false Q3http://fasb.org/us-gaap/2022#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2022#OtherNonoperatingIncomeExpense0000712034 http://fasb.org/us-gaap/2022#OtherNonoperatingIncomeExpense--12-31 http://fasb.org/us-gaap/2022#OtherNonoperatingIncomeExpense0000712034srt:LatinAmericaMemberacco:AccoBrandsInternationalMember2021-01-012021-09-300000712034us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-09-300000712034acco:VendorRelationshipsMember2022-09-300000712034acco:AccoBrandsNorthAmericaMembercountry:CA2022-01-012022-09-3000007120342021-01-012021-09-300000712034us-gaap:ContractTerminationMember2022-01-012022-09-300000712034acco:CovenantPeriodOneMemberus-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Member2022-09-300000712034us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-01-012021-09-300000712034us-gaap:CommonStockMember2021-04-012021-06-300000712034acco:InterestRateScenarioSixMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberus-gaap:BaseRateMember2022-01-012022-09-300000712034us-gaap:EmployeeStockOptionMember2022-07-012022-09-300000712034us-gaap:OtherRestructuringMember2022-01-012022-09-300000712034us-gaap:RetainedEarningsMember2021-07-012021-09-3000007120342022-04-012022-06-300000712034us-gaap:TreasuryStockMember2020-12-310000712034acco:AccoBrandsInternationalMembersrt:AsiaPacificMember2022-01-012022-09-300000712034us-gaap:TransferredOverTimeMember2021-01-012021-09-300000712034acco:SwedishTaxAgencySkatteverketMemberus-gaap:ForeignCountryMemberus-gaap:EarliestTaxYearMember2022-01-012022-09-300000712034us-gaap:PerformanceSharesMember2021-07-012021-09-300000712034acco:LeitzIndefiniteLivedTradeNameMember2022-08-310000712034us-gaap:RetainedEarningsMember2021-06-300000712034us-gaap:RetainedEarningsMember2022-04-012022-06-300000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300000712034us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000712034us-gaap:CommonStockMember2022-07-012022-09-300000712034us-gaap:CommonStockMember2021-01-012021-03-310000712034us-gaap:OtherRestructuringMember2021-01-012021-09-300000712034acco:AustralianDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Memberus-gaap:SecuredDebtMember2021-12-310000712034acco:AccoBrandsNorthAmericaMembercountry:CA2021-01-012021-09-300000712034us-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Memberacco:CovenantPeriodFourMember2022-09-300000712034us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMember2021-12-310000712034us-gaap:TreasuryStockMember2021-01-012021-03-310000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsNorthAmericaMember2021-07-012021-09-300000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsNorthAmericaMember2022-01-012022-09-300000712034us-gaap:EmployeeSeveranceMember2022-09-3000007120342022-09-300000712034acco:InterestRateScenarioSixMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2022-01-012022-09-300000712034us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2026Member2022-09-302022-09-300000712034acco:VendorRelationshipsMember2021-12-310000712034us-gaap:ContractTerminationMember2021-12-310000712034acco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioThreeMemberus-gaap:BaseRateMember2022-01-012022-09-300000712034srt:MaximumMemberus-gaap:ForeignCountryMember2022-01-012022-09-300000712034us-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2026Member2022-09-300000712034us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000712034us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000712034us-gaap:SecuredDebtMember2017-01-270000712034us-gaap:AustralianTaxationOfficeMemberus-gaap:ForeignCountryMemberus-gaap:EarliestTaxYearMember2022-01-012022-09-3000007120342022-10-310000712034acco:TradeNameMember2021-12-310000712034us-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300000712034us-gaap:AdditionalPaidInCapitalMember2021-09-300000712034us-gaap:OperatingSegmentsMember2021-07-012021-09-300000712034srt:MinimumMemberus-gaap:StateAndLocalJurisdictionMember2022-01-012022-09-300000712034us-gaap:TreasuryStockMember2021-09-300000712034us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000712034us-gaap:EmployeeStockOptionMember2021-07-012021-09-3000007120342021-04-012021-06-300000712034us-gaap:ContractTerminationMember2020-12-310000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000712034acco:AccoBrandsInternationalMembersrt:AsiaPacificMember2022-07-012022-09-300000712034acco:AccoBrandsInternationalMember2022-07-012022-09-300000712034acco:InterestRateScenarioFiveMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberus-gaap:BaseRateMember2022-01-012