The following table summarizes our future estimated cash payments under existing contractual obligations, including payments due by period:
## Table 0 ##
(a) Amounts represent the expected cash payments of our long-term debt and do not include $0.3 million for capital leases or $72.0 million for net unamortized debt issuance costs, premiums and discounts, and fair value adjustments.
(b) Operating leases represents the minimum rental commitments under non-cancelable operating leases.
(c) The majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands.
For purposes of this table, arrangements are considered purchase obligations if a contract specifies all significant terms, including fixed or minimum quantities to be purchased, a pricing structure, and approximate timing of the transaction.
Most arrangements are cancelable without a significant penalty and with short notice (usually 30 days).
Any amounts reflected on the Consolidated Balance Sheets as accounts payable and accrued liabilities are excluded from the table above.
(d) The fair value of our foreign exchange, equity, commodity, and grain derivative contracts with a payable position to the counterparty was $17.3 million as of May 26, 2019, based on fair market values as of that date.
Future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future.
Other long-term obligations mainly consist of liabilities for accrued compensation and benefits, including the underfunded status of certain of our defined benefit pension, other postretirement benefit, and postemployment benefit plans, and miscellaneous liabilities.
We expect to pay approximately $20 million of benefits from our unfunded postemployment benefit plans and approximately $18 million of deferred compensation in fiscal 2020.
We are unable to reliably estimate the amount of these payments beyond fiscal 2020.
As of May 26, 2019, our total liability for uncertain tax positions and accrued interest and penalties was $165.1 million.
SIGNIFICANT ACCOUNTING ESTIMATES For a complete description of our significant accounting policies, please see Note 2 to the Consolidated Financial Statements in Item 8 of this report.
Our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations.
These estimates include our accounting for promotional expenditures, valuation of long-lived assets, intangible assets, redeemable interest, stock-based compensation, income taxes, and defined benefit pension, other postretirement benefit, and postemployment benefit plans.
Revenue Recognition Our revenues are reported net of variable consideration and consideration payable to our customers, including trade promotion, consumer coupon redemption and other costs, including estimated allowances for returns, unsalable product, and prompt pay discounts.
Trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale.
Differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period.
Our accrued trade liabilities were $484 million as of May 26, 2019, and $500 million as of May 27, 2018.
Because these amounts are significant, if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations.
Sources of Revenue Our revenues are primarily derived from the planning and execution of multi-channel advertising, marketing and communications programs around the world.
Our revenues are directly dependent upon the advertising, marketing and corporate communications requirements of our existing clients and our ability to win new clients.
Most of our client contracts are individually negotiated, and, accordingly, the terms of client engagements and the bases on which we earn commissions and fees vary significantly.
As is customary in the industry, our contracts generally provide for termination by either party on relatively short notice, usually 90 days or less.
Revenues for the creation and production of advertising or the planning and placement of media are determined primarily on a negotiated fee basis and, to a lesser extent, on a commission basis.
Fees are usually calculated to reflect hourly rates plus proportional overhead and a mark-up.
Many clients include an incentive compensation component in their total compensation package.
This provides added revenue based on achieving mutually agreed-upon qualitative or quantitative metrics within specified time periods.
Commissions are earned based on services provided.
We also generate revenue in negotiated fees from our public relations, sales promotion, event marketing, sports and entertainment marketing, and corporate and brand identity services.
In most of our businesses, our agencies enter into commitments to pay production and media costs on behalf of clients, as is customary in the advertising and marketing industries.
To the extent possible, we pay production and media charges after we have received funds from our clients, and in some instances we agree with the provider that we will only be liable to pay the production and media costs after the client has paid us for the charges.
Generally, we act as the client’s agent rather than the primary obligor in these arrangements.
Our revenue is typically lowest in the first quarter and highest in the fourth quarter.
## Table 1 ##
1 Effective January 1, 2018, the Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, (“ASC 606”) using the full retrospective transition method and revised its Consolidated financial statements for the years ended December 31, 2017 and 2016, however the Company did not restate results from 2016 by quarter.
