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Pension and Other Retiree Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Defined Benefit Plan Disclosure [Line Items]

Schedule of Amounts Recognized in Balance Sheet Net Funded Status

The following table sets forth our defined benefit pension and post-retirement plans funded status and the amounts recognized in our Consolidated Balance Sheets:

		Pension																Post-retirement
		U.S.								International
(in millions)			2024				2023				2024				2023				2024				2023
Change in projected benefit obligation (PBO)
Projected benefit obligation at beginning of year		$	162.6			$	162.3			$	467.4			$	441.1			$	3.3			$	3.2
Service cost			—				—				0.6				0.5				—				—
Interest cost			7.7				7.9				18.5				20.0				0.2				0.2
Actuarial (gain) loss			(9.1	)			3.2				(34.4	)			14.6				0.5				0.1
Participants’ contributions			—				—				0.1				0.1				—				—
Benefits paid			(10.7	)			(10.8	)			(27.7	)			(27.0	)			(0.3	)			(0.3	)
Settlement			—				—				(15.1	)			(3.9	)			—				—
Foreign exchange rate changes			—				—				(12.9	)			22.0				(0.1	)			0.1
Projected benefit obligation at end of year			150.5				162.6				396.5				467.4				3.6				3.3
Change in plan assets
Fair value of plan assets at beginning of year			145.5				140.2				324.9				306.4				—				—
Actual return on plan assets			7.6				13.6				(8.4	)			18.9				—				—
Employer contributions			3.0				2.5				14.5				14.1				0.3				0.3
Participants’ contributions			—				—				0.1				0.1				—				—
Benefits paid			(10.7	)			(10.8	)			(27.7	)			(27.0	)			(0.3	)			(0.3	)
Settlement			—				—				(15.1	)			(4.0	)			—				—
Foreign exchange rate changes			—				—				(5.4	)			16.4				—				—
Fair value of plan assets at end of year			145.4				145.5				282.9				324.9				—				—
Funded status (Fair value of plan assets less PBO)		$	(5.1	)		$	(17.1	)		$	(113.6	)		$	(142.5	)		$	(3.6	)		$	(3.3	)
Amounts recognized in the Consolidated Balance Sheets consist of:
Other non-current assets		$	—			$	—			$	2.5			$	2.5			$	—			$	—
Other current liabilities			—				—				7.2				7.5				0.4				0.3
Pension and post-retirement benefit obligations			5.1				17.1				108.9				137.5				3.2				3.0
Components of accumulated other comprehensive income (loss), net of tax:
Unrecognized actuarial loss (gain)			84.4				90.7				121.9				139.9				(2.6	)			(3.6	)
Unrecognized prior service cost			—				—				4.9				5.2				—				—

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following table sets out information for pension plans with an accumulated benefit obligation in excess of plan assets:

		U.S.								International
(in millions)			2024				2023				2024				2023
Accumulated benefit obligation(1)		$	150.5			$	162.6			$	116.8			$	437.4
Fair value of plan assets			145.4				145.5				4.0				297.2

(1)The decrease in 2024 under International as compared to 2023 is the result of the ACCO U.K. plan ABO no longer being in excess of plan assets as of December 31, 2024, unlike the prior year.

Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligations in Excess of Plan Assets

The following table sets out information for pension plans with a projected benefit obligation in excess of plan assets:

		U.S.								International
(in millions)			2024				2023				2024				2023
Projected benefit obligation		$	150.5			$	162.6			$	385.1			$	442.1
Fair value of plan assets			145.4				145.5				268.9				297.2

Components of Net Periodic Benefit (Income) Expense for Pension and Post-Retirement Plans

The components of net periodic benefit (income) cost for pension and post-retirement plans for the years ended December 31, 2024, 2023 and 2022, were as follows:

