ACCO BRANDS Corp
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| REGISTRANT: | |
| ACCO BRANDS CORPORATION | |
| By: | /s/ Thomas W. Tedford |
| Thomas W. Tedford | |
| President and Chief Executive Officer(principal executive officer) |
| By: | /s/ Deborah A. O'Connor |
| Deborah A. O'Connor | |
| Executive Vice President and Chief FinancialOfficer (principal financial officer) |
| By: | /s/ James M. Dudek, Jr. |
| James M. Dudek, Jr. | |
| Senior Vice President, Corporate Controller and Chief Accounting Officer(principal accounting officer) |
February 23, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Signature | Title | Date | |
|---|---|---|---|
| /s/ Thomas W. Tedford | President and Chief Executive Officer(principal executive officer) | February 23, 2024 | |
| Thomas W. Tedford | |||
| /s/ Deborah A. O'Connor | Executive Vice President andChief Financial Officer(principal financial officer) | February 23, 2024 | |
| Deborah A. O'Connor | |||
| /s/ James M. Dudek, Jr. | Senior Vice President, Corporate Controller and Chief Accounting Officer(principal accounting officer) | February 23, 2024 | |
| James M. Dudek, Jr. | |||
| /s/ Joe B. Burton* | Director | February 23, 2024 | |
| Joe B. Burton | |||
| /s/ Kathleen S. Dvorak* | Director | February 23, 2024 | |
| Kathleen S. Dvorak | |||
| /s/ Boris Elisman* | Director | February 23, 2024 | |
| Boris Elisman | |||
| Signature | Title | Date |
|---|---|---|
| /s/ Pradeep Jotwani* | Director | February 23, 2024 |
| Pradeep Jotwani | ||
| /s/ Robert J. Keller* | Director | February 23, 2024 |
| Robert J. Keller | ||
| /s/ Thomas Kroeger* | Director | February 23, 2024 |
| Thomas Kroeger | ||
| /s/ Ron Lombardi* | Director | February 23, 2024 |
| Ron Lombardi | ||
| /s/ Graciela Monteagudo* | Director | February 23, 2024 |
| Graciela Monteagudo | ||
| /s/ E. Mark Rajkowski* | Director | February 23, 2024 |
| E. Mark Rajkowski | ||
| /s/ Beth Simermeyer* | Director | February 23, 2024 |
| Beth Simermeyer | ||
| /s/ Deborah A. O'Connor | ||
| * Deborah A. O'Connor asAttorney-in-Fact | ||
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
SCHEDULE II
Allowances for Doubtful Accounts
Changes in the allowances for doubtful accounts were as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Balance at beginning of year | $9.1 | $10.0 | $11.4 |
| Additions charged to expense | 1.3 | 0.5 | 0.9 |
| Deductions - write offs | (1.6) | (1.5) | (1.9) |
| Foreign exchange changes | 0.5 | 0.1 | (0.4) |
| Balance at end of year | $9.3 | $9.1 | $10.0 |
Allowances for Sales Discounts and Other Credits
Changes in the allowances for sales discounts and returns were as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Balance at beginning of year | $15.6 | $15.2 | $12.2 |
| Additions charged to expense | 8.1 | 15.7 | 28.9 |
| Deductions | (11.8) | (13.8) | (25.8) |
| Foreign exchange changes | (0.3) | (1.5) | (0.1) |
| Balance at end of year | $11.6 | $15.6 | $15.2 |
Allowances for Cash Discounts
Changes in the allowances for cash discounts were as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Balance at beginning of year | $1.9 | $2.4 | $1.9 |
| Additions charged to expense | 20.7 | 22.9 | 22.8 |
| Deductions - discounts taken | (20.7) | (23.3) | (22.2) |
| Foreign exchange changes | 0.1 | (0.1) | (0.1) |
| Balance at end of year | $2.0 | $1.9 | $2.4 |
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
SCHEDULE II (Continued)
Warranty Reserves
Changes in the reserve for warranty claims were as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Balance at beginning of year | $6.4 | $5.7 | $6.1 |
| Provision for warranties issued | 3.8 | 5.3 | 2.9 |
| Deductions - settlements made (in cash or in kind) | (4.5) | (4.3) | (2.9) |
| Foreign exchange changes | 0.3 | (0.3) | (0.4) |
| Balance at end of year | $6.0 | $6.4 | $5.7 |
Income Tax Valuation Allowance
Changes in the deferred tax valuation allowances were as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Balance at beginning of year | $51.9 | $52.4 | $55.4 |
| Net increase to valuation allowance - expense (benefit) | 5.4 | 3.2 | (2.2) |
| Foreign exchange changes | 1.9 | (3.7) | (0.8) |
| Balance at end of year | $59.2 | $51.9 | $52.4 |
See accompanying report of independent registered public accounting firm.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.