Company Quick10K Filing
ACCO Brands
Price9.82 EPS1
Shares102 P/E10
MCap1,001 P/FCF13
Net Debt876 EBIT170
TEV1,877 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-28
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-07-29
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-25
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-10-26
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-10-27
10-Q 2010-06-30 Filed 2010-07-28
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-11-10 Enter Agreement, Regulation FD, Exhibits
8-K 2020-10-27 Earnings, Exhibits
8-K 2020-08-27 Regulation FD, Exhibits
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-06-02
8-K 2020-05-19
8-K 2020-05-01
8-K 2020-04-17
8-K 2020-04-12
8-K 2020-03-16
8-K 2020-03-02
8-K 2020-02-11
8-K 2019-10-29
8-K 2019-08-07
8-K 2019-08-05
8-K 2019-07-30
8-K 2019-05-23
8-K 2019-05-21
8-K 2019-05-02
8-K 2019-04-04
8-K 2019-02-13
8-K 2018-10-30
8-K 2018-10-16
8-K 2018-07-26
8-K 2018-05-15
8-K 2018-05-01
8-K 2018-03-26
8-K 2018-03-07
8-K 2018-02-14

ACCO 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 acco-2020xq3ex311.htm
EX-31.2 acco-2020xq3ex312.htm
EX-32.1 acco-2020xq3ex321.htm
EX-32.2 acco-2020xq3ex322.htm

ACCO Brands Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
3.02.41.81.20.60.02012201420172020
Assets, Equity
0.60.50.30.20.0-0.12012201420172020
Rev, G Profit, Net Income
0.40.30.1-0.0-0.2-0.32012201420172020
Ops, Inv, Fin

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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 September 30, 2020
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)
Delaware36-2704017
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareACCONYSE

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
(Do not check if a smaller reporting company)
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 October 22, 2020, the registrant had outstanding 94,496,837 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, including without limitation, statements concerning the impacts of the COVID-19 pandemic on the Company’s business, operations, results of operations, liquidity and financial condition, 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.

Our outlook is based on certain assumptions, which we believe to be reasonable under the circumstances. These include, without limitation, assumptions regarding both the near-term and long-term impact of the COVID-19 pandemic on the economy and our business, our customers and the end-users of our products, and other changes in the macro environment; changes in the competitive landscape, including ongoing uncertainties in the traditional office products channels; as well as the impact of fluctuations in foreign currency and acquisitions and the other factors described below.

Among the factors that could cause our actual results to differ materially from our forward-looking statements are: the scope and duration of the COVID-19 pandemic, government actions and other third-party responses to it and the consequences for the global economy, as well as the regional and local economies in which we operate, uncertainties regarding when the risks of the pandemic will subside and how geographies, distribution channels and consumer behaviors will evolve over time in response to the pandemic, and its impact on our business, operations, results of operations and financial condition, including, among others, manufacturing, distribution and supply chain disruptions, reduced demand for our products and services, and the financial condition of our suppliers and customers, including their ability to fund their operations and pay their invoices. Additionally, many of the other risk factors affecting us are currently elevated by, and likely will continue to be elevated by, the COVID-19 pandemic.

Other factors that could affect our results or cause plans, actions and results to differ materially from current expectations 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, 2019, in "Part II, Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, and the discussion under the heading "COVID-19 Impact" as well as the financial statement line item discussions set forth in "Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations" of this Quarterly Report on Form 10-Q 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
 
