XML 42 R29.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Information on Business Segments | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Information on Business Segments | 17. 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 Segment |  | Geography |  | Primary Brands |  | Primary Products
ACCO Brands North America |  | United 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 EMEA |  | Europe, 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 International |  | Australia/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 business branded products used in schools, homes and at work. 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; planners; dry erase boards; and do-it-yourself tools, among others. Our portfolio includes both globally and regionally recognized brands. Beginning on January 1, 2024, the Company will reorganize our previously reported North America, EMEA and International operating segments into two operating segments, Americas and International. The Americas will include the U.S., Canada, Brazil, Mexico and Chile and the International reportable segment will include EMEA, Australia, New Zealand and Asia. This change will simplify and delayer the Company's operating structure and reduce costs through headcount reductions, supply change optimization, global footprint rationalization, and better leverage of our sourcing capabilities. The Company will recast prior period comparable results in early 2024 to reflect this operating segment change. 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, 2023, 2022, and 2021 were as follows:
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
ACCO Brands North America |  | $ | 887.2 |  |  | $ | 998.0 |  |  | $ | 1,042.4 |
ACCO Brands EMEA |  |  | 547.2 |  |  |  | 580.3 |  |  |  | 662.9 |
ACCO Brands International |  |  | 398.4 |  |  |  | 369.3 |  |  |  | 320.0 |
Net sales |  | $ | 1,832.8 |  |  | $ | 1,947.6 |  |  | $ | 2,025.3 |
Operating (loss) income by reportable business segment for the years ended December 31, 2023, 2022, and 2021 was as follows:
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
ACCO Brands North America |  | $ | (5.9 | ) |  | $ | (4.9 | ) |  | $ | 121.9 |
ACCO Brands EMEA |  |  | 38.7 |  |  |  | 21.7 |  |  |  | 61.7 |
ACCO Brands International |  |  | 60.7 |  |  |  | 50.5 |  |  |  | 31.6 |
Segment operating (loss) income |  |  | 93.5 |  |  |  | 67.3 |  |  |  | 215.2 |
Change in fair value of contingent consideration |  |  | — |  |  |  | 9.0 |  |  |  | (19.0 | )
Corporate(1) |  |  | (48.8 | ) |  |  | (41.5 | ) |  |  | (45.2 | )
Operating income(2) |  |  | 44.7 |  |  |  | 34.8 |  |  |  | 151.0 |
Interest expense |  |  | 58.6 |  |  |  | 45.6 |  |  |  | 46.3 |
Interest income |  |  | (7.1 | ) |  |  | (8.3 | ) |  |  | (1.9 | )
Non-operating pension expense (income) |  |  | 1.8 |  |  |  | (4.5 | ) |  |  | (7.9 | )
Other expense (income), net |  |  | 4.5 |  |  |  | (12.9 | ) |  |  | 3.1 |
(Loss) income before income tax |  | $ | (13.1 | ) |  | $ | 14.9 |  |  | $ | 111.4 |
(1) Corporate operating loss in 2021 includes transaction costs of $0.2 million primarily for legal and due diligence expenditures associated with 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, 2023 and 2022:
(in millions) |  | 2023 |  |  | 2022 |
ACCO Brands North America(3) |  | $ | 401.4 |  |  | $ | 459.2 |
ACCO Brands EMEA(3) |  |  | 217.1 |  |  |  | 236.0 |
ACCO Brands International(3) |  |  | 338.5 |  |  |  | 308.4 |
Total segment assets |  |  | 957.0 |  |  |  | 1,003.6 |
Unallocated assets |  |  | 1,684.2 |  |  |  | 1,787.2 |
Corporate(3) |  |  | 3.6 |  |  |  | 3.9 |
Total assets |  | $ | 2,644.8 |  |  | $ | 2,794.7 |
(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, 2023 and 2022:
(in millions) |  | 2023 |  |  | 2022 |
ACCO Brands North America(4) |  | $ | 1,190.7 |  |  | $ | 1,359.9 |
ACCO Brands EMEA(4) |  |  | 568.7 |  |  |  | 588.4 |
ACCO Brands International(4) |  |  | 603.4 |  |  |  | 573.8 |
Total segment assets |  |  | 2,362.8 |  |  |  | 2,522.1 |
Unallocated assets |  |  | 278.4 |  |  |  | 268.7 |
Corporate(4) |  |  | 3.6 |  |  |  | 3.9 |
Total assets |  | $ | 2,644.8 |  |  | $ | 2,794.7 |
(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, 2023, 2022, and 2021 was as follows:
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
ACCO Brands North America |  | $ | 4.0 |  |  | $ | 8.8 |  |  | $ | 11.2 |
ACCO Brands EMEA |  |  | 6.8 |  |  |  | 4.7 |  |  |  | 7.3 |
ACCO Brands International |  |  | 4.5 |  |  |  | 4.2 |  |  |  | 2.7 |
Total capital spend |  | $ | 15.3 |  |  | $ | 17.7 |  |  | $ | 21.2 |
Depreciation expense by reportable business segment for the years ended December 31, 2023, 2022, and 2021 was as follows:
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
ACCO Brands North America |  | $ | 16.8 |  |  | $ | 20.1 |  |  | $ | 20.7 |
ACCO Brands EMEA |  |  | 10.9 |  |  |  | 12.6 |  |  |  | 13.1 |
ACCO Brands International |  |  | 5.0 |  |  |  | 5.2 |  |  |  | 5.6 |
Total depreciation |  | $ | 32.7 |  |  | $ | 37.9 |  |  | $ | 39.4 |
Property, plant and equipment, net by reportable business segment as of December 31, 2023, 2022 was as follows:
(in millions) |  | 2023 |  |  | 2022 |
U.S. |  | $ | 68.2 |  |  | $ | 82.3 |
Canada |  |  | 1.5 |  |  |  | 1.7 |
ACCO Brands North America |  |  | 69.7 |  |  |  | 84.0 |
ACCO Brands EMEA |  |  | 60.9 |  |  |  | 62.9 |
Australia/N.Z. |  |  | 9.5 |  |  |  | 10.0 |
Latin America |  |  | 29.1 |  |  |  | 26.6 |
Asia-Pacific |  |  | 0.9 |  |  |  | 1.6 |
ACCO Brands International |  |  | 39.5 |  |  |  | 38.2 |
Property, plant and equipment, net |  | $ | 170.1 |  |  | $ | 185.1 |
Top Customers Net sales to our five largest customers totaled $609.0 million, $663.3 million and $720.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. No customer exceeded 10 percent of net sales for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023 and 2022, our top five trade accounts receivable totaled $138.1 million and $125.6 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration