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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
Form
10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    .
Commission File Number 001-08454 
ACCO Brands Corporation
(Exact Name of Registrant as Specified in Its Charter)
Delaware36-2704017
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
Four Corporate Drive
Lake Zurich, Illinois 60047
(Address of Registrant’s Principal Executive Office, Including Zip Code)
(847) 541-9500
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareACCONYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x

As of October 21, 2021, the registrant had outstanding 95,730,863 shares of Common Stock.



Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, operating strategies and similar matters, including without limitation, statements concerning the impacts of the COVID-19 pandemic on the Company's business, operations, results of operations, liquidity and financial condition, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words "will," "believe," "expect," "intend," "anticipate," "estimate," "forecast," "project," "plan," and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Because actual results may differ materially from those suggested or implied by such forward-looking statements, you should not place undue reliance on them when deciding whether to buy, sell or hold the Company's securities.

Our outlook is based on certain assumptions, which we believe to be reasonable under the circumstances. These include, without limitation, assumptions regarding both the near-term and long-term impact of the COVID-19 pandemic on the economy and our business, our customers and the end-users of our products, and other changes in the macro environment; changes in the competitive landscape, including ongoing uncertainties in the traditional office products channels; as well as the impact of fluctuations in foreign currency and acquisitions and the other factors described below.

Factors that could affect our results or cause our plans, actions and results to differ materially from those expressed in the forward-looking statements contained in this Quarterly Report on Form 10-Q are detailed in "Part I, Item 1. Business" and "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020, in "Part II, Item 1A. Risk Factors" of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, as well as the financial statement line item discussions set forth in "Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations" of this Quarterly Report on Form 10-Q and from time to time in our other Securities and Exchange Commission (the "SEC") filings.

Website Access to Securities and Exchange Commission Reports

The Company’s Internet website can be found at www.accobrands.com. The Company makes available free of charge on or through its website its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as practicable after the Company files them with, or furnishes them to, the SEC.


2


TABLE OF CONTENTS
 
Consolidated Statements of Operations


3


PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
ACCO Brands Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
September 30,
2021
December 31,
2020
(in millions)(unaudited)
Assets
Current assets:
Cash and cash equivalents$58.1 $36.6 
Accounts receivable, net362.6 356.0 
Inventories413.9 305.1 
Other current assets52.0 30.5 
Total current assets886.6 728.2 
Total property, plant and equipment656.3 657.8 
Less: accumulated depreciation(436.8)(416.4)
Property, plant and equipment, net219.5 241.4 
Right of use asset, leases84.0 89.2 
Deferred income taxes126.6 136.5 
Goodwill804.2 827.4 
Identifiable intangibles, net919.4 977.0 
Other non-current assets31.7 49.0 
Total assets$3,072.0 $3,048.7 
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable$8.1 $5.7 
Current portion of long-term debt28.1 70.8 
Accounts payable233.5 180.2 
Accrued compensation53.5 41.0 
Accrued customer program liabilities91.6 91.4 
Lease liabilities21.8 22.6 
Current portion of contingent consideration22.8 10.4 
Other current liabilities126.7 134.8 
Total current liabilities586.1 556.9 
Long-term debt, net1,083.9 1,054.6 
Long-term lease liabilities70.4 76.5 
Deferred income taxes156.6 170.6 
Pension and post-retirement benefit obligations275.9 317.1 
Contingent consideration11.9 7.8 
Other non-current liabilities102.2 122.5 
Total liabilities2,287.0 2,306.0 
Stockholders' equity:
Common stock1.0 1.0 
Treasury stock(40.8)(39.9)
Paid-in capital1,898.4 1,883.1 
Accumulated other comprehensive loss(565.4)(564.2)
Accumulated deficit(508.2)(537.3)
Total stockholders' equity785.0 742.7 
Total liabilities and stockholders' equity$3,072.0 $3,048.7 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
4


