Delaware | 001-08454 | 36-2704017 |
(State or other jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Four Corporate Drive Lake Zurich, IL 60047 | 60047 | |
(Address of principal executive offices) | (Zip Code) |
[ ] | 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)) |
(d) | Exhibits |
99.1 | Press Release of the Company, dated February 10, 2016. |
ACCO Brands Corporation (Registrant) | ||||
Date: | February 10, 2016 | By: | /s/ Neal V. Fenwick | |
Name: Neal V. Fenwick | ||||
Title: Executive Vice President | ||||
and Chief Financial Officer |
99.1 | Press release, dated February 10, 2016. |
(unaudited) | |||||||
(in millions of dollars) | December 31, 2015 | December 31, 2014 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 55.4 | $ | 53.2 | |||
Accounts receivable, net | 369.3 | 420.5 | |||||
Inventories | 203.6 | 229.9 | |||||
Deferred income taxes | — | 39.4 | |||||
Other current assets | 25.3 | 35.8 | |||||
Total current assets | 653.6 | 778.8 | |||||
Total property, plant and equipment | 526.1 | 547.7 | |||||
Less accumulated depreciation | (317.0 | ) | (312.2 | ) | |||
Property, plant and equipment, net | 209.1 | 235.5 | |||||
Deferred income taxes | 25.1 | 31.7 | |||||
Goodwill | 496.9 | 544.9 | |||||
Identifiable intangibles, net | 520.9 | 571.4 | |||||
Other non-current assets | 47.8 | 52.8 | |||||
Total assets | $ | 1,953.4 | $ | 2,215.1 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Notes payable | $ | — | $ | 0.8 | |||
Current portion of long-term debt | — | 0.8 | |||||
Accounts payable | 147.6 | 159.1 | |||||
Accrued compensation | 34.0 | 36.6 | |||||
Accrued customer program liabilities | 108.7 | 111.8 | |||||
Accrued interest | 6.3 | 6.5 | |||||
Other current liabilities | 58.7 | 79.8 | |||||
Total current liabilities | 355.3 | 395.4 | |||||
Long-term debt, net | 720.5 | 787.7 | |||||
Deferred income taxes | 142.3 | 172.2 | |||||
Pension and post-retirement benefit obligations | 89.1 | 100.5 | |||||
Other non-current liabilities | 65.0 | 78.3 | |||||
Total liabilities | 1,372.2 | 1,534.1 | |||||
Stockholders' equity: | |||||||
Common stock | 1.1 | 1.1 | |||||
Treasury stock | (11.8 | ) | (5.9 | ) | |||
Paid-in capital | 1,988.3 | 2,031.5 | |||||
Accumulated other comprehensive loss | (429.2 | ) | (292.6 | ) | |||
Accumulated deficit | (967.2 | ) | (1,053.1 | ) | |||
Total stockholders' equity | 581.2 | 681.0 | |||||
Total liabilities and stockholders' equity | $ | 1,953.4 | $ | 2,215.1 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||||||
Net sales | $ | 412.1 | $ | 459.9 | (10)% | $ | 1,510.4 | $ | 1,689.2 | (11)% | |||||||||
Cost of products sold | 274.3 | 303.0 | (9)% | 1,032.0 | 1,159.3 | (11)% | |||||||||||||
Gross profit | 137.8 | 156.9 | (12)% | 478.4 | 529.9 | (10)% | |||||||||||||