For the year ended December 31, 2016, the restated total revenue was $9,056.2.
See Note 1 and 2 in Item 8, Financial Statements and Supplementary Data, for further detail on the ASC 606 adoption.
Clients Our large and diverse client base includes many of the most recognizable companies and brands throughout the world.
Our holding company structure allows us to maintain a diversified client base across and within a full range of industry sectors.
In the aggregate, our top ten clients based on net revenue accounted for approximately 18% of net revenue in 2018 and 20% in 2017.
Our largest client accounted for approximately 4% of net revenue for both 2018 and 2017.
Based on net revenue for the year ended December 31, 2018, our largest client sectors (in alphabetical order) were auto and transportation, healthcare and technology and telecom.
We represent several different clients, brands or divisions within each of these sectors in a number of geographic markets, as well as provide services across multiple advertising and marketing disciplines, in each case through more than one of our agency brands.
Representation of a client rarely means that we handle advertising for all brands or product lines of the client in all geographical locations.
Any client may transfer its business from one of our agencies to another one of our agencies or to a competing agency, and a client may reduce its marketing budget at any time.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – (continued) (Amounts in Millions, Except Per Share Amounts) The table below sets forth the financial covenants in effect as of December 31, 2018, which apply to both the Credit Agreement and the Term Loan Agreement.
## Table 2 ##
1 The interest coverage ratio is defined as EBITDA, as defined in the Credit Agreement and the Term Loan Agreement, to net interest expense for the four quarters then ended.
The leverage ratio is defined as debt as of the last day of such fiscal quarter to EBITDA for the four quarters then ended.
Pursuant to Amendment No.1 to the Credit Agreement, the maximum leverage ratio increased to 4.00x after the Acxiom Closing Date on October 1, 2018.
The inclusion of Acxiom results, as required per the Credit Agreement and the Term Loan Agreement, did not impact compliance with our covenants.
As of December 31, 2018, we were in compliance with all of our covenants in the Credit Agreement and the Term Loan Agreement.
If we were unable to comply with our covenants in the future, we would seek an amendment or waiver from the applicable lenders, but there is no assurance that our lenders would grant an amendment or waiver.
If we were unable to obtain the necessary amendment or waiver, these facilities could be terminated and our lenders could accelerate payments of any outstanding principal.
In addition, under those circumstances we could be required to deposit funds with one of our lenders in an amount equal to any outstanding letters of credit under the Credit Agreement.
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 December 31, 2018, the Company had uncommitted lines of credit in an aggregate amount of $1,173.1, under which we had outstanding borrowings of $73.7 classified as short-term borrowings on our Consolidated Balance Sheet.
The average amount outstanding during 2018 was $96.4, with a weighted-average interest rate of approximately 4.5%.
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 commercial paper 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.
As of December 31, 2018, there was no commercial paper outstanding.
The average amount outstanding under the program was $648.7 in 2018, with a weighted-average interest rate of 2.4% and a weighted-average maturity of twenty-two days.
Cash Pooling We aggregate our domestic cash position on a daily basis.
Outside the United States, we use cash pooling arrangements with banks to help manage our liquidity requirements.
In these pooling arrangements, several IPG agencies agree with a single bank that the cash balances of any of the agencies with the bank will be subject to a full right of set-off against amounts other agencies owe the bank, and the bank provides for overdrafts as long as the net balance for all agencies does not exceed an agreed-upon level.
Typically, each agency pays interest on outstanding overdrafts and receives interest on cash balances.
Our Consolidated Balance Sheets reflect cash, net of bank overdrafts, under all of our pooling arrangements, and as of December 31, 2018 and 2017 the amounts netted were $2,065.8 and $1,412.0, respectively.
Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except Per Share Amounts) During 2017, we completed ten acquisitions, eight of which were included in the IAN reportable segment, and two of which were included in the CMG reportable segment.
