Deluxe (DLX) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 20, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	DELUXE CORP
Entity Central Index Key	27,996
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		48,767,272

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 69,592	$ 62,427
Trade accounts receivable (net of allowances for uncollectible accounts of $3,401 and $4,816, respectively)	108,938	123,654
Inventories and supplies	38,086	41,956
Funds held for customers	77,126	53,343
Other current assets	39,251	42,605
Total current assets	332,993	323,985
Deferred income taxes	1,756	1,238
Long-term investments (including $1,792 and $2,091 of investments at fair value, respectively)	42,423	41,691
Property, plant and equipment (net of accumulated depreciation of $346,906 and $344,785, respectively)	84,883	85,732
Assets held for sale	13,967	13,969
Intangibles (net of accumulated amortization of $444,945 and $407,747, respectively)	297,515	285,311
Goodwill	977,092	976,415
Other non-current assets	118,273	113,812
Total assets	1,868,902	1,842,153
Current liabilities:
Accounts payable	83,341	87,575
Accrued liabilities	210,589	228,423
Long-term debt due within one year	1,041	1,045
Total current liabilities	294,971	317,043
Long-term debt	612,787	627,973
Deferred income taxes	80,962	81,076
Other non-current liabilities	63,440	70,992
Commitments and contingencies (Notes 11 and 12)
Shareholders' equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: June 30, 2016 - 48,760; December 31, 2015 - 49,019)	48,760	49,019
Retained earnings	817,202	751,253
Accumulated other comprehensive loss	(49,220)	(55,203)
Total shareholders' equity	816,742	745,069
Total liabilities and shareholders' equity	$ 1,868,902	$ 1,842,153

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Allowances for uncollectible accounts	$ 3,401	$ 4,816
Investments at fair value	1,792	2,091
Accumulated depreciation	346,906	344,785
Accumulated amortization	$ 444,945	$ 407,747
Shareholders' equity:
Common stock, par value (per share)	$ 1	$ 1
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	48,760	49,019

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Product revenue	$ 359,821	$ 358,897	$ 726,006	$ 713,911
Service revenue	90,821	76,977	183,934	155,581
Total revenue	450,642	435,874	909,940	869,492
Cost of products	(126,939)	(128,256)	(257,533)	(251,996)
Cost of services	(32,893)	(27,682)	(66,604)	(56,624)
Total cost of revenue	(159,832)	(155,938)	(324,137)	(308,620)
Gross profit	290,810	279,936	585,803	560,872
Selling, general and administrative expense	(198,726)	(190,091)	(400,198)	(385,469)
Net restructuring charges	(1,135)	(966)	(2,014)	(1,233)
Operating income	90,949	88,879	183,591	174,170
Loss on early debt extinguishment	0	0	0	(8,917)
Interest expense	(5,183)	(4,420)	(10,426)	(10,935)
Other income	442	824	593	1,254
Income before income taxes	86,208	85,283	173,758	155,572
Income tax provision	(27,819)	(29,220)	(57,267)	(53,569)
Net income	58,389	56,063	116,491	102,003
Comprehensive income	$ 59,282	$ 57,327	$ 122,474	$ 97,510
Basic earnings per share	$ 1.19	$ 1.12	$ 2.37	$ 2.04
Diluted earnings per share	1.18	1.11	2.36	2.02
Cash dividends per share	$ 0.30	$ 0.30	$ 0.60	$ 0.60