Consolidated Statements of Income


3


PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ACCO Brands Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
September 30,
2020
December 31,
2019
(in millions)(unaudited)
Assets
Current assets:
Cash and cash equivalents$85.8 $27.8 
Accounts receivable, net343.7 453.7 
Inventories300.5 283.3 
Other current assets35.0 41.2 
Total current assets765.0 806.0 
Total property, plant and equipment641.8 651.7 
Less: accumulated depreciation(402.0)(384.6)
Property, plant and equipment, net239.8 267.1 
Right of use asset, leases87.0 101.9 
Deferred income taxes117.3 119.0 
Goodwill723.4 718.6 
Identifiable intangibles, net726.8 758.6 
Other non-current assets36.5 17.4 
Total assets$2,695.8 $2,788.6 
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable$5.8 $3.7 
Current portion of long-term debt30.0 29.5 
Accounts payable171.4 245.7 
Accrued compensation41.9 48.5 
Accrued customer program liabilities76.9 99.7 
Lease liabilities20.1 21.8 
Other current liabilities124.2 139.9 
Total current liabilities470.3 588.8 
Long-term debt, net876.3 777.2 
Long-term lease liabilities76.4 89.8 
Deferred income taxes170.7 177.5 
Pension and post-retirement benefit obligations268.7 283.2 
Other non-current liabilities108.2 98.4 
Total liabilities1,970.6 2,014.9 
Stockholders' equity:
Common stock1.0 1.0 
Treasury stock(39.9)(38.2)
Paid-in capital1,878.9 1,890.8 
Accumulated other comprehensive loss(554.2)(505.7)
Accumulated deficit(560.6)(574.2)
Total stockholders' equity725.2 773.7 
Total liabilities and stockholders' equity$2,695.8 $2,788.6 

See Notes to Condensed Consolidated Financial Statements (Unaudited).
4


ACCO Brands Corporation and Subsidiaries
Consolidated Statements of Income
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except per share data)2020201920202019
Net sales$444.1 $505.7 $1,195.1 $1,418.3 
Cost of products sold317.0 349.8 845.8 970.8 
Gross profit127.1 155.9 349.3 447.5 
Operating costs and expenses:
Selling, general and administrative expenses84.4 96.4 247.7 287.8 
Amortization of intangibles7.9 8.6 24.1 26.8 
Restructuring charges0.5 2.1 7.3 4.8 
Total operating costs and expenses92.8 107.1 279.1 319.4 
Operating income34.3 48.8 70.2 128.1 
Non-operating expense (income):
Interest expense10.2 11.5 28.7 33.6 
Interest income(0.2)(0.7)(0.8)(2.9)
Non-operating pension income(1.4)(1.3)(4.4)(4.1)
Other expense (income), net0.1 (0.9)0.8 0.1 
Income before income tax25.6 40.2 45.9 101.4 
Income tax expense6.8 12.2 13.7 38.1 
Net income$18.8 $28.0 $32.2 $63.3 
Per share:
Basic income per share$0.20 $0.29 $0.34 $0.63 
Diluted income per share$0.20 $0.28 $0.34 $0.62 
Weighted average number of shares outstanding:
Basic94.5 97.6 95.0 100.4 
Diluted95.6 98.9 96.2 101.9 





















See Notes to Condensed Consolidated Financial Statements (Unaudited).
5


ACCO Brands Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2020201920202019
Net income$18.8 $28.0 $32.2 $63.3 
Other comprehensive (loss) income, net of tax:
Unrealized (loss) income on derivative instruments, net of tax benefit (expense) of $0.2 and $(0.6) and $0.3 and $0.4, respectively(0.6)1.4 (0.6)(0.9)
Foreign currency translation adjustments, net of tax benefit of $0.1 and $0.9 and $1.1 and $0.5, respectively3.6 (25.1)(53.7)(22.4)
Recognition of deferred pension and other post-retirement items, net of tax benefit (expense) of $1.2 and $(1.2) and $(1.7) and $(1.9), respectively(4.0)4.2 5.8 6.6 
Other comprehensive (loss) income, net of tax(1.0)(19.5)(48.5)(16.7)
Comprehensive income (loss)$17.8 $8.5 $(16.3)$46.6 




































