10-Q 1 acco-20230630.htm 10-Q 10-Q
Q2--12-31 0000712034 false http://fasb.org/us-gaap/2023#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#OtherNonoperatingIncomeExpense0000712034us-gaap:CommonStockMember2022-06-300000712034us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000712034acco:VendorRelationshipsMember2023-06-300000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMember2023-06-3000007120342022-04-012022-06-3000007120342022-01-012022-03-310000712034us-gaap:ForeignCountryMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2023-01-012023-06-300000712034acco:USDSeniorSecuredTermLoanADueMarch2026Member2022-12-310000712034acco:AustraliaAndNewZealandMemberacco:AccoBrandsInternationalMember2022-04-012022-06-300000712034us-gaap:RetainedEarningsMember2022-01-012022-03-310000712034us-gaap:OperatingSegmentsMember2022-01-012022-06-300000712034acco:AustraliaAndNewZealandMemberacco:AccoBrandsInternationalMember2023-04-012023-06-300000712034us-gaap:TransferredOverTimeMember2023-04-012023-06-300000712034acco:USDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Member2023-06-300000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-12-310000712034us-gaap:AdditionalPaidInCapitalMember2022-06-300000712034acco:AccoBrandsInternationalMembersrt:AsiaPacificMember2023-04-012023-06-300000712034us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000712034us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-06-300000712034us-gaap:RetainedEarningsMember2023-04-012023-06-300000712034acco:AccoBrandsInternationalMember2023-04-012023-06-300000712034us-gaap:EmployeeStockOptionMember2023-01-012023-06-300000712034us-gaap:PerformanceSharesMember2022-01-012022-06-300000712034acco:CovenantPeriodThreeMemberus-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Member2023-06-300000712034acco:InterestRateScenarioTwoMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2023-01-012023-06-300000712034us-gaap:TradeNamesMember2022-12-310000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2022-12-310000712034us-gaap:SecuredDebtMemberacco:AustralianDollarUSDSeniorSecuredTermLoanADueMarch2026Member2023-06-300000712034acco:AccoBrandsNorthAmericaMembercountry:US2023-04-012023-06-300000712034us-gaap:ForeignExchangeContractMember2022-01-012022-06-300000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300000712034us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-04-012022-06-300000712034acco:USDSeniorSecuredTermLoanADueMarch2026Member2023-06-300000712034us-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300000712034acco:AccoBrandsNorthAmericaMembercountry:US2023-01-012023-06-300000712034us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2023-01-012023-06-300000712034us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2022-04-012022-06-300000712034us-gaap:SeniorNotesMemberacco:SeniorUnsecuredNoteMarch20294Point25Member2021-03-150000712034acco:AccoBrandsNorthAmericaMember2022-01-012022-06-300000712034acco:EuroSeniorSecuredTermLoanADueMarch2026Member2022-12-310000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-06-300000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-06-300000712034us-gaap:ForeignCountryMemberacco:TaxYear2007To2012Memberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2012-12-310000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-04-012022-06-300000712034us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2022-12-310000712034us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000712034us-gaap:AustralianTaxationOfficeMemberus-gaap:ForeignCountryMemberus-gaap:EarliestTaxYearMember2023-01-012023-06-300000712034acco:AustralianDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Member2023-06-300000712034us-gaap:CustomerRelationshipsMember2022-12-3100007120342024-07-012023-06-300000712034us-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:ForeignExchangeContractMember2023-06-3000007120342023-01-012023-03-310000712034acco:InterestRateScenarioFiveMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2023-01-012023-06-300000712034acco:EuroAUDCDNMemberacco:InterestRateScenarioFiveMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2023-01-012023-06-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-3000007120342023-04-012023-06-300000712034us-gaap:CommonStockMember2022-04-012022-06-300000712034us-gaap:OtherRestructuringMember2022-12-310000712034us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300000712034us-gaap:TreasuryStockCommonMember2021-12-310000712034acco:AccoBrandsNorthAmericaMember2023-06-300000712034us-gaap:EmployeeSeveranceMember2022-01-012022-06-300000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsInternationalMember2022-04-012022-06-300000712034us-gaap:EmployeeStockOptionMember2023-04-012023-06-300000712034us-gaap:EmployeeSeveranceMember2022-06-300000712034acco:AccoBrandsInternationalMember2022-04-012022-06-300000712034us-gaap:ContractTerminationMember2022-01-012022-06-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsInternationalMember2023-01-012023-06-300000712034us-gaap:TreasuryStockCommonMember2022-06-3000007120342022-03-310000712034acco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioFourMemberus-gaap:BaseRateMember2023-01-012023-06-300000712034acco:InterestRateScenarioSixMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2023-01-012023-06-300000712034us-gaap:PerformanceSharesMember2023-06-300000712034us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300000712034srt:LatinAmericaMemberacco:AccoBrandsInternationalMember2022-04-012022-06-300000712034acco:AccoBrandsNorthAmericaMembercountry:CA2022-04-012022-06-300000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-01-012023-06-300000712034acco:AustralianDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Member2022-12-310000712034acco:AccoBrandsInternationalMember2022-01-012022-06-300000712034us-gaap:CommonStockMember2021-12-3100007120342023-03-310000712034us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2023-04-012023-06-3000007120342021-12-3100007120342022-12-310000712034us-gaap:PerformanceSharesMember2023-01-012023-06-300000712034us-gaap:CorporateNonSegmentMember2023-01-012023-06-300000712034us-gaap:TradeNamesMember2023-06-300000712034us-gaap:CorporateNonSegmentMember2022-04-012022-06-300000712034acco:AccoBrandsNorthAmericaMembercountry:CA2022-01-012022-06-300000712034acco:ACCOBrandsEMEAMember2022-04-012022-06-300000712034us-gaap:EmployeeSeveranceMember2021-12-310000712034us-gaap:ContractTerminationMember2021-12-310000712034us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-06-300000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMember2022-12-310000712034acco:InterestRateScenarioSixMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberus-gaap:BaseRateMember2023-01-012023-06-300000712034acco:ACCOBrandsEMEAMember2023-06-300000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-06-300000712034us-gaap:CanadaRevenueAgencyMemberus-gaap:ForeignCountryMemberus-gaap:EarliestTaxYearMember2023-01-012023-06-300000712034acco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioThreeMemberus-gaap:BaseRateMember2023-01-012023-06-300000712034us-gaap:EmployeeStockOptionMember2022-04-012022-06-300000712034us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-06-300000712034us-gaap:TransferredAtPointInTimeMember2022-01-012022-06-300000712034us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-01-012022-06-300000712034us-gaap:CustomerRelationshipsMember2023-06-300000712034us-gaap:RetainedEarningsMember2023-06-3000007120342023-07-012023-06-300000712034acco:SeniorUnsecuredNoteMarch20294Point25Member2023-06-300000712034acco:TradeNameMember2022-12-310000712034us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMember2023-06-300000712034us-gaap:SecuredDebtMemberacco:AUDTermLoanAMember2017-01-270000712034acco:VendorRelationshipsMember2022-12-310000712034acco:AccoBrandsNorthAmericaMembercountry:US2022-04-012022-06-300000712034us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2023-04-012023-06-300000712034acco:TaxYear2008to2010Memberus-gaap:ForeignCountryMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2019-01-012019-03-310000712034acco:AustralianDollarUSDSeniorSecuredTermLoanADueMarch2026Member2022-12-310000712034us-gaap:PerformanceSharesMember2023-04-012023-06-300000712034us-gaap:RestrictedStockUnitsRSUMember2023-04-012023-06-300000712034us-gaap:AccumulatedTranslationAdjustmentMember2023-06-300000712034us-gaap:RetainedEarningsMember2023-03-310000712034us-gaap:OperatingSegmentsMemberacco:ACCOBrandsEMEAMember2023-01-012023-06-300000712034us-gaap:CommonStockMember2023-03-310000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-12-310000712034acco:OtherBorrowingsMember2022-12-310000712034acco:AccoBrandsInternationalMember2022-12-310000712034us-gaap:TransferredOverTimeMember2022-01-012022-06-300000712034acco:SeniorSecuredCreditFacilityDueMay2026Memberacco:InterestRateScenarioOneMemberus-gaap:SecuredDebtMember2023-01-012023-06-300000712034us-gaap:OtherRestructuringMember2022-06-300000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-012022-06-300000712034srt:MinimumMemberus-gaap:ForeignCountryMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2023-06-300000712034us-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Memberacco:CovenantPeriodFiveMember2023-06-300000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000712034us-gaap:TransferredOverTimeMember2022-04-012022-06-300000712034us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2026Member2023-06-302023-06-300000712034us-gaap:ContractTerminationMember2022-06-300000712034us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-06-300000712034us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMember2022-12-310000712034acco:EuroAUDCDNMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioThreeMember2023-01-012023-06-300000712034acco:InterestRateScenarioOneMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberus-gaap:BaseRateMember2023-01-012023-06-300000712034us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2023-01-012023-06-300000712034us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-06-300000712034us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2026Member2023-06-300000712034us-gaap:RetainedEarningsMember2021-12-310000712034us-gaap:CorporateNonSegmentMember2022-01-012022-06-300000712034us-gaap:CommonStockMember2022-03-310000712034acco:AustraliaAndNewZealandMemberacco:AccoBrandsInternationalMember2023-01-012023-06-300000712034acco:EuroAUDCDNMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberacco:InterestRateScenarioOneMemberus-gaap:SecuredDebtMember2023-01-012023-06-300000712034us-gaap:OtherRestructuringMember2023-06-300000712034us-gaap:SeniorNotesMemberacco:SeniorUnsecuredNoteMarch20294Point25Member2023-06-300000712034us-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300000712034us-gaap:TransferredOverTimeMember2023-01-012023-06-3000007120342022-01-012022-06-300000712034us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000712034us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-01-012023-06-300000712034us-gaap:EmployeeStockOptionMember2023-06-300000712034us-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2026Member2023-06-300000712034us-gaap:TreasuryStockCommonMember2022-12-310000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000712034us-gaap:RetainedEarningsMember2022-12-310000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000712034acco:AustralianDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Memberus-gaap:SecuredDebtMember2022-12-310000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsNorthAmericaMember2022-01-012022-06-300000712034acco:SeniorUnsecuredNoteMarch20294Point25Member2022-12-310000712034us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2023-06-300000712034acco:SwedishTaxAgencySkatteverketMemberus-gaap:ForeignCountryMemberus-gaap:EarliestTaxYearMember2023-01-012023-06-300000712034acco:AccoBrandsInternationalMembersrt:AsiaPacificMember2023-01-012023-06-300000712034acco:ACCOBrandsEMEAMember2023-04-012023-06-300000712034acco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioThreeMember2023-01-012023-06-300000712034us-gaap:OtherRestructuringMember2022-01-012022-06-300000712034us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000712034us-gaap:RetainedEarningsMember2022-06-300000712034us-gaap:DomesticCountryMemberus-gaap:EarliestTaxYearMemberus-gaap:InternalRevenueServiceIRSMember2023-01-012023-06-300000712034srt:LatinAmericaMemberacco:AccoBrandsInternationalMember2023-01-012023-06-300000712034acco:SeniorSecuredCreditFacilityDueJanuary2022Memberus-gaap:SecuredDebtMembersrt:MinimumMember2019-05-220000712034acco:ACCOBrandsEMEAMember2022-12-310000712034us-gaap:OperatingSegmentsMember2022-04-012022-06-300000712034us-gaap:RetainedEarningsMember2023-01-012023-03-310000712034us-gaap:AdditionalPaidInCapitalMember2022-12-310000712034acco:EuroAUDCDNMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioFourMember2023-01-012023-06-300000712034acco:CovenantPeriodOneMemberus-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Member2023-06-300000712034us-gaap:TreasuryStockCommonMember2022-04-012022-06-300000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsInternationalMember2023-04-012023-06-300000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300000712034us-gaap:ForeignCountryMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2022-01-012022-06-300000712034us-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300000712034us-gaap:CorporateNonSegmentMember2023-04-012023-06-300000712034us-gaap:AdditionalPaidInCapitalMember2023-03-310000712034us-gaap:RetainedEarningsMember2022-03-310