	5.8	1.8
COMPREHENSIVE INCOME ATTRIBUTABLE TO IPG	$ 149.8	$ 161.3

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
ASSETS:
Cash and cash equivalents	$ 1,678.1	$ 2,545.3
Accounts receivable, net of allowance of $47.3 and $48.6, respectively	3,792.8	5,316.0
Accounts receivable, billable to clients	2,153.7	2,023.0
Assets held for sale	5.9	5.9
Other current assets	540.4	435.0
Total current assets	8,170.9	10,325.2
Property and equipment, net of accumulated depreciation and amortization of $1,279.4 and $1,244.8, respectively	630.5	637.4
Deferred Income Tax Assets, Net	284.2	271.7
Goodwill	5,061.0	5,050.6
Other intangible assets	798.3	818.1
Operating lease right-of-use asset	1,248.9	1,277.5
Other non-current assets	470.3	464.5
TOTAL ASSETS	16,664.1	18,845.0
LIABILITIES:
Accounts payable	6,460.6	8,235.3
Accrued liabilities	538.5	787.1
Contract liabilities	692.8	680.0
Short-term borrowings	27.7	44.3
Current portion of long-term debt	0.6	0.6
Current portion of operating leases	234.6	235.9
Liabilities held for sale	5.2	0.0
Total current liabilities	7,960.0	9,983.2
Long-term debt	2,871.5	2,870.7
Non-current operating leases	1,341.9	1,380.1
Deferred compensation	212.6	294.1
Other non-current liabilities	619.7	572.6
TOTAL LIABILITIES	13,005.7	15,100.7
Redeemable noncontrolling interests	38.4	38.3
STOCKHOLDERS' EQUITY:
Common stock	39.1	38.9
Additional paid-in capital	1,016.7	1,057.5
Retained earnings	3,638.1	3,632.1
Accumulated other comprehensive loss, net of tax	(936.6)	(960.4)
Stockholders' Equity before Treasury Stock	3,757.3	3,768.1
Treasury Stock, Value	(198.0)	(120.2)
Total IPG stockholders' equity	3,559.3	3,647.9
Noncontrolling interests	60.7	58.1
TOTAL STOCKHOLDERS' EQUITY	3,620.0	3,706.0
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	16,664.1	18,845.0
Parentheticals:
Allowance for doubtful accounts receivable	47.3	48.6
Accumulated depreciation, property and equipment	$ 1,279.4	$ 1,244.8

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 132.1	$ 160.9
Adjustments to Reconcile Net Income to Cash Used in Operating Activities
Provision for uncollectible receivables	(0.1)	(0.4)
Net amortization of bond discounts and deferred financing costs	0.7	0.7
Net losses on sales of businesses	4.2	6.4
Amortization of restricted stock and other non-cash compensation	11.1	12.5
Deferred income tax	14.2	14.1
Depreciation and amortization	66.5	67.8
Other	9.2	12.7
Changes in assets and liabilities, net of acquisitions and divestitures, providing (using) cash:
Accounts receivable	1,539.1	978.0
Accounts receivable, billable to clients	110.0	(184.7)
Other current assets	(108.6)	(82.1)
Accounts payable	(1,798.3)	(1,685.9)
Accrued liabilities	(227.9)	(334.5)
Contract liabilities	10.5	74.4
Other non-current assets and liabilities	(90.3)	(42.9)
Net cash used in operating activities	(547.6)	(633.6)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(32.9)	(30.7)
Acquisitions, net of cash acquired	4.0	0.0
Net proceeds from investments	0.0	(2.6)
Other investing activities	2.2	(0.7)
Net cash used in investing activities	(34.7)	(28.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common stock dividends	(123.2)	(118.3)
Repurchases of Common Stock	(77.8)	(63.1)
Tax payments for employee shares withheld	(57.3)	(38.3)
Net decrease in short-term borrowings	(12.0)	13.9
Distributions to noncontrolling interests	(3.1)	(3.1)
Acquisition-related payments	(1.1)	(1.1)
Other financing activities	0.2	(0.1)
Net cash used in financing activities	(274.3)	(210.1)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(9.7)	5.0
Net decrease in cash, cash equivalents and restricted cash	(866.3)	(867.5)
Cash, cash equivalents, and restricted cash at beginning of period	2,553.1	3,272.2
Cash, cash equivalents, and restricted cash at end of period	$ 1,686.8	$ 2,404.7

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	Treasury Stock [Member]	Total IPG Stockholders' Equity	Noncontrolling Interests
Common Stock, shares		394.3
Balance at Dec. 31, 2021	$ 3,589.2		$ 39.3	$ 1,226.6	$ 3,154.3	$ (894.2)	$ 0.0	$ 3,526.0	$ 63.2
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 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)
Repurchases 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)	(63.1)	3,487.0	61.8
Common Stock, shares		396.1
Common Stock, shares		389.6
Balance at Dec. 31, 2022	3,706.0		38.9	1,057.5	3,632.1	(960.4)	(120.2)	3,647.9	58.1
Net income	132.1
Net income available to IPG common stockholders	126.0				126.0			126.0
Net income attributable to noncontrolling interest	6.1								6.1
Other comprehensive loss	23.5					23.8		23.8
Other comprehensive loss, attributable to noncontrolling interest									(0.3)
Reclassifications related to redeemable noncontrolling interests	0.3								0.3
Distributions to noncontrolling interests	(3.1)								3.1
Repurchases of Common Stock	(77.8)						(77.8)	(77.8)
Common stock dividends	(120.0)				(120.0)			(120.0)
Stock-based compensation, shares		3.8
Stock-based compensation, value	18.2		0.4	17.8				18.2
Shares withheld for taxes, shares		(1.6)
Shares withheld for taxes, value	(58.8)		0.2	58.6				58.8
Other	0.2								(0.2)
Balance at Mar. 31, 2023	$ 3,620.0		$ 39.1	$ 1,016.7	$ 3,638.1	$ (936.6)	$ (198.0)	$ 3,559.3	$ 60.7
Common Stock, shares		391.8

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
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 heightened macroeconomic uncertainty have impacted and may 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, 2022 (the “2022 Annual Report”). We conduct our business across three reportable segments described in Note 10. 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"). 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 2023 consist of adjustments to the Company's restructuring actions taken in 2022 and 2020, and primarily relate to real estate actions which were designed to reduce our real estate footprint and to better align our cost structure with revenue, as discussed further in Note 5. 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, including the recast of certain prior period amounts to reflect the transfer of certain agencies between reportable segments.