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) shares in Thousands, $ in Thousands	Total	Common shares par value [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive loss [Member]
Balance at Dec. 31, 2015	$ 745,069	$ 49,019	$ 0	$ 751,253	$ (55,203)
Balance (in shares) at Dec. 31, 2015	49,019
Net income	$ 116,491	0	0	116,491	0
Cash dividends	(29,446)	0	0	(29,446)	0
Common shares issued	$ 8,813	356	8,457	0	0
Common shares issued (in shares)	356
Common shares repurchased	$ (29,981)	(513)	(8,372)	(21,096)	0
Common shares repurchased (in shares)	(513)
Other common shares retired	$ (6,260)	(102)	(6,158)	0	0
Other common shares retired (in shares)	(102)
Fair value of share-based compensation	$ 6,073	0	6,073	0	0
Other comprehensive income	5,983	0	0	0	5,983
Balance at Jun. 30, 2016	$ 816,742	$ 48,760	$ 0	$ 817,202	$ (49,220)
Balance (in shares) at Jun. 30, 2016	48,760

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 116,491	$ 102,003
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	7,561	7,939
Amortization of intangibles	37,091	27,739
Amortization of contract acquisition costs	9,485	9,697
Deferred income taxes	(1,032)	(1,368)
Employee share-based compensation expense	6,865	5,940
Loss on early debt extinguishment	0	8,917
Other non-cash items, net	2,829	139
Changes in assets and liabilities, net of effect of acquisitions:
Trade accounts receivable	14,038	19,434
Inventories and supplies	3,924	27
Other current assets	1,268	4,060
Non-current assets	(1,723)	608
Accounts payable	(4,487)	(11,576)
Contract acquisition payments	(14,341)	(5,848)
Other accrued and non-current liabilities	(49,703)	(20,804)
Net cash provided by operating activities	128,266	146,907
Cash flows from investing activities:
Purchases of capital assets	(22,184)	(19,307)
Payments for acquisitions, net of cash acquired	(28,497)	(35,800)
Proceeds from company-owned life insurance policies	3,053	0
Other	2,087	339
Net cash used by investing activities	(45,541)	(54,768)
Cash flows from financing activities:
Proceeds from short-term borrowings	0	75,000
Proceeds from issuing long-term debt	107,000	211,500
Payments on long-term debt, including costs of debt reacquisition	(128,584)	(346,021)
Proceeds from issuing shares under employee plans	4,193	4,135
Excess tax benefit from share-based employee awards	0	1,557
Employee taxes paid for shares withheld	(2,260)	(871)
Payments for common shares repurchased	(29,981)	0
Cash dividends paid to shareholders	(29,446)	(30,043)
Other	(417)	(286)
Net cash used by financing activities	(79,495)	(85,029)
Effect of exchange rate change on cash	3,935	(3,725)
Net change in cash and cash equivalents	7,165	3,385
Cash and cash equivalents, beginning of year	62,427	61,541
Cash and cash equivalents, end of period	$ 69,592	$ 64,926

Consolidated financial statemen

Consolidated financial statements	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated financial statements	Consolidated financial statements The consolidated balance sheet as of June 30, 2016 , the consolidated statements of comprehensive income for the quarters and six months ended June 30, 2016 and 2015 , the consolidated statement of shareholders’ equity for the six months ended June 30, 2016 , and the consolidated statements of cash flows for the six months ended June 30, 2016 and 2015 are unaudited. The consolidated balance sheet as of December 31, 2015 was derived from audited consolidated financial statements, but does not include all disclosures required by generally accepted accounting principles (GAAP) in the United States of America. In the opinion of management, all adjustments necessary for a fair statement of the consolidated financial statements are included. Adjustments consist only of normal recurring items, except for any discussed in the notes below. Interim results are not necessarily indicative of results for a full year. The consolidated financial statements and notes are presented in accordance with instructions for Form 10-Q, and do not contain certain information included in our annual consolidated financial statements and notes. The consolidated financial statements and notes appearing in this report should be read in conjunction with the consolidated audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2015 (the “2015 Form 10-K”). During the quarter ended June 30, 2016, we identified an error in the balance sheet presentation of borrowings under our credit facility and the related asset for debt issuance costs. These amounts were previously presented as current items in our consolidated balance sheets, and we have determined that they should have been presented as non-current. This change also corrects the presentation of the cash flows associated with borrowings under our credit facility. Previously these cash flows were presented on a net basis. The change in the balance sheet presentation requires that they be presented on a gross basis. We assessed the materiality of this error on prior periods' financial statements in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality , codified in Accounting Standards Codification (ASC) 250, Presentation of Financial Statements . We concluded that the error was not material to any prior annual or interim period and therefore, amendments of previously filed reports are not required. In accordance with ASC 250, we have corrected the error for all prior periods presented by revising the consolidated financial statements appearing herein. Periods not presented herein will be revised, as applicable, in future filings. The revisions had no impact on total assets, total liabilities, shareholders' equity, net income or net cash used by financing activities. The impact of this revision on our unaudited consolidated balance sheet as of December 31, 2015 was as follows: December 31, 2015 (in thousands) As Previously Reported Adjustment As Revised Other current assets $ 44,608 $ (2,003 ) $ 42,605 Total current assets 325,988 (2,003 ) 323,985 Other non-current assets 111,809 2,003 113,812 Short-term borrowings 434,000 (434,000 ) — Total current liabilities 751,043 (434,000 ) 317,043 Long-term debt 193,973 434,000 627,973 The impact of this revision on our unaudited consolidated statement of cash flows for the six months ended June 30, 2015 was as follows: Six Months Ended June 30, 2015 (in thousands) As Previously Reported Adjustment As Revised Proceeds from short-term borrowings $ 148,000 $ (73,000 ) $ 75,000 Proceeds from issuing long-term debt — 211,500 211,500 Payments on long-term debt, including costs of debt reacquisition (207,521 ) (138,500 ) (346,021 )

