ACCO BRANDS Corp
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
ACCO$5.06-3.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0000950170-25-101292
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001193125-25-260601
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 82 previous paragraphs and 81 current paragraphs.
37 unchanged; 35 reworded; 9 added; 10 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
During the third quarter, our net sales decreased $37.2 million, or 8.8 percent, compared to the prior year's third quarter. The net sales decline reflects softer global demand for consumer and business products. Gross margin increased 50 basis points due to cost reduction programs, which more than offset tariff-related impacts of approximately 100 basis points.
Current report
We reported operating income of $26.0 million in the third quarter, compared to operating income of $26.3 million in the prior year's third quarter. The quarter was impacted by lower sales volume, unfavorable fixed-cost absorption, partly offset by the benefit of cost reduction actions, lower incentive compensation expense and lower restructuring costs.
Current report
For the three months ended September 30, 2025, net sales decreased $37.2 million, or 8.8 percent. Favorable foreign exchange increased sales by $6.5 million, or 1.5 percent. Comparable net sales decreased 10.3 percent. The reported sales decline was driven by lower volume, which was down $47.9 million, or 11.4 percent, primarily due to lower global demand for consumer and business products.
Current report
For the nine months ended September 30, 2025, net sales decreased $122.2 million, or 10.0 percent, including $2.6 million, or 0.2 percent from adverse foreign exchange. Comparable net sales decreased 9.8 percent. The reported sales decline was driven by lower volume, which was down $122.5 million, or 10.1 percent, primarily due to lower global demand for consumer and business products and tariff-related impacts.
Current report
For the three months ended September 30, 2025, we reported operating income of $26.0 million, compared to operating income of $26.3 million in the prior year. The decrease reflects lower sales volume and unfavorable fixed-cost absorption, largely offset by cost reduction actions, lower incentive compensation expense and lower restructuring costs. Favorable foreign exchange increased operating income by $0.5 million, or 1.9 percent.
Current report
Income Tax Expense
Current report
For the three months ended September 30, 2025, net sales decreased $31.5 million, or 12.2 percent. Favorable foreign exchange increased sales by $0.4 million, or 0.2 percent. Comparable net sales decreased 12.4 percent. The reported sales decline was driven by lower volume, which was down $33.4 million, or 12.9 percent, due to lower demand for consumer and business products. Price, net of customer programs, increased sales by $1.5 million, or 0.6 percent.
Current report
For the nine months ended September 30, 2025, net sales decreased $98.6 million, or 13.2 percent, including $9.7 million, or 1.3 percent, from adverse foreign exchange. Comparable net sales decreased 11.9 percent. The reported sales decline was driven by lower volume which was down $82.8 million, or 11.1 percent, primarily due to lower demand for consumer and business products, as well as disruptions in customer purchasing, including cancelled or delayed orders, due to uncertainty related to the tariffs. Price, net of customer programs reduced sales by $6.2 million, or 0.8 percent.
Current report
For the three months ended September 30, 2025, we reported operating income of $24.7 million, compared to operating income of $25.9 million. The decline was due to lower sales volume, unfavorable fixed-cost absorption and impacts from tariffs, partly offset by cost savings and lower restructuring costs. Favorable foreign exchange increased operating income $0.1 million or 0.4 percent.
Removed paragraphs (10)
Previous report
During the second quarter, our net sales decreased $43.5 million, or 9.9 percent, compared to the prior year's second quarter. Sales were negatively impacted by disruptions in customers purchases due to uncertainty following the announcement of the tariffs early in the quarter. The net sales decline also reflects softer global demand for consumer and business products, partially offset by growth in sales of gaming accessories. Gross margin decreased 190 basis points reflecting lower sales volume, unfavorable fixed-cost absorption and impacts from tariffs.
Previous report
We reported operating income of $33.0 million in the second quarter, compared to an operating loss of $111.2 million in the prior year's second quarter. The prior year operating loss was primarily due to non-cash impairment charges totaling $165.2 million related to goodwill and an indefinite-lived trade name within our Americas reporting unit. The current year quarter was impacted by lower sales volume, unfavorable fixed-cost absorption, and higher restructuring expense, partly offset by the benefit of cost reduction actions taken in the prior year, lower incentive compensation expense, and the gain on the sale of two of our facilities.
Previous report
Invested in inventory arriving from countries with lower tariffs,
Previous report
For the three months ended June 30, 2025, net sales decreased $43.5 million, or 9.9 percent. Favorable foreign exchange increased sales by $2.6 million, or 0.6 percent. Comparable net sales decreased 10.5 percent. The reported sales decline was driven by lower volume, which was down $44.5 million, or 10.2 percent, primarily from disruptions in customer purchasing including cancelled or delayed orders, due to uncertainty related to the tariffs and lower global demand for consumer and business products, partly offset by growth in gaming accessories sales.
Previous report
For the six months ended June 30, 2025, net sales decreased $85.0 million, or 10.7 percent, including $9.1 million, or 1.1 percent from adverse foreign exchange. Comparable net sales decreased 9.6 percent. The reported sales decline was driven by lower volume, which was down $74.6 million, or 9.4 percent, primarily due to lower global demand for consumer and business products and technology accessories as well as disruptions in customer purchasing, including cancelled or delayed orders, due to uncertainty related to the tariffs.
Previous report
For the six months ended June 30, 2025, we reported operating income of $26.3 million, compared to an operating loss of $105.3 million in the prior year. The prior year operating loss was due to a non-cash impairment charges as noted above. The current year period was impacted by lower sales volume, unfavorable fixed-cost absorption and $12.3 million of higher restructuring expense, partly offset by a gain of $6.9 million as noted above and the benefit of cost reduction actions taken in the prior year. Adverse foreign exchange increased operating loss by $1.0 million, or 0.9 percent.
Previous report
Income Tax Benefit
Previous report
For the three months ended June 30, 2025, net sales decreased $43.8 million, or 15.0 percent, including $3.1 million, or 1.1 percent, from adverse foreign exchange. Comparable net sales decreased 13.9 percent. The reported sales decline was driven by lower volume, which was down $35.9 million, or 12.3 percent, primarily from disruptions in customer purchasing, including cancelled or delayed orders due to uncertainty related to the tariffs, as well as lower demand for certain consumer and business products partly offset by growth in gaming accessories sales. Price and program reductions of $5.0 million, or 1.7 percent, which primarily reflect resolution of various customer contract negotiations, also contributed to the decline.
Previous report
For the six months ended June 30, 2025, net sales decreased $67.1 million, or 13.7 percent, including $10.1 million, or 2.1 percent, from adverse foreign exchange. Comparable net sales decreased 11.6 percent. The reported sales decline was driven by lower volume, which was down $49.4 million, or 10.1 percent, primarily due to lower demand for consumer and business products and technology accessories as well as disruptions in customer purchasing, including cancelled or delayed orders, due to uncertainty related to the tariffs. Price and program reductions of $7.7 million, or 1.6 percent, which primarily reflect resolution of various customer contract negotiations, also contributed to the decline.
Previous report
For the six months ended June 30, 2025, we reported operating income of $41.6 million, compared to an operating loss of $102.6 million. The prior year operating loss was due to non-cash impairment charges as noted above. The current year was impacted by lower sales volume, unfavorable fixed-cost absorption and higher restructuring expense of $2.6 million in the current year, partly offset by cost savings and the gain of $5.7 million noted above. Adverse foreign exchange reduced operating income $0.6 million, or 0.6 percent.
Reworded paragraphs (35)
Previous wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three and six months ended June 30, 2025 and 2024 should be read in conjunction with the unaudited condensed consolidated financial statements of ACCO Brands Corporation and the accompanying notes contained therein.
Current wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three and nine months ended September 30, 2025 and 2024 should be read in conjunction with the unaudited condensed consolidated financial statements of ACCO Brands Corporation and the accompanying notes contained therein.
Previous wording
The Company continues to be impacted by softer global demand primarily due to lower consumer and office spending, the weak macroeconomic conditions, and geopolitical instability. Additionally, our second quarter results were impacted by the new U.S. and reciprocal tariffs. We expect these collective global trends and the impact of evolving trade policy to continue to impact our results of operations.
Current wording
The Company continues to be impacted by softer global demand primarily due to lower consumer and office spending, the weak macroeconomic conditions, and geopolitical instability. Additionally, our third quarter results were impacted by the U.S. and reciprocal tariffs. We expect these collective global trends and the impact of evolving trade policy to continue to impact our results of operations.
Previous wording
Our operating cash flow for the first six months was cash used of $33.4 million compared to cash provided of $2.6 million in the prior year primarily reflecting reductions in working capital. Our operating cash flow continues to be seasonal with a historic pattern of strong inflows during the second half of the year.
Current wording
Our operating cash flow for the first nine months was cash provided of $38.1 million compared to cash provided of $95.5 million in the prior year primarily reflecting reductions in working capital. Our operating cash flow continues to be seasonal with a historic pattern of strong inflows during the second half of the year.
Previous wording
During the second quarter of 2025, new U.S. tariffs resulted in customers changing their purchasing decisions, as well as higher costs, which reduced sales and gross profit for the Americas segment. We expect the environment and its impact on the demand for our products to remain uncertain throughout 2025 or until there is greater clarity on the tariffs. In reaction to the evolving tariff landscape, we have taken, and will continue to take, a number of actions:
Current wording
We expect the demand for our products to remain uncertain throughout 2025 or until there is greater clarity on the tariffs. In reaction to the evolving tariff landscape, we have taken, and will continue to take, a number of actions:
Previous wording
Recently communicated price increases in the U.S.,
Current wording
Communicated and implemented price increases in the U.S.,
Previous wording
Consolidated Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024
Current wording
Consolidated Results of Operations for the Three and Nine Months Ended September 30, 2025 and 2024
Previous wording
For the three months ended June 30, 2025, gross profit decreased $22.9 million, or 15.0 percent, primarily due to volume declines, unfavorable fixed-cost absorption and impacts from tariffs, partly offset by savings from the impact of our global cost reduction actions. Favorable foreign exchange increased gross profit by $1.3 million, or 0.9 percent.
Current wording
For the three months ended September 30, 2025, gross profit decreased $10.3 million, or 7.5 percent, primarily due to volume declines, unfavorable fixed-cost absorption and impacts from tariffs, partly offset by savings resulting from our global cost reduction actions. Favorable foreign exchange increased gross profit by $2.3 million, or 1.7 percent.
Previous wording
For the six months ended June 30, 2025, gross profit decreased $33.7 million, or 12.8 percent, primarily due to volume declines, unfavorable fixed-cost absorption and impacts from tariffs, partly offset by savings from the impact of our global cost reduction actions. Adverse foreign exchange reduced gross profit by $2.3 million, or 0.9 percent.
Current wording
For the nine months ended September 30, 2025, gross profit decreased $44.0 million, or 11.0 percent, primarily due to volume declines, unfavorable fixed-cost absorption and impacts from tariffs, partly offset by savings resulting from our global cost reduction actions.
Previous wording
For the three months ended June 30, 2025, SG&A decreased $5.4 million, or 6.1 percent. The decrease was due to the positive impact of global cost reductions and lower incentive compensation expense. Adverse foreign exchange increased SG&A by $0.8 million, or 0.9 percent.
Current wording
For the three months ended September 30, 2025, SG&A decreased $4.8 million, or 5.2 percent. The decrease was due to the positive impact of global cost reductions and lower incentive compensation expense. Adverse foreign exchange increased SG&A by $1.5 million, or 1.6 percent.
Previous wording
For the six months ended June 30, 2025, SG&A decreased $6.9 million, or 3.8 percent. The decrease was due to the positive impact of global cost reductions. Favorable foreign exchange reduced SG&A by $1.5 million, or 0.8 percent.
Current wording
For the nine months ended September 30, 2025, SG&A decreased $11.7 million, or 4.3 percent. The decrease was due to the positive impact of global cost reductions and lower incentive compensation expense.
Previous wording
For the three months ended June 30, 2025, we reported operating income of $33.0 million, compared to an operating loss of $111.2 million in the prior year. The prior year operating loss was due to non-cash impairment charges totaling $165.2 million related to goodwill and an indefinite-lived trade name within our Americas reporting unit. The current year quarter was impacted by lower sales volume, unfavorable fixed-cost absorption and $9.7 million of higher restructuring expense, partly offset by a gain of $6.9 million related to the sale of our Sidney, New York and Barcelona, Spain facilities, the benefit of cost reduction actions taken in the prior year and lower incentive compensation expense. Foreign exchange did not impact operating loss.