Revenue (Notes)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

We have three reportable segments as of March 31, 2023: MD&E, IA&C and SC&E, as further discussed in Note 10. 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:	2023		2022
United States	$	1,683.2	$	1,650.4
International:
United Kingdom	195.8		232.1
Continental Europe	193.6		204.7
Asia Pacific	191.9		215.3
Latin America	90.7		94.4
Other	165.8		171.6
Total International	837.8		918.1
Total Consolidated	$	2,521.0	$	2,568.5


	Three months ended March 31,
Revenue before billable expenses:	2023		2022
United States	$	1,470.6	$	1,470.1
International:
United Kingdom	170.2		182.4
Continental Europe	163.7		179.3
Asia Pacific	159.2		174.6
Latin America	84.7		87.7
Other	128.5		133.1
Total International	706.3		757.1
Total Consolidated	$	2,176.9	$	2,227.2


MD&E	Three months ended March 31,
Total revenue:	2023		2022
United States	$	648.3	$	640.3
International	333.5		356.5
Total MD&E	$	981.8	$	996.8

Revenue before billable expenses:
United States	$	635.9	$	628.5
International	324.9		345.2
Total MD&E	$	960.8	$	973.7


IA&C	Three months ended March 31,
Total revenue:	2023		2022
United States	$	623.7	$	632.8
International	340.4		379.8
Total IA&C	$	964.1	$	1,012.6

Revenue before billable expenses:
United States	$	593.7	$	605.7
International	281.9		311.2
Total IA&C	$	875.6	$	916.9


SC&E	Three months ended March 31,
Total revenue:	2022		2021
United States	$	411.2	$	377.3
International	163.9		181.8
Total SC&E	$	575.1	$	559.1

Revenue before billable expenses:
United States	$	241.0	$	235.9
International	99.5		100.7
Total SC&E	$	340.5	$	336.6

Contract Balances

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


	March 31, 2023		December 31, 2022
Accounts receivable, net of allowance of $47.3 and $48.6, respectively	$	3,792.8	$	5,316.0
Accounts receivable, billable to clients	2,153.7		2,023.0
Contract assets	55.9		67.4
Contract liabilities (deferred revenue)	692.8		680.0

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 $860.9 of unsatisfied performance obligations as of March 31, 2023, which will be recognized as services are performed over the remaining contractual terms through 2028.

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Debt and Credit Arrangements (Notes)

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022

4.200% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.1 and $0.2, respectively)	4.240%	$	249.7	$	249.7
4.650% Senior Notes due 2028 (less unamortized discount and issuance costs of $1.0 and $2.5, respectively)	4.780%	496.5		496.4
4.750% Senior Notes due 2030 (less unamortized discount and issuance costs of $2.8 and $4.3, respectively)	4.920%	642.9		642.6
2.400% Senior Notes due 2031 (less unamortized discount and issuance costs of $0.7 and $3.7, respectively)	2.512%	495.6		495.5
3.375% Senior Notes due 2041 (less unamortized discount and issuance costs of $1.0 and $5.2, respectively)	3.448%	493.8		493.7
5.400% Senior Notes due 2048 (less unamortized discount and issuance costs of $2.6 and $4.8, respectively)	5.480%	492.6		492.6
Other notes payable and capitalized leases		1.0		0.8
Total long-term debt		2,872.1		2,871.3
Less: current portion		0.6		0.6
Long-term debt, excluding current portion		$	2,871.5	$	2,870.7

As of March 31, 2023 and December 31, 2022, the estimated fair value of the Company's long-term debt was $2,653.7 and $2,552.3, respectively. Refer to Note 11 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. As of March 31, 2023, there were no borrowings under the Credit Agreement; however, we had $9.4 of letters of credit under the Credit Agreement, which reduced our total availability to $1,490.6. We were in compliance with all of our covenants in the Credit Agreement as of March 31, 2023.

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, 2023, the Company had uncommitted lines of credit in an aggregate amount of $869.4, under which we had outstanding borrowings of $27.7 classified as short-term borrowings on our Consolidated Balance Sheet. The average amount outstanding during the first quarter of 2023 was $51.5 with a weighted-average interest rate of approximately 4.3%.

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 2023, there was no commercial paper activity and, as of March 31, 2023, 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Earnings Per Share (Notes)

3 Months Ended

Mar. 31, 2023

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,
	2023		2022
Net income available to IPG common stockholders	$	126.0	$	159.4

Weighted-average number of common shares outstanding - basic	385.8		394.5
Dilutive effect of stock options and restricted shares	1.6		3.9
Weighted-average number of common shares outstanding - diluted	387.4		398.4

Earnings per share available to IPG common stockholders:
Basic	$	0.33	$	0.40
Diluted	$	0.33	$	0.40

Supplementary Data (Notes)

3 Months Ended

Mar. 31, 2023

Supplementary Data [Abstract]

Accrued Liabilities

The following table presents the components of accrued liabilities.


	March 31, 2023		December 31, 2022
Salaries, benefits and related expenses	$	357.0	$	554.0
Interest	38.5		37.3
Income taxes payable	21.4		64.7
Office and related expenses	23.0		28.9
Acquisition obligations	13.6		18.7
Restructuring charges	1.3		2.2
Other	83.7		81.3
Total accrued liabilities	$	538.5	$	787.1

Other Income, Net

Other Expense, Net

Results of operations for the three months ended March 31, 2023 and 2022 include certain items that are not directly associated with our revenue-producing operations.


	Three months ended March 31,
	2023		2022
Net losses on sales of businesses	$	(4.2)	$	(6.4)
Other	(2.5)		0.2
Total other expense, net	$	(6.7)	$	(6.2)

Net losses on sales of businesses – During the three months ended March 31, 2023 and 2022, the amounts recognized were related to sales of businesses and the classification of certain assets and liabilities, consisting primarily of cash, 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.

Other - During the three months ended March 31, 2023, the amounts recognized were primarily related to pension and postretirement costs. During the three months ended March 31, 2022, the majority of the amounts recognized were primarily related to a cash gain from the sale of an equity investment, partially offset by a non-cash loss related to the deconsolidation of a previously consolidated entity in which we maintain an equity interest.

Share Repurchase Program

Share Repurchase Programs

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,
	2023		2022
Balance at beginning of period	$	38.3	$	15.6
Change in related non-controlling interests balance	0.3		(1.0)
Changes in redemption value of redeemable non-controlling interests:
Additions	0.0		1.1
Redemptions	(0.4)		(9.1)
Redemption value adjustments	0.2		1.3
Balance at end of period	$	38.4	$	7.9

Income Taxes (Notes)	3 Months Ended
Income Taxes (Notes)	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2023, 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. 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 $85.0 and $95.0 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 2015 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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+ Details

Incentive Compensation Plans (Notes)

3 Months Ended

Mar. 31, 2023

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, 2023.


	Awards	Weighted-average grant-date fair value (per award)
Restricted stock (units)	1.2	$	35.69
Performance-based stock (shares)	2.1	$	26.24

Total stock-based compensation awards	3.3

During the three months ended March 31, 2023, 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 $44.9 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.

Accumulated Other Comprehensive Loss, Net of Tax (Notes)

3 Months Ended

Mar. 31, 2023

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, 2022	$	(815.8)	$	35.0	$	(179.6)	$	(960.4)
Other comprehensive income (loss) before reclassifications	22.6		(2.1)		2.3		22.8
Amount reclassified from accumulated other comprehensive loss, net of tax	0.0		(0.3)		1.3		1.0
Balance as of March 31, 2023	$	(793.2)	$	32.6	$	(176.0)	$	(936.6)


	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)

Amounts reclassified from accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2023 and 2022 are as follows:


	Three months ended March 31,				Affected Line Item in the Consolidated Statements of Operations
	2023		2022
Foreign currency translation adjustments	$	0.0	$	0.0		Other expense, net
Net gain on derivative instruments	(0.4)		(0.3)			Other expense, net, Interest expense
Amortization of defined benefit pension and postretirement plan items	1.7		1.7			Other expense, net
Tax effect	(0.3)		(0.3)			Provision for income taxes
Total amount reclassified from accumulated other comprehensive loss, net of tax	$	1.0	$	1.1

Employee Benefits (Notes)

3 Months Ended

Mar. 31, 2023

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,	2023		2022		2023		2022		2023		2022
Service cost	$	0.0	$	0.0	$	(0.2)	$	1.1	$	0.0	$	0.0
Interest cost	1.0		0.7		4.1		2.4		0.2		0.2
Expected return on plan assets	(1.0)		(1.2)		(4.2)		(5.3)		0.0		0.0

Amortization of:

Unrecognized actuarial losses	0.4		0.4		1.3		1.2		0.0		0.1
Net periodic cost	$	0.4	$	(0.1)	$	1.0	$	(0.6)	$	0.2	$	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, 2023, we contributed $0.0 and $4.1 of cash to our domestic and foreign pension plans, respectively. For the remainder of 2023, 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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+ Details

Segment Information (Notes)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting Disclosure

Segment Information

As of March 31, 2023, we have three reportable segments: MD&E, IA&C, and SC&E. We also report results for the "Corporate and other" group.

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 and Acxiom, 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 Weber Shandwick, Golin, our sports, entertainment, and experiential agencies, and DXTRA Health.

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,
	2023		2022
Total revenue:
MD&E	$	981.8	$	996.8
IA&C	964.1		1,012.6
SC&E	575.1		559.1
Total	$	2,521.0	$	2,568.5

Revenue before billable expenses:
MD&E	$	960.8	$	973.7
IA&C	875.6		916.9
SC&E	340.5		336.6
Total	$	2,176.9	$	2,227.2

Restructuring1:
MD&E	$	0.0	$	(0.1)
IA&C	0.3		6.2
SC&E	1.3		0.4
Corporate and Other	—		0.1
Total	$	1.6	$	6.6

Segment EBITA2:
MD&E	$	79.1	$	111.8
IA&C	98.8		120.0
SC&E	45.2		56.1
Corporate and Other	(13.9)		(20.9)
Total	$	209.2	$	267.0

Amortization of acquired intangibles:
MD&E	$	19.4	$	17.9
IA&C	0.9		2.4
SC&E	0.6		1.0
Corporate and Other	0.0		0.0
Total	$	20.9	$	21.3

Depreciation and amortization 3:
MD&E	$	26.3	$	26.4
IA&C	14.1		14.5
SC&E	4.2		4.1
Corporate and Other	1.0		1.5
Total	$	45.6	$	46.5

Capital expenditures:
MD&E	$	22.4	$	16.0
IA&C	1.8		6.0
SC&E	0.5		0.8


Corporate and Other	8.2		7.9
Total	$	32.9	$	30.7

1 Non-cash lease impairment costs were comprised of $1.2 at SC&E for the three months ended March 31, 2023. Non-cash lease impairment costs were comprised of $5.1 at IA&C and $0.2 at SC&E for the three months ended March 31, 2022.