		Year Ended December 31,
		Pension																								Post-retirement
		U.S.												International
(in millions)		2024				2023				2022				2024				2023				2022				2024				2023				2022
Service cost		$	—			$	—			$	—			$	0.6			$	0.5			$	1.0			$	—			$	—			$	—
Interest cost			7.7				7.9				4.9				18.5				20.0				9.6				0.2				0.2				0.1
Expected return on plan assets			(12.9	)			(12.0	)			(10.9	)			(19.6	)			(21.5	)			(17.5	)			—				—				—
Amortization of net loss (gain)			2.5				2.2				3.7				5.4				4.2				5.0				(0.6	)			(0.5	)			(0.5	)
Amortization of prior service cost			—				—				—				0.3				0.3				0.3				—				—				—
Special termination benefit(2)			—				—				—				—				—				0.8				—				—				—
Settlement (3)			—				—				—				4.6				1.2				—				—				—				—
Net periodic benefit (income) cost (4)		$	(2.7	)		$	(1.9	)		$	(2.3	)		$	9.8			$	4.7			$	(0.8	)		$	(0.4	)		$	(0.3	)		$	(0.4	)

(2)Special termination benefit of $0.8 million due to the plan wind-up of our Canadian Salaried and Hourly pension plans effective July 1, 2022.

(3)Settlement amounts of $4.6 million in 2024 and $1.2 million in 2023 are primarily related to the wind-up of our Canadian Salaried and Hourly pension plans.

(4)The components of net periodic benefit (income) cost, other than service cost, are included in the line "Non-operating pension expense (income)" in the Consolidated Statements of Loss.

Schedule of Defined Benefit Plan Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations that were recognized in accumulated other comprehensive income (loss) during the years ended December 31, 2024, 2023 and 2022 were as follows:

		Pension																								Post-retirement
		U.S.												International
(in millions)			2024				2023				2022				2024				2023				2022				2024				2023				2022
Current year actuarial (gain) loss		$	(3.8	)		$	1.6			$	(1.0	)		$	(6.5	)		$	17.2			$	(23.9	)		$	0.5			$	0.1			$	(0.6	)
Amortization of actuarial (loss) gain			(2.5	)			(2.2	)			(3.7	)			(9.9	)			(5.2	)			(5.1	)			0.5				0.5				0.5
Amortization of prior service cost			—				—				—				(0.3	)			(0.3	)			(0.3	)			—				—				—
Foreign exchange rate changes			—				—				—				(1.7	)			7.5				(21.5	)			0.1				(0.1	)			0.2
Total recognized in other comprehensive (loss) income			(6.3	)			(0.6	)			(4.7	)			(18.4	)			19.2				(50.8	)			1.1				0.5				0.1
Total recognized in net periodic benefit (income) cost and other comprehensive (loss) income		$	(9.0	)		$	(2.5	)		$	(7.0	)		$	(8.6	)		$	23.9			$	(51.6	)		$	0.7			$	0.2			$	(0.3	)

Schedule of Assumptions Used

The weighted average assumptions used to determine benefit obligations for the years ended December 31, 2024, 2023, and 2022 were as follows:

		Pension												Post-retirement
		U.S.						International
		2024		2023		2022		2024		2023		2022		2024		2023		2022
Discount rate		5.7 %		5.0 %		5.1 %		4.8 %		4.2 %		4.5 %		5.2 %		4.8 %		3.8 %
Rate of compensation increase		N/A		N/A		N/A		3.0 %		2.9 %		3.0 %		N/A		N/A		N/A

The weighted average assumptions used to determine net periodic benefit (income) cost for the years ended December 31, 2024, 2023, and 2022 were as follows:

		Pension												Post-retirement
		U.S.						International
		2024		2023		2022		2024		2023		2022		2024		2023		2022
Discount rate		5.0 %		5.1 %		2.9 %		4.2 %		4.5 %		1.8 %		4.8 %		5.0 %		2.4 %
Expected long-term rate of return		8.0 %		7.5 %		6.5 %		6.2 %		6.9 %		4.0 %		N/A		N/A		N/A
Rate of compensation increase		N/A		N/A		N/A		2.9 %		3.0 %		3.0 %		N/A		N/A		N/A

The weighted average health care cost trend rates used to determine post-retirement benefit obligations and net periodic benefit (income) cost as of December 31, 2024, 2023 and 2022 were as follows:

		Post-retirement
		2024		2023		2022
Health care cost trend rate assumed for next year		10 %		9 %		6 %
Rate that the cost trend rate is assumed to decline (the ultimate trend rate)		8 %		7 %		5 %
Year that the rate reaches the ultimate trend rate		2031		2031		2030

Schedule of Allocation of Plan Assets

Our pension plan weighted average asset allocations as of December 31, 2024 and 2023 were as follows:

	2024		2023
	U.S.	International	U.S.	International
Asset category
Equity securities	34 %	6 %	37 %	7 %
Fixed income	59 %	59 %	57 %	63 %
Real estate	4 %	2 %	4 %	3 %
Other(5)	3 %	33 %	2 %	27 %
Total	100 %	100 %	100 %	100 %

(5)Multi-strategy hedge funds, commodity linked funds, private equity funds, and cash and cash equivalents for certain of our plans.

