Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 79

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 79
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 )

        Identifiable intangibles

        (151.9
        )

        (170.4
        )

        Other

        —

        Gross deferred tax liabilities

        (159.8
        )

        (180.1
        )

        Net deferred tax liabilities
         
        $
        (22.6
        )
         
        $
        (20.9
        )
       
       A valuation allowance of $60.3 million and $59.2 million as of December 31, 2024 and 2023, respectively, has been established for deferred income tax assets. The $1.1 million increase in the valuation allowance in 2024 reflects the increase in our existing valuation by $2.4 million, partly offset by a $1.3 million decrease resulting from foreign currency translation. The valuation allowance is primarily related to net operating loss (the "NOL") carryforwards that may not be realized. Realization of the net deferred income tax assets is dependent upon generating sufficient taxable income prior to the expiration of the applicable carryforward periods. Although realization is not certain, management believes that it is more likely than not that the net deferred income tax assets will be realized. However, the amount of net deferred tax assets considered realizable could change in the near term if estimates of future taxable income during the applicable carryforward periods fluctuate. As of December 31, 2024, the Company has state NOL tax benefits of $13.9 million which will expire between December 31, 2025 and December 31, 2034. As of December 31, 2024, the Company has $1.8 million of federal general business credit carryforwards which will expire on December 31, 2044. As of December 31, 2024, the Company had $6.8 million of foreign tax credit carryforwards of which $4.9 million will expire on December 31, 2027 and $1.9 million will expire on December 31, 2034. As of December 31, 2024, the Company has foreign NOLs of $266.2 million and tax benefits of $60.9 million, most of which have unlimited carryforward periods. As of December 31, 2024, the Company has recorded $4.1 million of deferred taxes on approximately $330.7 million of unremitted earnings of non-U.S. subsidiaries that may be remitted to the