000712034us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-06-300000712034us-gaap:AdditionalPaidInCapitalMember2022-03-310000712034us-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Memberacco:CovenantPeriodFourMember2023-06-300000712034srt:MaximumMemberus-gaap:StateAndLocalJurisdictionMember2023-01-012023-06-300000712034us-gaap:TreasuryStockCommonMember2023-06-300000712034us-gaap:RestrictedStockUnitsRSUMember2023-06-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000712034us-gaap:PatentsMember2022-12-310000712034acco:EuroSeniorSecuredTermLoanADueMarch2026Member2023-06-300000712034srt:LatinAmericaMemberacco:AccoBrandsInternationalMember2022-01-012022-06-300000712034us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-01-012022-06-300000712034us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-04-012022-06-300000712034us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-12-310000712034srt:MinimumMemberus-gaap:StateAndLocalJurisdictionMember2023-01-012023-06-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000712034us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:ForeignCountryMemberacco:TaxYear2007to2010Memberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2023-06-300000712034acco:ACCOBrandsEMEAMember2023-01-012023-06-300000712034us-gaap:PatentsMember2023-06-300000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300000712034us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-06-300000712034us-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000712034us-gaap:ForeignExchangeContractMember2022-04-012022-06-300000712034us-gaap:EmployeeSeveranceMember2023-06-300000712034us-gaap:OtherRestructuringMember2023-01-012023-06-300000712034acco:AccoBrandsInternationalMember2023-06-300000712034us-gaap:OperatingSegmentsMemberacco:ACCOBrandsEMEAMember2022-01-012022-06-300000712034acco:AccoBrandsNorthAmericaMembercountry:CA2023-04-012023-06-300000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsInternationalMember2022-01-012022-06-300000712034us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-04-012022-06-300000712034us-gaap:SecuredDebtMemberacco:USDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Member2023-06-300000712034srt:MaximumMemberus-gaap:ForeignCountryMember2023-01-012023-06-3000007120342022-06-300000712034us-gaap:EmployeeSeveranceMember2023-01-012023-06-300000712034us-gaap:AdditionalPaidInCapitalMember2021-12-310000712034acco:AccoBrandsNorthAmericaMember2023-01-012023-06-300000712034us-gaap:SecuredDebtMemberacco:EuroSeniorSecuredTermLoanADueMarch2026Member2022-12-310000712034currency:BRLus-gaap:ForeignCountryMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMember2023-06-300000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2023-01-012023-06-300000712034us-gaap:TransferredAtPointInTimeMember2022-04-012022-06-300000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsNorthAmericaMember2023-01-012023-06-300000712034us-gaap:EmployeeSeveranceMember2022-12-310000712034acco:AccoBrandsNorthAmericaMember2022-12-310000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2023-06-300000712034us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-04-012023-06-300000712034acco:AccoBrandsInternationalMember2023-01-012023-06-300000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-04-012023-06-300000712034us-gaap:OperatingSegmentsMember2023-04-012023-06-300000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300000712034us-gaap:ForeignExchangeContractMember2023-01-012023-06-300000712034us-gaap:SecuredDebtMemberacco:AustralianDollarUSDSeniorSecuredTermLoanADueMarch2026Member2022-12-310000712034acco:AustralianDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Memberus-gaap:SecuredDebtMember2023-06-300000712034us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-04-012023-06-300000712034us-gaap:PerformanceSharesMember2022-04-012022-06-300000712034us-gaap:ForeignCountryMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMemberus-gaap:EarliestTaxYearMember2023-01-012023-06-300000712034us-gaap:FairValueInputsLevel2Member2023-06-300000712034acco:USDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Member2022-12-310000712034us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2023-06-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-3100007120342023-07-310000712034us-gaap:SecuredDebtMemberacco:USDollarSeniorSecuredRevolvingCreditFacilityDueMarch2026Member2022-12-310000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsNorthAmericaMember2023-04-012023-06-300000712034acco:InterestRateScenarioFiveMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberus-gaap:BaseRateMember2023-01-012023-06-300000712034acco:EuroAUDCDNMemberacco:InterestRateScenarioSixMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2023-01-012023-06-300000712034us-gaap:TreasuryStockCommonMember2022-03-310000712034acco:AccoBrandsNorthAmericaMember2022-04-012022-06-300000712034acco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberacco:InterestRateScenarioFourMember2023-01-012023-06-300000712034us-gaap:OtherRestructuringMember2021-12-310000712034us-gaap:CommonStockMember2023-01-012023-03-310000712034us-gaap:SecuredDebtMemberacco:USDSeniorSecuredTermLoanADueMarch2026Member2023-06-300000712034us-gaap:CommonStockMember2022-01-012022-03-310000712034acco:EuroAUDCDNMemberacco:InterestRateScenarioTwoMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMember2023-01-012023-06-300000712034us-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Membersrt:MinimumMember2019-05-230000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-06-300000712034us-gaap:SecuredDebtMemberacco:EuroSeniorSecuredTermLoanADueMarch2026Member2023-06-300000712034us-gaap:CommonStockMember2023-06-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000712034acco:SeniorUnsecuredNoteMarch20294Point25Memberus-gaap:SeniorNotesMember2022-12-310000712034acco:AccoBrandsInternationalMembersrt:AsiaPacificMember2022-01-012022-06-300000712034srt:MinimumMemberus-gaap:ForeignCountryMember2023-01-012023-06-300000712034acco:InterestRateScenarioTwoMemberacco:SeniorSecuredCreditFacilityDueMay2026Memberus-gaap:SecuredDebtMemberus-gaap:BaseRateMember2023-01-012023-06-300000712034us-gaap:TreasuryStockCommonMember2022-01-012022-03-310000712034us-gaap:RestrictedStockUnitsRSUMembersrt:DirectorMember2023-04-012023-06-300000712034acco:AccoBrandsNorthAmericaMembercountry:US2022-01-012022-06-300000712034us-gaap:AdditionalPaidInCapitalMember2023-06-300000712034acco:AccoBrandsNorthAmericaMember2023-04-012023-06-300000712034acco:ACCOBrandsEMEAMember2022-01-012022-06-300000712034us-gaap:NondesignatedMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:ForeignExchangeContractMember2022-12-3100007120342023-06-3000007120342023-01-012023-06-300000712034us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000712034acco:OtherBorrowingsMember2023-06-300000712034us-gaap:ForeignCountryMemberus-gaap:HerMajestysRevenueAndCustomsHMRCMemberus-gaap:EarliestTaxYearMember2023-01-012023-06-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000712034acco:AccoBrandsInternationalMembersrt:AsiaPacificMember2022-04-012022-06-300000712034us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000712034us-gaap:ForeignExchangeContractMember2023-04-012023-06-300000712034us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-04-012023-06-300000712034us-gaap:OperatingSegmentsMember2023-01-012023-06-300000712034acco:AccoBrandsNorthAmericaMembercountry:CA2023-01-012023-06-300000712034us-gaap:SecuredDebtMemberacco:SeniorSecuredCreditFacilityDueMay2024Memberacco:CovenantPeriodTwoMember2023-06-300000712034us-gaap:RetainedEarningsMember2022-04-012022-06-300000712034us-gaap:ForeignCountryMemberus-gaap:FederalMinistryOfFinanceGermanyMemberus-gaap:EarliestTaxYearMember2023-01-012023-06-300000712034us-gaap:FairValueInputsLevel2Member2022-12-310000712034us-gaap:SecuredDebtMemberacco:USDSeniorSecuredTermLoanADueMarch2026Member2022-12-310000712034us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2017-01-270000712034us-gaap:OperatingSegmentsMemberacco:ACCOBrandsEMEAMember2022-04-012022-06-300000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2022-04-012022-06-300000712034us-gaap:EmployeeStockOptionMember2022-01-012022-06-300000712034acco:TradeNameMember2023-06-300000712034us-gaap:CommonStockMember2022-12-310000712034srt:LatinAmericaMemberacco:AccoBrandsInternationalMember2023-04-012023-06-300000712034us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000712034us-gaap:SecuredDebtMember2017-01-270000712034us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMember2023-04-012023-06-300000712034acco:AustralianDollarUSDSeniorSecuredTermLoanADueMarch2026Member2023-06-300000712034acco:AustraliaAndNewZealandMemberacco:AccoBrandsInternationalMember2022-01-012022-06-300000712034us-gaap:OperatingSegmentsMemberacco:ACCOBrandsEMEAMember2023-04-012023-06-300000712034us-gaap:OperatingSegmentsMemberacco:AccoBrandsNorthAmericaMember2022-04-012022-06-300000712034us-gaap:TreasuryStockCommonMember2023-03-31iso4217:AUDiso4217:USDxbrli:sharesiso4217:EURxbrli:purexbrli:sharesiso4217:USDacco:Segment