Current wording
For the nine months ended September 30, 2025, we reported operating income of $52.3 million, compared to an operating loss of $79.0 million in the prior year. The prior year operating loss was due to non-cash impairment charges totaling $165.2 million related to goodwill and an indefinite-lived trade name within our Americas reporting unit. The current year period was impacted by lower sales volume, unfavorable fixed-cost absorption and $7.1 million of higher restructuring expense, partly offset by a gain of $6.9 million related to the sale of our Sidney, New York and Barcelona, Spain facilities and the benefit of cost reduction actions and lower incentive compensation expense. Adverse foreign exchange reduced operating loss by $0.5 million, or 0.6 percent.
Previous wording
For the three months ended June 30, 2025, interest expense, net decreased $2.7 million, or 23.3 percent, primarily due to lower variable interest rates on lower variable debt balances versus the prior year.
Current wording
For the three months ended September 30, 2025, interest expense, net decreased $2.2 million, or 18.8 percent, primarily due to lower variable interest rates on lower variable debt balances versus the prior year.
Previous wording
For the six months ended June 30, 2025, interest expense, net decreased $5.2 million, or 22.6 percent, primarily due to lower variable interest rates on lower variable debt balances versus the prior year. The weighted average interest rate on $412.3 million of outstanding variable rate debt as of June 30, 2025 decreased to 4.76 percent from 6.22 percent in the prior year.
Current wording
For the nine months ended September 30, 2025, interest expense, net decreased $7.4 million, or 21.3 percent, primarily due to lower variable interest rates on lower variable debt balances versus the prior year. The weighted average interest rate on $302.8 million of outstanding variable rate debt as of September 30, 2025 decreased to 4.72 percent from 5.89 percent in the prior year.
Previous wording
For the six months ended June 30, 2025, we recorded an income tax benefit of $9.8 million on income before taxes of $6.2 million. For the six months ended June 30, 2024, we recorded an income tax benefit of $1.2 million on a loss before taxes of $132.7 million.
Current wording
For the three months ended September 30, 2025, we recorded an income tax expense of $10.7 million on income before taxes of $14.7 million. For the three months ended September 30, 2024, we recorded an income tax expense of $4.5 million on income before taxes of $13.8 million.
Previous wording
For the three months ended June 30, 2025, we recorded an income tax benefit of $6.5 million on income before taxes of $22.7 million. For the three months ended June 30, 2024, we recorded an income tax benefit of $2.2 million on a loss before taxes of $127.4 million. In June 2025, the Company entered into a settlement related to the Brazil Tax Assessments resulting in a net tax benefit of $13.4 million.
Current wording
For the nine months ended September 30, 2025, we recorded an income tax expense of $0.9 million on income before taxes of $20.9 million. For the nine months ended September 30, 2024, we recorded an income tax expense of $3.3 million on a loss before taxes of $118.9 million. The Company entered into a settlement related to the Brazil Tax Assessments resulting in a net tax benefit of $13.1 million.
Previous wording
Segment Net Sales and Operating Income for the Three and Six Months Ended June 30, 2025 and 2024
Current wording
Segment Net Sales and Operating Income for the Three and Nine Months Ended September 30, 2025 and 2024
Previous wording
For the three months ended June 30, 2025, we reported operating income of $40.7 million, compared to an operating loss of $108.7 million. The prior year operating loss was due to non-cash impairment charges totaling $165.2 million related to goodwill and an indefinite-lived trade name. The current year quarter was impacted by lower sales volume, unfavorable fixed-cost absorption and impacts from tariffs, partly offset by cost savings and the gain on the sale of our Sidney, New York facility of $5.7 million.
Current wording
For the nine months ended September 30, 2025, we reported operating income of $66.3 million, compared to an operating loss of $76.7 million. The prior year operating loss was due to non-cash impairment charges totaling $165.2 million related to goodwill and an indefinite-lived trade name. The current year was impacted by lower sales volume, unfavorable fixed-cost absorption and impacts from tariffs, partly offset by cost savings and the gain on the sale of our Sidney, New York facility of $5.7 million. Adverse foreign exchange reduced operating income $0.5 million, or 0.7 percent.
Previous wording
Segment operating income excludes corporate costs. See "Part I, Item 1. Note 17. Information on Operating Segments" for a reconciliation of total "Segment operating (loss) income" to "Income (Loss) before income tax."
Current wording
Segment operating income excludes corporate costs. See "Part I, Item 1. Note 17. Information on Operating Segments" for a reconciliation of total "Segment operating income" to "Income (Loss) before income tax."
Previous wording
For the three months ended June 30, 2025, net sales increased $0.3 million or 0.2 percent. Favorable foreign exchange increased net sales $5.7 million, or 3.9 percent. Comparable net sales decreased 3.7 percent. The reported sales reflect lower volume, which was down $8.6 million, or 5.9 percent, primarily due to reduced demand for business products, partly offset by the benefit of price increases of $3.4 million, or 2.3 percent, and the Buro Acquisition, and growth in gaming accessories sales.
Current wording
For the three months ended September 30, 2025, net sales decreased $5.7 million or 3.5 percent. Favorable foreign exchange increased net sales $6.1 million, or 3.8 percent. Comparable net sales decreased 7.3 percent. The reported sales reflect lower volume, which was down $14.5 million, or 9.0 percent, primarily due to reduced demand for business products, partly offset by the benefit of price increases of $2.7 million, or 1.7 percent, and sales resulting from the Buro Acquisition.
Previous wording
For the six months ended June 30, 2025, net sales decreased $17.9 million or 5.8 percent. Favorable foreign exchange increased net sales $1.0 million, or 0.3 percent. Comparable net sales decreased 6.1 percent. The reported sales decline was driven by lower volume, which was down $25.2 million, or 8.2 percent, primarily due to reduced demand for business products, partly offset by growth in technology accessories sales and the benefit of price increases of $6.4 million, or 2.1 percent.
Current wording
For the nine months ended September 30, 2025, net sales decreased $23.6 million or 5.0 percent. Favorable foreign exchange increased net sales $7.1 million, or 1.5 percent. Comparable net sales decreased 6.5 percent. The reported sales decline was driven by lower volume, which was down $39.7 million, or 8.5 percent, primarily due to reduced demand for business products, partly offset by growth in technology accessories sales and the benefit of price increases of $9.1 million, or 1.9 percent.
Previous wording
For the six months ended June 30, 2025, operating income decreased $14.7 million primarily due to lower sales volume, and higher restructuring costs of $9.7 million in the current year, partly offset by cost savings and price increases. Adverse foreign exchange reduced operating income $0.4 million, or 1.9 percent.
Current wording
For the three months ended September 30, 2025, operating income increased $1.0 million or 10.5 percent primarily due to cost savings, price increases and lower restructuring costs, partly offset by lower sales volume. Favorable foreign exchange increased operating income $0.4 million, or 4.2 percent.
Previous wording
For the three months ended June 30, 2025, we reported an operating income of $0.8 million compared to operating income of $7.8 million primarily due to higher restructuring costs of $8.9 million in the current quarter and lower sales volume, partly offset by lower incentive compensation expense, cost savings, price increases and the gain on sale of our Barcelona, Spain facility for $1.2 million. Foreign exchange did not impact operating income.
Current wording
For the nine months ended September 30, 2025, operating income decreased $13.7 million primarily due to lower sales volume and higher restructuring costs of $7.5 million in the current year, partly offset by cost savings, price increases, lower incentive compensation and the gain on sale of our Barcelona facility for $1.2 million.
Previous wording
Our primary liquidity needs are to support our working capital requirements, service indebtedness and fund capital expenditures, dividends, stock repurchases and acquisitions. Our principal sources of liquidity are cash flows from operating activities, cash and cash equivalents held, and seasonal borrowings under our $467.5 million multi-currency revolving credit facility (the "Revolving Facility"). As of June 30, 2025, there was $252.6 million in borrowings outstanding under the Revolving Facility ($12.2 million reported in "Current portion of long-term debt" and $240.4 million reported in "Long-term debt, net"), and the amount available for borrowings was $206.8 million (allowing for $8.1 million of letters of credit outstanding on that date). We had $133.3 million in cash on hand as of June 30, 2025.
Current wording
Our primary liquidity needs are to support our working capital requirements, service indebtedness and fund capital expenditures, dividends, stock repurchases and acquisitions. Our principal sources of liquidity are cash flows from operating activities, cash and cash equivalents held, and seasonal borrowings under our $467.5 million multi-currency revolving credit facility (the "Revolving Facility"). As of September 30, 2025, there was $189.3 million in borrowings outstanding under the Revolving Facility ($18.0 million reported in "Current portion of long-term debt" and $171.3 million reported in "Long-term debt, net"), and the amount available for borrowings was $271.3 million (allowing for $6.9 million of letters of credit outstanding on that date). We had $82.5 million in cash on hand as of September 30, 2025.
Previous wording
As of June 30, 2025, our Consolidated Leverage Ratio was approximately 4.29 to 1.00 versus our maximum covenant of 4.50 to 1.00. We have no debt maturities before March 2029.
Current wording
As of September 30, 2025, our Consolidated Leverage Ratio was approximately 4.14 to 1.00 versus our maximum covenant of 4.50 to 1.00. We have no debt maturities before March 2029. Debt currently outstanding under our Credit Agreement is due on October 30, 2029, with the requirement that we refinance our senior unsecured notes by September 2028.
Previous wording
The $412.3 million of debt currently outstanding under our senior secured credit facilities had a weighted average interest rate of 4.76 percent as of June 30, 2025, and the $575.0 million outstanding principal amount of our senior unsecured notes due March 2029 have a fixed interest rate of 4.25 percent.
Current wording
The $302.8 million of debt currently outstanding under our senior secured credit facilities had a weighted average interest rate of 4.72 percent as of September 30, 2025, and the $575.0 million outstanding principal amount of our senior unsecured notes due March 2029 have a fixed interest rate of 4.25 percent.
Previous wording
Effective July 29, 2025, we entered into an amendment to the Credit Agreement, which, among other things, increases our maximum Consolidated Leverage Ratio financial covenant to 4.50x for the third and fourth quarters of 2025, to 4.75x for the first and second quarters of 2026 and to 4.25x for the third and fourth quarters of 2026. Thereafter, the maximum Consolidated Leverage Ratio will return to 4.50x for all first and second fiscal quarters and 4.00x for all third and fourth quarters. In addition, it modifies certain covenant baskets related to liens, indebtedness and restricted payments through December 31, 2026. The amendment also requires that $35.0 million in outstanding principal amount under the term loan facility will be repaid on or before September 30, 2025.
Current wording
Effective July 29, 2025, we entered into an amendment to the Credit Agreement, which, among other things, increases our maximum Consolidated Leverage Ratio financial covenant to 4.50x for the third and fourth quarters of 2025, to 4.75x for the first and second quarters of 2026 and to 4.25x for the third and fourth quarters of 2026. Thereafter, the maximum Consolidated Leverage Ratio will return to 4.50x for all first and second fiscal quarters and 4.00x for all third and fourth quarters. In addition, it modifies certain covenant baskets related to liens, indebtedness and restricted payments through December 31, 2026. The amendment also requires that $35.0 million in outstanding principal amount under the term loan facility will be repaid on or before September 30, 2025, for which the payment was made as required.
Previous wording
In January 2024, the Company announced a multi-year restructuring and cost savings program, with currently anticipated annualized pre-tax cost savings of approximately $100.0 million by the end of 2026. The program incorporates initiatives to simplify and delayer the Company's operating structure and reduce costs through headcount reductions, supply chain optimization, global footprint rationalization, and better leveraging the Company's sourcing capabilities. Since inception, the Company has realized over $40.0 million in pre-tariff savings.
Current wording
In January 2024, the Company announced a multi-year restructuring and cost savings program, with currently anticipated annualized pre-tax cost savings of approximately $100.0 million by the end of 2026. The program incorporates initiatives to simplify and delayer the Company's operating structure and reduce costs through headcount reductions, supply chain optimization, global footprint rationalization, and better leveraging the Company's sourcing capabilities. Since inception, the Company has realized over $50.0 million in pre-tariff savings.
