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Restructuring
12 Months Ended
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