The most significant acquisitions included a product and service design consultancy based in the U. S. , an integrated healthcare marketing communications agency based in the U. S. , a content creation and digital agency with offices in the U. S.  and the U. K. , a mobile consultancy and application development agency based in the U. K. , a full-service public relations and digital agency based in China, a search engine optimization and digital content marketing agency based in the U. K. , and a mobile focused digital agency based in the U. K.  During 2017, we recorded approximately $62.0 of goodwill and other intangible assets related to our acquisitions.
During 2016, we completed ten acquisitions, three of which were included in the IAN reportable segment, and seven of which was included in the CMG reportable segment.
The most significant acquisitions included a full-service digital agency in the U. K. , a group of creative marketing agencies based in Russia, and a media planning and buying agency with significant digital capabilities in Canada.
During 2016, we recorded approximately $149.0 of goodwill and other intangible assets related to our acquisitions.
The results of operations of our acquired companies were included in our consolidated results from the closing date of each acquisition.
We did not make any payments in stock related to our acquisitions in 2018, 2017 or 2016.
Details of cash paid for current and prior years’ acquisitions are listed below.
## Table 3 ##
1 The cost of investment: current-year acquisitions line significantly increased in the year ended December 31, 2018, primarily as a result of payments related to the acquisition of Acxiom.
See Note 6 for further information on the Acxiom Acquisition.2 Represents cash payments for amounts that have been recognized in operating expenses since the date of acquisition either relating to adjustments to estimates in excess of the initial value of contingent payments recorded or were contingent upon the future employment of the former owners of the acquired companies.
Amounts are reflected in the operating section of the Consolidated Statements of Cash Flows.3 Of the total cash paid for acquisitions, $2,309.8, $30.6 and $52.0 for the years ended December 31, 2018, 2017 and 2016, respectively, are classified under the investing section of the Consolidated Statements of Cash Flows as acquisitions, net of cash acquired.
These amounts relate to initial payments for new transactions.
Of the total cash paid for acquisitions, $33.7, $53.7 and $40.8 for the years ended December 31, 2018, 2017 and 2016, respectively, are classified under the financing section of the Consolidated Statements of Cash Flows as acquisition-related payments.
These amounts relate to deferred payments and increases in our ownership interest for prior acquisitions.
For companies acquired, we estimate the fair values of the assets and liabilities based on 100% of the business for consolidation.
The purchase price in excess of the estimated fair value of the tangible net assets acquired is allocated to identifiable intangible assets and then to goodwill.
Due to the characteristics of advertising, specialized marketing and communication services companies, our acquisitions typically do not have significant amounts of tangible assets since the principal assets we acquire are client relationships and talent.
As a result, a substantial portion of the purchase price is primarily allocated to customer lists, trade names and goodwill.
For acquisitions we record deferred payment and redeemable noncontrolling interest amounts on our Consolidated Balance Sheets based on their acquisition-date fair value.
Deferred payments are recorded on a discounted basis and adjusted quarterly, if necessary, through operating income or net interest expense, depending on the nature of the arrangement, for both changes in estimate and accretion between the acquisition date and the final payment date.
See Note 15 for further information on contingent acquisition obligations.
Redeemable noncontrolling interests are adjusted quarterly, if necessary,
Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except Per Share Amounts) performance-based awards depends on Company performance against specific performance targets and could range from 0% to 300% of the target amount of shares originally granted, except for Executive Officers of IPG, with a range of 0% to 200%.
Incentive awards are subject to certain restrictions and vesting requirements as determined by the Compensation Committee.
The fair value of the shares on the grant date is amortized over the vesting period, which is generally three years.
Upon completion of the vesting period for cash-settled awards, the grantee is entitled to receive a payment in cash based on the fair market value of the corresponding number of shares of common stock.
No monetary consideration is paid by a recipient for any incentive award.
The fair value of cash-settled awards is adjusted each quarter based on our share price.
The holders of stock-settled awards have absolute ownership interest in the underlying shares of common stock prior to vesting, which includes the right to vote and receive dividends.