Previous wording
Cash Flow for the Six Months Ended June 30, 2025 and 2024
Current wording
Cash Flow for the Nine Months Ended September 30, 2025 and 2024
Previous wording
During the six months ended June 30, 2025, our cash and cash equivalents increased $59.2 million, as compared to an increase of $46.3 million in the first six months of the prior year. The following table summarizes our cash flows for the periods presented:
Current wording
During the nine months ended September 30, 2025, our cash and cash equivalents increased $8.4 million, as compared to an increase of $35.6 million in the first nine months of the prior year. The following table summarizes our cash flows for the periods presented:
Previous wording
Cash used by operating activities during the six months ended June 30, 2025, was driven by cash used for trade working capital of $11.2 million, which includes accounts receivable, inventory, and accounts payable as well as by a net cash outflow from other assets and liabilities of $76.7 million including cash payments for restructuring, taxes, interest, pensions, and incentives. These were partly offset by cash inflows of $54.5 million after excluding non-cash impacts primarily from amortization of intangibles, depreciation, stock-based compensation expense, and the gain on the sale of our facilities in Sidney, New York and Barcelona, Spain from our net income.
Current wording
Cash provided by operating activities during the nine months ended September 30, 2025, was driven by cash inflows of $78.4 million after excluding non-cash impacts primarily from amortization of intangibles, depreciation, stock-based compensation expense, and the gain on the sale of our facilities in Sidney, New York and Barcelona, Spain from our net income. Cash was also provided by trade working capital of $48.4 million, which includes accounts receivable, inventory, and accounts payable. These were partly offset by a net cash outflow of $88.7 million from other assets and liabilities including cash payments for restructuring, taxes, interest, pensions, and incentives.
Previous wording
Cash provided by operating activities during the six months ended June 30, 2024, was driven by cash inflows of $78.6 million after excluding non-cash impacts primarily from amortization of intangibles, depreciation, stock-based compensation expense, and non-cash goodwill and intangible asset impairment charges from our net loss. Cash was also provided by trade working capital of $26.9 million, which includes accounts receivable, inventory, and accounts payable. These were partly offset by a net cash outflow of $102.9 million from all other assets and liabilities including cash payments for restructuring, taxes, interest, pensions, and incentives.
Current wording
Cash provided by operating activities during the nine months ended September 30, 2024, was driven by cash inflows of $109.0 million after excluding non-cash impacts primarily from amortization of intangibles, depreciation, stock-based compensation expense, and non-cash goodwill and intangible asset impairment charges from our net loss. Cash was also provided by trade working capital of $86.7 million, which includes accounts receivable, inventory, and accounts payable. These were partly offset by a net cash outflow of $100.2 million from all other assets and liabilities including cash payments for restructuring, taxes, interest, pensions, and incentives.
Previous wording
Cash used by investing activities during the six months ended June 30, 2025, was due to $10.1 million of cash used for the Buro Acquisition as well as capital expenditures, largely offset by $16.5 million in proceeds from the sale of our facilities in Sidney, New York and Barcelona, Spain.
Current wording
Cash used by investing activities during the nine months ended September 30, 2025, was due to $10.1 million of cash used for the Buro Acquisition as well as capital expenditures, partly offset by $16.5 million in proceeds from the sale of our facilities in Sidney, New York and Barcelona, Spain.
Previous wording
Cash used by investing activities during the six months ended June 30, 2024, was primarily due to capital expenditures.
Current wording
Cash used by investing activities during the nine months ended September 30, 2024, was primarily due to capital expenditures.
Previous wording
Cash provided by financing activities during the six months ended June 30, 2025, was primarily due to borrowings exceeding debt repayments, partly offset by dividend payments and $15.1 million in repurchases of common stock.
Current wording
Cash used by financing activities during the nine months ended September 30, 2025, was primarily due to dividend payments and cash used to repurchase common stock, partly offset by borrowings that exceeded debt repayments.
Previous wording
Cash provided by financing activities during the six months ended June 30, 2024, was primarily due to borrowings exceeding debt repayments, partly offset by dividend payments.
Current wording
Cash used by financing activities during the nine months ended September 30, 2024, was primarily due to dividend payments, debt repayments exceeding borrowings, and cash used to repurchase common stock.