022-09-300000712034us-gaap:ForeignCountryMemberus-gaap:HerMajestysRevenueAndCustomsHMRCMemberus-gaap:EarliestTaxYearMember2022-01-012022-09-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000712034acco:InterestRateScenarioTwoMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberus-gaap:BaseRateMember2022-01-012022-09-300000712034acco:SeniorUnsecuredNoteMarch20294Point25Memberus-gaap:SeniorNotesMember2021-12-310000712034acco:AccoBrandsInternationalMember2022-01-012022-09-300000712034acco:AustralianDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Memberus-gaap:SecuredDebtMember2022-09-3000007120342022-05-312022-05-3100007120342021-06-300000712034us-gaap:CommonStockMember2022-01-012022-03-310000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000712034us-gaap:TreasuryStockMember2021-12-310000712034us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000712034us-gaap:TreasuryStockMember2022-04-012022-06-300000712034acco:EuroAUDCDNMemberacco:InterestRateScenarioFiveMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2022-01-012022-09-300000712034acco:PowerAMember2022-09-3000007120342022-05-310000712034acco:AustraliaAndNewZealandMemberacco:AccoBrandsInternationalMember2021-01-012021-09-300000712034us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-09-300000712034us-gaap:AccumulatedTranslationAdjustmentMember2022-09-300000712034acco:InterestRateScenarioTwoMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2022-01-012022-09-300000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300000712034acco:InterestRateScenarioFiveMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2022-01-012022-09-300000712034us-gaap:RetainedEarningsMember2021-04-012021-06-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000712034us-gaap:PerformanceSharesMember2022-07-012022-09-300000712034acco:PowerAMember2022-01-012022-09-3000007120342021-01-012021-03-310000712034acco:AccoBrandsNorthAmericaMember2021-07-012021-09-300000712034acco:AccoBrandsNorthAmericaMembercountry:US2021-07-012021-09-300000712034acco:AccoBrandsNorthAmericaMembercountry:US2022-01-012022-09-300000712034us-gaap:EmployeeSeveranceMember2021-12-310000712034us-gaap:RetainedEarningsMember2022-01-012022-03-310000712034us-gaap:PerformanceSharesMember2022-09-300000712034acco:ACCOBrandsEMEAMember2021-12-310000712034acco:SeniorSecuredCreditFacilityDueMay2026Memberacco:InterestRateScenarioOneMemberus-gaap:SecuredDebtMemberus-gaap:BaseRateMember2022-01-012022-09-300000712034us-gaap:RetainedEarningsMember2021-03-310000712034us-gaap:FairValueInputsLevel2Member2021-12-310000712034us-gaap:PatentsMember2022-09-300000712034us-gaap:ForeignExchangeContractMember2022-07-012022-09-300000712034us-gaap:CommonStockMember2021-03-310000712034acco:AccoBrandsNorthAmericaMember2021-12-310000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000712034us-gaap:RetainedEarningsMember2021-12-3100007120342022-07-012022-09-300000712034us-gaap:CorporateNonSegmentMember2022-01-012022-09-300000712034us-gaap:TreasuryStockMember2021-07-012021-09-300000712034us-gaap:CanadaRevenueAgencyMemberus-gaap:ForeignCountryMemberus-gaap:EarliestTaxYearMember2022-01-012022-09-300000712034acco:EuroAUDCDNMemberacco:InterestRateScenarioOneMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2022-01-012022-09-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000712034us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-01-012022-09-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000712034acco:AccoBrandsNorthAmericaMembercountry:US2022-07-012022-09-300000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-09-300000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2022-01-012022-09-300000712034us-gaap:CommonStockMember2021-12-310000712034us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:ForeignCountryMemberacco:TaxYear2007to2010Memberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2022-09-300000712034us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2026Member2022-09-300000712034us-gaap:OperatingSegmentsMember2021-01-012021-09-300000712034us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-09-300000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300000712034us-gaap:ForeignCountryMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2021-01-012021-09-300000712034us-gaap:RetainedEarningsMember2022-09-300000712034srt:MinimumMemberus-gaap:ForeignCountryMember2022-01-012022-09-300000712034acco:AccoBrandsNorthAmericaMember2022-01-012022-09-300000712034acco:AccoBrandsNorthAmericaMembercountry:US2021-01-012021-09-300000712034us-gaap:OperatingSegmentsMemberacco:ACCOBrandsEMEAMember2022-01-012022-09-300000712034acco:LeitzIndefiniteLivedTradeNameMembersrt:MaximumMember2022-08-310000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000712034srt:MaximumMemberus-gaap:StateAndLocalJurisdictionMember2022-01-012022-09-300000712034acco:AccoBrandsNorthAmericaMembercountry:CA2022-07-012022-09-300000712034acco:AustraliaAndNewZealandMemberacco:AccoBrandsInternationalMember2021-07-012021-09-300000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2022-07-012022-09-300000712034us-gaap:PerformanceSharesMember2022-01-012022-09-300000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-07-012022-09-3000007120342021-09-300000712034acco:SeniorSecuredCreditFacilityDueJanuary2022Memberus-gaap:SecuredDebtMembersrt:MinimumMember2019-05-220000712034srt:LatinAmericaMemberacco:AccoBrandsInternationalMember2022-01-012022-09-300000712034acco:EuroAUDCDNMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioThreeMember2022-01-012022-09-300000712034us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2021-12-310000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2021-12-310000712034us-gaap:EmployeeStockOptionMember2021-01-012021-09-3000007120342020-12-310000712034us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-09-3000007120342022-08-312022-08-310000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000712034acco:ACCOBrandsEMEAMember2022-07-012022-09-300000712034us-gaap:TradeNamesMember2022-09-300000712034us-gaap:EmployeeSeveranceMember2022-01-012022-09-300000712034us-gaap:ContractTerminationMember2021-01-012021-09-300000712034us-gaap:FairValueInputsLevel2Member2022-09-300000712034us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-12-310000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000712034us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-09-300000712034us-gaap:CustomerRelationshipsMember2022-09-300000712034srt:LatinAmericaMemberacco:AccoBrandsInternationalMember2021-07-012021-09-300000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2022-09-300000712034acco:CovenantPeriodThreeMemberus-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Member2022-09-300000712034us-gaap:CorporateNonSegmentMember2022-07-012022-09-300000712034us-gaap:CorporateNonSegmentMember2021-07-012021-09-300000712034us-gaap:CommonStockMember2020-12-310000712034us-gaap:CommonStockMember2022-06-300000712034us-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:ForeignExchangeContractMember2021-12-310000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000712034us-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Memberacco:CovenantPeriodTwoMember2022-09-300000712034acco:ACCOBrandsEMEAMember2021-01-012021-09-300000712034us-gaap:SecuredDebtMemberacco:EuroSeniorSecuredTermLoanADueMarch2026Member2021-12-310000712034acco:AustraliaAndNewZealandMemberacco:AccoBrandsInternationalMember2022-07-012022-09-300000712034acco:InterestRateScenarioOneMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2022-01-012022-09-300000712034us-gaap:RetainedEarningsMember2022-07-012022-09-300000712034us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-012021-09-300000712034acco:AccoBrandsInternationalMember2021-12-310000712034us-gaap:AdditionalPaidInCapitalMember2021-03-310000712034us-gaap:TransferredOverTimeMember2021-07-012021-09-3000007120342022-01-012022-09-300000712034us-gaap:RetainedEarningsMember2022-06-300000712034us-gaap:SecuredDebtMemberacco:USDSeniorSecuredTermLoanADueMarch2026Member2022-09-300000712034acco:ACCOBrandsEMEAMember2022-09-300000712034us-gaap:ForeignExchangeContractMember2021-07-012021-09-300000712034us-gaap:ForeignCountryMemberus-gaap:FederalMinistryOfFinanceGermanyMemberus-gaap:EarliestTaxYearMember2022-01-012022-09-300000712034us-gaap:TreasuryStockMember2022-03-310000712034acco:EuroAUDCDNMemberacco:InterestRateScenarioSixMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2022-01-012022-09-300000712034us-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:ForeignExchangeContractMember2022-09-300000712034us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000712034us-gaap:AdditionalPaidInCapitalMember2022-09-300000712034us-gaap:ForeignExchangeContractMember2022-01-012022-09-300000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMember2021-12-310000712034us-gaap:CommonStockMember2022-04-012022-06-300000712034acco:EuroAUDCDNMemberacco:InterestRateScenarioTwoMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2022-01-012022-09-300000712034us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300000712034us-gaap:RestrictedStockUnitsRSUMember2022-09-300000712034us