<SEC-DOCUMENT>0001193125-21-005008.txt : 20210223
<SEC-HEADER>0001193125-21-005008.hdr.sgml : 20210223
<ACCEPTANCE-DATETIME>20210108132358
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-005008
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WPP plc
		CENTRAL INDEX KEY:			0000806968
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING AGENCIES [7311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		SEA CONTAINERS
		STREET 2:		18 UPPER GROUND
		CITY:			LONDON
		STATE:			X0
		ZIP:			SE1 9GL
		BUSINESS PHONE:		440 20 7282 4600

	MAIL ADDRESS:	
		STREET 1:		SEA CONTAINERS
		STREET 2:		18 UPPER GROUND
		CITY:			LONDON
		STATE:			X0
		ZIP:			SE1 9GL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WPP GROUP PLC
		DATE OF NAME CHANGE:	19960514
</SEC-HEADER>
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<TYPE>CORRESP
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>Alan J. Wilson </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">+1 202 663 6474 (t) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">+1 202 663 6363
(f) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">alan.wilson@wilmerhale.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;8, 2021 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>By EDGAR Submission </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Trade&nbsp;&amp; Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Angela Lumley and Rufus
Decker </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>Re:&#8201;&#8201;WPP plc</B></P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.30em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Form&nbsp;20-F&nbsp;for</FONT> the Fiscal Year Ended December&nbsp;31,
2019</B></P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.30em; font-size:10pt; font-family:Times New Roman"><B>Filed April&nbsp;30, 2020</B></P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.30em; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38303</FONT></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Lumley and Mr.&nbsp;Decker: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of WPP plc and its subsidiaries (the &#147;<B>Company</B>&#148; or &#147;<B>Group</B>&#148;), this letter responds to the comment received from the
Commission in a letter to the Company dated October&nbsp;27, 2020 (&#147;<B>Comment Letter</B>&#148;) pertaining to the captioned report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F.</FONT> The response contained herein is based on information
provided to us by representatives of the Company. For ease of reference in this letter, the Commission&#146;s comment contained in the Comment Letter is reproduced in<B> bold</B> in this letter, and the corresponding response of the Company is shown
below the comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>It appears you have bank overdrafts as of the end of each period presented in your Form <FONT
STYLE="white-space:nowrap">20-F</FONT> and your <FONT STYLE="white-space:nowrap">Form&nbsp;6-K</FONT> submitted September&nbsp;3, 2020. Please tell us how you determined that these bank overdrafts met the criteria in paragraphs 7 to 9 of IAS 7 to be
included in cash and cash equivalents. In doing so, please explain the terms of these bank overdrafts and whether they are repayable on demand. Further, explain in detail how you concluded that these bank overdrafts form an integral part of your
cash management and do not represent a form of financing. Also, demonstrate for us that the balances often fluctuated to being positive during each period presented in your Form <FONT STYLE="white-space:nowrap">20-F</FONT> and your Form <FONT
STYLE="white-space:nowrap">6-K</FONT> submitted September&nbsp;3, 2020. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The bank overdrafts as of the end of each period presented
in the Group&#146;s <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> and <FONT STYLE="white-space:nowrap">Form&nbsp;6-K</FONT> submitted September&nbsp;3, 2020 meet the criteria in paragraphs 7 to 9 of IAS 7 to be included in cash and cash
equivalents as they are repayable on demand, are components of the Group&#146;s </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;8, 2021</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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centralized treasury strategy employed across the Group, and, as such, form an integral part of the Group&#146;s cash management. As described below, the Group&#146;s bank overdrafts arise in
three manners: unpresented checks related to bank accounts in the Group&#146;s zero balancing cash pooling arrangements, overdrafts within the Group&#146;s &#145;nominal&#146; cash pooling arrangements and other overdrafts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group has a centralized treasury function and utilizes cash pooling arrangements with its banking partners in its major markets to manage the Group&#146;s
cash position. The Group&#146;s cash pooling arrangements take the following forms: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A &#145;zero balancing&#146; basis (most common in the United States), where cash is swept each day from each
participating legal entity and respective account to the cash pool leader; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A &#145;nominal&#146; basis, where each company has its own bank account (i.e., cash is not swept to a pool
leader), but such account is part of a wider cash pooling agreement with the bank, and all accounts forming part of the agreement are managed on a net basis and historically were presented net in the Group&#146;s balance sheet (see below for
discussion of presentation error). Each bank also treats these accounts as pooled for the purpose of assessing its credit exposure to the Group and charges or pays interest to the Group on the net balance of the pool. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other overdrafts exist in certain countries where the Group does not have formal cash pooling arrangements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the case of &#145;zero balancing&#146; cash pooling arrangements, as checks are written and mailed to the Group&#146;s vendors, they create bank overdrafts