See Notes to Condensed Consolidated Financial Statements (Unaudited).
6


ACCO Brands Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
(in millions)20202019
Operating activities
Net income$32.2 $63.3 
Amortization of inventory step-up 0.2 
Depreciation28.2 26.3 
Other non-cash items0.5 0.2 
Amortization of debt issuance costs1.7 1.7 
Amortization of intangibles24.1 26.8 
Stock-based compensation5.2 6.3 
Loss on debt extinguishment 0.3 
Changes in balance sheet items:
Accounts receivable78.7 54.0 
Inventories(28.4)34.8 
Other assets(1.0)(2.6)
Accounts payable(67.1)(102.1)
Accrued expenses and other liabilities(47.3)(40.8)
Accrued income taxes(5.0)6.7 
Net cash provided by operating activities21.8 75.1 
Investing activities
Additions to property, plant and equipment(11.8)(21.9)
Proceeds from the disposition of assets 0.1 
Cost of acquisitions, net of cash acquired0.6 (42.1)
Other assets acquired (5.2)
Net cash used by investing activities(11.2)(69.1)
Financing activities
Proceeds from long-term borrowings231.5 325.9 
Repayments of long-term debt(146.4)(272.0)
Proceeds/repayments of notes payable, net2.5 (8.6)
Payments for debt issuance costs(1.6)(3.3)
Dividends paid(18.4)(18.1)
Repurchases of common stock(18.9)(56.8)
Payments related to tax withholding for stock-based compensation(1.8)(4.3)
Proceeds from the exercise of stock options1.7 3.1 
Net cash provided (used) by financing activities48.6 (34.1)
Effect of foreign exchange rate changes on cash and cash equivalents(1.2)(1.2)
Net increase (decrease) in cash and cash equivalents58.0 (29.3)
Cash and cash equivalents
Beginning of the period27.8 67.0 
End of the period$85.8 $37.7 
Cash paid during the year for:
Interest$21.4 $27.6 
Income taxes$20.1 $38.6 



See Notes to Condensed Consolidated Financial Statements (Unaudited).
7


ACCO Brands Corporation and Subsidiaries
Consolidated Statement of Stockholders' Equity
(Unaudited)
(in millions)Common
Stock
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Accumulated
Deficit
Total
Balance at December 31, 2019$1.0 $1,890.8 $(505.7)$(38.2)$(574.2)$773.7 
Net income— — — — 8.0 8.0 
Gain on derivative financial instruments, net of tax— — 2.4 — — 2.4 
Translation impact, net of tax— — (49.7)— — (49.7)
Pension and post-retirement adjustment, net of tax— — 7.9 — — 7.9 
Common stock repurchases— (18.9)— — — (18.9)
Stock-based compensation— 0.9 — — — 0.9 
Common stock issued, net of shares withheld for employee taxes— 1.5 — (1.7)— (0.2)
Dividends declared, $.065 per share— — — — (6.2)(6.2)
Balance at March 31, 20201.0 1,874.3 (545.1)(39.9)(572.4)717.9 
Net income— — — — 5.4 5.4 
Loss on derivative financial instruments, net of tax— — (2.4)— — (2.4)
Translation impact, net of tax— — (7.6)— — (7.6)
Pension and post-retirement adjustment, net of tax— — 1.9 — — 1.9 
Stock-based compensation— 2.6 — — (0.1)2.5 
Dividends declared, $.065 per share— — — — (6.1)(6.1)
Balance at June 30, 20201.0 1,876.9 (553.2)(39.9)(573.2)711.6 
Net income— — — — 18.8 18.8 
Loss on derivative financial instruments, net of tax— — (0.6)— — (0.6)
Translation impact— — 3.6 — — 3.6 
Pension and post-retirement adjustment, net of tax— — (4.0)— — (4.0)
Stock-based compensation— 1.9 — — (0.1)1.8 
Common stock issued, net of shares withheld for employee taxes— 0.1 — — — 0.1 
Dividends declared, $.065 per share— — — — (6.1)(6.1)
Balance at September 30, 2020$1.0 $1,878.9 $(554.2)$(39.9)$(560.6)725.2 