ACCO Brands Corporation and Subsidiaries
Consolidated Statements of Income
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share data)2021202020212020
Net sales$526.7 $444.1 $1,455.0 $1,195.1 
Cost of products sold369.5 317.0 1,018.2 845.8 
Gross profit157.2 127.1 436.8 349.3 
Operating costs and expenses:
Selling, general and administrative expenses101.8 84.4 293.5 247.7 
Amortization of intangibles11.6 7.9 35.2 24.1 
Restructuring charges0.3 0.5 4.2 7.3 
Change in fair value of contingent consideration4.9  16.5  
Total operating costs and expenses118.6 92.8 349.4 279.1 
Operating income38.6 34.3 87.4 70.2 
Non-operating expense (income):
Interest expense11.2 10.2 36.0 28.7 
Interest income(0.6)(0.2)(1.2)(0.8)
Non-operating pension income(2.3)(1.4)(5.6)(4.4)
Other expense, net0.1 0.1 4.0 0.8 
Income before income tax30.2 25.6 54.2 45.9 
Income tax expense10.0 6.8 5.8 13.7 
Net income$20.2 $18.8 $48.4 $32.2 
Per share:
Basic income per share$0.21 $0.20 $0.51 $0.34 
Diluted income per share$0.21 $0.20 $0.50 $0.34 
Weighted average number of shares outstanding:
Basic95.6 94.5 95.4 95.0 
Diluted97.3 95.6 97.0 96.2 


















See Notes to Condensed Consolidated Financial Statements (Unaudited).
5



ACCO Brands Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Net income$20.2 $18.8 $48.4 $32.2 
Other comprehensive income (loss), net of tax:
Unrealized income (loss) on derivative instruments, net of tax (expense) benefit of $(1.0) and $0.2 and $(2.9) and $0.3, respectively
2.4 (0.6)6.7 (0.6)
Foreign currency translation adjustments, net of tax benefit (expense) of $0.2 and $0.1 and $(1.1) and $1.1, respectively
(22.3)3.6 (18.6)(53.7)
Recognition of deferred pension and other post-retirement items, net of tax (expense) benefit of $(2.1) and $1.2 and $(3.4) and $(1.7), respectively
6.6 (4.0)10.7 5.8 
Other comprehensive loss, net of tax(13.3)(1.0)(1.2)(48.5)
Comprehensive income (loss)$6.9 $17.8 $47.2 $(16.3)


































See Notes to Condensed Consolidated Financial Statements (Unaudited).
6


ACCO Brands Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
(in millions)20212020
Operating activities
Net income$48.4 $32.2 
Amortization of inventory step-up3.0  
Change in fair value of contingent liability16.5  
Depreciation29.4 28.2 
Other non-cash items 0.5 
Amortization of debt issuance costs2.1 1.7 
Amortization of intangibles35.2 24.1 
Stock-based compensation12.2 5.2 
Loss on debt extinguishment3.7  
Changes in balance sheet items:
Accounts receivable(18.3)78.7 
Inventories(116.2)(28.4)
Other assets(14.4)(1.0)
Accounts payable55.1 (67.1)
Accrued expenses and other liabilities3.2 (47.3)
Accrued income taxes(15.9)(5.0)
Net cash provided by operating activities44.0 21.8 
Investing activities
Additions to property, plant and equipment(13.9)(11.8)
Cost of acquisitions, net of cash acquired15.4 0.6 
Net cash provided (used) by investing activities1.5 (11.2)
Financing activities
Proceeds from long-term borrowings651.4 231.5 
Repayments of long-term debt(638.8)(146.4)
Proceeds of notes payable, net2.3 2.5 
Payment for debt premium(9.8) 
Payments for debt issuance costs(10.5)(1.6)
Dividends paid(18.6)(18.4)
Repurchases of common stock (18.9)
Payments related to tax withholding for stock-based compensation(0.9)(1.8)
Proceeds from the exercise of stock options2.4 1.7 
Net cash (used) provided by financing activities(22.5)48.6 
Effect of foreign exchange rate changes on cash and cash equivalents(1.5)(1.2)
Net increase in cash and cash equivalents21.5 58.0 
Cash and cash equivalents
Beginning of the period36.6 27.8 
End of the period$58.1 $85.8 
Cash paid during the year for:
Interest$33.7 $21.4 
Income taxes$21.2 $20.1 



