Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 75

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 75
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will impairment

        (89.5
        )

        —

        (89.5
        )

        Foreign currency translation

        0.9

        7.1

        8.0

        Balance at December 31, 2023
         
        $
        383.6

        $
        206.4

        $
        590.0

        Goodwill impairment

        (127.5
        )

        —

        (127.5
        )

        Foreign currency translation

        (2.8
        )

        (13.3
        )

        (16.1
        )

        Balance at December 31, 2024
         
        $
        253.3

        $
        193.1

        $
        446.4

       The goodwill balance includes $313.8 million, $403.3 million, and $530.8 million of accumulated impairment losses for the years ended December 31, 2022, 2023, and 2024, respectively. Identifiable Intangible Assets  We test indefinite-lived intangibles for impairment at least annually as of our measurement date of May 31st and on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. During the second quarter of 2024, we identified a triggering event for our indefinite-lived trade names within our Americas reporting unit indicating that it was more likely than not that an impairment loss had been incurred. The triggering event was a decline in forecasted cash flows within certain product categories. Accordingly, as of May 31, 2024, we completed an impairment assessment, on a quantitative basis, for our indefinite-lived trade names. The result of our assessment was that the fair value of the Five Star® indefinite-lived trade name did not exceed its carrying value resulting in an impairment charge of $37.7 million. The result of our assessment of the Swingline® and ACCO® indefinite-lived trade names was that the fair value of each exceeded its carrying value and we concluded that no impairment existed. Estimating the fair value of each trade name requires us to make assumptions and estimates regarding our future. We utilized a relief-from-royalty discounted cash flows approach. The financial projections used in the valuation models reflected management's assumptions regarding revenue growth rates, economic and market trends, royalty rate, discount rate, and other expectations about the anticipated short-term and long-term operating