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

3 Excludes amortization of acquired intangibles.


	March 31, 2023		December 31, 2022
Total assets:
MD&E	$	9,018.8	$	9,984.3
IA&C	4,884.6		5,083.5
SC&E	1,615.5		1,629.9
Corporate and Other	1,145.2		2,147.3
Total	$	16,664.1	$	18,845.0

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


	Three months ended March 31,
	2023		2022
MD&E EBITA	$	79.1	$	111.8
IA&C EBITA	98.8		120.0
SC&E EBITA	45.2		56.1
Corporate and Other EBITA	(13.9)		(20.9)
Less: consolidated amortization of acquired intangibles	20.9		21.3
Operating income	188.3		245.7
Total (expenses) and other income	(22.3)		(35.8)
Income before income taxes	$	166.0	$	209.9

- 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
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-Name Accounting Standards Codification
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+ Details

Fair Value Measurements (Notes)

3 Months Ended

Mar. 31, 2023

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, 2023. The following tables present information about our financial instruments measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value.


	March 31, 2023								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	575.3	$	0.0	$	0.0	$	575.3	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	17.4	$	17.4	Accrued liabilities and Other non-current liabilities

	December 31, 2022								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	1,688.1	$	0.0	$	0.0	$	1,688.1	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	21.6	$	21.6	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 decrease in this balance of $4.2 from December 31, 2022 to March 31, 2023 is primarily due to payments related to our deferred acquisitions payments from prior-year acquisitions and valuation adjustments, partially offset by a new acquisition and the exercises of redeemable non-controlling interest. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities.

Financial Instruments that are not Measured at Fair Value on a Recurring 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, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.


	March 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Total long-term debt	$	0.0	$	2,652.8	$	0.9	$	2,653.7	$	0.0	$	2,551.5	$	0.8	$	2,552.3

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, 2023 ranged from 3.0% to 6.0%.

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.

Commitments and Contingencies (Notes)	3 Months Ended
Commitments and Contingencies (Notes)	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees As discussed in our 2022 Annual Report, we have guaranteed certain obligations of our subsidiaries relating principally to operating leases and uncommitted lines of credit of certain subsidiaries. As of March 31, 2023 and December 31, 2022, the amount of parent company guarantees on lease obligations was $538.2 and $561.4, respectively, the amount of parent company guarantees primarily relating to uncommitted lines of credit was $281.9 and $276.4, 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 $102.7 and $101.3, 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 both March 31, 2023, and December 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.

Recent Accounting Standards (Notes)	3 Months Ended
Recent Accounting Standards (Notes)	Mar. 31, 2023
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. We adopted the standard January 1, 2023, which did not have a significant impact on our financial statements.

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

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:	2023		2022
United States	$	1,683.2	$	1,650.4
International:
United Kingdom	195.8		232.1
Continental Europe	193.6		204.7
Asia Pacific	191.9		215.3
Latin America	90.7		94.4
Other	165.8		171.6
Total International	837.8		918.1
Total Consolidated	$	2,521.0	$	2,568.5


	Three months ended March 31,
Revenue before billable expenses:	2023		2022
United States	$	1,470.6	$	1,470.1
International:
United Kingdom	170.2		182.4
Continental Europe	163.7		179.3
Asia Pacific	159.2		174.6
Latin America	84.7		87.7
Other	128.5		133.1
Total International	706.3		757.1
Total Consolidated	$	2,176.9	$	2,227.2


MD&E	Three months ended March 31,
Total revenue:	2023		2022
United States	$	648.3	$	640.3
International	333.5		356.5
Total MD&E	$	981.8	$	996.8

Revenue before billable expenses:
United States	$	635.9	$	628.5
International	324.9		345.2
Total MD&E	$	960.8	$	973.7


IA&C	Three months ended March 31,
Total revenue:	2023		2022
United States	$	623.7	$	632.8
International	340.4		379.8
Total IA&C	$	964.1	$	1,012.6

Revenue before billable expenses:
United States	$	593.7	$	605.7
International	281.9		311.2
Total IA&C	$	875.6	$	916.9

Contract Balances

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


	March 31, 2023		December 31, 2022
Accounts receivable, net of allowance of $47.3 and $48.6, respectively	$	3,792.8	$	5,316.0
Accounts receivable, billable to clients	2,153.7		2,023.0
Contract assets	55.9		67.4
Contract liabilities (deferred revenue)	692.8		680.0

Debt and Credit Arrangements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022

4.200% Senior Notes due 2024 (less unamortized discount and issuance costs of $0.1 and $0.2, respectively)	4.240%	$	249.7	$	249.7
4.650% Senior Notes due 2028 (less unamortized discount and issuance costs of $1.0 and $2.5, respectively)	4.780%	496.5		496.4
4.750% Senior Notes due 2030 (less unamortized discount and issuance costs of $2.8 and $4.3, respectively)	4.920%	642.9		642.6
2.400% Senior Notes due 2031 (less unamortized discount and issuance costs of $0.7 and $3.7, respectively)	2.512%	495.6		495.5
3.375% Senior Notes due 2041 (less unamortized discount and issuance costs of $1.0 and $5.2, respectively)	3.448%	493.8		493.7
5.400% Senior Notes due 2048 (less unamortized discount and issuance costs of $2.6 and $4.8, respectively)	5.480%	492.6		492.6
Other notes payable and capitalized leases		1.0		0.8
Total long-term debt		2,872.1		2,871.3
Less: current portion		0.6		0.6
Long-term debt, excluding current portion		$	2,871.5	$	2,870.7

- 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

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

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,
	2023		2022
Net income available to IPG common stockholders	$	126.0	$	159.4

Weighted-average number of common shares outstanding - basic	385.8		394.5
Dilutive effect of stock options and restricted shares	1.6		3.9
Weighted-average number of common shares outstanding - diluted	387.4		398.4

Earnings per share available to IPG common stockholders:
Basic	$	0.33	$	0.40
Diluted	$	0.33	$	0.40

Supplementary Data (Tables)

3 Months Ended

Mar. 31, 2023

Supplementary Data [Abstract]

Accrued Liabilities

The following table presents the components of accrued liabilities.


