Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 188

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 188
---
 38.3

        $
        36.6

       (3)Actual amounts of amortization expense may differ from estimated amounts due to changes in foreign currency exchange rates, additional intangible asset acquisitions, impairment of intangible assets, accelerated amortization of intangible assets and other events.

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.

74

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

 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.