ACCO BRANDS Corp
For the period ended Jun 30, 2025. Filed Aug 1, 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.
Jun 30, 2025 · Filed Aug 1, 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 2025-03-31; filed 2025-05-02.
0000950170-25-062490
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent 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 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 70 previous paragraphs and 82 current paragraphs.
29 unchanged; 30 reworded; 22 added; 11 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 7 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 (22)
Current 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.
Current 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.
Current report
Recently communicated price increases in the U.S.,
Current report
Continuing to negotiate with suppliers on best terms, and
Current 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.
Current 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.
Current report
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 report
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 report
Operating Income (Loss)
Current report
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 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.
Current report
Income Tax Benefit
Current report
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 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.
Current 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.
Current report
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 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.
Current report
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 report
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 report
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 report
Amendment to Credit Agreement
Current report
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.
Removed paragraphs (11)
Previous report
During the first quarter, our net sales decreased $41.5 million, or 11.6 percent, compared to the prior year's first quarter. The decrease is due to lower global demand for certain office related products and gaming accessories. These declines were partially offset by growth in computer accessories. Gross margin increased 60 basis points reflecting a favorable sales mix and cost savings from our global footprint rationalization program.
Previous report
We reported an operating loss of $6.7 million in the first quarter, compared to operating income of $5.9 million in the prior year's first quarter. The decline in operating results was primarily due to lower sales volume and higher restructuring expense.
Previous report
For the three months ended March 31, 2025, net sales decreased $41.5 million, or 11.6 percent, including $11.7 million, or 3.3 percent from adverse foreign exchange. Comparable net sales decreased 8.3 percent. The reported sales decline was driven by lower volume, which was down $30.1 million, or 8.4 percent, primarily due to lower global demand for certain office related products and gaming accessories, partly offset by growth in computer accessories.
Previous report
Operating (Loss) Income
Previous report
For the three months ended March 31, 2025, we reported an operating loss of $6.7 million, compared to operating income of $5.9 million in the prior year, primarily due to the impact of lower sales volume and higher restructuring costs partly offset by lower SG&A expense and positive sales mix. Adverse foreign exchange increased operating loss by $1.0 million, or 16.9 percent.
Previous report
Income Tax (Benefit) Expense
Previous report
For the three months ended March 31, 2025, net sales decreased $23.3 million, or 11.8 percent, including $7.0 million, or 3.5 percent, from adverse foreign exchange. Comparable net sales decreased 8.3 percent. The reported sales decline was driven by lower volume, which was down $13.5 million, or 6.8 percent, primarily due to lower demand for technology accessories and certain consumer and business products. Price decreases of $2.7 million, or 1.4 percent also contributed to the decline.
Previous report
For the three months ended March 31, 2025, we reported operating income of $0.9 million, a decrease of $5.2 million, primarily due to the impact of lower sales volume and $1.8 million of restructuring expense in the current year period. Adverse foreign exchange reduced operating income $0.6 million, or 9.8 percent.
Previous report
For the three months ended March 31, 2025, net sales decreased 11.3 percent, including $4.7 million, or 2.9 percent, from adverse foreign exchange. Comparable net sales decreased 8.4 percent. The reported sales decline was driven by lower volume, which was down $16.6 million, or 10.3 percent, primarily due to reduced business and consumer demand for office products, partly offset by growth in technology accessories and the benefit of price increases of $3.0 million, or 1.9 percent.
Previous report
Implementing price increases,
Previous report
Evaluating our own manufacturing facilities to utilize existing capacity where it makes economic sense, and
Reworded paragraphs (30)
Previous wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three months ended March 31, 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 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.
Previous wording
The Company continues to be impacted by softer global demand, reflecting lower consumer and office spending due to the weak macroeconomic conditions and geopolitical instability. We expect these collective global trends to continue to impact our financial results.
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 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.
Previous wording
Our operating cash flow for the first three months was cash provided of $5.5 million compared to cash provided of $28.2 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 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.
Previous wording
During the first quarter of 2025, the impact of the new U.S. and reciprocal tariffs on our business was not material to our condensed consolidated financial statements. We expect the environment to remain uncertain throughout 2025 until there is greater clarity on the tariffs and business and consumer demand. In reaction to the evolving tariff landscape, we have initiated a number of actions:
Current 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:
Previous wording
In the near term, investing in inventory arriving from countries with lower tariffs,
Current wording
Invested in inventory arriving from countries with lower tariffs,
Previous wording
Moving sourcing of our U.S. products to countries where we believe tariffs will be lower over the long term,
Current wording
Moved sourcing of our U.S. products to countries where we believe tariffs will be lower over the long term,
Previous wording
For further information on our risks related to the impact of tariffs, see "Part II, Item 1A. Risk Factors" of this Quarterly Report on Form 10-Q.
Current wording
For further information on our risks related to the impact of tariffs and changes in trade policies, see "Part II, Item 1A. Risk Factors" of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.
Previous wording
Consolidated Results of Operations for the Three Months Ended March 31, 2025 and 2024
Current wording
Consolidated Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024
Previous wording
For the three months ended March 31, 2025, gross profit decreased $10.8 million, or 9.8 percent, primarily due to volume declines partly offset by improved product mix and savings from the impact of our global cost reduction actions. Adverse foreign exchange reduced gross profit by $3.6 million, or 3.3 percent.
Current 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.
Previous wording
For the three months ended March 31, 2025, SG&A decreased $1.5 million, or 1.6 percent. The decrease was due to favorable foreign exchange which reduced SG&A by $2.3 million, or 2.4 percent, as well as the positive impact of global cost reductions, offset by people costs.
Current 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.
Previous wording
For the three months ended March 31, 2025, interest expense, net decreased $2.5 million, or 21.9 percent, primarily due to lower variable interest rates on lower variable debt balances versus the prior year. The weighted average interest rate on $361.5 million of outstanding variable rate debt as of March 31, 2025 decreased to 4.73 percent from 6.26 percent in the prior year.
Current 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.
Previous wording
For the three months ended March 31, 2025, we recorded an income tax benefit of $3.3 million on a loss before taxes of $16.5 million. For the three months ended March 31, 2024, we recorded income tax expense of $1.0 million on a loss before taxes of $5.3 million.
Current 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.
Previous wording
See "Note 11. Income Taxes" for more information.
Current wording
See "Note 11. Income Taxes" for more information, including information regarding the settlement of the Brazil Tax Assessments.
Previous wording
Segment Net Sales and Operating Income for the Three Months Ended March 31, 2025 and 2024
Current wording
Segment Net Sales and Operating Income for the Three and Six Months Ended June 30, 2025 and 2024
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 income" to "Loss before income tax."
Current wording
Segment operating income (loss) excludes corporate costs. See "Part I, Item 1. Note 17. Information on Operating Segments" for a reconciliation of total "Segment operating income (loss)" to "Income (Loss) before income tax."
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 income" to "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 (loss) income" to "Income (Loss) before income tax."
Previous wording
For the three months ended March 31, 2025, operating income decreased $7.7 million primarily due to lower sales volume, partly offset by cost savings and pricing actions. Adverse foreign exchange reduced operating income $0.4 million, or 3.1 percent.
Current 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.
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 March 31, 2025, there was $221.4 million in borrowings outstanding under the Revolving Facility ($18.5 million reported in "Current portion of long-term debt" and $202.9 million reported in "Long-term debt, net"), and the amount available for borrowings was $235.9 million (allowing for $10.2 million of letters of credit outstanding on that date). We had $134.6 million in cash on hand as of March 31, 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 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.
Previous wording
As of March 31, 2025, our Consolidated Leverage Ratio was approximately 3.65 to 1.00 versus our maximum covenant of 4.50 to 1.00. We had no debt maturities before March 2029.
Current 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.
Previous wording
Our priorities for cash flow use, after funding business operations, include debt reduction, dividends, share repurchases and funding strategic acquisitions.
Current wording
Our priorities for cash flow use, after funding business operations, include debt reduction, dividends, share repurchases and funding strategic acquisitions. The continued declaration and payment of dividends is at the discretion of the Board of Directors, and dividends and share repurchases are dependent upon, among other things, market conditions, the Company's financial position, results of operations, cash flow and other factors.
Previous wording
The $361.5 million of debt currently outstanding under our senior secured credit facilities had a weighted average interest rate of 4.73 percent as of March 31, 2025, and the $575.0 million outstanding principal amount of our senior unsecured notes due March 2029 had a fixed interest rate of 4.25 percent.
Current 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.
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.
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 $40.0 million in pre-tariff savings.
Previous wording
Cash Flow for the Three Months Ended March 31, 2025 and 2024
Current wording
Cash Flow for the Six Months Ended June 30, 2025 and 2024
Previous wording
During the three months ended March 31, 2025, our cash and cash equivalents increased $60.5 million, as compared to an increase of $58.2 million in the first three months of the prior year. The following table summarizes our cash flows for the periods presented:
Current 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:
Previous wording
Cash provided by operating activities during the three months ended March 31, 2025, was driven by cash inflows of $13.1 million (excluding the non-cash impacts primarily of amortization of intangibles, depreciation, and stock-based compensation expense that are included in our net loss). Cash provided by trade working capital was $72.9 million, which includes accounts receivable, inventory, and accounts payable. This was more than offset by a net cash outflow of $80.5 million for all other assets and liabilities.
Current 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.
Previous wording
Cash provided by operating activities during the three months ended March 31, 2024, was driven by cash inflows of $17.5 million (excluding the non-cash impacts primarily of amortization of intangibles, depreciation, and stock-based compensation expense that are included in our net loss). Cash provided by trade working capital was $114.6 million, which includes accounts receivable, inventory, and accounts payable. This was partially offset by a net cash outflow of $103.9 million for all other assets and liabilities.
Current 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.
Previous wording
Cash used by investing activities during the three months ended March 31, 2025, was due to $10.1 million of cash used for the acquisition of Buro Seating as well as capital expenditures.
Current 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.
Previous wording
Cash used by investing activities during the three months ended March 31, 2024, was due to capital expenditures.
Current wording
Cash used by investing activities during the six months ended June 30, 2024, was primarily due to capital expenditures.
Previous wording
Cash provided by financing activities during the three months ended March 31, 2025, was primarily due to borrowings exceeding debt repayments, partially offset by dividend payments and $15.0 million in repurchases of common stock.
Current 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.
Previous wording
Cash provided by financing activities during the three months ended March 31, 2024, was primarily due to borrowings exceeding debt repayments, partially offset by dividend payments.
Current 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.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
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.