XML 64 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Information on Business Segments (Tables)
 12 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Schedule of Net Sales by Business Segment
Net sales by reportable business segment for the years ended December 31, 2018, 2017 and 2016 were as follows:
(in millions)
2018
 
2017
 
2016
ACCO Brands North America
$
940.7

 
$
999.0

 
$
1,016.1

ACCO Brands EMEA
605.2

 
542.8

 
171.8

ACCO Brands International
395.3

 
407.0

 
369.2

Net sales
$
1,941.2

 
$
1,948.8

 
$
1,557.1
Schedule of Operating Income by Business Segment
Operating income by reportable business segment for the years ended December 31, 2018, 2017 and 2016 was as follows:
(in millions)
2018
 
2017
 
2016
ACCO Brands North America
$
116.6

 
$
152.4

 
$
149.8

ACCO Brands EMEA
59.4

 
32.0

 
8.0

ACCO Brands International
49.2

 
50.9

 
49.4

Segment operating income
225.2

 
235.3

 
207.2

Corporate(1)
(38.2
)
 
(50.8
)
 
(48.1
)
Operating income(2)
187.0

 
184.5

 
159.1

Interest expense
41.2

 
41.1

 
49.3

Interest income
(4.4
)
 
(5.8
)
 
(6.4
)
Non-operating pension income
(9.3
)
 
(8.5
)
 
(8.2
)
Equity in earnings of joint venture
—

 
—

 
(2.1
)
Other expense (income), net
1.6

 
(0.4
)
 
1.4

Income before income tax
$
157.9

 
$
158.1

 
$
125.1


(1)
Corporate operating loss in 2018, 2017 and 2016 includes transaction costs of $0.5 million, $5.0 million and $10.5 million respectively, primarily for legal and due diligence expenditures associated with the GOBA, Esselte and Pelikan Artline acquisitions.

(2)
Operating income as presented in the segment table above is defined as i) net sales; ii) less cost of products sold; iii) less selling, general and administrative expenses; iv) less amortization of intangibles; and v) less restructuring charges.
Reconciliation of Assets from Segment to Consolidated
The following table presents the measure of reportable business segment assets used by the Company’s chief operating decision maker:
 
December 31,
(in millions)
2018
 
2017
ACCO Brands North America(3)
$
456.1

 
$
413.9

ACCO Brands EMEA(3)
276.7

 
287.6

ACCO Brands International(3)
341.3

 
338.2

  Total segment assets
1,074.1

 
1,039.7

Unallocated assets
1,711.0

 
1,758.6

Corporate(3)
1.3

 
0.8

  Total assets
$
2,786.4

 
$
2,799.1


(3)
Represents total assets, excluding goodwill and identifiable intangibles resulting from business acquisitions, intercompany balances, cash, deferred taxes, derivatives, prepaid pension assets and prepaid debt issuance costs.
Schedule of Assets by Segment Including Allocation of Intangible Assets and Goodwill
As a supplement to the presentation of reportable business segment assets presented above, the table below presents reportable business segment assets, including the allocation of identifiable intangible assets and goodwill resulting from business combinations.
 
December 31,
(in millions)
2018
 
2017
ACCO Brands North America(4)
$
1,231.0

 
$
1,204.3

ACCO Brands EMEA(4)
709.2

 
711.7

ACCO Brands International(4)
629.8

 
634.0

  Total segment assets
2,570.0

 
2,550.0

Unallocated assets
215.1

 
248.3

Corporate(4)
1.3

 
0.8

  Total assets
$
2,786.4

 
$
2,799.1


(4)
Represents total assets, excluding intercompany balances, cash, deferred taxes, derivatives, prepaid pension assets and prepaid debt issuance costs.
Schedule of Capital Spend and Depreciation Expense by Segment
Capital spend by reportable business segment was as follows:
 
December 31,
(in millions)
2018
 
2017
 
2016
ACCO Brands North America
$
24.3

 
$
16.3

 
$
10.3

ACCO Brands EMEA
6.1

 
5.1

 
2.9

ACCO Brands International
3.7

 
9.6

 
5.3

  Total capital spend
$
34.1

 
$
31.0

 
$
18.5


Depreciation expense by reportable business segment was as follows:
 
December 31,
(in millions)
2018
 
2017
 
2016
ACCO Brands North America
$
15.9

 
$
17.7

 
$
19.7

ACCO Brands EMEA
12.6

 
11.9

 
5.0

ACCO Brands International
5.5

 
6.0

 
5.7

  Total depreciation
$
34.0

 
$
35.6

 
$
30.4
Schedule of Property, Plant and Equipment, Net by Geographic Region
Property, plant and equipment, net by geographic region was as follows:
 
December 31,
(in millions)
2018
 
2017
U.S.
$
111.7

 
$
102.4

Canada
1.9

 
2.4

ACCO Brands North America
113.6

 
104.8

 
 
 
 
ACCO Brands EMEA
100.0

 
115.4

 
 
 
 
Australia/N.Z.
13.1

 
16.0

Latin America
35.1

 
40.3

Asia-Pacific
1.9

 
2.0

ACCO Brands International
50.1

 
58.3

  Property, plant and equipment, net
$
263.7

 
$
278.5