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-01-012022-09-300000712034acco:AccoBrandsInternationalMembersrt:AsiaPacificMember2021-01-012021-09-300000712034us-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300000712034acco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioFourMember2022-01-012022-09-300000712034acco:OtherBorrowingsMember2022-09-300000712034us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2022-07-012022-09-300000712034us-gaap:PatentsMember2021-12-310000712034acco:OtherBorrowingsMember2021-12-310000712034us-gaap:AdditionalPaidInCapitalMember2022-03-310000712034us-gaap:ContractTerminationMember2022-09-300000712034us-gaap:CommonStockMember2021-07-012021-09-3000007120342022-10-012022-09-3000007120342022-03-3100007120342022-01-012022-03-310000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsInternationalMember2021-07-012021-09-300000712034acco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioThreeMember2022-01-012022-09-300000712034us-gaap:EmployeeSeveranceMember2021-09-300000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsInternationalMember2022-01-012022-09-300000712034us-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Membersrt:MinimumMember2019-05-230000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMember2022-09-300000712034us-gaap:OperatingSegmentsMember2022-07-012022-09-300000712034us-gaap:ForeignExchangeContractMember2021-01-012021-09-300000712034us-gaap:TransferredOverTimeMember2022-01-012022-09-300000712034us-gaap:EmployeeStockOptionMember2022-01-012022-09-300000712034us-gaap:TransferredOverTimeMember2022-07-012022-09-300000712034us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300000712034acco:ACCOBrandsEMEAMember2021-07-012021-09-300000712034us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-01-012021-09-300000712034us-gaap:CommonStockMember2022-03-310000712034us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300000712034us-gaap:ContractTerminationMember2021-09-300000712034us-gaap:SecuredDebtMemberacco:CovenantPeriodFiveMemberacco:SeniorSecuredCreditFacilityDueMay2024Member2022-09-300000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310000712034acco:AustraliaAndNewZealandMemberacco:AccoBrandsInternationalMember2022-01-012022-09-300000712034us-gaap:EmployeeSeveranceMember2021-01-012021-09-300000712034us-gaap:OperatingSegmentsMemberacco:ACCOBrandsEMEAMember2021-01-012021-09-300000712034acco:PowerAMember2021-12-310000712034us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300000712034us-gaap:TreasuryStockMember2021-06-300000712034us-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Memberacco:CovenantPeriodSevenMember2022-09-300000712034us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2022-09-300000712034us-gaap:SeniorNotesMemberacco:SeniorUnsecuredNoteMarch20294Point25Member2022-09-300000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-09-300000712034us-gaap:AdditionalPaidInCapitalMember2022-06-300000712034us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-07-012021-09-300000712034us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-09-300000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-09-300000712034us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-3000007120342021-12-310000712034us-gaap:TreasuryStockMember2022-06-300000712034srt:MinimumMemberus-gaap:ForeignCountryMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2022-09-300000712034us-gaap:EmployeeSeveranceMember2020-12-310000712034us-gaap:RetainedEarningsMember2021-09-300000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsNorthAmericaMember2022-07-012022-09-3000007120342023-10-012022-09-300000712034us-gaap:ForeignCountryMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMemberus-gaap:EarliestTaxYearMember2022-01-012022-09-300000712034us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2017-01-270000712034acco:AccoBrandsNorthAmericaMember2022-09-300000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-12-310000712034us-gaap:SecuredDebtMemberacco:AustralianDollarUSDSeniorSecuredTermLoanADueMarch2026Member2022-09-300000712034us-gaap:ForeignCountryMemberacco:TaxYear2007To2012Memberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2012-12-3100007120342022-06-300000712034us-gaap:SecuredDebtMemberacco:EuroSeniorSecuredTermLoanADueMarch2026Member2022-09-300000712034us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-07-012022-09-300000712034us-gaap:RetainedEarningsMember2022-03-310000712034us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-07-012021-09-300000712034us-gaap:SecuredDebtMemberacco:USDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Member2021-12-310000712034us-gaap:AdditionalPaidInCapitalMember2020-12-310000712034us-gaap:TreasuryStockMember2021-03-310000712034acco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioFourMemberus-gaap:BaseRateMember2022-01-012022-09-300000712034us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300000712034us-gaap:OperatingSegmentsMemberacco:ACCOBrandsEMEAMember2022-07-012022-09-300000712034us-gaap:AdditionalPaidInCapitalMember2021-12-310000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsInternationalMember2021-01-012021-09-300000712034us-gaap:DomesticCountryMemberus-gaap:EarliestTaxYearMemberus-gaap:InternalRevenueServiceIRSMember2022-01-012022-09-300000712034us-gaap:OtherRestructuringMember2020-12-3100007120342020-05-010000712034us-gaap:EmployeeStockOptionMember2022-09-300000712034acco:AccoBrandsInternationalMember2021-07-012021-09-300000712034us-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Memberacco:CovenantPeriodSixMember2022-09-300000712034acco:EuroAUDCDNMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioFourMember2022-01-012022-09-300000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-012022-09-300000712034acco:AccoBrandsInternationalMember2022-09-300000712034us-gaap:TreasuryStockMember2022-09-300000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000712034us-gaap:SecuredDebtMemberacco:USDSeniorSecuredTermLoanADueMarch2026Member2021-12-310000712034us-gaap:OperatingSegmentsMember2022-01-012022-09-300000712034srt:LatinAmericaMemberacco:AccoBrandsInternationalMember2022-07-012022-09-300000712034acco:AccoBrandsNorthAmericaMember2022-07-012022-09-300000712034acco:AccoBrandsNorthAmericaMember2021-01-012021-09-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000712034us-gaap:CustomerRelationshipsMember2021-12-310000712034us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-012022-09-300000712034us-gaap:SecuredDebtMemberacco:USDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Member2022-09-300000712034acco:AccoBrandsInternationalMember2021-01-012021-09-300000712034acco:ACCOBrandsEMEAMember2022-01-012022-09-300000712034us-gaap:AdditionalPaidInCapitalMember2021-06-300000712034us-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300000712034us-gaap:SecuredDebtMemberacco:AustralianDollarUSDSeniorSecuredTermLoanADueMarch2026Member2021-12-310000712034acco:AccoBrandsNorthAmericaMembercountry:CA2021-07-012021-09-300000712034us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsNorthAmericaMember2021-01-012021-09-300000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-09-300000712034us-gaap:SecuredDebtMemberacco:AUDTermLoanAMember2017-01-2700007120342021-03-310000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-012021-09-300000712034us-gaap:TreasuryStockMember2022-01-012022-03-310000712034acco:SeniorSecuredCreditFacilityDueJanuary2022Member2017-01-272017-01-270000712034us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-09-300000712034us-gaap:CorporateNonSegmentMember2021-01-012021-09-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-09-3000007120342021-07-012021-09-300000712034us-gaap:CommonStockMember2021-09-300000712034us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2022-01-012022-09-300000712034us-gaap:TradeNamesMember2021-12-310000712034us-gaap:ForeignCountryMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2022-01-012022-09-300000712034us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-07-012022-09-300000712034us-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300000712034acco:TaxYear2008to2010Memberus-gaap:ForeignCountryMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2019-01-012019-03-310000712034us-gaap:CommonStockMember2022-09-300000712034us-gaap:RetainedEarningsMember2020-12-310000712034us-gaap:OperatingSegmentsMemberacco:ACCOBrandsEMEAMember2021-07-012021-09-300000712034us-gaap:PerformanceSharesMember2021-01-012021-09-300000712034acco:AccoBrandsInternationalMembersrt:AsiaPacificMember2021-07-012021-09-300000712034acco:TradeNameMember2022-09-300000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300000712034us-gaap:CommonStockMember2021-06-300000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsInternationalMember2022-07-012022-09-300000712034acco:SeniorUnsecuredNoteMarch20294Point25Memberus-gaap:SeniorNotesMember2021-03-150000712034us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMember2022-09-300000712034us-gaap:RetainedEarningsMember2021-01-012021-03-31iso4217:AUDacco:Reportingunitiso4217:EURiso4217:USDxbrli:sharesxbrli:purexbrli:sharesiso4217:USDacco:Segment

