XML 37 R8.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Debt and Credit Arrangements (Notes) | 9 Months Ended
--- | ---
Sep. 30, 2014
Debt and Credit Arrangements [Abstract] |
Debt and Credit Arrangements | Debt and Credit Arrangements Long-Term Debt A summary of the carrying amounts and fair values of our long-term debt is listed below.
| Effective Interest Rate |  | September 30, 2014 |  | December 31, 2013
Book Value |  | Fair Value 1 |  | Book Value |  | Fair Value 1
6.25% Senior Unsecured Notes due 2014 | 6.29% |  | $ | 0.0 |  |  | $ | 0.0 |  |  | $ | 351.3 |  |  | $ | 365.6 |
2.25% Senior Notes due 2017 (less unamortized discount of $0.5) | 2.30% |  | 299.5 |  |  | 300.8 |  |  | 299.4 |  |  | 293.0 |
4.00% Senior Notes due 2022 (less unamortized discount of $2.3) | 4.13% |  | 247.7 |  |  | 254.7 |  |  | 247.4 |  |  | 241.6 |
3.75% Senior Notes due 2023 (less unamortized discount of $1.3) | 4.32% |  | 498.7 |  |  | 496.2 |  |  | 498.6 |  |  | 467.3 |
4.20% Senior Notes due 2024 (less unamortized discount of $0.9) | 4.24% |  | 499.1 |  |  | 506.7 |  |  | 0.0 |  | 0.0
Other notes payable and capitalized leases |  |  | 84.0 |  |  | 86.6 |  |  | 86.7 |  |  | 87.8 |
Total long-term debt |  |  | 1,629.0 |  |  |  |  | 1,483.4 |  |  |
Less: current portion 2 |  |  | 2.2 |  |  |  | 353.6 |  |  |
Long-term debt, excluding current portion |  |  | $ | 1,626.8 |  |  |  |  | $ | 1,129.8 |  |  |
1 | See Note 12 for information on the fair value measurement of our long-term debt.
2 | We included our 6.25% Senior Unsecured Notes due 2014 (the "6.25% Notes") in the current portion of long-term debt on our December 31, 2013 Consolidated Balance Sheet because the 6.25% Notes were scheduled to mature on November 15, 2014. We redeemed the 6.25% Notes prior to their scheduled maturity during the second quarter of 2014.
Debt Transactions 4.20% Senior Notes due 2024 In April 2014, we issued $500.0 in aggregate principal amount of the 4.20% Senior Notes due 2024 (the "4.20% Notes") at a discount to par. As a result, the 4.20% Notes were reflected on our unaudited Consolidated Balance Sheet at a fair value of $499.1 at issuance. The discount of $0.9 and capitalized direct fees, including commissions and offering expenses of $4.4, will be amortized in interest expense through the maturity date of April 15, 2024, using the effective interest method. The net proceeds were $494.7 after deducting discounts, commissions and offering expenses. Interest is payable semi-annually in arrears on April 15th and October 15th of each year, commencing on October 15, 2014. Consistent with our other debt securities, the 4.20% Notes include covenants that, among other things, limit our liens and the liens of certain of our consolidated subsidiaries, but do not require us to maintain any financial ratios or specified levels of net worth or liquidity. We used the majority of the net proceeds of the 4.20% Notes toward the redemption of our 6.25% Notes as described below. At any time prior to April 15, 2024, at our option, we may redeem all or some of the 4.20% Notes at the greater of 100% of the principal amount or a "make-whole" amount, plus, in either instance, accrued and unpaid interest to the date of redemption. If we experience a change of control event, combined with a specified downgrade in the credit rating, we must offer to repurchase the 4.20% Notes in cash at a price equal to not less than 101% of the aggregate principal amount of the 4.20% Notes, plus accrued and unpaid interest to the date of repurchase. 6.25% Senior Unsecured Notes due 2014 In May 2014, we redeemed all $350.0 in aggregate principal amount of the 6.25% Notes. Total cash paid to redeem the 6.25% Notes was $371.2, which included accrued and unpaid interest of $10.3. In connection with the redemption of the 6.25% Notes, we recognized a loss on early extinguishment of debt of $10.4, which was primarily due to a redemption premium paid to noteholders. The loss on early extinguishment of debt was recorded in other expense, net within our unaudited Consolidated Statement of Operations. Credit Agreements We maintain a committed corporate credit facility (the "Credit Agreement") and uncommitted lines of credit to increase our financial flexibility. The Credit Agreement is a revolving facility, expiring in December 2018, 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 $1,000.0 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 on letters of credit of $200.0 or the equivalent in other currencies. Our obligations under the Credit Agreement are unsecured. We were in compliance with all of our covenants in the Credit Agreement as of September 30, 2014.

X
- Details
Name: | ipg_DebtAndCreditArrangementsAbstract
Namespace Prefix: | ipg_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration