Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 28

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 28
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 operating income of $43.9 million in the prior year. The operating loss in the current year included non-cash intangible asset impairment charges totaling $165.2 million versus $89.5 million in the prior year. The decline in operating results reflects the impact of lower sales volume, partly offset by lower SG&A and lower restructuring expenses. The lower SG&A reflects our cost reduction initiatives and reduced incentive compensation. Adverse foreign exchange reduced operating loss $2.8 million or 6.4 percent.

ACCO Brands International

    Year EndedDecember 31,

    Amount of Change

    (in millions)
     
    2024

    2023

    $

    %/pts

    Net sales
     
    $
    666.3

    $
    697.1

    $
    (30.8
    )

    (4.4
    )%

    Segment operating income⁽¹⁾

    54.1

    49.6

    4.5

    9.1
     %

    Segment operating income margin

    8.1
     %

    7.1
     %

    1.0
     
     pts

    Comparable sales (Non-GAAP)⁽²⁾
     
    $
    668.9

    $
    697.1

    $
    (28.2
    )

    (4.0
    )%

(1)Segment operating income excludes corporate costs. See "Part II, Item 8. Note 17. Information on Operating Segments" for a reconciliation of total "Segment operating (loss) income" to "(Loss) income before income tax."

(2)See reconciliation to GAAP contained in Part II, Item 7. "Supplemental Non-GAAP Financial Measure."

For the year ended December 31, 2024, net sales decreased $30.8 million, or 4.4 percent, primarily due to lower volume of $39.7 million, or 5.7 percent, partly offset by price increases which added $11.5 million, or 1.6 percent. The lower volume reflects reduced business and consumer demand for our office products, partly offset by growth in technology accessories. Adverse foreign exchange reduced sales $2.6 million, or 0.4 percent. 

For the year ended December 31, 2024, operating income increased $