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Restructuring
12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring

10. Restructuring

 

The Company recorded $27.2 million, $9.6 million and $6.0 million of restructuring charges for the years ended December 31, 2023, 2022 and 2021, respectively. Restructuring charges were primarily for severance costs related to cost reduction initiatives in our North America and EMEA segments in 2023 and for all segments in 2022 and 2021.

 

The summary of the activity in the restructuring liability for the year ended December 31, 2023 was as follows:

 

(in millions)

 

Balance at December 31, 2022

 

 

Provision

 

 

Cash Expenditures

 

Non-cash Items/Currency Change

 

 

Balance at December 31, 2023

 

Employee termination costs(1)

 

$

8.7

 

 

$

26.1

 

 

$

(7.6

)

$

0.3

 

 

$

27.5

 

Other(2)

 

 

 

 

 

1.1

 

 

 

(0.2

)

 

 

 

 

0.9

 

Total restructuring liability

 

$

8.7

 

 

$

27.2

 

 

$

(7.8

)

$

0.3

 

 

$

28.4

 

 

(1)
We expect the remaining $27.5 million of employee termination costs to be substantially paid within the next twelve months.
(2)
We expect the remaining $0.9 million in other 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, 2022 was as follows:

 

(in millions)

 

Balance at December 31, 2021

 

 

Provision

 

 

Cash Expenditures

 

 

Non-cash Items/Currency Change

 

 

Balance at December 31, 2022

 

Employee termination costs

 

$

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

 

 

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

 

(in millions)

 

Balance at December 31, 2020

 

 

Provision

 

 

Cash Expenditures

 

 

Non-cash Items/Currency Change

 

 

Balance at 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

 

 

Restructuring charges for the years ended December 31, 2023, 2022, and 2021 by reporting segment were as follows:

 

(in millions)

 

2023

 

 

2022

 

 

2021

 

ACCO Brands North America

 

$

16.7

 

 

$

5.3

 

 

$

4.4

 

ACCO Brands EMEA

 

 

8.9

 

 

 

3.4

 

 

 

0.5

 

ACCO Brands International

 

 

1.0

 

 

 

0.7

 

 

 

1.1

 

Corporate

 

 

0.6

 

 

 

0.2

 

 

 

 

Total restructuring charges

 

$

27.2

 

 

$

9.6

 

 

$

6.0