See Notes to Condensed Consolidated Financial Statements (Unaudited).
7


ACCO Brands Corporation and Subsidiaries
Consolidated Statement of Stockholders' Equity
(Unaudited)
(in millions)Common
Stock
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Accumulated
Deficit
Total
Balance at December 31, 2020$1.0 $1,883.1 $(564.2)$(39.9)$(537.3)$742.7 
Net loss— — — — (20.4)(20.4)
Gain on derivative financial instruments, net of tax— — 4.1 — — 4.1 
Translation impact, net of tax— — (20.7)— — (20.7)
Pension and post-retirement adjustment, net of tax— — 3.6 — — 3.6 
Stock-based compensation— 5.0 — — (0.2)4.8 
Common stock issued, net of shares withheld for employee taxes— 1.9 — (0.9)— 1.0 
Dividends declared, $.065 per share
— — — — (6.2)(6.2)
Other— (0.1)— — — (0.1)
Balance at March 31, 20211.0 1,889.9 (577.2)(40.8)(564.1)708.8 
Net income— — — — 48.6 48.6 
Gain on derivative financial instruments, net of tax— — 0.2 — — 0.2 
Translation impact, net of tax— — 24.4 — — 24.4 
Pension and post-retirement adjustment, net of tax— — 0.5 — — 0.5 
Stock-based compensation— 4.4 — — (0.2)4.2 
Common stock issued, net of shares withheld for employee taxes— 0.1 —  — 0.1 
Dividends declared, $.065 per share
— — — — (6.2)(6.2)
Other— 0.2 — — (0.1)0.1 
Balance at June 30, 20211.0 1,894.6 (552.1)(40.8)(522.0)780.7 
Net income— — — — 20.2 20.2 
Gain on derivative financial instruments, net of tax— — 2.4 — — 2.4 
Translation impact— — (22.3)— — (22.3)
Pension and post-retirement adjustment, net of tax— — 6.6 — — 6.6 
Stock-based compensation— 3.4 — — (0.2)3.2 
Common stock issued, net of shares withheld for employee taxes— 0.4 — — — 0.4 
Dividends declared, $.0.065 per share
— — — — (6.2)(6.2)
Balance at September 30, 2021$1.0 $1,898.4 $(565.4)$(40.8)$(508.2)785.0 

Shares of Capital Stock
Common
Stock
Treasury
Stock
Net
Shares
Shares at December 31, 202099,129,455 4,186,890 94,942,565 
Common stock issued, net of shares withheld for employee taxes652,755 109,599 543,156 
Shares at March 31, 202199,782,210 4,296,489 95,485,721 
Common stock issued, net of shares withheld for employee taxes97,160  97,160 
Shares at June 30, 202199,879,370 4,296,489 95,582,881 
Common stock issued, net of shares withheld for employee taxes84,954 5,766 79,188 
Shares at September 30, 202199,964,324 4,302,255 95,662,069 

See Notes to Condensed Consolidated Financial Statements (Unaudited).
8


ACCO Brands Corporation and Subsidiaries
Consolidated Statement of Stockholders' Equity
Continued (Unaudited)
(in millions)Common
Stock
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Accumulated
Deficit
Total
December 31, 2019$1.0 $1,890.8 $(505.7)$(38.2)$(574.2)$773.7 
Net income— — — — 8.0 8.0 
Gain on derivative financial instruments, net of tax— — 2.4 — — 2.4 
Translation impact, net of tax— — (49.7)— — (49.7)
Pension and post-retirement adjustment, net of tax— — 7.9 — — 7.9 
Common stock repurchases— (18.9)— — — (18.9)
Stock-based compensation— 0.9 — — — 0.9 
Common stock issued, net of shares withheld for employee taxes— 1.5 — (1.7)— (0.2)
Dividends declared, $.065 per share
— — — — (6.2)(6.2)
Balance at March 31, 20201.0 1,874.3 (545.1)(39.9)(572.4)717.9 
Net income— — — — 5.4 5.4 
Loss on derivative financial instruments, net of tax— — (2.4)— — (2.4)
Translation impact, net of tax— — (7.6)— — (7.6)
Pension and post-retirement adjustment, net of tax— — 1.9 — — 1.9 
Stock-based compensation— 2.6 — — (0.1)2.5 
Dividends declared, $.065 per share
— — — — (6.1)(6.1)
Balance at June 30, 20201.0 1,876.9 (553.2)(39.9)(573.2)711.6 
Net income— — — — 18.8 18.8 
Loss on derivative financial instruments, net of tax— — (0.6)— — (0.6)
Translation impact— — 3.6 — — 3.6 
Pension and post-retirement adjustment, net of tax— — (4.0)— — (4.0)
Stock-based compensation— 1.9 — — (0.1)1.8 
Common stock issued, net of shares withheld for employee taxes— 0.1 — — — 0.1 
Dividends declared, $.065 per share
— — — — (6.1)(6.1)
Balance at September 30, 2020$1.0 $1,878.9 $(554.2)$(39.9)$(560.6)$725.2 