Dividends declared on common stock are accrued during the vesting period and paid when the award vests.
The holders of performance-based awards have no ownership interest in the underlying shares of common stock until the awards vest and the shares of common stock are issued.
Stock-based compensation awards expected to be settled in cash have been classified as liabilities in our Consolidated Balance Sheets as of December 31, 2018 and 2017.
## Table 4 ##
In conjunction with common stock dividends declared in 2018 and 2017, we accrued dividends of $2.4 and $1.5, respectively, on non-vested stock-settled awards and paid dividends of $1.5 and $1.2 for stock-settled awards that vested during 2018 and 2017, respectively.
A summary of the activity of our non-vested stock-settled awards, cash-settled awards and performance-based awards during 2018 is presented below (performance-based awards are shown at 100% of the shares originally granted)
## Table 5 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Payments Due by Fiscal Year</td></tr><tr><td>In Millions</td><td>Total</td><td>2020</td><td>2021 -22</td><td>2023 -24</td><td>2025 and Thereafter</td></tr><tr><td>Long-term debt (a)</td><td>$13,093.0</td><td>$1,396.3</td><td>$3,338.4</td><td>$2,810.2</td><td>$5,548.1</td></tr><tr><td>Accrued interest</td><td>92.6</td><td>92.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Operating leases (b)</td><td>482.6</td><td>120.0</td><td>186.7</td><td>112.9</td><td>63.0</td></tr><tr><td>Capital leases</td><td>0.3</td><td>0.2</td><td>0.1</td><td>-</td><td>-</td></tr><tr><td>Purchase obligations (c)</td><td>2,961.8</td><td>2,605.1</td><td>321.9</td><td>27.6</td><td>7.2</td></tr><tr><td>Total contractual obligations</td><td>16,630.3</td><td>4,214.2</td><td>3,847.1</td><td>2,950.7</td><td>5,618.3</td></tr><tr><td>Other long-term obligations (d)</td><td>1,302.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total long-term obligations</td><td>$17,932.7</td><td>$4,214.2</td><td>$3,847.1</td><td>$2,950.7</td><td>$5,618.3</td></tr></table>
<table><tr><td></td><td colspan="4">Consolidated Total Revenues for the Three Months Ended<sup>1</sup></td></tr><tr><td></td><td colspan="2">2018</td><td colspan="2">2017</td></tr><tr><td>(Amounts in Millions)</td><td></td><td>% of Total</td><td></td><td>% of Total</td></tr><tr><td>March 31</td><td>$2,169.1</td><td>22.3%</td><td>$2,063.8</td><td>22.8%</td></tr><tr><td>June 30</td><td>2,391.8</td><td>24.6%</td><td>2,185.8</td><td>24.2%</td></tr><tr><td>September 30</td><td>2,297.5</td><td>23.7%</td><td>2,208.2</td><td>24.4%</td></tr><tr><td>December 31</td><td>2,856.0</td><td>29.4%</td><td>2,589.8</td><td>28.6%</td></tr><tr><td></td><td>$9,714.4</td><td></td><td>$9,047.6</td><td></td></tr></table>
<table><tr><td></td><td>Four Quarters Ended</td><td></td><td>Four Quarters Ended</td></tr><tr><td>Financial Covenants<sup>1</sup></td><td>December 31, 2018</td><td>EBITDA Reconciliation<sup>1</sup></td><td>December 31, 2018</td></tr><tr><td>Interest coverage ratio (not less than)</td><td>5.00x</td><td>Operating income</td><td>1,110.7</td></tr><tr><td>Actual interest coverage ratio</td><td>7.93x</td><td>Add:</td><td></td></tr><tr><td>Leverage ratio (not greater than)</td><td>4.00x</td><td>Depreciation and amortization</td><td>320.7</td></tr><tr><td>Actual leverage ratio</td><td>2.61x</td><td>EBITDA</td><td>$1,431.4</td></tr></table>
