Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 73

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 73
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 PSUs that vested during the years ended December 31, 2024, 2023 and 2022 was $4.6 million, $2.8 million and $3.0 million, respectively. Based on the level of achievement of the performance targets associated with the PSU awards, as of December 31, 2024, we have $4.4 million of unrecognized compensation expense, which will be recognized over a weighted-average period of 1.5 years.

7. Inventories  The components of inventories were as follows:

        (in millions)
         
        2024

        2023

        Raw materials
         
        $
        35.9

        $
        50.1

        Work in process

        3.3

        4.7

        Finished goods

        231.2

        272.7

        Total inventories
         
        $
        270.4

        $
        327.5

71

 ACCO Brands Corporation and SubsidiariesNotes to Consolidated Financial Statements (Continued) 

8. Property, Plant and Equipment, Net  The components of net property, plant and equipment were as follows: 

        December 31

        (in millions)
         
        2024

        2023

        Land and improvements
         
        $
        17.4

        $
        20.9

        Buildings and improvements to leaseholds

        115.4

        130.7

        Machinery and equipment

        365.2

        442.9

        Construction in progress

        7.5

        5.1

        505.5

        599.6

        Less: accumulated depreciation

        (368.0
        )

        (429.5
        )

        Net property, plant and equipment (1)
         
        $
        137.5

        $
        170.1

       (1)Net property, plant and equipment as of December 31, 2024 and 2023 included $29.4 million and $37.9 million of computer software assets, respectively, which are classified within machinery and equipment and construction in progress. Depreciation expense for software was $13.8 million, $14.1 million and $13.9 million for the years ended December 31, 2024,