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Information on Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Net Sales by Business Segment | 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 |
Schedule of Operating (Loss) Income by Business Segment | 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.
Reconciliation of Assets from Segment to Consolidated | 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.
Schedule of Assets by Segment Including Allocation of Intangible Assets and Goodwill | 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.
Schedule of Capital Spend and Depreciation Expense by Segment | 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 |
Schedule of Property, Plant and Equipment, Net by Geographic Region | 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 |

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