	March 31, 2023		December 31, 2022
Salaries, benefits and related expenses	$	357.0	$	554.0
Interest	38.5		37.3
Income taxes payable	21.4		64.7
Office and related expenses	23.0		28.9
Acquisition obligations	13.6		18.7
Restructuring charges	1.3		2.2
Other	83.7		81.3
Total accrued liabilities	$	538.5	$	787.1

Other Income (Expense), Net

Results of operations for the three months ended March 31, 2023 and 2022 include certain items that are not directly associated with our revenue-producing operations.


	Three months ended March 31,
	2023		2022
Net losses on sales of businesses	$	(4.2)	$	(6.4)
Other	(2.5)		0.2
Total other expense, net	$	(6.7)	$	(6.2)

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,
	2023		2022
Balance at beginning of period	$	38.3	$	15.6
Change in related non-controlling interests balance	0.3		(1.0)
Changes in redemption value of redeemable non-controlling interests:
Additions	0.0		1.1
Redemptions	(0.4)		(9.1)
Redemption value adjustments	0.2		1.3
Balance at end of period	$	38.4	$	7.9

Incentive Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023.


	Awards	Weighted-average grant-date fair value (per award)
Restricted stock (units)	1.2	$	35.69
Performance-based stock (shares)	2.1	$	26.24

Total stock-based compensation awards	3.3

Accumulated Other Comprehensive Loss, Net of Tax (Tables)

3 Months Ended

Mar. 31, 2023

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, 2022	$	(815.8)	$	35.0	$	(179.6)	$	(960.4)
Other comprehensive income (loss) before reclassifications	22.6		(2.1)		2.3		22.8
Amount reclassified from accumulated other comprehensive loss, net of tax	0.0		(0.3)		1.3		1.0
Balance as of March 31, 2023	$	(793.2)	$	32.6	$	(176.0)	$	(936.6)


	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)

Reclassification out of Accumulated Other Comprehensive Income

Amounts reclassified from accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2023 and 2022 are as follows:


	Three months ended March 31,				Affected Line Item in the Consolidated Statements of Operations
	2023		2022
Foreign currency translation adjustments	$	0.0	$	0.0		Other expense, net
Net gain on derivative instruments	(0.4)		(0.3)			Other expense, net, Interest expense
Amortization of defined benefit pension and postretirement plan items	1.7		1.7			Other expense, net
Tax effect	(0.3)		(0.3)			Provision for income taxes
Total amount reclassified from accumulated other comprehensive loss, net of tax	$	1.0	$	1.1

Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2023

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,	2023		2022		2023		2022		2023		2022
Service cost	$	0.0	$	0.0	$	(0.2)	$	1.1	$	0.0	$	0.0
Interest cost	1.0		0.7		4.1		2.4		0.2		0.2
Expected return on plan assets	(1.0)		(1.2)		(4.2)		(5.3)		0.0		0.0

Amortization of:

Unrecognized actuarial losses	0.4		0.4		1.3		1.2		0.0		0.1
Net periodic cost	$	0.4	$	(0.1)	$	1.0	$	(0.6)	$	0.2	$	0.3

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

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,
	2023		2022
Total revenue:
MD&E	$	981.8	$	996.8
IA&C	964.1		1,012.6
SC&E	575.1		559.1
Total	$	2,521.0	$	2,568.5

Revenue before billable expenses:
MD&E	$	960.8	$	973.7
IA&C	875.6		916.9
SC&E	340.5		336.6
Total	$	2,176.9	$	2,227.2

Restructuring1:
MD&E	$	0.0	$	(0.1)
IA&C	0.3		6.2
SC&E	1.3		0.4
Corporate and Other	—		0.1
Total	$	1.6	$	6.6

Segment EBITA2:
MD&E	$	79.1	$	111.8
IA&C	98.8		120.0
SC&E	45.2		56.1
Corporate and Other	(13.9)		(20.9)
Total	$	209.2	$	267.0

Amortization of acquired intangibles:
MD&E	$	19.4	$	17.9
IA&C	0.9		2.4
SC&E	0.6		1.0
Corporate and Other	0.0		0.0
Total	$	20.9	$	21.3

Depreciation and amortization 3:
MD&E	$	26.3	$	26.4
IA&C	14.1		14.5
SC&E	4.2		4.1
Corporate and Other	1.0		1.5
Total	$	45.6	$	46.5

Capital expenditures:
MD&E	$	22.4	$	16.0
IA&C	1.8		6.0
SC&E	0.5		0.8


Corporate and Other	8.2		7.9
Total	$	32.9	$	30.7

3 Excludes amortization of acquired intangibles.


	March 31, 2023		December 31, 2022
Total assets:
MD&E	$	9,018.8	$	9,984.3
IA&C	4,884.6		5,083.5
SC&E	1,615.5		1,629.9
Corporate and Other	1,145.2		2,147.3
Total	$	16,664.1	$	18,845.0

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


	Three months ended March 31,
	2023		2022
MD&E EBITA	$	79.1	$	111.8
IA&C EBITA	98.8		120.0
SC&E EBITA	45.2		56.1
Corporate and Other EBITA	(13.9)		(20.9)
Less: consolidated amortization of acquired intangibles	20.9		21.3
Operating income	188.3		245.7
Total (expenses) and other income	(22.3)		(35.8)
Income before income taxes	$	166.0	$	209.9

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value.


	March 31, 2023								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	575.3	$	0.0	$	0.0	$	575.3	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	17.4	$	17.4	Accrued liabilities and Other non-current liabilities

	December 31, 2022								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	1,688.1	$	0.0	$	0.0	$	1,688.1	Cash and cash equivalents
Liabilities
Contingent acquisition obligations 1	$	0.0	$	0.0	$	21.6	$	21.6	Accrued liabilities and Other non-current liabilities

^[1]

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis


	March 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Total long-term debt	$	0.0	$	2,652.8	$	0.9	$	2,653.7	$	0.0	$	2,551.5	$	0.8	$	2,552.3

[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 decrease in this balance of $4.2 from December 31, 2022 to March 31, 2023 is primarily due to payments related to our deferred acquisitions payments from prior-year acquisitions and valuation adjustments, partially offset by a new acquisition and the exercises of redeemable non-controlling interest. The amounts payable within the next twelve months are classified in accrued liabilities; any amounts payable thereafter are classified in other non-current liabilities.

Revenue Major Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total revenues:
Total revenue	$ 2,521.0	$ 2,568.5
Net revenue	2,176.9	2,227.2
United States
Total revenues:
Total revenue	1,683.2	1,650.4
Net revenue	1,470.6	1,470.1
United Kingdom
Total revenues:
Total revenue	195.8	232.1
Net revenue	170.2	182.4
Continental Europe
Total revenues:
Total revenue	193.6	204.7
Net revenue	163.7	179.3
Asia Pacific
Total revenues:
Total revenue	191.9	215.3
Net revenue	159.2	174.6
Latin America
Total revenues:
Total revenue	90.7	94.4
Net revenue	84.7	87.7
Other
Total revenues:
Total revenue	165.8	171.6
Net revenue	128.5	133.1
International
Total revenues:
Total revenue	837.8	918.1
Net revenue	706.3	757.1
MD&E
Total revenues:
Total revenue	981.8	996.8
Net revenue	960.8	973.7
MD&E \| United States
Total revenues:
Total revenue	648.3	640.3
Net revenue	635.9	628.5
MD&E \| International
Total revenues:
Total revenue	333.5	356.5
Net revenue	324.9	345.2
IA&C
Total revenues:
Total revenue	964.1	1,012.6
Net revenue	875.6	916.9
IA&C \| United States
Total revenues:
Total revenue	623.7	632.8
Net revenue	593.7	605.7
IA&C \| International
Total revenues:
Total revenue	340.4	379.8
Net revenue	281.9	311.2
SC&E
Total revenues:
Total revenue	575.1	559.1
Net revenue	340.5	336.6
SC&E \| United States
Total revenues:
Total revenue	411.2	377.3
Net revenue	241.0	235.9
SC&E \| International
Total revenues:
Total revenue	163.9	181.8
Net revenue	$ 99.5	$ 100.7

Revenue Contract Balances (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts receivable, net of allowance of $47.3 and $48.6, respectively	$ 3,792.8	$ 5,316.0
Accounts receivable, billable to clients	2,153.7	2,023.0
Contract assets	55.9	67.4
Contract liabilities (deferred revenue)	692.8	$ 680.0
Revenue, Remaining Performance Obligation, Amount	$ 860.9

Long-term Debt (Details) - USD ($) $ in Millions	3 Months Ended
Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,872.1	$ 2,871.3
Long-term Debt, Fair Value	2,653.7	2,552.3
Long-term Debt, Current Maturities	0.6	0.6
Long-term Debt, Excluding Current Maturities	$ 2,871.5	2,870.7
4.200% Notes Due 2024 (less unamortized discount and issuance costs of $0.1 and $0.4, respectively)
Debt Instrument [Line Items]
Effective Interest Rate	4.24%
Long-term Debt, Gross		249.7
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	$ 1.0
Issuance Cost	2.5
Long-term Debt, Gross	496.5	496.4
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	$ 2.8
Issuance Cost	4.3
Long-term Debt, Gross	642.9	642.6
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	3.7
Long-term Debt, Gross	$ 495.6	495.5
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	5.2
Long-term Debt, Gross	493.8	493.7
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	$ 2.6
Issuance Cost	4.8
Long-term Debt, Gross	492.6	492.6
Other notes payable and capitalized leases
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 1.0	$ 0.8
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	0.2
Long-term Debt, Gross	$ 249.7

Credit Facilities (Details) $ in Millions	3 Months Ended
Credit Facilities (Details) $ in Millions	Mar. 31, 2023 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	9.4
Line of Credit Facility, Remaining Borrowing Capacity	1,490.6
Uncommitted credit facility [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	869.4
Line of Credit Outstanding, Amount	27.7
Line of Credit Facility, Average Outstanding Amount	$ 51.5
Short-term Debt, Weighted Average Interest Rate, over Time	4.30%

Commercial Paper (Details) $ in Millions	3 Months Ended
Commercial Paper (Details) $ in Millions	Mar. 31, 2023 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

Debt and Credit Arrangements Debt Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	$ 0.4	$ 0.3
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

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income available to IPG common stockholders	$ 126.0	$ 159.4
Weighted-average number of common shares outstanding, Basic	385.8	394.5
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	1.6	3.9
Weighted-average number of common shares outstanding, Diluted	387.4	398.4
Earnings per share, Basic	$ 0.33	$ 0.40
Earnings per share, Diluted	$ 0.33	$ 0.40

- Definition

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

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+ Details

Supplementary Data Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities [Abstract]
Salaries, benefits and related expenses	$ 357.0	$ 554.0
Income Taxes payable	21.4	64.7
Interest	38.5	37.3
Office and related expenses	23.0	28.9
Acquisition obligations	13.6	18.7
Restructuring charges	1.3	2.2
Other	83.7	81.3
Total Accrued Liabilities	$ 538.5	$ 787.1

