Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 145

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 145
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 remaining service expected.

We recognized pension expense of $7.1 million and $2.8 million for the years ended December 31, 2024, and 2023,respectively and pension income of $3.1 million for the year ended December 31, 2022. Post-retirement income was $0.4 million, $0.3 million, and $0.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. The increase in pension expense was primarily due to settlement costs and changes in discount rates.

The weighted average assumptions used to determine benefit obligations for the years ended December 31, 2024, 2023, and 2022 were as follows:

    Pension
     
    Post-retirement

    U.S.
     
    International

    2024
     
    2023
     
    2022
     
    2024
     
    2023
     
    2022
     
    2024
     
    2023
     
    2022

    Discount rate
     
    5.7 %
     
    5.0 %
     
    5.1 %
     
    4.8 %
     
    4.2 %
     
    4.5 %
     
    5.2 %
     
    4.8 %
     
    3.8 %

    Rate of compensation increase
     
    N/A
     
    N/A
     
    N/A
     
    3.0 %
     
    2.9 %
     
    3.0 %
     
    N/A
     
    N/A
     
    N/A

The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2024, 2023 and 2022 were as follows:

    Pension
     
    Post-retirement

    U.S.
     
    International

    2024
     
    2023
     
    2022
     
    2024
     
    2023
     
    2022
     
    2024
     
    2023
     
    2022

    Discount rate
     
    5.0 %
     
    5.1 %