for financial reporting purposes but the participating bank accounts have nil balances through cash pooling until the checks are paid by the respective banks and the overdrafts settled each day through daily cash pooling. As checks are paid and new
checks issued, the balances in the participating bank accounts fluctuate regularly between a nil and an overdraft position, which is repayable on demand. The cash pool in total (participating and lead accounts) is consistently in a net cash positive
position; as such, overdrafts in participating bank accounts do not represent a form of financing from each cash pool bank counterparty and no interest expense is incurred. The accounts are integrally linked to the cash management of the Group, as
they result from the cash pooling arrangements set up for exactly this purpose, and the Group considers that these overdrafts are appropriately presented as a component of cash and cash equivalents in accordance with paragraphs 7 to 9 of IAS 7 and
as disclosed in note 11 of the Group&#146;s 2019 Form <FONT STYLE="white-space:nowrap">20-F</FONT> and note 11 of its Form <FONT STYLE="white-space:nowrap">6-K</FONT> submitted September&nbsp;3, 2020. </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;8, 2021</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the case of &#145;nominal&#146; cash pooling arrangements, whilst there are certain accounts in overdraft
positions within these &#145;nominal&#146; cash pooling arrangements, which are repayable on demand, that do not fluctuate regularly between positive and negative balances, the accounts are an integral part of the Group&#146;s cash management. The
Group manages these accounts on a net basis in accordance with the &#145;nominal&#146; cash pooling arrangements, interest is earned from or paid to the bank on a net basis based on the net balance of the pool, and the Group actively manages the net
balance in each &#145;nominal&#146; cash pooling arrangement to a nil position, i.e., there is no financing element within the notional cash pooling arrangements. Hence, the Group considers that overdrafts in certain accounts in its nominal cash
pooling arrangements are appropriately presented as a component of cash and cash equivalents in accordance with paragraphs 7 to 9 of IAS 7. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As described
in the Group&#146;s Form <FONT STYLE="white-space:nowrap">6-K</FONT> filed on December&nbsp;14, 2020, the Group had incorrectly presented bank accounts in a positive cash position and those in an overdraft position within the &#145;nominal&#146;
cash pooling arrangement on a net basis in the balance sheet when they did not meet the netting criteria in IAS 32 <I>Financial Instruments: Presentation</I>. These accounts will now be presented gross in the balance sheet. The correction of this
presentation error will increase the cash and overdrafts in the balance sheet but will have no impact on the Group&#146;s statements of income, comprehensive income, changes in equity or cash flows. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other overdrafts exist in certain countries where the Group does not have formal cash pooling arrangements. In such circumstances, the Group uses bank and
overdraft accounts on an integrated Group and country-wide basis to manage the cash requirements in each jurisdiction through transfers of cash between entities. As such, the period end position for each of cash and cash overdrafts are presented
gross in the balance sheet, depending on the legal position and intention to settle gross or net at that point in time. All such overdrafts are unsecured and are repayable on demand. Certain of these individual accounts do not have the
characteristics of fluctuating between positive and overdrawn, however, such accounts are immaterial in amount. Similar to the Group&#146;s formal cash pooling arrangements, with respect to the other overdrafts, the Group manages cash on a net basis
by country, the accounts are part of the Group&#146;s cash management strategy, and at the country level the Group is in a net cash positive position. Therefore, the Group has concluded that these overdrafts do not represent a form of financing and
are appropriately presented as a component of cash and cash equivalents in accordance with paragraphs 7 to 9 of IAS 7 and as disclosed in note 11 of the Group&#146;s 2019 Form <FONT STYLE="white-space:nowrap">20-F</FONT> and note 11 of its Form <FONT
STYLE="white-space:nowrap">6-K</FONT> submitted September&nbsp;3, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">***** </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;8, 2021</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions, please do not hesitate to contact the undersigned at (202) <FONT
STYLE="white-space:nowrap">663-6474</FONT> or alan.wilson@wilmerhale.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Best regards, </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Alan J. Wilson</TD></TR>
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<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alan J. Wilson</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">John Rogers, <I>WPP plc</I></P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Daniel Conaghan, <I>WPP plc</I></P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Andrea Harris, <I>WPP plc</I></P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Tom Macken, <I>WPP plc</I></P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Robert Topley, <I>Deloitte LLP</I></P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Christopher Davies, <I>WilmerHale</I></P></TD></TR>
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