<table><tr><td></td><td colspan="3">Years ended December 31,</td></tr><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Cost of investment: current-year acquisitions<sup>1</sup></td><td>$2,323.4</td><td>$36.8</td><td>$65.7</td></tr><tr><td>Cost of investment: prior-year acquisitions</td><td>33.9</td><td>54.6</td><td>40.7</td></tr><tr><td>Less: net cash acquired</td><td>-13.8</td><td>-7.1</td><td>-13.6</td></tr><tr><td>Total cost of investment</td><td>2,343.5</td><td>84.3</td><td>92.8</td></tr><tr><td>Operating payments<sup>2</sup></td><td>19.4</td><td>47.1</td><td>19.1</td></tr><tr><td>Total cash paid for acquisitions<sup>3</sup></td><td>$2,362.9</td><td>$131.4</td><td>$111.9</td></tr></table>
<table><tr><td></td><td colspan="3">Years ended December 31,</td></tr><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Stock-Settled Awards:</td><td></td><td></td><td></td></tr><tr><td>Awards granted</td><td>2.1</td><td>0.8</td><td>1.1</td></tr><tr><td>Weighted-average grant-date fair value (per award)</td><td>$23.60</td><td>$24.18</td><td>$21.87</td></tr><tr><td>Total fair value of vested awards distributed</td><td>$24.2</td><td>$22.6</td><td>$17.5</td></tr><tr><td>Cash-Settled Awards:</td><td></td><td></td><td></td></tr><tr><td>Awards granted</td><td>0.1</td><td>0.0</td><td>0.1</td></tr><tr><td>Weighted-average grant-date fair value (per award)</td><td>$23.62</td><td>$23.33</td><td>$22.54</td></tr><tr><td>Total fair value of vested awards distributed</td><td>$0.8</td><td>$0.9</td><td>$0.7</td></tr><tr><td>Performance-Based Awards:</td><td></td><td></td><td></td></tr><tr><td>Awards granted</td><td>2.9</td><td>4.8</td><td>3.3</td></tr><tr><td>Weighted-average grant-date fair value (per award)</td><td>$21.13</td><td>$20.06</td><td>$19.58</td></tr><tr><td>Total fair value of vested awards distributed</td><td>$87.2</td><td>$112.4</td><td>$27.9</td></tr></table>
<table><tr><td></td><td colspan="2">Stock-Settled Awards</td><td colspan="2">Cash-Settled Awards</td><td colspan="2">Performance-Based Awards</td></tr><tr><td></td><td>Awards</td><td>Weighted-AverageGrant-DateFair Value(per award)</td><td>Awards</td><td>Weighted-AverageGrant-DateFair Value(per award)</td><td>Awards</td><td>Weighted-AverageGrant-DateFair Value(per award)</td></tr><tr><td>Non-vested as of January 1, 2018</td><td>2.1</td><td>$22.78</td><td>0.1</td><td>$22.52</td><td>8.3</td><td>$21.05</td></tr><tr><td>Granted</td><td>2.1</td><td>23.60</td><td>0.1</td><td>23.62</td><td>2.9</td><td>21.13</td></tr><tr><td>Vested</td><td>-1.0</td><td>22.18</td><td>-0.1</td><td>21.54</td><td>-3.6</td><td>21.02</td></tr><tr><td>Forfeited</td><td>-0.1</td><td>23.67</td><td>0.0</td><td>23.17</td><td>-0.6</td><td>21.06</td></tr><tr><td>Non-vested as of December 31, 2018</td><td>3.1</td><td>$23.51</td><td>0.1</td><td>$23.47</td><td>7.0</td><td>$21.10</td></tr><tr><td>Total unrecognized compensation expense remaining</td><td>$39.4</td><td></td><td>$1.0</td><td></td><td>$54.7</td><td></td></tr><tr><td>Weighted-average years expected to be recognized over</td><td>1.6</td><td></td><td>1.3</td><td></td><td>1.7</td><td></td></tr></table>

Question: Is the total amount of all elements for Stock-Settled Awards greater than that in Performance-Based Awards?
Answer: no