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form

10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended June 30, 2023

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number 001-08454

ACCO Brands Corporation

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

36-2704017

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification Number)

Four Corporate Drive

Lake Zurich, Illinois 60047

(Address of Registrant’s Principal Executive Office, Including Zip Code)

(847) 541-9500

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ACCO

NYSE

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x

 

As of July 31, 2023, the registrant had outstanding 94,917,374 shares of Common Stock.

 


 

Cautionary Statement Regarding Forward-Looking Statements

 

Certain statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, operating strategies and similar matters, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words "will," "believe," "expect," "intend," "anticipate," "estimate," "forecast," "project," "plan," and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Because actual results may differ materially from those suggested or implied by such forward-looking statements, you should not place undue reliance on them when deciding whether to buy, sell or hold the Company's securities.

 

Some of the factors that could affect our results or cause our plans, actions and results to differ materially from those expressed in the forward-looking statements contained in this Quarterly Report on Form 10-Q are detailed in "Part I, Item 1. Business" and "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, as well as in "Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations" and from time to time in our other Securities and Exchange Commission (the "SEC") filings.

 

Website Access to Securities and Exchange Commission Reports

 

The Company’s Internet website can be found at www.accobrands.com. The Company makes available free of charge on or through its website its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as practicable after the Company files them with, or furnishes them to, the SEC.

 

2


 

TABLE OF CONTENTS

 

PART I — FINANCIAL INFORMATION

4

Item 1. Financial Statements

4

Condensed Consolidated Balance Sheets

4

Consolidated Statements of Income

5

Consolidated Statements of Comprehensive Income

6

Condensed Consolidated Statements of Cash Flows

7

Consolidated Statement of Stockholders’ Equity

8

Notes to Condensed Consolidated Financial Statements

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3. Quantitative and Qualitative Disclosures About Market Risk

34

Item 4. Controls and Procedures

35

PART II — OTHER INFORMATION

35

Item 1. Legal Proceedings

35

Item 1A. Risk Factors

36

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

36

Item 3. Defaults Upon Senior Securities

36

Item 4. Mine Safety Disclosures

36

Item 5. Other Information

36

Item 6. Exhibits

37

SIGNATURES

38

 

3


 

PART I — FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

ACCO Brands Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

 

 

June 30,
2023

 

 

December 31,
2022

 

(in millions)

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

$

 

82.4

 

$

 

62.2

 

Accounts receivable, net

 

 

426.1

 

 

 

384.1

 

Inventories

 

 

398.0

 

 

 

395.2

 

Other current assets

 

 

47.6

 

 

 

40.8

 

Total current assets

 

 

954.1

 

 

 

882.3

 

Total property, plant and equipment

 

 

594.7

 

 

 

589.2

 

Less: accumulated depreciation

 

 

(417.3

)

 

 

(404.1

)

Property, plant and equipment, net

 

 

177.4

 

 

 

185.1

 

Right of use asset, leases

 

 

85.7

 

 

 

88.8

 

Deferred income taxes

 

 

97.7

 

 

 

99.7

 

Goodwill

 

 

662.0

 

 

 

671.5

 

Identifiable intangibles, net

 

 

833.2

 

 

 

847.0

 

Other non-current assets

 

 

15.7

 

 

 

20.3

 

Total assets

$

 

2,825.8

 

$

 

2,794.7

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Notes payable

$

 

7.9

 

$

 

10.3

 

Current portion of long-term debt

 

 

53.9

 

 

 

49.7

 

Accounts payable

 

 

194.6

 

 

 

239.5

 

Accrued compensation

 

 

41.3

 

 

 

38.3

 

Accrued customer program liabilities

 

 

100.0

 

 

 

103.3

 

Lease liabilities

 

 

20.4

 

 

 

21.2

 

Other current liabilities

 

 

115.9

 

 

 

126.7

 

Total current liabilities

 

 

534.0

 

 

 

589.0

 

Long-term debt, net

 

 

1,015.8

 

 

 

936.5

 

Long-term lease liabilities

 

 

72.3

 

 

 

75.2

 

Deferred income taxes

 

 

142.7

 

 

 

144.1

 

Pension and post-retirement benefit obligations

 

 

149.4

 

 

 

155.5

 

Other non-current liabilities

 

 

81.2

 

 

 

84.3

 

Total liabilities

 

 