Supplementary Data Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Expense, Net [Abstract]
Net losses on sales of businesses	$ (4.2)	$ (6.4)
Other Expense, Net, Other	2.5	(0.2)
Other Income (Expense), Net	$ (6.7)	$ (6.2)

Supplementary Data Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Apr. 18, 2023	Feb. 10, 2022
Disclosure of Repurchase Agreements [Abstract]
Stock repurchase program, remaining authorized repurchase amount, excluding fees	$ 352.4
Stock Repurchase Program, Authorized Amount			$ 350.0	$ 400.0
Stock Repurchased During Period, Shares	2.2	1.8
Payments for Repurchase of Common Stock	$ 77.8	$ 63.1
Treasury Stock Acquired, Average Cost Per Share	$ 35.5	$ 35,200,000

Supplementary Data Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Redeemable Noncontrolling Interests [Abstract]
Redeemable noncontrolling interests	$ 38.4	$ 7.9	$ 38.3	$ 15.6
Noncontrolling interest related to redeemable noncontrolling interests	0.3	(1.0)
Additions	0.0	1.1
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(0.4)	(9.1)
Redemption value adjustments	$ 0.2	$ 1.3

Supplementary Data (Details) - USD ($) $ in Millions		3 Months Ended
Supplementary Data (Details) - USD ($) $ in Millions	Jan. 01, 2022	Mar. 31, 2023	Dec. 31, 2022
Text Block [Abstract]
Goodwill	$ 5,050.6	$ 5,061.0	$ 5,050.6
Goodwill, Acquired During Period		1.5
Goodwill, Other Decrease		8.9
Goodwill	5,050.6	5,061.0	5,050.6
Goodwill, Transfers	0.0
Goodwill, Acquired During Period		1.5
Goodwill, Other Decrease		8.9
MD&E
Text Block [Abstract]
Goodwill	2,665.2	2,671.6	2,484.6
Goodwill, Acquired During Period		0.5
Goodwill, Other Decrease		5.9
Goodwill	2,665.2	2,671.6	2,484.6
Goodwill, Transfers	180.6
Goodwill, Acquired During Period		0.5
Goodwill, Other Decrease		5.9
IA&C
Text Block [Abstract]
Goodwill	1,701.0	1,701.9	1,881.6
Goodwill, Acquired During Period		0.0
Goodwill, Other Decrease		0.9
Goodwill	1,701.0	1,701.9	1,881.6
Goodwill, Transfers	(180.6)
Goodwill, Acquired During Period		0.0
Goodwill, Other Decrease		0.9
SC&E
Text Block [Abstract]
Goodwill	684.4	687.5	684.4
Goodwill, Acquired During Period		1.0
Goodwill, Other Decrease		2.1
Goodwill	684.4	687.5	$ 684.4
Goodwill, Transfers	$ 0.0
Goodwill, Acquired During Period		1.0
Goodwill, Other Decrease		$ 2.1

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Income Taxes Change in Unrecognized Tax Benefits (Details) $ in Millions	Mar. 31, 2023 USD ($)
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 85.0
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 95.0

Restructuring Charges (Details) - USD ($)	3 Months Ended
Restructuring Charges (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Severance and termination costs	$ 300,000	$ 300,000
Other restructuring costs	100,000	1,000,000.0
Restructuring charges	1,600,000	6,600,000
Restructuring Reserve			$ 2,300,000
Restructuring Charges 2020 Plan	300,000
Restructuring Charges 2020 Plan Reserve	1,300,000
Restructuring Charges 2022 Real Estate Actions Reserve	0.0		0.0
Operating Lease, Impairment Loss 2022 Real Estate Action	1,200,000
Other restructuring costs 2020 Plan	100,000
Restructuring Charges 2022 Real Estate Actions	1,300,000
Severance and termination costs	300,000	300,000
Other restructuring costs	100,000	1,000,000.0
Restructuring charges	1,600,000	$ 6,600,000
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	1,300,000		2,300,000
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
Restructuring charges	0.0
Operating Lease, Impairment Loss 2022 Real Estate Action	1,200,000
Other restructuring costs 2020 Plan	100,000
Restructuring Charges 2022 Real Estate Actions	1,300,000
Severance and termination costs	0.0
Restructuring charges	0.0
Cash Payments [Member]
Restructuring Cost and Reserve [Line Items]
Severance and termination costs	1,300,000
Restructuring charges	1,300,000
Operating Lease, Impairment Loss 2022 Real Estate Action	0.0
Other restructuring costs 2020 Plan	0.0
Restructuring Charges 2022 Real Estate Actions	0.0
Severance and termination costs	1,300,000
Restructuring charges	1,300,000
Lease impairment costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 0.0		$ 0.0

Restructuring Charges Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.6	$ 6.6
Lease impairment costs	1.2	5.3
IA&C
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.3	6.2
Lease impairment costs		5.1
SC&E
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1.3	0.4
Lease impairment costs	1.2	0.2
Corporate and Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.0	0.1
MD&E
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.0	$ (0.1)

Restructuring Charges 2020 Plan Restructuring Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Severance and termination costs	$ 0.3	$ 0.3
Lease impairment costs	1.2	5.3
Other restructuring costs	0.1	1.0
Restructuring charges	1.6	$ 6.6
Restructuring Reserve			$ 2.3
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	1.3		2.3
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
Restructuring charges	0.0
Cash Payments [Member]
Restructuring Cost and Reserve [Line Items]
Severance and termination costs	1.3
Restructuring charges	$ 1.3

Incentive Compensation Plans Stock-based Compensation Awards (Details) shares in Millions	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted stock (units)
Incentive Compensation Plans
Granted awards	1.2
Weighted average grant date fair value \| $ / shares	$ 35.69
Performance-based stock (shares)
Incentive Compensation Plans
Granted awards	2.1
Weighted average grant date fair value \| $ / shares	$ 26.24
Total stock-based compensation awards
Incentive Compensation Plans
Granted awards	3.3

