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Restructuring | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring | 10. Restructuring The Company recorded $16.8 million, $27.2 million and $9.6 million of restructuring charges for the years ended December 31, 2024, 2023 and 2022, respectively. Restructuring charges were primarily for severance costs related to cost reduction initiatives for all segments in 2024, 2023 and 2022. The summary of the activity in the restructuring liability for the year ended December 31, 2024 was as follows:
(in millions) |  | Balance at December 31, 2023 |  |  | Provision |  |  | Cash Expenditures |  | Non-cash Items/Currency Change |  |  | Balance at December 31, 2024 |
Employee termination costs(1) |  | $ | 27.5 |  |  | $ | 16.6 |  |  | $ | (17.0 | ) | $ | (0.5 | ) |  | $ | 26.6 |
Other |  |  | 0.9 |  |  |  | 0.2 |  |  |  | (1.1 | ) |  | — |  |  |  | — |
Total restructuring liability |  | $ | 28.4 |  |  | $ | 16.8 |  |  | $ | (18.1 | ) | $ | (0.5 | ) |  | $ | 26.6 |
(1) We expect the remaining $26.6 million of 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, 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 |  | $ | 8.7 |  |  | $ | 26.1 |  |  | $ | (7.6 | ) |  | $ | 0.3 |  |  | $ | 27.5 |
Other |  |  | — |  |  |  | 1.1 |  |  |  | (0.2 | ) |  |  | — |  |  |  | 0.9 |
Total restructuring liability |  | $ | 8.7 |  |  | $ | 27.2 |  |  | $ | (7.8 | ) |  | $ | 0.3 |  |  | $ | 28.4 |
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 |
Restructuring charges for the years ended December 31, 2024, 2023 and 2022 by reporting segment were as follows:
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
ACCO Brands Americas |  | $ | 6.5 |  |  | $ | 16.7 |  |  | $ | 6.0 |
ACCO Brands International |  |  | 6.9 |  |  |  | 9.9 |  |  |  | 3.4 |
Corporate |  |  | 3.4 |  |  |  | 0.6 |  |  |  | 0.2 |
Total restructuring charges |  | $ | 16.8 |  |  | $ | 27.2 |  |  | $ | 9.6 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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