1,995.4

 

 

 

1,984.6

 

Stockholders' equity:

 

 

 

 

 

 

Common stock

 

 

1.0

 

 

 

1.0

 

Treasury stock

 

 

(45.0

)

 

 

(43.4

)

Paid-in capital

 

 

1,906.8

 

 

 

1,897.2

 

Accumulated other comprehensive loss

 

 

(535.7

)

 

 

(540.3

)

Accumulated deficit

 

 

(496.7

)

 

 

(504.4

)

Total stockholders' equity

 

 

830.4

 

 

 

810.1

 

Total liabilities and stockholders' equity

$

 

2,825.8

 

$

 

2,794.7

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

4


 

ACCO Brands Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in millions, except per share data)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net sales

$

 

493.6

 

$

 

521.0

 

$

 

896.2

 

$

 

962.6

 

Cost of products sold

 

 

329.4

 

 

 

371.0

 

 

 

612.7

 

 

 

693.0

 

Gross profit

 

 

164.2

 

 

 

150.0

 

 

 

283.5

 

 

 

269.6

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

98.0

 

 

 

91.6

 

 

 

193.0

 

 

 

190.4

 

Amortization of intangibles

 

 

11.0

 

 

 

10.5

 

 

 

21.9

 

 

 

21.6

 

Restructuring charges

 

 

 

 

 

1.9

 

 

 

3.3

 

 

 

2.2

 

Change in fair value of contingent consideration

 

 

 

 

 

(9.4

)

 

 

 

 

 

(6.8

)

Total operating costs and expenses

 

 

109.0

 

 

 

94.6

 

 

 

218.2

 

 

 

207.4

 

Operating income

 

 

55.2

 

 

 

55.4

 

 

 

65.3

 

 

 

62.2

 

Non-operating expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

15.5

 

 

 

10.8

 

 

 

29.4

 

 

 

20.5

 

Interest income

 

 

(2.2

)

 

 

(2.2

)

 

 

(4.6

)

 

 

(3.6

)

Non-operating pension expense (income)

 

 

0.2

 

 

 

(1.3

)

 

 

0.3

 

 

 

(2.7

)

Other (income) expense, net

 

 

(0.3

)

 

 

(3.7

)

 

 

1.5

 

 

 

(2.8

)

Income before income tax

 

 

42.0

 

 

 

51.8

 

 

 

38.7

 

 

 

50.8

 

Income tax expense

 

 

15.6

 

 

 

12.4

 

 

 

16.0

 

 

 

14.1

 

Net income

$

 

26.4

 

$

 

39.4

 

$

 

22.7

 

$

 

36.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share

$

 

0.28

 

$

 

0.41

 

$

 

0.24

 

$

 

0.38

 

Diluted income per share

$

 

0.27

 

$

 

0.40

 

$

 

0.23

 

$

 

0.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

95.4

 

 

 

96.2

 

 

 

95.1

 

 

 

96.2

 

Diluted

 

 

96.3

 

 

 

97.4

 

 

 

96.7

 

 

 

98.0

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

5


 

ACCO Brands Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in millions)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

$

 

26.4

 

$

 

39.4

 

$

 

22.7

 

$

 

36.7

 

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on derivative instruments, net of tax (expense) benefit of $(0.2) and $(1.6) and $0.1 and $(0.9), respectively

 

 

0.6

 

 

 

3.9

 

 

 

(0.3

)

 

 

2.5

 

Foreign currency translation adjustments, net of tax benefit of $0.1 and $1.5 and $0.2 and $2.1, respectively

 

 

(1.7

)

 

 

(37.2

)

 

 

7.2

 

 

 

(21.9

)

Recognition of deferred pension and other post-retirement items, net of tax benefit (expense) of $0.2 and $(3.5) and $0.6 and $(4.9), respectively

 

 

(0.8

)

 

 

10.8

 

 

 

(2.3

)

 

 

15.6

 

Other comprehensive (loss) income, net of tax:

 

 

(1.9

)

 

 

(22.5

)

 

 

4.6

 

 

 

(3.8

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

$

 

24.5

 

$

 

16.9

 

$

 

27.3

 

$

 

32.9

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

6


 

ACCO Brands Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Six Months Ended June 30,

 

(in millions)

 

2023

 

 

2022

 

Operating activities

 

