Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 191

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 191
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2044. As of December 31, 2024, the Company had $6.8 million of foreign tax credit carryforwards of which $4.9 million will expire on December 31, 2027 and $1.9 million will expire on December 31, 2034. As of December 31, 2024, the Company has foreign NOLs of $266.2 million and tax benefits of $60.9 million, most of which have unlimited carryforward periods. As of December 31, 2024, the Company has recorded $4.1 million of deferred taxes on approximately $330.7 million of unremitted earnings of non-U.S. subsidiaries that may be remitted to the U.S. The Company has approximately $319.5 million of additional unremitted earnings of non-U.S. subsidiaries, which are indefinitely reinvested and for which no deferred taxes have been provided.  

77

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

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 was as follows: 

        (in millions)
         
        2024

        2023

        2022

        Balance at beginning of year
         
        $
        28.0

        $
        39.1

        $
        43.3

        Additions for tax positions of prior years

        3.5

        3.6

        2.5

        Reductions for tax positions of prior years

        (5.6
        )

        (17.7
        )

        (8.3
        )

        Increase (decrease) resulting from foreign currency translation

        (5.2
        )

        3.0

        1.6

        Balance at end of year
         
        $
        20.7

        $
        28.0

        $
        39.1

       As of December 31, 2024, the amount of unrecognized tax benefits decreased to $20.7 million, all of which would impact our effective tax rate, if recognized. We expect the amount of unrecognized tax benefits to change within the next twelve months including releases of previously recorded reserves of approximately $2.4 million. Interest and penalties related to