Discontinued Operations

12 Months Ended

Dec. 31, 2011

Discontinued Operations [Abstract]

Discontinued Operations

18. Discontinued Operations

In June of 2011, and with effect from May 31, 2011, the Company sold its GBC-Fordigraph Business to The Neopost Group. The Australia-based business was formerly part of the ACCO Brands International segment and is included in the financial statements as discontinued operations. The GBC-Fordigraph Business represented $45.9 million in annual net sales for the year ended December 31, 2010. The Company has received final proceeds of $52.9 million inclusive of working capital adjustments and selling costs. In connection with this transaction, in 2011, the Company recorded a gain on sale of $41.9 million ($36.8 million after- tax).

Also included in discontinued operations are the results of the Company's commercial print finishing business, which was sold during the second quarter of 2009. The sale resulted in a loss recorded in the year ended December 31, 2009 of $0.8 million. During the years ended December 31, 2011 and 2010, the Company recorded expenses of $0.4 million and $0.1 million, respectively, primarily related to litigation costs associated with the wind-down of the discontinued operations.

The operating results and financial position of discontinued operations are as follows:

(in millions of dollars, except per share data)	2011		2010			2009
Operating Results:
Net sales	$	19.9	$	45.9		$	68.6
Income (loss) from operations before income taxes (1)		2.5		6.6			(4.3	)
Gain (loss) on sale before income tax		41.5		(0.1	)		(0.8	)
Provision for income taxes		5.9		1.9			2.4
Income (loss) from discontinued operations	$	38.1	$	4.6		$	(7.5	)
Per share:
Basic income (loss) from discontinued operations	$	0.69	$	0.08		$	(0.14	)
Diluted income (loss) from discontinued operations	$	0.66	$	0.08		$	(0.14	)

(1) During the fourth quarter of 2010, the Company completed the sale of a property formerly occupied by its commercial print finishing business, resulting in a gain on sale of $1.7 million. During 2009, the Company recorded an impairment charge of $3.3 million ($1.8 million after-tax) to reflect a change in the estimate of fair value less the cost to dispose of its commercial print finishing business.

(in millions of dollars)	December 31, 2011		December 31, 2010
Financial Position:
Current assets	$	—	$	23.7
Long-term assets		—		9.4
Total assets	$	—	$	33.1
Current liabilities (2)	$	1.1	$	14.6
Long-term liabilities		—		5.3
Total liabilities	$	1.1	$	19.9

(2) Liabilities remaining as of December 31, 2011 consist only of litigation accruals.