 

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, 2022

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)

 

Delaware

36-2704017

(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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ACCO

NYSE

 

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 31, 2022, the registrant had outstanding 94,260,926 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.

 

Some of the 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, 2021, as well as in "Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations" and "Part II, Item 1A. Risk Factors" 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

 

PART I — FINANCIAL INFORMATION

4

Item 1. Financial Statements

4

Condensed Consolidated Balance Sheets

4

Consolidated Statements of Operations

5

Consolidated Statements of Comprehensive (Loss) Income

6

Condensed Consolidated Statements of Cash Flows

7

Consolidated Statement of Stockholders’ Equity

8

Notes to Condensed Consolidated Financial Statements

10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3. Quantitative and Qualitative Disclosures About Market Risk

40

Item 4. Controls and Procedures

40

PART II — OTHER INFORMATION

40

Item 1. Legal Proceedings

40

Item 1A. Risk Factors

40

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

42

Item 3. Defaults Upon Senior Securities

42

Item 4. Mine Safety Disclosures

42

Item 5. Other Information

42

Item 6. Exhibits

43

SIGNATURES

44

 

3


 

PART I — FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

ACCO Brands Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

 

 

 

September 30,
2022

 

 

December 31,
2021

 

(in millions)

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

$

 

78.0

 

$

 

41.2

 

Accounts receivable, net

 

 

351.3

 

 

 

416.1

 

Inventories

 

 

431.0

 

 

 

428.0

 

Other current assets

 

 

53.9

 

 

 

39.6

 

Total current assets

 

 

914.2

 

 

 

924.9

 

Total property, plant and equipment

 

 

577.5

 

 

 

656.4

 

Less: accumulated depreciation

 

 

(392.3

)

 

 

(441.8

)

Property, plant and equipment, net

 

 

185.2

 

 

 

214.6

 

Right of use asset, leases

 

 

88.5

 

 

 

105.2

 

Deferred income taxes

 

 

98.4

 

 

 

115.9

 

Goodwill

 

 

666.9

 

 

 

802.5

 

Identifiable intangibles, net

 

 

838.5

 

 

 

902.2

 

Other non-current assets

 

 

37.5

 

 

 

26.0

 

Total assets

$

 

2,829.2

 

$

 

3,091.3

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Notes payable

$

 

1.3

 

$

 

9.4

 

Current portion of long-term debt

 

 

27.3

 

 

 

33.6

 

Accounts payable

 

 

214.4

 

 

 

308.2

 

Accrued compensation

 

 

39.4

 

 

 

56.9

 

Accrued customer program liabilities

 

 

88.9

 

 

 

101.4

 

Lease liabilities

 

 

20.9

 

 

 

24.4

 

Current portion of contingent consideration

 

 

 

 

 

24.8

 

Other current liabilities

 

 

111.4

 

 

 

149.9

 

Total current liabilities

 

 

503.6

 

 

 

708.6

 

Long-term debt, net

 

 

1,045.0

 

 

 

954.1

 

Long-term lease liabilities

 

 

75.1

 

 

 

89.0

 

Deferred income taxes

 

 

139.2

 

 

 

145.2

 

Pension and post-retirement benefit obligations

 

 

176.9

 

 

 

222.3

 

Contingent consideration

 

 

 

 

 

12.0

 

