Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 80

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 80
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 U.S. The Company has approximately $319.5 million of additional unremitted earnings of non-U.S. subsidiaries, which are indefinitely reinvested and for which no deferred taxes have been provided.  

77

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

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 was as follows: 

        (in millions)
         
        2024

        2023

        2022

        Balance at beginning of year
         
        $
        28.0

        $
        39.1

        $
        43.3

        Additions for tax positions of prior years

        3.5

        3.6

        2.5

        Reductions for tax positions of prior years

        (5.6
        )

        (17.7
        )

        (8.3
        )

        Increase (decrease) resulting from foreign currency translation

        (5.2
        )

        3.0

        1.6

        Balance at end of year
         
        $
        20.7

        $
        28.0

        $
        39.1

       As of December 31, 2024, the amount of unrecognized tax benefits decreased to $20.7 million, all of which would impact our effective tax rate, if recognized. We expect the amount of unrecognized tax benefits to change within the next twelve months including releases of previously recorded reserves of approximately $2.4 million. Interest and penalties related to unrecognized tax benefits are recognized within "Income tax expense" in the Consolidated Statements of Income. As of December 31, 2024, we have accrued a cumulative $13.0 million for interest and penalties on the unrecognized tax benefits primarily related to the Brazil Tax Assessments. As of December 31, 2024, the U.S. federal statute of limitations remains open for the year 2021 and forward. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from 2 to 6 years. As of December 31, 2024, years still open to examination by foreign tax authorities in major jurisdictions include Australia (2020 forward), Brazil (2019 forward), Canada (2019 forward), Germany (202