Schedule of Expected Benefit Payments

The following table presents estimated future benefit payments to participants for the next ten fiscal years:

(in millions)		Pension Benefits				Post-retirement Benefits
2025		$	40.2			$	0.4
2026			39.0				0.4
2027			39.2				0.4
2028			40.0				0.4
2029			40.2				0.3
Years 2030 - 2034			208.3				1.5

Schedule of Multi-employer Plans

Details regarding the plan are outlined in the table below.

EIN/Pension Plan

Pension Protection Act Zone Status

FIP/RP Status Pending

Contributions Year Ended December 31,

Surcharge

Expiration Date of Collective-Bargaining

Pension Fund

Number

2024

2023

Implemented

2024

2023

2022

Imposed

Agreement

PACE Industry Union-Management Pension Fund

11-6166763 / 001

Red

Red

Implemented

$0.1

$0.1

$0.1

Yes

6/30/2028

U.S.

Defined Benefit Plan Disclosure [Line Items]

Schedule of Allocation of Plan Assets

U.S. Pension Plan Assets

The fair value measurements of our U.S. pension plan assets by asset category as of December 31, 2024 were as follows:

		Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
(in millions)		(Level 1)				(Level 2)				(Level 3)				December 31, 2024
Mutual funds		$	110.9			$	—			$	—			$	110.9
Exchange traded funds			33.1				—				—				33.1
Common collective trust funds			—				1.4				—				1.4
Total		$	144.0			$	1.4			$	—			$	145.4

The fair value measurements of our U.S. pension plan assets by asset category as of December 31, 2023 were as follows:

		Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
(in millions)		(Level 1)				(Level 2)				(Level 3)				December 31, 2023
Mutual funds		$	106.1			$	—			$	—			$	106.1
Exchange traded funds			38.3				—				—				38.3
Common collective trust funds			—				1.1				—				1.1
Total		$	144.4			$	1.1			$	—			$	145.5

International

Defined Benefit Plan Disclosure [Line Items]

Schedule of Allocation of Plan Assets

International Pension Plans Assets

The fair value measurements of our international pension plans assets by asset category as of December 31, 2024 were as follows:

		Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
(in millions)		(Level 1)				(Level 2)				(Level 3)				December 31, 2024
Cash and cash equivalents		$	3.1			$	—			$	—			$	3.1
Equity securities			17.4				—				—				17.4
Corporate debt securities			—				62.0				—				62.0
Multi-strategy hedge funds			—				33.7				—				33.7
Insurance contracts			—				4.2				—				4.2
Real estate			—				0.8				—				0.8
Government debt securities			—				105.5				—				105.5
Investments measured at net asset value(6)
Multi-strategy hedge funds															29.2
Real estate															4.3
Private equity															22.7
Total		$	20.5			$	206.2			$	—			$	282.9

(6)Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the table that presents our defined benefit pension and post-retirement plans funded status.

The fair value measurements of our international pension plans assets by asset category as of December 31, 2023 were as follows:

		Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
(in millions)		(Level 1)				(Level 2)				(Level 3)				December 31, 2023
Cash and cash equivalents		$	6.4			$	—			$	—			$	6.4
Equity securities			20.4				2.7				—				23.1
Corporate debt securities			—				73.6				—				73.6
Multi-strategy hedge funds			—				30.2				—				30.2
Insurance contracts			—				4.1				—				4.1
Real estate			—				3.7				—				3.7
Government debt securities			—				131.3				—				131.3
Investments measured at net asset value(6)
Multi-strategy hedge funds															24.7
Real estate															5.9
Private equity															21.9
Total		$	26.8			$	245.6			$	—			$	324.9

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-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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