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Restructuring
12 Months Ended
Dec. 31, 2022
Restructuring and Related Activities [Abstract]  
Restructuring

11. Restructuring

 

The Company recorded $9.6 million, $6.0 million and $10.9 million of restructuring charges for the years ended December 31, 2022, 2021 and 2020, respectively. Restructuring charges in 2022 were primarily for severance costs related to cost reduction initiatives in our North America and EMEA segments.

 

In 2021, we recorded $4.4 million of restructuring expense for our North America segment, $0.5 million for our EMEA segment, and $1.1 million for our International segment, primarily for severance expenses associated with several cost savings initiatives.

 

During 2020, we recorded $7.6 million of restructuring expense for our North America segment, $0.6 million for our EMEA segment, and $2.6 million for our International segment, primarily for severance expenses associated with several cost savings initiatives. In addition, we recorded $0.1 million of restructuring expense for Corporate.

 

The summary of the activity in the restructuring liability for the year ended December 31, 2022 was as follows:

 

 

 

Balance at

 

 

 

 

 

Non-cash Items /

 

Balance at

(in millions)

 

December 31,
2021

 

Provision

 

Cash
Expenditures

 

Currency
Change

 

December 31,
2022

Employee termination costs(1)

$

3.4

$

9.4

$

(4.0)

$

(0.1)

$

8.7

Termination of lease agreements

 

1.1

 

(0.2)

 

(0.9)

 

 

Other

 

 

0.4

 

(0.4)

 

 

Total restructuring liability

$

4.5

$

9.6

$

(5.3)

$

(0.1)

$

8.7

 

(1)
We expect the remaining $8.7 million employee termination costs to be substantially paid within the next twelve months.

 

The summary of the activity in the restructuring accounts for the year ended December 31, 2021 was as follows:

 

 

 

Balance at

 

 

 

 

 

Non-cash Items /

 

Balance at

(in millions)

 

December 31,
2020

 

Provision

 

Cash
Expenditures

 

Currency
Change

 

December 31,
2021

Employee termination costs

$

8.1

$

5.2

$

(9.7)

$

(0.2)

$

3.4

Termination of lease agreements

 

1.0

 

0.7

 

(1.1)

 

0.5

 

1.1

Other

 

0.2

 

0.1

 

(0.2)

 

(0.1)

 

Total restructuring liability

$

9.3

$

6.0

$

(11.0)

$

0.2

$

4.5

 

The summary of the activity in the restructuring accounts for the year ended December 31, 2020 was as follows:

 

(in millions)

 

December 31,
2019

 

Provision

 

Cash
Expenditures

 

Currency
Change

 

December 31,
2020

Employee termination costs

$

10.7

$

8.5

$

(11.1)

$

$

8.1

Termination of lease agreements

 

0.6

 

1.5

 

(0.7)

 

(0.4)

 

1.0

Other

 

0.5

 

0.9

 

(0.5)

 

(0.7)

 

0.2

Total restructuring liability

$

11.8

$

10.9

$

(12.3)

$

(1.1)

$

9.3

 

Restructuring charges for the years ended December 31, 2022, 2021 and 2020 by reporting segment were as follows:

 

(in millions)

 

2022

 

2021

 

2020

ACCO Brands North America

$

5.3

$

4.4

$

7.6

ACCO Brands EMEA

 

3.4

 

0.5

 

0.6

ACCO Brands International

 

0.7

 

1.1

 

2.6

Corporate

 

0.2

 

 

0.1

Total restructuring charges

$

9.6

$

6.0

$

10.9