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Information on Business Segments
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Information on Business Segments
18. Information on Business Segments

The Company has three operating business segments, each of which is comprised of different geographic regions. The Company's three operating segments are as follows:
Operating SegmentGeographyPrimary BrandsPrimary Products
ACCO Brands North AmericaUnited States and Canada
PowerA®, Five Star®, AT-A-GLANCE®, Quartet®, Kensington®, Swingline®, GBC®, Mead®, Hilroy®
Computer and gaming accessories, school products, planners, storage and organization, dry erase boards and accessories, laminating, stapling and punching products.
ACCO Brands EMEAEurope, Middle East and Africa
Leitz®, Rapid®, Kensington®, Esselte®, Rexel®, PowerA®, GBC®, NOBO®, Derwent®
Storage and organization products (lever-arch binders, sheet protectors, indexes), computer and gaming accessories, stapling, punching, shredding, laminating, do-it-yourself tools, dry erase boards and writing and art products
ACCO Brands InternationalAustralia/N.Z., Latin America and Asia-Pacific
Tilibra®, GBC®, Kensington®, Marbig®, Foroni®, Barrilito®, Artline®*, PowerA®, Spirax®
*Australia/N.Z. only
School notebooks, storage and organization products (binders, sheet protectors and indexes), computer and gaming accessories, laminating, shredding, writing and arts products, janitorial supplies, dry erase boards and stapling and punching products

Each business segment designs, markets, sources, manufactures, and sells recognized consumer, technology and other end-user demanded branded products used in businesses, schools, and homes. Product designs are tailored to end-user preferences in each geographic region, and where possible, leverage common engineering, design, and sourcing.

Our product categories include gaming and computer accessories; storage and organization; notebooks; shredding; laminating and binding machines; stapling; punching; calendars; dry erase boards; and do-it-yourself tools, among others. Our portfolio includes both globally and regionally recognized brands.

Customers

We distribute our products through a wide variety of channels to ensure that our products are readily and conveniently available for purchase by consumers and other end-users, wherever they prefer to shop. These channels include mass retailers, e-tailers, discount, drug/grocery and variety chains, warehouse clubs, hardware and specialty stores, independent office product dealers, office superstores, wholesalers, contract stationers, and specialist technology businesses. We also sell directly through e-commerce sites and our direct sales organization.

Net sales by reportable business segment for the years ended December 31, 2021, 2020 and 2019 were as follows:
(in millions)202120202019
ACCO Brands North America$1,042.4 $822.1 $966.8 
ACCO Brands EMEA662.9 523.9 569.3 
ACCO Brands International320.0 309.2 419.6 
Net sales$2,025.3 $1,655.2 $1,955.7 
Operating income by reportable business segment for the years ended December 31, 2021, 2020 and 2019 was as follows:
(in millions)202120202019
ACCO Brands North America$121.9 $83.0 $131.0 
ACCO Brands EMEA61.7 51.6 58.6 
ACCO Brands International31.6 15.6 48.5 
Segment operating income215.2 150.2 238.1 
Change in fair value of contingent consideration(19.0)— — 
Corporate(1)
(45.2)(37.8)(41.9)
Operating income(2)
151.0 112.4 196.2 
Interest expense46.3 38.8 43.2 
Interest income(1.9)(1.0)(3.2)
Non-operating pension income(7.9)(5.6)(5.5)
Other expense (income), net3.1 1.6 (1.8)
Income before income tax$111.4 $78.6 $163.5 

(1)Corporate operating loss in 2021, 2020 and 2019 includes transaction costs of $0.2 million, $1.6 million and $0.5 million respectively, primarily for legal and due diligence expenditures associated with the PowerA, Foroni and GOBA 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 SG&A expenses; iv) less amortization of intangibles; v) less restructuring charges; and vi) less change in the fair value of contingent consideration.

The following table presents the measure of reportable business segment assets used by the Company’s chief operating decision maker as of December 31, 2021 and 2020:
(in millions)20212020
ACCO Brands North America(3)
$535.2 $401.4 
ACCO Brands EMEA(3)
296.3 265.8 
ACCO Brands International(3)
265.1 272.1 
  Total segment assets1,096.6 939.3 
Unallocated assets1,993.4 2,108.1 
Corporate(3)
1.3 1.3 
  Total assets$3,091.3 $3,048.7 

(3)Represents total assets, excluding goodwill and identifiable intangibles resulting from business acquisitions, intercompany balances, cash, deferred taxes, derivatives, prepaid pension assets, prepaid debt issuance costs and right of use asset, leases.
As a supplement to the presentation of reportable business segment assets presented above, the table below presents reportable business segment assets, including right of use asset, leases, the allocation of identifiable intangible assets and goodwill resulting from business combinations as of December 31, 2021 and 2020:
(in millions)20212020
ACCO Brands North America(4)
$1,610.0 $1,511.5 
ACCO Brands EMEA(4)
728.6 736.0 
ACCO Brands International(4)
567.9 585.4 
  Total segment assets2,906.5 2,832.9 
Unallocated assets183.5 214.5 
Corporate(4)
1.3 1.3 
  Total assets$3,091.3 $3,048.7 

(4)Represents total assets, excluding intercompany balances, cash, deferred taxes, derivatives, prepaid pension assets, prepaid debt issuance costs.

Capital spend by reportable business segment for the years ended December 31, 2021, 2020 and 2019 was as follows:
(in millions)202120202019
ACCO Brands North America$11.2 $9.3 $21.7 
ACCO Brands EMEA7.3 4.0 7.0 
ACCO Brands International2.7 2.0 4.1 
  Total capital spend$21.2 $15.3 $32.8 

Depreciation expense by reportable business segment for the years ended December 31, 2021, 2020 and 2019 was as follows:
(in millions)202120202019
ACCO Brands North America$20.7 $19.6 $17.3 
ACCO Brands EMEA13.1 12.7 12.2 
ACCO Brands International5.6 5.6 5.4 
  Total depreciation$39.4 $37.9 $34.9 

Property, plant and equipment, net by reportable business segment as of December 31, 2021 and 2020 was as follows:
(in millions)20212020
U.S.$96.8 $107.1 
Canada1.9 1.2 
ACCO Brands North America98.7 108.3 
ACCO Brands EMEA77.4 88.8 
Australia/N.Z.11.3 12.3 
Latin America25.8 30.4 
Asia-Pacific1.4 1.6 
ACCO Brands International38.5 44.3 
  Property, plant and equipment, net$214.6 $241.4 
Top Customers

Net sales to our five largest customers totaled $720.9 million, $554.7 million and $641.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. No customer exceeded 10 percent of net sales for the years ended December 31, 2021, 2020 and 2019, respectively.

As of December 31, 2021 and 2020, our top five trade account receivables totaled $178.0 million and $118.2 million, respectively.