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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 15, 2024

 

 

ACCO Brands Corporation

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-08454

36-2704017

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

Four Corporate Drive

 

Lake Zurich, Illinois

 

60047

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (847) 541-9500

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

 

Item 2.02 Results of Operations and Financial Condition.

As previously disclosed, on January 24, 2024, ACCO Brands Corporation (the "Company") announced that it would operate and report under two business segments effective January 1, 2024. The two business segments will be ACCO Brands Americas ("Americas") and ACCO Brands International ("International"). The Americas business segment includes the U.S., Canada, Brazil, Mexico and Chile. The International business segment includes EMEA, Australia, New Zealand, and Asia.

 

This Form 8-K is being filed in order to assist investors in making comparisons of business segment information the Company reports in the future with historical business segment financial information for the years ended December 31, 2023 and 2022, including all interim periods. The accompanying Supplemental Business Segment Information and Reconciliation (Unaudited) furnished as Exhibit 99.1 hereto reflects the new business segment structure and includes any reclassifications to conform to previously reported annual and quarterly financial information for the years ended December 31, 2023 and 2022.

 

The information included or incorporated by reference in this Current Report on Form 8-K under this Item 2.02 is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

99.1

 

Supplemental Business Segment Information and Reconciliation (Unaudited).

 

 

 

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

ACCO Brands Corporation
(Registrant)

 

 

 

 

Date:

March 15, 2024

By:

/s/ Deborah A. O'Connor

 

 

 

Name: Deborah A. O'Connor
Title: Executive Vice President
and Chief Financial Officer

 

EX-99.1 2 acco-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

Supplemental Business Segment Information and Reconciliation (Unaudited)

 

About Non-GAAP Financial Measures

We use our non-GAAP financial measures both to explain our results to stockholders and the investment community and in the internal evaluation and management of our business. We believe our non-GAAP financial measures provide management and investors with a more complete understanding of our underlying operational results and trends, facilitate meaningful period-to-period comparisons and enhance an overall understanding of our past and future financial performance.

 

Our non-GAAP financial measures exclude certain items that may have a material impact upon our reported financial results such as restructuring charges, the impact of foreign currency exchange rate fluctuations, unusual tax items, goodwill impairment charges, and other non-recurring items that we consider to be outside of our core operations. These measures should not be considered in isolation or as a substitute for, or superior to, the directly comparable GAAP financial measures and should be read in connection with the Company’s financial statements presented in accordance with GAAP.

 

ACCO Brands Corporation and Subsidiaries

Supplemental Business Segment Information and Reconciliation (Unaudited)

(In millions)

 

 

2023

 

2022

 

Changes

 

 

 

 

 

 

 

 

 

Adjusted

 

 

 

 

 

 

 

 

 

Adjusted

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported

 

 

 

Adjusted

 

Operating

 

 

 

Reported

 

 

 

Adjusted

 

Operating

 

 

 

 

 

Adjusted

 

Adjusted

 

 

 

 

 

Operating

 

 

 

Operating

 

Income

 

 

 

Operating

 

 

 

Operating

 

Income

 

 

 

 

 

Operating

 

Operating

 

Adjusted

 

Reported

 

Income

 

Adjusted

 

Income

 

(Loss)

 

Reported

 

Income

 

Adjusted

 

Income

 

(Loss)

 

Net Sales

 

Net Sales

 

Income

 

Income

 

Margin

 

Net Sales

 

(Loss)

 

Items

 

(Loss) - (A)

 

Margin - (A)

 

Net Sales

 

(Loss)

 

Items

 

(Loss) - (A)

 

Margin - (A)

 

$

 

%

 

(Loss) $

 

(Loss) %

 

Points

Q1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCO Brands Americas

$230.0

 

$12.3

 

$6.4

 

$18.7

 

8.1%

 

$244.4

 

$15.3

 

$6.6

 

$21.9

 

9.0%

 

$(14.4)

 

(5.9)%

 

$(3.2)

 

(14.6)%

 

(90)

ACCO Brands International

172.6

 

9.7

 

7.8

 

17.5

 

10.1%

 

197.2

 

8.4

 

4.8

 

13.2

 

6.7%

 

(24.6)

 

(12.5)%

 

4.3

 

32.6%

 

340

Corporate

—

 

(11.9)

 

—

 

(11.9)

 

 

 

—

 

(16.9)

 

4.4

 

(12.5)

 

 

 

—

 

 

 

0.6

 

 

 

 

Total

$402.6

 

$10.1

 

$14.2

 

$24.3

 

6.0%

 

$441.6

 

$6.8

 

$15.8

 

$22.6

 

5.1%

 

$(39.0)

 

(8.8)%

 

$1.7

 

7.5%

 

90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCO Brands Americas

$336.4

 

$60.4

 

$6.4

 

$66.8

 

19.9%

 

$345.6

 

$54.4

 

$7.6

 

$62.0

 

17.9%

 

$(9.2)

 

(2.7)%

 

$4.8

 

7.7%

 

200

ACCO Brands International

157.2

 

7.1

 

4.6

 

11.7

 

7.4%

 

175.4

 

1.1

 

4.8

 

5.9

 

3.4%

 

(18.2)

 

(10.4)%

 

5.8

 

98.3%

 

400

Corporate

—

 

(12.3)

 

—

 

(12.3)

 

 

 

—

 

(0.1)

 

(9.7)

 

(9.8)

 

 

 

—

 

 

 

(2.5)

 

 

 

 

Total

$493.6

 

$55.2

 

$11.0

 

$66.2

 

13.4%

 

$521.0

 

$55.4

 

$2.7

 

$58.1

 

11.2%

 

$(27.4)

 

(5.3)%

 

$8.1

 

13.9%

 

220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCO Brands Americas

$284.4

 

$33.8

 

$6.2

 

$40.0

 

14.1%

 

$311.7

 

$(67.0)

 

$105.2

 

$38.2

 

12.3%

 

$(27.3)

 

(8.8)%

 

$1.8

 

4.7%

 

180

ACCO Brands International

163.6

 

9.4

 

7.6

 

17.0

 

10.4%

 

173.9

 

10.8

 

3.4

 

14.2

 

8.2%

 

(10.3)

 

(5.9)%

 

2.8

 

19.7%

 

220

Corporate

—

 

(11.0)

 

—

 

(11.0)

 

 

 

—

 

(6.8)

 

(2.8)

 

(9.6)

 

 

 

—

 

 

 

(1.4)

 

 

 

 

Total

$448.0

 

$32.2

 

$13.8

 

$46.0

 

10.3%

 

$485.6

 

$(63.0)

 

$105.8

 

$42.8

 

8.8%

 

$(37.6)

 

(7.7)%

 

$3.2

 

7.5%

 

150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCO Brands Americas

$284.9

 

$(62.6)

 

$112.2

 

$49.6

 

17.4%

 

$298.7

 

$26.0

 

$10.5

 

$36.5

 

12.2%

 

$(13.8)

 

(4.6)%

 

$13.1

 

35.9%

 

520

ACCO Brands International

203.7

 

23.4

 

8.3

 

31.7

 

15.6%

 

200.7

 

18.3

 

6.6

 

24.9

 

12.4%

 

3.0

 

1.5%

 

6.8

 

27.3%

 

320

Corporate

—

 

(13.6)

 

0.6

 

(13.0)

 

 

 

—

 

(8.7)

 

(0.4)

 

(9.1)

 

 

 

—

 

 

 

(3.9)

 

 

 

 

Total

$488.6

 

$(52.8)

 

$121.1

 

$68.3

 

14.0%

 

$499.4

 

$35.6

 

$16.7

 

$52.3

 

10.5%

 

$(10.8)

 

(2.2)%

 

$16.0

 

30.6%

 

350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCO Brands Americas

$1,135.7

 

$43.9

 

$131.2

 

$175.1

 

15.4%

 

$1,200.4

 

$28.7

 

$129.9

 

$158.6

 

13.2%

 

$(64.7)

 

(5.4)%

 

$16.5

 

10.4%

 

220

ACCO Brands International

697.1

 

49.6

 

28.3

 

77.9

 

11.2%

 

747.2

 

38.6

 

19.6

 

58.2

 

7.8%

 

(50.1)

 

(6.7)%

 

19.7

 

33.8%

 

340

Corporate

—

 

(48.8)

 

0.6

 

(48.2)

 

 

 

—

 

(32.5)

 

(8.5)

 

(41.0)

 

 

 

—

 

 

 

(7.2)

 

 

 

 

Total

$1,832.8

 

$44.7

 

$160.1

 

$204.8

 

11.2%

 

$1,947.6

 

$34.8

 

$141.0

 

$175.8

 

9.0%

 

$(114.8)

 

(5.9)%

 

$29.0

 

16.5%

 

220

 

(A) Adjusted Operating Income (Loss)/Margin: Represents operating income (loss), excluding restructuring and goodwill impairment charges, the amortization of intangibles, the change in fair value of contingent consideration and non-recurring items. We believe these adjusted non-GAAP financial measures are useful to investors and management because they reflect our underlying operating performance before items that we consider to be outside our core operations and facilitate meaningful period-to-period comparisons. Senior management’s incentive compensation is derived, in part, using adjusted operating income (loss).