Shares of Capital Stock
Common
Stock
Treasury
Stock
Net
Shares
Shares at December 31, 2019100,412,933 3,967,445 96,445,488 
Common stock issued, net of shares withheld for employee taxes898,664 206,243 692,421 
Common stock repurchases(2,690,292)— (2,690,292)
Shares at March 31, 202098,621,305 4,173,688 94,447,617 
Common stock issued, net of shares withheld for employee taxes26,957 12,427 14,530 
Shares at June 30, 202098,648,262 4,186,115 94,462,147 
Common stock issued, net of shares withheld for employee taxes35,465 775 34,690 
Shares at September 30, 202098,683,727 4,186,890 94,496,837 

See Notes to Condensed Consolidated Financial Statements (Unaudited).
9


ACCO Brands Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)


1. Basis of Presentation

As used in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, the terms "ACCO Brands," "ACCO," the "Company," "we," "us," and "our" refer to ACCO Brands Corporation and its consolidated subsidiaries.

The management of ACCO Brands Corporation is responsible for the accuracy and internal consistency of the preparation of the condensed consolidated financial statements and notes contained in this Quarterly Report on Form 10-Q.

The condensed consolidated interim financial statements have been prepared pursuant to the rules and regulations of the SEC. Although the Company believes the disclosures are adequate to make the information presented not misleading, certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted pursuant to those rules and regulations. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The Condensed Consolidated Balance Sheet as of September 30, 2021, the related Consolidated Statements of Income, the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2021 and 2020 and Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 are unaudited. The December 31, 2020 Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all annual disclosures required by GAAP. The financial statements included herein were prepared by management and reflect all adjustments (consisting solely of normal recurring items unless otherwise noted) which are, in the opinion of management, necessary for the fair presentation of results of operations and cash flows for the interim periods ended September 30, 2021 and 2020, and the financial position of the Company as of September 30, 2021. Interim results may not be indicative of results for a full year.

Effective December 17, 2020, we completed the acquisition of PowerA (the "PowerA Acquisition"), a leading provider of third-party video gaming console accessories primarily in North America. The results of PowerA are included in all three of the Company's operating business segments effective December 17, 2020. The purchase price was $321.8 million, plus an additional earnout of up to $55.0 million in cash, which is contingent upon PowerA achieving one- and two- year sales and profit growth objectives and has a fair value of $34.7 million as of September 30, 2021. The PowerA Acquisition and related expenses were funded by cash on hand, as well as borrowings from our revolving credit facility. See "Note 3. Acquisitions" for details on the PowerA Acquisition.

On April 1, 2021, we completed the acquisition of Franken Planungs-und Organisationsmittel GmbH (“Franken”), for a purchase price of €2.4 million (US$2.8 million, based on April 1, 2021 exchange rates), net of cash acquired of $1.1 million. Franken is a provider of visual communication products, including boards, markers, planning tools, as well as creative and training products. Franken is a German company that is included in the Company’s EMEA reporting segment.

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. Actual results could differ from those estimates.

2. Recent Accounting Pronouncements and Adopted Accounting Standards

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions for applying current GAAP to contracts, hedging relationships, and other transactions affected by the transition from the use of LIBOR to an alternative reference rate. We are currently evaluating our contracts and hedging relationships that reference LIBOR and the potential effects of adopting this new guidance. The guidance can be adopted immediately and is applicable to contracts entered into on or before December 31, 2022.

There are no other recently issued accounting standards that are expected to have an impact on the Company’s financial condition, results of operations or cash flow.

10


ACCO Brands Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Recently Adopted Accounting Standards

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. Effective January 1, 2021, the Company adopted this standard. The adoption of this standard did not have a material impact on our condensed consolidated financial statements.

There were no other accounting standards that were adopted in the first nine months of 2021 that had a material effect on the Company’s financial condition, results of operations or cash flow.

3. Acquisitions

Acquisition of Franken

On April 1, 2021, we completed the acquisition of Franken, for a purchase price of €2.4 million (US$2.8 million, based on April 1, 2021 exchange rates), net of cash acquired of $1.1 million. Franken is a provider of visual communication products, including boards, markers, planning tools, as well as creative and training products. Franken is a German company that is included in the Company’s EMEA reporting segment.

Pro forma financial information is not presented due to immateriality.

Acquisition of PowerA

Effective December 17, 2020, we completed the acquisition of PowerA, a leading provider of third-party video gaming console accessories primarily in North America. The results of PowerA are included in all three of the Company's reporting units effective December 17, 2020.

The purchase price was $321.8 million, net of a working capital adjustment received of $18.2 million, plus an additional earnout of up to $55.0 million in cash. The earnout is contingent upon PowerA achieving one- and two- year sales and profit growth objectives. The fair value of the contingent earnout liability was $34.7 million as of September 30, 2021. The PowerA Acquisition and related expenses were funded by cash on hand, as well as borrowings from our revolving credit facility.

For accounting purposes, the Company was the acquiring enterprise. The PowerA Acquisition is being accounted for as a purchase business combination and PowerA's results are included in the Company’s consolidated financial statements as of December 31, 2020. The additional net sales from PowerA during the three and nine months ended September 30, 2021 were $56.8 million and $170.2 million, respectively.

11


ACCO Brands Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

During the third quarter of 2021 we finalized our fair value estimate of assets acquired and liabilities assumed as of the acquisition date. The following table presents the allocation of the consideration given to the fair values of the assets acquired and liabilities assumed at the date of the PowerA Acquisition:
(in millions)At December 17, 2020
Calculation of Goodwill:
Purchase price, net of working capital adjustment$321.8 
Fair value of contingent consideration$18.2 
Plus fair value of liabilities assumed:
Accrued liabilities9.2 
  Fair value of liabilities assumed$9.2 
Less fair value of assets acquired:
Inventory29.3 
Property and equipment0.2 
Identifiable intangibles235.4 
Other assets13.2 
  Fair value of assets acquired$278.1 
Goodwill$71.1 


During the year ended December 31, 2020, transaction costs related to the PowerA Acquisition were $3.7 million, and for the nine months ended September 30, 2021, they were $0.1 million. These costs were reported as SG&A expenses in the Company's Consolidated Statements of Income.

Unaudited Pro Forma Consolidated Results

The unaudited pro forma information presented below is not intended to represent, nor do we believe it is indicative of, the consolidated results of operations of the Company that would have been reported had the PowerA Acquisition been completed on January 1, 2019. Furthermore, the unaudited pro forma information does not give effect to the anticipated synergies or other anticipated benefits of the PowerA Acquisition.

Had the PowerA Acquisition occurred on January 1, 2019, unaudited pro forma consolidated results of the Company for the three and nine months ended September 30, 2021 and 2020 would have been as follows:

Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Net sales$526.7 $501.4 $1,455.0 $1,325.5 
Net income20.2 24.9 48.4 41.6 
Net income per diluted common share$0.21 $0.26 $0.50 $0.43 

The pro forma amounts are based on the Company's historical results and the historical results for the acquired PowerA business. The pro forma results of operations have been adjusted to include amortization of finite-lived intangibles, and other charges related to the accounting by the Company for the PowerA Acquisition.


12


ACCO Brands Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

4. Long-term Debt and Short-term Borrowings

Notes payable and long-term debt, listed in order of the priority of security interests in assets of the Company, consisted of the following as of September 30, 2021 and December 31, 2020:
(in millions)September 30,
2021
December 31,
2020
Euro Senior Secured Term Loan A, due March 2026 (floating interest rate of 2.25% at September 30, 2021)
$264.3 $ 
Euro Senior Secured Term Loan A, due May 2024 (floating interest rate of 2.50% at December 31, 2020)
 287.4 
USD Senior Secured Term Loan A, due March 2026 (floating interest rate of 2.38% at September 30, 2021)
90.2  
USD Senior Secured Term Loan A, due May 2024 (floating interest rate of 3.50% at December 31, 2020)
 92.5 
Australian Dollar Senior Secured Term Loan A, due March 2026 (floating interest rate of 2.32% at September 30, 2021)
39.5  
Australian Dollar Senior Secured Term Loan A, due May 2024 (floating interest rate of 2.57% at December 31, 2020)
 43.4 
U.S. Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 2.33% at September 30, 2021)
120.4  
U.S. Dollar Senior Secured Revolving Credit Facility, due May 2024 (floating interest rate of 3.50% at December 31, 2020)
 307.2 
Australian Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 2.31% at September 30, 2021)
32.6  
Australian Dollar Senior Secured Revolving Credit Facility, due May 2024 (floating interest rate of 2.57% at December 31, 2020)
 25.4 
Senior Unsecured Notes, due March 2029 (fixed interest rate of 4.25%)
575.0  
Senior Unsecured Notes, due December 2024 (fixed interest rate of 5.25%)
 375.0 
Other borrowings8.1 5.7 
Total debt1,130.1 1,136.6 
Less:
 Current portion36.2 76.5 
 Debt issuance costs, unamortized10.0 5.5 
Long-term debt, net$1,083.9 $1,054.6 