Other non-current liabilities

 

 

108.1

 

 

 

95.3

 

Total liabilities

 

 

2,047.9

 

 

 

2,226.5

 

Stockholders' equity:

 

 

 

 

 

 

Common stock

 

 

1.0

 

 

 

1.0

 

Treasury stock

 

 

(43.4

)

 

 

(40.9

)

Paid-in capital

 

 

1,895.2

 

 

 

1,902.2

 

Accumulated other comprehensive loss

 

 

(555.6

)

 

 

(535.5

)

Accumulated deficit

 

 

(515.9

)

 

 

(462.0

)

Total stockholders' equity

 

 

781.3

 

 

 

864.8

 

Total liabilities and stockholders' equity

$

 

2,829.2

 

$

 

3,091.3

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

4


 

ACCO Brands Corporation and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in millions, except per share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net sales

$

 

485.6

 

$

 

526.7

 

$

 

1,448.2

 

$

 

1,455.0

 

Cost of products sold

 

 

348.2

 

 

 

369.5

 

 

 

1,041.2

 

 

 

1,018.2

 

Gross profit

 

 

137.4

 

 

 

157.2

 

 

 

407.0

 

 

 

436.8

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

93.9

 

 

 

101.8

 

 

 

284.3

 

 

 

293.5

 

Amortization of intangibles

 

 

9.9

 

 

 

11.6

 

 

 

31.5

 

 

 

35.2

 

Restructuring charges

 

 

0.1

 

 

 

0.3

 

 

 

2.3

 

 

 

4.2

 

Goodwill impairment

 

 

98.7

 

 

 

 

 

 

98.7

 

 

 

 

Change in fair value of contingent consideration

 

 

(2.2

)

 

 

4.9

 

 

 

(9.0

)

 

 

16.5

 

Total operating costs and expenses

 

 

200.4

 

 

 

118.6

 

 

 

407.8

 

 

 

349.4

 

Operating (loss) income

 

 

(63.0

)

 

 

38.6

 

 

 

(0.8

)

 

 

87.4

 

Non-operating expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

12.1

 

 

 

11.2

 

 

 

32.6

 

 

 

36.0

 

Interest income

 

 

(2.6

)

 

 

(0.6

)

 

 

(6.2

)

 

 

(1.2

)

Non-operating pension income

 

 

(0.5

)

 

 

(2.3

)

 

 

(3.2

)

 

 

(5.6

)

Other (income) expense, net

 

 

(7.4

)

 

 

0.1

 

 

 

(10.2

)

 

 

4.0

 

(Loss) income before income tax

 

 

(64.6

)

 

 

30.2

 

 

 

(13.8

)

 

 

54.2

 

Income tax expense

 

 

4.1

 

 

 

10.0

 

 

 

18.2

 

 

 

5.8

 

Net (loss) income

$

 

(68.7

)

$

 

20.2

 

$

 

(32.0

)

$

 

48.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) income per share

$

 

(0.73

)

$

 

0.21

 

$

 

(0.33

)

$

 

0.51

 

Diluted (loss) income per share

$

 

(0.73

)

$

 

0.21

 

$

 

(0.33

)

$

 

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

94.5

 

 

 

95.6

 

 

 

95.6

 

 

 

95.4

 

Diluted

 

 

94.5

 

 

 

97.3

 

 

 

95.6

 

 

 

97.0

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

5


 

ACCO Brands Corporation and Subsidiaries

Consolidated Statements of Comprehensive (Loss) Income

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net (loss) income

$

 

(68.7

)

$

 

20.2

 

$

 

(32.0

)

$

 

48.4

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized income on derivative instruments, net of tax expense of $(0.4) and $(1.0) and $(1.3) and $(2.9), respectively

 

 

0.9

 

 

 

2.4

 

 

 

3.4

 

 

 

6.7

 

Foreign currency translation adjustments, net of tax benefit (expense) of $1.1 and $0.2 and $3.2 and $(1.1), respectively

 

 

(28.1

)

 

 

(22.3

)

 

 

(50.0

)

 

 

(18.6

)

