Company: ACCO
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024931
Chunk: 78

Company: ACCO BRANDS Corp
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 78
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1.0
        )

        (0.1
        )

        Other (decrease) increase

        (0.2
        )

        (0.8
        )

        1.1

        Income taxes as reported
         
        $
        14.3

        $
        8.7

        $
        28.1

        Effective tax rate

        (16.4
        )%

        (66.4
        )%

        188.6
         %
       
       For 2024, we recorded income tax expense of $14.3 million on loss before taxes of $87.3 million, for an effective rate of (16.4) percent. The increase in the effective rate versus 2023 was primarily due to a larger non-cash impairment charge related to goodwill in 2024 compared to 2023. In addition, the release of certain unrecognized tax benefits related to the Brazil Tax Assessments in 2023 which did not repeat in 2024, partially offset by a reduction in pretax book income. For 2023, we recorded income tax expense of $8.7 million on a loss income before taxes of $13.1 million, for an effective rate of (66.4) percent. The decrease in the effective rate versus 2022 was primarily due to the reduction in pretax book income, tax law changes allowing Brazilian taxes paid to be creditable for U.S. tax purposes and the release of certain unrecognized tax benefits related to the Brazil Tax Assessments. For 2022, we recorded income tax expense of $28.1 million on income before taxes of $14.9 million, for an effective rate of 188.6 percent. The components of the income tax expense for the years ended December 31, 2024, 2023 and 2022 were as follows: 

        (in millions)
         
        2024

        2023

        2022

        Current expense

        Federal and other
         
        $
        (3.2
        )
         
        $
        0.2

        $
        1.8

        Foreign

        24.4

        28.6

        25.0

        Total current income tax expense

        21.2

        28.8

        26.8

        Deferred expense (benefit)

        Federal and other