Shares of Capital Stock
Common
Stock
Treasury
Stock
Net
Shares
Shares at December 31, 2019100,412,933 3,967,445 96,445,488 
Common stock issued, net of shares withheld for employee taxes898,664 206,243 692,421 
Common stock repurchases(2,690,292)— (2,690,292)
Shares at March 31, 202098,621,305 4,173,688 94,447,617 
Common stock issued, net of shares withheld for employee taxes26,957 12,427 14,530 
Shares at June 30, 202098,648,262 4,186,115 94,462,147 
Common stock issued, net of shares withheld for employee taxes35,465 775 34,690 
Shares at September 30, 202098,683,727 4,186,890 94,496,837 








See Notes to Condensed Consolidated Financial Statements (Unaudited).
8


ACCO Brands Corporation and Subsidiaries
Consolidated Statement of Stockholders' Equity
Continued (Unaudited)
(in millions)Common
Stock
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Accumulated
Deficit
Total
December 31, 2018$1.1 $1,941.0 $(461.7)$(33.9)$(656.8)$789.7 
Net loss— — — — (0.6)(0.6)
Loss on derivative financial instruments, net of tax— — (1.1)— — (1.1)
Translation impact, net of tax— — (3.1)— — (3.1)
Pension and post-retirement adjustment, net of tax— — (1.1)— — (1.1)
Common stock repurchases— (11.0)— — — (11.0)
Stock-based compensation— 2.0 — — — 2.0 
Common stock issued, net of shares withheld for employee taxes— — — (4.3)— (4.3)
Dividends declared, $.06 per share— — — — (6.2)(6.2)
Other— (0.1)— — 0.1  
Cumulative effect due to the adoption of ASU 2016-02— — — — 0.5 0.5 
Balance at March 31, 20191.1 1,931.9 (467.0)(38.2)(663.0)764.8 
Net income— — — — 35.9 35.9 
Loss on derivative financial instruments, net of tax— — (1.2)— — (1.2)
Translation impact, net of tax— — 5.8 — — 5.8 
Pension and post-retirement adjustment, net of tax— — 3.5 — — 3.5 
Common stock repurchases— (28.3)— — — (28.3)
Stock-based compensation— 3.6 — — (0.2)3.4 
Common stock issued, net of shares withheld for employee taxes— 0.2 — — — 0.2 
Dividends declared, $.06 per share— — — — (6.0)(6.0)
Other(0.1)0.1 — — (0.1)(0.1)
Balance at June 30, 20191.0 1,907.5 (458.9)(38.2)(633.4)778.0 
Net income— — — — 28.0 28.0 
Gain on derivative financial instruments, net of tax— — 1.4 — — 1.4 
Translation impact, net of tax— — (25.1)— — (25.1)
Pension and post-retirement adjustment, net of tax— — 4.2 — — 4.2 
Common stock repurchases(0.1)(17.6)— — — (17.7)
Stock-based compensation— 1.0 — — (0.1)0.9 
Common stock issued, net of shares withheld for employee taxes— 2.9 — — — 2.9 
Dividends declared, $.06 per share— — — — (5.9)(5.9)
Other0.1 — — — 0.1 0.2 
Balance at September 30, 2019$1.0 $1,893.8 $(478.4)$(38.2)$(611.3)$766.9 
Shares of Capital Stock
Common
Stock
Treasury
Stock
Net
Shares
Shares at December 31, 2018106,249,322 3,500,622 102,748,700 
Common stock issued, net of shares withheld for employee taxes1,437,021 458,987 978,034 
Common stock repurchases(1,260,163)— (1,260,163)
Shares at March 31, 2019106,426,180 3,959,609 102,466,571 
Common stock issued, net of shares withheld for employee taxes44,180 7,836 36,344 
Common stock repurchases(3,443,904)— (3,443,904)
Shares at June 30, 2019103,026,456 3,967,445 99,059,011