Recognition of deferred pension and other post-retirement items, net of tax expense of $(3.3) and $(2.1) and $(8.2) and $(3.4), respectively

 

 

10.9

 

 

 

6.6

 

 

 

26.5

 

 

 

10.7

 

Other comprehensive loss, net of tax

 

 

(16.3

)

 

 

(13.3

)

 

 

(20.1

)

 

 

(1.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income

$

 

(85.0

)

$

 

6.9

 

$

 

(52.1

)

$

 

47.2

 

 

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)

 

2022

 

 

2021

 

Operating activities

 

 

 

 

 

 

Net (loss) income

$

 

(32.0

)

$

 

48.4

 

Amortization of inventory step-up

 

 

 

 

 

3.0

 

Payments of contingent consideration

 

 

(9.2

)

 

 

 

Gain on disposal of assets

 

 

(0.1

)

 

 

 

Change in fair value of contingent liability

 

 

(9.0

)

 

 

16.5

 

Depreciation

 

 

28.6

 

 

 

29.4

 

Amortization of debt issuance costs

 

 

2.0

 

 

 

2.1

 

Amortization of intangibles

 

 

31.5

 

 

 

35.2

 

Stock-based compensation

 

 

7.8

 

 

 

12.2

 

Loss on debt extinguishment

 

 

 

 

 

3.7

 

Non-cash charge for goodwill impairment

 

 

98.7

 

 

 

 

Changes in balance sheet items:

 

 

 

 

 

 

Accounts receivable

 

 

48.8

 

 

 

(18.3

)

Inventories

 

 

(20.9

)

 

 

(116.2

)

Other assets

 

 

(20.1

)

 

 

(14.4

)

Accounts payable

 

 

(80.8

)

 

 

55.1

 

Accrued expenses and other liabilities

 

 

(47.2

)

 

 

3.2

 

Accrued income taxes

 

 

(7.7

)

 

 

(15.9

)

Net cash (used) provided by operating activities

 

 

(9.6

)

 

 

44.0

 

Investing activities

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(11.8

)

 

 

(13.9

)

Proceeds from the disposition of assets

 

 

0.2

 

 

 

 

Cost of acquisitions, net of cash acquired

 

 

 

 

 

15.4

 

Net cash (used) provided by investing activities

 

 

(11.6

)

 

 

1.5

 

Financing activities

 

 

 

 

 

 

Proceeds from long-term borrowings

 

 

218.0

 

 

 

651.4

 

Repayments of long-term debt

 

 

(95.2

)

 

 

(638.8

)

Proceeds of notes payable, net

 

 

(7.6

)

 

 

2.3

 

Payment for debt premium

 

 

 

 

 

(9.8

)

Payments for debt issuance costs

 

 

 

 

 

(10.5

)

Dividends paid

 

 

(21.5

)

 

 

(18.6

)

Payments of contingent consideration

 

 

(17.8

)

 

 

 

Repurchases of common stock

 

 

(19.4

)

 

 

 

Payments related to tax withholding for stock-based compensation

 

 

(2.5

)

 

 

(0.9

)

Proceeds from the exercise of stock options

 

 

4.3

 

 

 

2.4

 

Net cash provided (used) by financing activities

 

 

58.3

 

 

 

(22.5

)

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

(0.3

)

 

 

(1.5

)

Net increase in cash and cash equivalents

 

 

36.8

 

 

 

21.5

 

Cash and cash equivalents

 

 

 

 

 

 

Beginning of the period

 

 

41.2

 

 

 

36.6

 

End of the period

$

 

78.0

 

$

 

58.1

 

Cash paid during the year for:

 

 

 

 

 

 

Interest

$

 

35.7

 

$

 

33.7

 

Income taxes

$

 

25.9

 

$

 

21.2

 

 

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, 2021

$

 

1.0

 

$

 

1,902.2

 

$

 

(535.5

)

$

 

(40.9

)

$

 

(462.0

)

$

 

864.8

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.7

)

 

 

(2.7

)

Loss on derivative financial instruments, net of tax

 

 

 

 

 

 

 

 

(1.4

)

 

 

 

 

 

 

 

 

(1.4

)

Translation impact, net of tax