ACCO BRANDS Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ACCO BRANDS Corp filed its Q1 2024 10-Q, detailing financial performance, debt, and operational segments.</b>

AI Summary

ACCO BRANDS Corp (ACCO) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. ACCO BRANDS Corp filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to operating segments such as AccoBrandsAmericasMember and AccoBrandsInternationalMember. Details on secured debt, including Senior Secured Credit Facilities due May 2024 and May 2026, are present. Information regarding employee severance and performance shares as of March 31, 2024, is included. The report references various financial instruments and debt facilities, including Euro Senior Secured Term Loan ADueMarch2026 and Senior Unsecured Note March2029.

Why It Matters

For investors and stakeholders tracking ACCO BRANDS Corp, this filing contains several important signals. This filing provides a quarterly update on ACCO BRANDS Corp's financial health, including debt obligations and segment performance, crucial for investors assessing short-term trends. The detailed information on various credit facilities and debt maturities offers insights into the company's liquidity and financial risk management strategies.

Risk Assessment

Risk Level: medium — ACCO BRANDS Corp shows moderate risk based on this filing. The company's financial structure involves multiple debt facilities, including secured and unsecured notes with varying maturity dates, which could pose refinancing or interest rate risks.

Analyst Insight

Investors should review the specific terms and covenants of the Senior Secured Credit Facilities and Senior Unsecured Notes to understand potential impacts on financial flexibility.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-03 — Filing Date (FILED AS OF DATE)
• 001-08454 — SEC File Number (SEC FILE NUMBER)
• 24912170 — Film Number (FILM NUMBER)

Key Players & Entities

• ACCO BRANDS Corp (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-03 (date) — FILED AS OF DATE
• LAKE ZURICH (location) — BUSINESS ADDRESS CITY
• IL (location) — BUSINESS ADDRESS STATE
• 0000712034 (company) — CENTRAL INDEX KEY
• 2780 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (location) — STATE OF INCORPORATION

FAQ

Risk Factors

• Debt Covenants and Maturities [medium — financial]: The company is subject to covenants under its credit facilities, and upcoming maturities of significant debt, such as the Senior Secured Credit Facility Due May 2024, require careful management.
• Foreign Exchange Rate Fluctuations [medium — market]: The company operates internationally, exposing it to risks from fluctuations in foreign currency exchange rates, as indicated by references to foreign exchange contracts and accumulated gains/losses.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a snapshot of the company's financial performance and condition during the quarter.)

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share ACCO NYSE Indicate by c

Filing Documents

• acco-20240331.htm (10-Q) — 1898KB
• acco-ex31_1.htm (EX-31.1) — 13KB
• acco-ex31_2.htm (EX-31.2) — 13KB
• acco-ex32_1.htm (EX-32.1) — 8KB
• acco-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-052651.txt (&nbsp;) — 9663KB
• acco-20240331.xsd (EX-101.SCH) — 1421KB
• acco-20240331_htm.xml (XML) — 1941KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 4

Financial Statements

Item 1. Financial Statements 4 Condensed Consolidated Balance Sheets 4 Consolidated Statements of Loss 5 Consolidated Statements of Comprehensive (Loss) Income 6 Condensed Consolidated Statements of Cash Flows 7 Consolidated Statement of Stockholders' Equity 8 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

— OTHER INFORMATION

PART II — OTHER INFORMATION 32

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 34

— FINANCIAL INF ORMATION

PART I — FINANCIAL INF ORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS ACCO Brands Corporation and Subsidiaries Condensed Consolidated Balance Sheets March 31, 2024 December 31, 2023 (in millions) (unaudited) Assets Current assets: Cash and cash equivalents $ 124.6 $ 66.4 Accounts receivable, net 274.8 430.7 Inventories 348.8 327.5 Other current assets 49.6 30.8 Total current assets 797.8 855.4 Total property, plant and equipment 584.7 599.6 Less: accumulated depreciation ( 422.1 ) ( 429.5 ) Property, plant and equipment, net 162.6 170.1 Right of use asset, leases 92.2 91.0 Deferred income taxes 99.0 104.7 Goodwill 577.1 590.0 Identifiable intangibles, net 797.9 815.7 Other non-current assets 17.0 17.9 Total assets $ 2,543.6 $ 2,644.8 Liabilities and Stockholders' Equity Current liabilities: Notes payable $ — $ 0.2 Current portion of long-term debt 57.3 36.5 Accounts payable 170.1 183.7 Accrued compensation 33.3 53.3 Accrued customer program liabilities 73.4 104.0 Lease liabilities 20.6 20.5 Other current liabilities 118.6 143.8 Total current liabilities 473.3 542.0 Long-term debt, net 897.5 882.2 Long-term lease liabilities 77.8 76.8 Deferred income taxes 119.9 125.6 Pension and post-retirement benefit obligations 148.2 157.6 Other non-current liabilities 68.4 73.6 Total liabilities 1,785.1 1,857.8 Stockholders' equity: Common stock 1.0 1.0 Treasury stock ( 47.0 ) ( 45.1 ) Paid-in capital 1,918.8 1,913.4 Accumulated other comprehensive loss ( 544.6 ) ( 526.3 ) Accumulated deficit ( 569.7 ) ( 556.0 ) Total stockholders' equity 758.5 787.0 Total liabilities and stockholders' equity $ 2,543.6 $ 2,644.8 See Notes to Condensed Consolidated Financial Statements (Unaudited). 4 ACCO Brands Corporation and Subsidiaries Consolidated Statements of L

View Full Filing

View this 10-Q filing on SEC EDGAR