Operating costs and expenses: | |||||||||||||||||||
Advertising, selling, general and administrative expenses | 76.3 | 79.2 | (4)% | 295.7 | 328.6 | (10)% | |||||||||||||
Amortization of intangibles | 4.7 | 5.3 | (11)% | 19.6 | 22.2 | (12)% | |||||||||||||
Restructuring (credits) charges | (0.1 | ) | 3.9 | NM | (0.4 | ) | 5.5 | NM | |||||||||||
Total operating costs and expenses | 80.9 | 88.4 | (8)% | 314.9 | 356.3 | (12)% | |||||||||||||
Operating income | 56.9 | 68.5 | (17)% | 163.5 | 173.6 | (6)% | |||||||||||||
Non-operating expense (income): | |||||||||||||||||||
Interest expense | 11.0 | 12.5 | (12)% | 44.5 | 49.5 | (10)% | |||||||||||||
Interest income | (1.3 | ) | (0.9 | ) | 44% | (6.6 | ) | (5.6 | ) | 18% | |||||||||
Equity in earnings of joint ventures | (2.8 | ) | (2.8 | ) | —% | (7.9 | ) | (8.1 | ) | (2)% | |||||||||
Other (income) expense, net | (0.1 | ) | 0.5 | NM | 2.1 | 0.8 | 163% | ||||||||||||
Income before income tax | 50.1 | 59.2 | (15)% | 131.4 | 137.0 | (4)% | |||||||||||||
Income tax expense | 18.7 | 15.3 | 22% | 45.5 | 45.4 | —% | |||||||||||||
Net income | $ | 31.4 | $ | 43.9 | (28)% | $ | 85.9 | $ | 91.6 | (6)% | |||||||||
Per share: | |||||||||||||||||||
Basic income per share | $ | 0.30 | $ | 0.39 | (23)% | $ | 0.79 | $ | 0.81 | (2)% | |||||||||
Diluted income per share | $ | 0.29 | $ | 0.38 | (24)% | $ | 0.78 | $ | 0.79 | (1)% | |||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||
Basic | 106.0 | 112.2 | 108.8 | 113.7 | |||||||||||||||
Diluted | 107.9 | 115.1 | 110.6 | 116.3 | |||||||||||||||
Statistics (as a % of Net sales, except Income tax rate) | |||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Gross profit (Net sales, less Cost of products sold) | 33.4 | % | 34.1 | % | 31.7 | % | 31.4 | % | |||||||||||
Advertising, selling, general and administrative | 18.5 | % | 17.2 | % | 19.6 | % | 19.5 | % | |||||||||||
Operating income | 13.8 | % | 14.9 | % | 10.8 | % | 10.3 | % | |||||||||||
Income before income tax | 12.2 | % | 12.9 | % | 8.7 | % | 8.1 | % | |||||||||||
Net income | 7.6 | % | 9.5 | % | 5.7 | % | 5.4 | % | |||||||||||
Income tax rate | 37.3 | % | 25.8 | % | 34.6 | % | 33.1 | % |
Twelve Months Ended December 31, | |||||||
(in millions of dollars) | 2015 | 2014 | |||||
Operating activities | |||||||
Net income | $ | 85.9 | $ | 91.6 | |||
Loss on disposal of assets | 0.1 | 0.8 | |||||
Deferred income tax provision | 27.4 | 20.6 | |||||
Depreciation | 32.4 | 35.3 | |||||
Other non-cash charges | — | 0.7 | |||||
Amortization of debt issuance costs | 3.5 | 4.6 | |||||
Amortization of intangibles | 19.6 | 22.2 | |||||
Stock-based compensation | 16.0 | 15.7 | |||||
Loss on debt extinguishment | 1.9 | — | |||||
Equity in earnings of joint ventures, net of dividends received | (3.8 | ) | (2.4 | ) | |||
Changes in balance sheet items: | |||||||
Accounts receivable | (3.9 | ) | 20.4 | ||||
Inventories | 9.8 | 11.6 | |||||
Other assets | 1.2 | (6.1 | ) | ||||
Accounts payable | (2.6 | ) | (10.1 | ) | |||
Accrued expenses and other liabilities | (19.2 | ) | (28.9 | ) | |||
Accrued income taxes | 2.9 | (4.3 | ) | ||||
Net cash provided by operating activities | 171.2 | 171.7 | |||||
Investing activities | |||||||
Additions to property, plant and equipment | (27.6 | ) | (29.6 | ) | |||
Proceeds from the disposition of assets | 2.8 | 3.8 | |||||
Other | 0.2 | — | |||||
Net cash used by investing activities | (24.6 | ) | (25.8 | ) | |||
Financing activities | |||||||
Proceeds from long-term borrowings | 300.0 | — | |||||
Repayments of long-term debt | (370.1 | ) | (121.1 | ) | |||
Repayments (borrowings) of notes payable, net | (0.8 | ) | 1.0 | ||||
Payments for debt issuance costs | (1.7 | ) | (0.3 | ) | |||
Repurchases of common stock | (60.0 | ) | (19.4 | ) | |||
Payments related to tax withholding for share-based compensation | (5.9 | ) | (2.5 | ) | |||
Proceeds from the exercise of stock options | 0.7 | 0.3 | |||||
Net cash used by financing activities | (137.8 | ) | (142.0 | ) | |||
Effect of foreign exchange rate changes on cash and cash equivalents | (6.6 | ) | (4.2 | ) | |||
Net increase (decrease) in cash and cash equivalents | 2.2 | (0.3 | ) | ||||
Cash and cash equivalents | |||||||
Beginning of the period | 53.2 | 53.5 | |||||
End of the period | $ | 55.4 | $ | 53.2 |
Three Months Ended December 31, 2015 | Three Months Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Reported | % of | Adjusted | Adjusted | % of | Reported | % of | Adjusted | Adjusted | % of | % Change | ||||||||||||||||||||||||||||
GAAP | Sales | Items | Non-GAAP | Sales | GAAP | Sales | Items | Non-GAAP | Sales | Adjusted | ||||||||||||||||||||||||||||
Restructuring (credits) charges | $ | (0.1 | ) | $ | 0.1 | (A.1) | $ | — | $ | 3.9 | $ | (3.9 | ) | (A.1) | $ | — | NM | |||||||||||||||||||||
Operating income | 56.9 | 13.8 | % | (0.1 | ) | 56.8 | 13.8 | % | 68.5 | 14.9 | % | 3.9 | 72.4 | 15.7 | % | (22 | )% | |||||||||||||||||||||
Interest expense | 11.0 | — | 11.0 | 12.5 | (0.8 | ) | (A.2) | 11.7 | (6 | )% | ||||||||||||||||||||||||||||
Other (income) expense, net | (0.1 | ) | — | (0.1 | ) | 0.5 | — | 0.5 | NM | |||||||||||||||||||||||||||||
Income before income tax | 50.1 | 12.2 | % | (0.1 | ) | 50.0 | 12.1 | % | 59.2 | 12.9 | % | 4.7 | 63.9 | 13.9 | % | (22 | )% | |||||||||||||||||||||
Income tax expense | 18.7 | (1.2 | ) | (A.3) | 17.5 | 15.3 | 7.1 | (A.3) | 22.4 | (22 | )% | |||||||||||||||||||||||||||
Income tax rate | 37.3 | % | 35.0 | % | 25.8 | % | 35.0 | % | ||||||||||||||||||||||||||||||
Net income | $ | 31.4 | 7.6 | % | $ | 1.1 | $ | 32.5 | 7.9 | % | $ | 43.9 | 9.5 | % | $ | (2.4 | ) | $ | 41.5 | 9.0 | % | (22 | )% | |||||||||||||||
Diluted income per share | $ | 0.29 | $ | 0.01 | $ | 0.30 | $ | 0.38 | $ | (0.02 | ) | $ | 0.36 | (17 | )% |
Twelve Months Ended December 31, 2015 | Twelve Months Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Reported | % of | Adjusted | Adjusted | % of | Reported | % of | Adjusted | Adjusted | % of | % Change | ||||||||||||||||||||||||||||
GAAP | Sales | Items | Non-GAAP | Sales | GAAP | Sales | Items | Non-GAAP | Sales | Adjusted | ||||||||||||||||||||||||||||
Restructuring (credits) charges | $ | (0.4 | ) | 0.4 | (A.1) | — | $ | 5.5 | (5.5 | ) | (A.1) | $ | — | NM | ||||||||||||||||||||||||
Operating income | $ | 163.5 | 10.8 | % | (0.4 | ) | 163.1 | 10.8 | % | $ | 173.6 | 10.3 | % | 5.5 | 179.1 | 10.6 | % | (9 | )% | |||||||||||||||||||
Interest expense | $ | 44.5 | (0.1 | ) | (A.2) | 44.4 | $ | 49.5 | (0.7 | ) | (A.2) | 48.8 | (9 | )% | ||||||||||||||||||||||||
Other expense, net | $ | 2.1 | (1.9 | ) | (A.2) | 0.2 | $ | 0.8 | — | 0.8 | (75 | )% | ||||||||||||||||||||||||||
Income before income tax | $ | 131.4 | 8.7 | % | 1.6 | 133.0 | 8.8 | % | $ | 137.0 | 8.1 | % | 6.2 | 143.2 | 8.5 | % | (7 | )% | ||||||||||||||||||||
Income tax expense | $ | 45.5 | 1.1 | (A.3) | 46.6 | $ | 45.4 | 4.7 | (A.3) | 50.1 | (7 | )% | ||||||||||||||||||||||||||
Income tax rate | 34.6 | % | 35.0 | % | 33.1 | % | 35.0 | % | ||||||||||||||||||||||||||||||
Net income | $ | 85.9 | 5.7 | % | 0.5 | 86.4 | 5.7 | % | $ | 91.6 | 5.4 | % | $ | 1.5 | $ | 93.1 | 5.5 | % | (7 | )% | ||||||||||||||||||
Diluted income per share | $ | 0.78 | $ | — | $ | 0.78 | $ | 0.79 | $ | 0.01 | $ | 0.80 | (3 | )% |
A. | “Adjusted” results exclude restructuring (credits) charges, costs associated with refinancing of the Company's debt and all unusual income tax items, including income taxes related to the aforementioned items, in order to provide a comparison of underlying results of operations; in addition, income taxes have been recalculated at a normalized tax rate. |
1. | Represents restructuring (credits) charges. |
2. | In 2015 represents the reversal of the write-off of debt issuance costs and other costs associated with the Company's refinancing in the second quarter of 2015. In 2014 primarily represents the adjustments related to accelerated amortization of debt origination costs resulting from accelerated bank debt repayments in the fourth quarter of 2014. |
3. | Adjustment primarily reflects the tax effect of the adjustments outlined in items A.1-2 above and adjusts the company's effective tax rate to a normalized rate of 35%. The Company's estimated long-term rate remains subject to variations from the mix of earnings across the Company's operating jurisdictions. |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | |||||||||||||||||
Net income | $ | 31.4 | $ | 43.9 | (28 | )% | $ | 85.9 | $ | 91.6 | (6 | )% | ||||||||||
Restructuring (credits) charges | (0.1 | ) | 3.9 | NM | (0.4 | ) | 5.5 | NM | ||||||||||||||
Depreciation | 7.7 | 8.5 | (9 | )% | 32.4 | 35.3 | (8 | )% | ||||||||||||||
Stock-based compensation | 5.5 | 4.1 | 34 | % | 16.0 | 15.7 | 2 | % | ||||||||||||||
Amortization of intangibles | 4.7 | 5.3 | (11 | )% | 19.6 | 22.2 | (12 | )% | ||||||||||||||
Interest expense (income) | 9.7 | 11.6 | (16 | )% | 37.9 | 43.9 | (14 | )% | ||||||||||||||
Other (income) expense, net | (0.1 | ) | 0.5 | NM | 2.1 | 0.8 | 163 | % | ||||||||||||||
Income tax expense | 18.7 | 15.3 | 22 | % | 45.5 | 45.4 | — | % | ||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 77.5 | $ | 93.1 | (17 | )% | $ | 239.0 | $ | 260.4 | (8 | )% | ||||||||||
Adjusted EBITDA as a % of Net Sales | 18.8 | % | 20.2 | % | 15.8 | % | 15.4 | % |
Twelve Months Ended December 31, 2015 | |||
Net cash provided by operating activities | $ | 171.2 | |
Net cash (used) provided by: | |||
Additions to property, plant and equipment | (27.6 | ) | |
Proceeds from the disposition of assets | 2.8 | ||
Other | $ | 0.2 | |
Free cash flow (non-GAAP) | $ | 146.6 |
2015 | 2014 | Changes | |||||||||||||||||||||||||||||||||||||||||||
Adjusted | Adjusted | ||||||||||||||||||||||||||||||||||||||||||||
Reported | Adjusted | Operating | Reported | Adjusted | Operating | Adjusted | Adjusted | ||||||||||||||||||||||||||||||||||||||
Operating | Operating | Income | Operating | Operating | Income | Operating | Operating | ||||||||||||||||||||||||||||||||||||||
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 North America | $ | 166.7 | $ | 5.6 | $ | (0.5 | ) | $ | 5.1 | 3.1% | $ | 171.4 | $ | (1.5 | ) | $ | 0.3 | $ | (1.2 | ) | (0.7)% | $ | (4.7 | ) | (3)% | $ | 6.3 | NM | 380 | ||||||||||||||||
ACCO Brands International | 94.6 | 3.3 | — | 3.3 | 3.5% | 124.3 | 7.6 | 0.5 | 8.1 | 6.5% | (29.7 | ) | (24)% | (4.8 | ) | (59)% | (300) | ||||||||||||||||||||||||||||
Computer Products | 28.7 | 2.0 | — | 2.0 | 7.0% | 33.7 | 1.9 | 0.3 | 2.2 | 6.5% | (5.0 | ) | (15)% | (0.2 | ) | (9)% | 50 | ||||||||||||||||||||||||||||
Corporate | — | (8.3 | ) | — | (8.3 | ) | — | (8.6 | ) | — | (8.6 | ) | — | 0.3 | |||||||||||||||||||||||||||||||
Total | $ | 290.0 | $ | 2.6 | $ | (0.5 | ) | $ | 2.1 | 0.7% | $ | 329.4 | $ | (0.6 | ) | $ | 1.1 | $ | 0.5 | 0.2% | $ | (39.4 | ) | (12)% | $ | 1.6 | 320% | 50 | |||||||||||||||||
Q2: | |||||||||||||||||||||||||||||||||||||||||||||
ACCO Brands North America | $ | 268.6 | $ | 50.1 | $ | — | $ | 50.1 | 18.7% | $ | 283.7 | $ | 49.0 | $ | 0.2 | $ | 49.2 | 17.3% | $ | (15.1 | ) | (5)% | $ | 0.9 | 2% | 140 | |||||||||||||||||||
ACCO Brands International | 96.7 | 6.2 | — | 6.2 | 6.4% | 111.3 | 5.2 | — | 5.2 | 4.7% | (14.6 | ) | (13)% | 1.0 | 19% | 170 | |||||||||||||||||||||||||||||
Computer Products | 29.4 | 2.2 | 0.2 | 2.4 | 8.2% | 32.7 | 0.4 | — | 0.4 | 1.2% | (3.3 | ) | (10)% | 2.0 | 500% | 700 | |||||||||||||||||||||||||||||
Corporate | — | (9.3 | ) | — | (9.3 | ) | — | (10.7 | ) | (0.2 | ) | (10.9 | ) | — | 1.6 | ||||||||||||||||||||||||||||||
Total | $ | 394.7 | $ | 49.2 | $ | 0.2 | $ | 49.4 | 12.5% | $ | 427.7 | $ | 43.9 | $ | — | $ | 43.9 | 10.3% | $ | (33.0 | ) | (8)% | $ | 5.5 | 13% | 220 | |||||||||||||||||||
Q3: | |||||||||||||||||||||||||||||||||||||||||||||
ACCO Brands North America | $ | 279.8 | $ | 48.4 | $ | — | $ | 48.4 | 17.3% | $ | 297.4 | $ | 50.5 | $ | (0.5 | ) | $ | 50.0 | 16.8% | $ | (17.6 | ) | (6)% | $ | (1.6 | ) | (3)% | 50 | |||||||||||||||||
ACCO Brands International | 104.3 | 11.3 | (0.1 | ) | 11.2 | 10.7% | 140.7 | 19.1 | 0.1 | 19.2 | 13.6% | $ | (36.4 | ) | (26)% | (8.0 | ) | (42)% | (290) | ||||||||||||||||||||||||||
Computer Products | 29.5 | 2.7 | 0.1 | 2.8 | 9.5% | 34.1 | 2.7 | 0.9 | 3.6 | 10.6% | $ | (4.6 | ) | (13)% | (0.8 | ) | (22)% | (110) | |||||||||||||||||||||||||||
Corporate | — | (7.6 | ) | — | (7.6 | ) | — | (10.5 | ) | — | (10.5 | ) | — | 2.9 | |||||||||||||||||||||||||||||||
Total | $ | 413.6 | $ | 54.8 | $ | — | $ | 54.8 | 13.2% | $ | 472.2 | $ | 61.8 | $ | 0.5 | $ | 62.3 | 13.2% | $ | (58.6 | ) | (12)% | $ | (7.5 | ) | (12)% | — | ||||||||||||||||||
Q4: | |||||||||||||||||||||||||||||||||||||||||||||
ACCO Brands North America | $ | 248.2 | $ | 43.5 | $ | (0.1 | ) | $ | 43.4 | 17.5% | $ | 253.5 | $ | 42.7 | $ | 3.3 | $ | 46.0 | 18.1% | $ | (5.3 | ) | (2)% | $ | (2.6 | ) | (6)% | (60) | |||||||||||||||||
ACCO Brands International | 131.3 | 20.0 | — | 20.0 | 15.2% | 170.6 | 31.0 | 0.5 | 31.5 | 18.5% | $ | (39.3 | ) | (23)% | (11.5 | ) | (37)% | (330) | |||||||||||||||||||||||||||
Computer Products | 32.6 | 3.4 | — | 3.4 | 10.4% | 35.8 | 3.2 | (0.1 | ) | 3.1 | 8.7% | $ | (3.2 | ) | (9)% | 0.3 | 10% | 170 | |||||||||||||||||||||||||||
Corporate | — | (10.0 | ) | — | (10.0 | ) | — | (8.4 | ) | 0.2 | (8.2 | ) | — | (1.8 | ) | ||||||||||||||||||||||||||||||
Total | $ | 412.1 | $ | 56.9 | $ | (0.1 | ) | $ | 56.8 | 13.8% | $ | 459.9 | $ | 68.5 | $ | 3.9 | $ | 72.4 | 15.7% | $ | (47.8 | ) | (10)% | $ | (15.6 | ) | (22)% | (190) | |||||||||||||||||
Full Year: | |||||||||||||||||||||||||||||||||||||||||||||
ACCO Brands North America | $ | 963.3 | $ | 147.6 | $ | (0.6 | ) | $ | 147.0 | 15.3% | $ | 1,006.0 | $ | 140.7 | $ | 3.3 | $ | 144.0 | 14.3% | $ | (42.7 | ) | (4)% | $ | 3.0 | 2% | 100 | ||||||||||||||||||