The Company entered into a Third Amended and Restated Credit Agreement (the "Credit Agreement"), dated as of January 27, 2017, among the Company, certain subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other agents and various lenders party thereto. The Credit Agreement provided for a five-year senior secured credit facility, which consisted of a €300.0 million (US$320.8 million based on January 27, 2017, exchange rates) term loan facility (the "Euro Term Loan"), an A$80.0 million (US$60.4 million based on January 27, 2017, exchange rates) term loan facility (the "Australian Term Loan"), and a US$400.0 million multi-currency revolving credit facility (the "Revolving Facility").

Effective July 26, 2018, the Company entered into the First Amendment (the "First Amendment") to the Credit Agreement. The First Amendment increased the aggregate revolving credit commitments under the Revolving Facility by $100.0 million such that, after giving effect to such increase, the aggregate amount of revolving credit available under the Revolving Facility was $500.0 million. In addition, the First Amendment also affected certain technical amendments to the Credit Agreement, including the addition of provisions relating to LIBOR successor rate procedures if LIBOR becomes unascertainable or is discontinued in the future and to expressly permit certain intercompany asset transfers. The changes related to LIBOR successor rate procedures are not expected to have a material effect on the Company.

Effective May 23, 2019, the Company entered into a Second Amendment (the "Second Amendment") to the Credit Agreement. Pursuant to the Second Amendment, the Credit Agreement was amended to, among other things:

13


ACCO Brands Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

extend the maturity date to May 23, 2024;

further increase the aggregate revolving credit commitments under the Revolving Facility from $500.0 million to $600.0 million;

establish a new term loan facility denominated in U.S. Dollars in an aggregate principal amount of $100.0 million (the "USD Term Loan");

replace the minimum fixed coverage ratio of 1.25:1.00 with a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 3.00:1.00; and

reflect a more favorable restricted payment covenant, with the Consolidated Leverage Ratio (as defined in the Credit Agreement) hurdle for unlimited restricted payments (including share repurchases and dividends) as calculated under the Credit Agreement increasing from 2.50:1.00 to 3.25:1.00.

Effective May 1, 2020, the Company entered into a Third Amendment (the "Third Amendment") to the Credit Agreement pursuant to which the Credit Agreement was amended to, among other things:

increase the maximum Consolidated Leverage Ratio from 3.75:1.00 to 4.75:1.00, stepping back down to 3.75:1.00 for the first fiscal quarter ending after June 30, 2021;

amend the pricing based on the Company’s Consolidated Leverage Ratio, with a scaled increase in interest rates and fees, effective May 1, 2020;

reduce the Company’s capacity to incur certain other indebtedness, and impose additional limitations on certain restricted payments (other than dividends) and permitted acquisitions; and

require that the Company pay down any amounts on the Revolving Facility when cash and cash equivalents of the loan parties exceed $100.0 million.

In connection with the PowerA Acquisition, effective November 10, 2020, the Company entered into a Fourth Amendment (the "Fourth Amendment") to the Credit Agreement pursuant to which the Credit Agreement was amended to, among other things:

provide flexibility under the permitted acquisition provisions to accommodate the acquisition of PowerA;

further amend the maximum Consolidated Leverage Ratio financial covenant for each of the six fiscal quarters beginning March 31, 2021 and ending June 30, 2022, as follows:

Quarter EndedMaximum Consolidated Leverage Ratio
March 2021
5.25:1.00
June 2021
5.25:1.00
September 2021
4.75:1.00
December 2021
4.25:1.00
March 2022
4.25:1.00
June 2022
4.25:1.00
September 2022 and thereafter
3.75:1.00