Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 132

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 132
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1 million of expense related to exiting certain product lines.

Income Tax Expense

For the year ended December 31, 2024, we recorded income tax expense of $14.3 million on loss before taxes of $87.3 million. This compared with an income tax expense of $8.7 million on loss before taxes of $13.1 million for the year ended December 31, 2023. The increase in tax expense was primarily due to an income tax benefit from the release of certain unrecognized tax benefits related to the Brazil Tax Assessments in 2023 of $13.3 million which did not repeat, partly offset by a reduction in pretax book income.

See "Note 11. Income Taxes" to the Consolidated Financial Statements contained in Part II, Item 8. of this report for more information.

Net Loss/Diluted Loss per Share

For the year ended December 31, 2024, net loss was $101.6 million, or $(1.06) per share, compared to $21.8 million, or $(0.23) per share, in the prior year. The increase in the net loss was primarily due to the higher non-cash impairment charges related to our intangible assets.

29

Segment Net Sales and Operating (Loss) Income for the Years Ended December 31, 2024 and 2023

ACCO Brands Americas

    Year EndedDecember 31,

    Amount of Change

    (in millions)
     
    2024

    2023

    $

    %/pts

    Net sales
     
    $
    999.9

    $
    1,135.7

    $
    (135.8
    )

    (12.0
    )%

    Segment operating (loss) income⁽¹⁾

    (45.5
    )

    43.9

    (89.4
    )
     
    NM

    Segment operating (loss) income margin

    (4.6
    )%

    3.9
     %

    (8.5
    )
     pts

    Comparable sales (Non-GAAP)⁽²⁾
     
    $
    1,016.6

    $
    1,135.7

    $
    (119.1
    )

    (10.5
    )%

(1)Segment operating (loss) income excludes corporate costs.