Incentive Compensation Plans Plan Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
Performance cash awards granted during the period target value	$ 44.9
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

Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Foreign currency translation adjustment:
Balance at beginning of period	$ (815.8)	$ (723.2)
Other comprehensive (loss) income before reclassifications	22.6	(3.9)
Amount reclassified from accumulated other comprehensive loss, net of tax	0.0	0.0
Balance at end of period	(793.2)	(727.1)
Derivative Instrument:
Balance at beginning of period	35.0	22.9
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(2.1)	4.4
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0.3	0.2
Balance at end of period	32.6	27.1
Defined Benefit Pension and Other Postretirement Plans
Balance at beginning of period	(176.0)	(192.3)	$ (179.6)	$ (193.9)
Other comprehensive (loss) income before reclassifications	2.3	0.3
Amount reclassified from accumulated other comprehensive loss, net of tax	1.3	1.3
Total:
Balance at beginning of period	(960.4)	(894.2)
Other comprehensive (loss) income before reclassifications	22.8	0.8
Amount reclassified from accumulated other comprehensive loss, net of tax	1.0	1.1
Balance at end of period	$ (936.6)	$ (892.3)

Accumulated Other Comprehensive Loss, Net of Tax Reclassification of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	$ 0.0	$ 0.0
Net (Gain) Loss on derivative instruments	(0.4)	(0.3)
Amortization of defined benefit pension and postretirement plan items	1.7	1.7
Tax effect	(0.3)	(0.3)
Reclassifications from accumulated other comprehensive loss to earnings, net of tax	$ 1.0	$ 1.1

- 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)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
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-Section 45
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Employee Benefits (Details) - USD ($) $ in Millions	3 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Domestic Plan [Member]
Defined Pension and Postretirement Benefit Plans
Service cost	$ 0.0	$ 0.0
Interest cost	1.0	0.7
Expected return on plan assets	(1.0)	(1.2)
Amortization of:
Unrecognized actuarial losses	0.4	0.4
Net periodic cost	0.4	(0.1)
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	(0.2)	1.1
Interest cost	4.1	2.4
Expected return on plan assets	(4.2)	(5.3)
Amortization of:
Unrecognized actuarial losses	1.3	1.2
Net periodic cost	1.0	(0.6)
Pension plan - employer contributions	4.1
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
Amortization of:
Unrecognized actuarial losses	0.0	0.1
Net periodic cost	$ 0.2	$ 0.3

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segments:
Total revenue	$ 2,521.0	$ 2,568.5
Net revenue	2,176.9	2,227.2
Segment EBITA	209.2	267.0
Amortization of acquired intangibles	(20.9)	(21.3)
Depreciation	45.6	46.5
Capital expenditures	32.9	30.7
Total assets	16,664.1		$ 18,845.0
Operating income	188.3	245.7
Total (expenses) and other income	(22.3)	(35.8)
Income before income taxes	166.0	209.9
Restructuring charges	1.6	6.6
Lease impairment costs	1.2	5.3
MD&E
Segments:
Total revenue	981.8	996.8
Net revenue	960.8	973.7
Segment EBITA	79.1	111.8
Amortization of acquired intangibles	19.4	17.9
Depreciation	26.3	26.4
Capital expenditures	22.4	16.0
Total assets	9,018.8		9,984.3
Restructuring charges	0.0	(0.1)
IA&C
Segments:
Total revenue	964.1	1,012.6
Net revenue	875.6	916.9
Segment EBITA	98.8	120.0
Amortization of acquired intangibles	0.9	2.4
Depreciation	14.1	14.5
Capital expenditures	1.8	6.0
Total assets	4,884.6		5,083.5
Restructuring charges	0.3	6.2
Lease impairment costs		5.1
SC&E
Segments:
Total revenue	575.1	559.1
Net revenue	340.5	336.6
Segment EBITA	45.2	56.1
Amortization of acquired intangibles	0.6	1.0
Depreciation	4.2	4.1
Capital expenditures	0.5	0.8
Total assets	1,615.5		1,629.9
Restructuring charges	1.3	0.4
Lease impairment costs	1.2	0.2
Corporate and Other
Segments:
Segment EBITA	(13.9)	(20.9)
Amortization of acquired intangibles	0.0	0.0
Depreciation	1.0	1.5
Capital expenditures	8.2	7.9
Total assets	1,145.2		$ 2,147.3
Restructuring charges	$ 0.0	$ 0.1

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

3 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Fair value assets and liabilities measured on recurring and nonrecurring basis

Contingent acquisition liability, total change

$ (4.2)

Long-term Debt, Fair Value

$ 2,653.7

$ 2,552.3

Discount rate floor contingent acquisition obligations

3.00%

Discount rate ceiling contingent acquisition obligations

6.00%

Level 1

Fair value assets and liabilities measured on recurring and nonrecurring basis

Cash equivalents

$ 575.3

1,688.1

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

2,652.8

2,551.5

Level 3

Fair value assets and liabilities measured on recurring and nonrecurring basis

Cash equivalents

0.0

Contingent acquisition obligations

^[1]

17.4

21.6

Long-term Debt, Fair Value

0.9

0.8

Fair Value, Total [Member]

Fair value assets and liabilities measured on recurring and nonrecurring basis

Cash equivalents

575.3

1,688.1

Contingent acquisition obligations

^[1]

17.4

21.6

Long-term Debt, Fair Value

$ 2,653.7

$ 2,552.3

[1]

Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Lease guarantees	$ 538,200,000	$ 561,400,000
Credit facility guarantees	281,900,000	276,400,000
Cash pooling guarantees	102,700,000	$ 101,300,000
Assets pledged as security for parent company guarantees	$ 0