 

 

 

 

 

Net income

$

 

22.7

 

$

 

36.7

 

Payments of contingent consideration

 

 

 

 

 

(9.2

)

Loss on disposal of assets

 

 

1.2

 

 

 

(0.2

)

Change in fair value of contingent liability

 

 

 

 

 

(6.8

)

Depreciation

 

 

17.3

 

 

 

19.6

 

Amortization of debt issuance costs

 

 

1.5

 

 

 

1.4

 

Amortization of intangibles

 

 

21.9

 

 

 

21.6

 

Stock-based compensation

 

 

8.9

 

 

 

7.2

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(33.4

)

 

 

(12.4

)

Inventories

 

 

10.1

 

 

 

(51.4

)

Other assets

 

 

(9.0

)

 

 

(18.7

)

Accounts payable

 

 

(55.1

)

 

 

(47.2

)

Accrued expenses and other liabilities

 

 

(19.1

)

 

 

(34.8

)

Accrued income taxes

 

 

(6.3

)

 

 

(3.7

)

Net cash used by operating activities

 

 

(39.3

)

 

 

(97.9

)

Investing activities

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(6.1

)

 

 

(7.0

)

Proceeds from the disposition of assets

 

 

 

 

 

0.2

 

Net cash used by investing activities

 

 

(6.1

)

 

 

(6.8

)

Financing activities

 

 

 

 

 

 

Proceeds from long-term borrowings

 

 

107.9

 

 

 

218.0

 

Repayments of long-term debt

 

 

(28.2

)

 

 

(25.6

)

Repayments of notes payable, net

 

 

(2.4

)

 

 

11.3

 

Dividends paid

 

 

(14.2

)

 

 

(14.4

)

Payments of contingent consideration

 

 

 

 

 

(17.8

)

Repurchases of common stock

 

 

 

 

 

(19.4

)

Payments related to tax withholding for stock-based compensation

 

 

(1.7

)

 

 

(2.5

)

Proceeds from the exercise of stock options

 

 

 

 

 

4.3

 

Net cash provided by financing activities

 

 

61.4

 

 

 

153.9

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

4.2

 

 

 

1.3

 

Net increase in cash and cash equivalents

 

 

20.2

 

 

 

50.5

 

Cash and cash equivalents

 

 

 

 

 

 

Beginning of the period

 

 

62.2

 

 

 

41.2

 

End of the period

$

 

82.4

 

$

 

91.7

 

Cash paid during the year for:

 

 

 

 

 

 

Interest

$

 

30.3

 

$

 

18.9

 

Income taxes

$

 

22.1

 

$

 

17.9

 

 

See Notes to Condensed Consolidated Financial Statements (Unaudited).

7


 

ACCO Brands Corporation and Subsidiaries

Consolidated Statement of Stockholders' Equity

(Unaudited)

 

 

 

Common Stock

 

 

 

Treasury Stock

 

Accumulated Other

 

 

 

 

(in millions)

 

Shares

 

Value

 

Paid-in Capital

 

Shares

 

Value

 

Comprehensive (Loss) Income

 

Accumulated Deficit

 

Total

Balance at December 31, 2022

 

98.9

$

1.0

$

1,897.2

 

4.6

$

(43.4)

$

(540.3)

$

(504.4)

$

810.1

Net loss

 

 

 

 

 

 

 

(3.7)

 

(3.7)

Loss on derivative financial instruments, net of tax

 

 

 

 

 

 

(0.9)

 

 

(0.9)

Translation impact, net of tax

 

 

 

 

 

 

8.9

 

 

8.9

Pension and post-retirement adjustment, net of tax

 

 

 

 

 

 

(1.5)

 

 

(1.5)

Stock-based compensation

 

 

 

6.2

 

 

 

 

(0.6)

 

5.6

Common stock issued, net of shares withheld for employee taxes

 

0.9

 

 

 

0.3

 

(1.7)

 

 

 

(1.7)

Dividends declared, $0.075 per share

 

 

 

 

 

 

 

(7.1)

 

(7.1)

Other

 

 

 

(0.1)

 

 

0.1

 

 

0.1

 

0.1

Balance at March 31, 2023

 

99.8

$

1.0

$

1,903.3

 

4.9

$

(45.0)

$

(533.8)

$

(515.7)

$