ACCO Brands International | 426.9 | 40.8 | (0.1 | ) | 40.7 | 9.5% | 546.9 | 62.9 | 1.1 | 64.0 | 11.7% | $ | (120.0 | ) | (22)% | (23.3 | ) | (36)% | (220) | ||||||||||||||||||||||||||
Computer Products | 120.2 | 10.3 | 0.3 | 10.6 | 8.8% | 136.3 | 8.2 | 1.1 | 9.3 | 6.8% | $ | (16.1 | ) | (12)% | 1.3 | 14% | 200 | ||||||||||||||||||||||||||||
Corporate | — | (35.2 | ) | — | (35.2 | ) | — | (38.2 | ) | — | (38.2 | ) | — | 3.0 | |||||||||||||||||||||||||||||||
Total | $ | 1,510.4 | $ | 163.5 | $ | (0.4 | ) | $ | 163.1 | 10.8% | $ | 1,689.2 | $ | 173.6 | $ | 5.5 | $ | 179.1 | 10.6% | $ | (178.8 | ) | (11)% | $ | (16.0 | ) | (9)% | 20 | |||||||||||||||||
(A) See "Notes for Reconciliation of GAAP to Adjusted Non-GAAP Information (Unaudited)" for a description of adjusted items on page 8. |
Percent Change - Sales | ||||||||||
GAAP | Non-GAAP | |||||||||
Constant | ||||||||||
Currency | ||||||||||
Net Sales | Currency | Net Sales | ||||||||
Change | Translation | Change (A) | Price | $ Volume/Mix | ||||||
Q1 2015: | ||||||||||
ACCO Brands North America | (2.7)% | (1.5)% | (1.2)% | 1.6% | (2.8)% | |||||
ACCO Brands International | (23.9)% | (11.6)% | (12.3)% | 4.3% | (16.6)% | |||||
Computer Products | (14.8)% | (8.9)% | (5.9)% | (0.3)% | (5.6)% | |||||
Total | (12.0)% | (6.1)% | (5.9)% | 2.4% | (8.3)% | |||||
Q2 2015: | ||||||||||
ACCO Brands North America | (5.3)% | (1.7)% | (3.6)% | 1.1% | (4.7)% | |||||
ACCO Brands International | (13.1)% | (18.0)% | 4.9% | 4.1% | 0.8% | |||||
Computer Products | (10.1)% | (8.9)% | (1.2)% | 3.1% | (4.3)% | |||||
Total | (7.7)% | (6.5)% | (1.2)% | 2.0% | (3.2)% | |||||
Q3 2015: | ||||||||||
ACCO Brands North America | (5.9)% | (2.3)% | (3.6)% | 0.6% | (4.2)% | |||||
ACCO Brands International | (25.9)% | (21.0)% | (4.9)% | 8.0% | (12.9)% | |||||
Computer Products | (13.5)% | (7.9)% | (5.6)% | 4.4% | (10.0)% | |||||
Total | (12.4)% | (8.2)% | (4.2)% | 3.1% | (7.3)% | |||||
Q4 2015: | ||||||||||
ACCO Brands North America | (2.1)% | (1.7)% | (0.4)% | 0.9% | (1.3)% | |||||
ACCO Brands International | (23.0)% | (17.8)% | (5.2)% | 10.3% | (15.5)% | |||||
Computer Products | (8.9)% | (7.5)% | (1.4)% | 7.3% | (8.7)% | |||||
Total | (10.4)% | (8.1)% | (2.3)% | 4.9% | (7.2)% | |||||
2015 YTD: | ||||||||||
ACCO Brands North America | (4.2)% | (1.8)% | (2.4)% | 1.0% | (3.4)% | |||||
ACCO Brands International | (21.9)% | (17.2)% | (4.7)% | 7.1% | (11.8)% | |||||
Computer Products | (11.8)% | (8.3)% | (3.5)% | 3.7% | (7.2)% | |||||
Total | (10.6)% | (7.3)% | (3.3)% | 3.2% | (6.5)% | |||||
(A) Current period foreign operation sales translated at prior year currency rates. |
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