Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 194

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 194
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, 2012 exchange rates) in consideration of this contingency, of which $43.3 million was recorded as an adjustment to the purchase price and which included the 2007-2012 tax years plus penalties and interest through December 2012. During the third quarter of 2023, there was a change in Brazilian law which allowed us to seek cancellation of the 75 percent standard penalty that would be payable in the event we do not prevail in our actions challenging the Brazil Tax Assessments. Following completion of the necessary administrative procedures, during the fourth quarter of 2023, the Company reduced its reserve for this contingency by $13.3 million, representing the amount of the cancelled penalties, as well as interest and other fees related to those penalties. We will continue to actively monitor administrative and judicial court decisions and evaluate their impact, if any, on our legal assessment of the ultimate outcome of our disputes. In addition, we will continue to accrue interest related to this contingency until such time as the outcome is known or until evidence is presented that we are more likely than not to prevail. During the years ended December 31, 2024, 2023 and 2022, we accrued additional interest as a charge to current income tax expense of $0.6 million, $0.9 million and $1.5 million, respectively. Our accrual through December 31, 2024, including tax, penalties and interest, is $17.8 million (at December 31, 2024 exchange rates, reported in "Other non-current liabilities").

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

12. Earnings per Share  Total outstanding shares as of December 31, 2024, 2023, and 2022 were 92.9 million, 94.9 million and 94.3 million, respectively. Under our stock repurchase authorization, for the years ended December 31, 2024 and 2022 there were 2.9 million and 2.7 million shares repurchased and retired, respectively. For the year ended December 31, 2023, we did not repurchase any shares. For the years ended December 31, 2024, 2023, and 2022, we acquired 0.4 million, 0.3 million and 0.3 million shares, respectively, related to tax withholding in connection with stock-based compensation