ACCO BRANDS Corp
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
ACCO$5.35+1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Operating activities | |||
| Net (loss) income | $(21.8) | $(13.2) | $101.9 |
| Amortization of inventory step-up | — | — | 3.0 |
| Payments of contingent consideration | — | (9.2) | — |
| (Gain) loss on disposal of assets | (0.3) | (3.6) | 0.1 |
| Deferred income tax (benefit) expense | (20.1) | 1.3 | (21.0) |
| Change in fair value of contingent liability | — | (9.0) | 19.0 |
| Depreciation | 32.7 | 37.9 | 39.4 |
| Amortization of debt issuance costs | 3.0 | 2.7 | 2.8 |
| Amortization of intangibles | 43.4 | 41.5 | 46.3 |
| Stock-based compensation | 14.8 | 9.5 | 15.2 |
| Loss on debt extinguishment | — | — | 3.7 |
| Non-cash charge for goodwill impairment | 89.5 | 98.7 | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (38.6) | 31.6 | (77.6) |
| Inventories | 85.5 | 23.2 | (131.8) |
| Other assets | 5.9 | 0.4 | (1.2) |
| Accounts payable | (68.0) | (66.0) | 131.2 |
| Accrued expenses and other liabilities | 18.2 | (57.5) | 26.3 |
| Accrued income taxes | (15.5) | (10.7) | 2.3 |
| Net cash provided by operating activities | 128.7 | 77.6 | 159.6 |
| Investing activities | |||
| Additions to property, plant and equipment | (13.8) | (16.5) | (21.2) |
| Proceeds from the disposition of assets | 2.6 | 7.2 | — |
| Cost of acquisitions, net of cash acquired | — | — | 15.4 |
| Net cash used by investing activities | (11.2) | (9.3) | (5.8) |
| Financing activities | |||
| Proceeds from long-term borrowings | 121.9 | 236.7 | 659.7 |
| Repayments of long-term debt | (199.2) | (220.5) | (766.3) |
| Repayments of notes payable, net | (10.2) | 0.7 | 3.7 |
| Payment for debt premium | — | — | (9.8) |
| Payments for debt issuance costs | — | (1.2) | (10.5) |
| Dividends paid | (28.5) | (28.6) | (25.8) |
| Payments of contingent consideration | — | (17.8) | (0.4) |
| Repurchases of common stock | — | (19.4) | — |
| Payments related to tax withholding for stock-based compensation | (1.7) | (2.5) | (0.9) |
| Proceeds from the exercise of stock options | — | 4.3 | 3.1 |
| Net cash used by financing activities | (117.7) | (48.3) | (147.2) |
| Effect of foreign exchange rate changes on cash and cash equivalents | 4.4 | 1.0 | (2.0) |
| Net increase in cash and cash equivalents | 4.2 | 21.0 | 4.6 |
| Cash and cash equivalents | |||
| Beginning of the period | $62.2 | $41.2 | $36.6 |
| End of the period | $66.4 | $62.2 | $41.2 |
| Cash paid during the year for: | |||
| Interest | $55.6 | $42.6 | $37.6 |
| Income taxes | $44.3 | $37.5 | $28.0 |
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