Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 175

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 175
---
        2026

        21.4

        2027

        16.6

        2028

        13.6

        2029

        10.6

        Thereafter

        17.8

        Total minimum lease payments

        106.2

        Less imputed interest

        17.8

        Future minimum payments for leases, net of sublease rental income and imputed interest
         
        $
        88.4

5. Pension and Other Retiree Benefits  We have a number of pension plans, principally in Germany, the U.K. and the U.S. The plans provide for payment of retirement benefits, primarily commencing between the ages of 60 and 65, and also for payment of certain disability and severance benefits. After meeting certain qualifications, an employee acquires a vested right to future benefits. The benefits payable under the plans are generally determined based on an employee’s length of service and earnings. The majority of these plans have been frozen and are no longer accruing additional service benefits. Cash contributions to the plans are made as necessary to ensure legal funding requirements are satisfied. The ACCO Brands Corporation Pension Plan was fully and permanently frozen as of December 31, 2021. In 2019, the Esselte U.K. plan was frozen and merged with the legacy ACCO U.K. plan, which was frozen on September 30, 2012. As of December 31, 2016, our Canadian Salaried and Hourly pension plans were frozen. Effective July 1, 2022, the Company announced its plan to terminate those Canadian pension plans. During 2024, we finalized the settlement of the entire benefit obligation for the Canadian Salaried and Hourly pension plans resulting in a final settlement cost of $4.5 million. Our German Esselte Leitz Pension Plan had an unfunded liability of $98.0 million and $109.9 million for the years ended December 31, 2024, and 2023, respectively. As is customary, there are no plans to, and there is no requirement to, fund the German Pension Plan other than to meet the current liabilities. We also provide post-retirement health care and life insurance benefits to certain employees and retirees in the U.S., U.K. and Canada. All but one of these benefit plans is no longer open to new participants. Many employees and retirees outside