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Goodwill and Identifiable Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]  
Changes in Net Carrying Amount of Goodwill by Segment

Changes in the net carrying amount of goodwill by segment were as follows:

(in millions)

 

ACCO Brands North America

 

 

ACCO Brands EMEA

 

 

ACCO Brands International

 

 

Total

 

Balance at December 31, 2020

$

 

461.2

 

$

 

188.2

 

$

 

178.0

 

$

 

827.4

 

Acquisitions(1)

 

 

(14.5

)

 

 

2.0

 

 

 

—

 

 

 

(12.5

)

Foreign currency translation

 

 

—

 

 

 

(11.6

)

 

 

(0.8

)

 

 

(12.4

)

Balance at December 31, 2021

$

 

446.7

 

$

 

178.6

 

$

 

177.2

 

$

 

802.5

 

Goodwill impairment

 

 

(98.7

)

 

 

—

 

 

 

—

 

 

 

(98.7

)

Foreign currency translation

 

 

—

 

 

 

(33.0

)

 

 

0.7

 

 

 

(32.3

)

Balance at December 31, 2022

$

 

348.0

 

$

 

145.6

 

$

 

177.9

 

$

 

671.5

 

 

(1)
Goodwill has been recorded on our Consolidated Balance Sheet related to the Franken acquisition, which is part of our EMEA segment, and represents the excess of the cost of the Franken acquisition when compared to the fair value estimate of the net assets acquired on April 1, 2021 (the date of the Franken acquisition). Goodwill has been recorded on our Consolidated Balance Sheet related to the PowerA acquisition and represents the excess of the cost of the PowerA acquisition when compared to the fair value estimate of the net assets acquired on December 17, 2020 (the date of the PowerA acquisition) and includes a working capital adjustment of $18.2 million recorded in the first quarter of 2021 as a reduction to the purchase price, partially offset by purchase accounting adjustments of $3.7 million. See "Note 3. Acquisitions" for additional details.
Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets

The Company's gross carrying value and accumulated amortization by class of identifiable intangible assets as of December 31, 2022 and 2021 were as follows:

 

 

December 31, 2022

 

December 31, 2021

(in millions)

 

Gross Carrying Amounts

 

Accumulated Amortization

 

Net Book Value

 

Gross Carrying Amounts

 

Accumulated Amortization

 

Net Book Value

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Trade names(1)

$

410.6

$

(44.5)

$

366.1

$

417.6

$

(44.5)

$

373.1

Amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Trade names

 

369.7

 

(123.0)

 

246.7

 

373.2

 

(110.5)

 

262.7

Customer and contractual relationships

 

356.9

 

(198.2)

 

158.7

 

366.5

 

(182.4)

 

184.1

Vendor relationships

 

82.4

 

(11.2)

 

71.2

 

82.4

 

(5.7)

 

76.7

Patents

 

8.1

 

(3.8)

 

4.3

 

8.6

 

(3.0)

 

5.6

Subtotal

 

817.1

 

(336.2)

 

480.9

 

830.7

 

(301.6)

 

529.1

Total identifiable intangibles

$

1,227.7

$

(380.7)

$

847.0

$

1,248.3

$

(346.1)

$

902.2

 

(1)
Accumulated amortization prior to the adoption of authoritative guidance on goodwill and other intangible assets, at which time further amortization ceased.
Estimated Amortization Expense for Future Periods

Estimated amortization expense for amortizable intangible assets for the next five years is as follows:

(in millions)

 

2023

 

2024

 

2025

 

2026

 

2027

Estimated amortization expense(2)

$

43.3

$

41.7

$

40.1

$

38.0

$

35.6

 

(2)
Actual amounts of amortization expense may differ from estimated amounts due to changes in foreign currency exchange rates, additional intangible asset acquisitions, impairment of intangible assets, accelerated amortization of intangible assets and other events.
PowerA  
Finite-Lived Intangible Assets [Line Items]  
Schedule of Acquired Identifiable Intangible Assets The allocation of the identifiable intangibles acquired in the PowerA acquisition was as follows:

 

(in millions)

 

Fair Value

 

Remaining
Useful Life

Trade name

$

21.6

 

15 years

Customer relationships

 

128.6

 

15 years

Vendor relationships

 

82.4

 

15 years

Developed technology

 

2.8

 

5 years

Total identifiable intangibles acquired

$

235.4