New accounting pronouncements

New accounting pronouncements	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New accounting pronouncements	New accounting pronouncements Recently adopted accounting pronouncements – In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . The standard requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. We adopted this standard on January 1, 2016. As our accounting treatment for these awards was in compliance with the new guidance, adoption of this standard had no impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the consolidated balance sheets as a direct reduction from the carrying amount of the debt liability. We adopted this standard on January 1, 2016, applying it retrospectively. The consolidated balance sheet as of December 31, 2015 reflects the reclassification of debt issuance costs of $2,249 from other non-current assets to long-term debt. The amount of debt issuance costs included in long-term debt as of June 30, 2016 was $2,021 . In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting . This standard adds SEC paragraphs pursuant to the SEC Staff announcement at the June 18, 2015 Emerging Issues Task Force (EITF) meeting about the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. Under this guidance, the SEC Staff would not object to presenting such costs as an asset and subsequently amortizing the deferred costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings under the arrangement. Debt issuance costs of $1,687 as of June 30, 2016 and $2,003 as of December 31, 2015 related to our line-of-credit arrangement. We continue to include these costs within other non-current assets, amortizing them over the term of the arrangement. In April 2015, the FASB issued ASU No. 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement . The standard provides guidance to customers about whether a cloud computing arrangement includes a software license. If the arrangement does include a software license, the software license element of the arrangement should be accounted for in the same manner as the acquisition of other software licenses. We adopted this standard on January 1, 2016, applying it prospectively to all arrangements entered into or materially modified on or after January 1, 2016. Adoption of this standard did not have a significant impact on our results of operations or financial position. In May 2015, the FASB issued ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent) . Under the standard, investments measured at net asset value (NAV) as a practical expedient for fair value are excluded from the fair value hierarchy. As such, they are not assigned a fair value measurement level in financial statement disclosures of fair value. This standard was effective for us on January 1, 2016. It impacts the disclosures included in our Annual Report on Form 10-K regarding the plan assets of our postretirement benefit plan. As such, we will reflect this new guidance in the disclosures included in our Form 10-K for the year ending December 31, 2016, applying the guidance retrospectively to all periods presented. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory . The standard requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. Previously, inventory was measured at the lower of cost or market. We elected to early adopt this standard on January 1, 2016, applying it prospectively. Application of this standard did not have a significant impact on our results of operations or financial position. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. When recording the purchase price allocation for a business combination in the financial statements, an acquirer may record preliminary amounts when measurements are incomplete as of the end of a reporting period. When the required information is received to finalize the purchase price allocation, the preliminary amounts are adjusted. These adjustments are referred to as measurement-period adjustments. This standard eliminates the requirement to restate prior period financial statements for measurement-period adjustments. Instead, it requires that the cumulative impact of a measurement-period adjustment be recognized in the reporting period in which the adjustment is identified. We adopted this standard on January 1, 2016, applying it prospectively. Application of this standard did not have a significant impact on our results of operations or financial position. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting . The standard is intended to simplify various aspects of the accounting and presentation of share-based payments. We elected to early adopt this standard as of January 1, 2016. Adoption of this standard had the following impacts on our consolidated financial statements: • Consolidated statements of comprehensive income – The new standard requires that the tax effects of share-based compensation be recognized in the income tax provision. Previously, these amounts were recognized in additional paid-in capital. Net tax benefits related to share-based compensation awards of $1,020 for the quarter ended June 30, 2016 and $1,512 for the six months ended June 30, 2016 were recognized as reductions of income tax expense in the consolidated statements of comprehensive income. These tax benefits reduced our effective income tax rate 1.2 points for the quarter ended June 30, 2016 and 0.9 points for the six months ended June 30, 2016 . In addition, in calculating potential common shares used to determine diluted earnings per share, GAAP requires us to use the treasury stock method. The new standard requires that assumed proceeds under the treasury stock method be modified to exclude the amount of excess tax benefits that would have been recognized in additional paid-in capital. These changes were applied on a prospective basis and resulted in an increase in basic and diluted earnings per share of $0.02 for the quarter ended June 30, 2016 and $0.03 for the six months ended June 30, 2016 . In recording share-based compensation expense, the standard allows companies to make a policy election as to whether they will include an estimate of awards expected to be forfeited or whether they will account for forfeitures as they occur. We have elected to include an estimate of forfeitures in the computation of our share-based compensation expense. As this treatment is consistent with previous guidance, this election had no impact on our consolidated financial statements. • Consolidated statements of cash flows – The standard requires that excess tax benefits from share-based employee awards be reported as operating activities in the consolidated statements of cash flows. Previously, these cash flows were included in financing activities. We elected to apply this change on a prospective basis, resulting in an increase in net cash provided by operating activities and in net cash used by financing activities of $1,811 for the six months ended June 30, 2016 . The standard requires that employee taxes paid when an employer withholds shares for tax-withholding purposes be reported as financing activities in the consolidated statements of cash flows. Previously, these cash flows were included in operating activities. This change was required to be applied on a retrospective basis. As such, the consolidated statement of cash flows for the prior period was restated. This change resulted in an increase in net cash provided by operating activities and in net cash used by financing activities of $2,260 for the six months ended June 30, 2016 and $871 for the six months ended June 30, 2015 . Accounting pronouncements not yet adopted – In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides revenue recognition guidance for any entity that enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets, unless those contracts are within the scope of other accounting standards. The standard also expands the required financial statement disclosures regarding revenue recognition. The new guidance is effective for us on January 1, 2018. In addition, in March 2016, the FASB issued ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , in April 2016, the FASB issued ASU No. 2016-10, Identifying Performance Obligations and Licensing, and in May 2016, the FASB issued ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients . These standards are intended to clarify aspects of ASU No. 2014-09 and are effective for us upon adoption of ASU No. 2014-09. We are currently assessing the impact of these standards on our consolidated financial statements, as well as the method of transition that we will use in adopting the new guidance. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . The standard is intended to improve the recognition, measurement, presentation and disclosure of financial instruments. The guidance is effective for us on January 1, 2018. We do not expect the application of this standard to have a significant impact on our results of operations or financial position. In February 2016, the FASB issued ASU No. 2016-02, Leasing . The standard is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities for virtually all leases and by requiring the disclosure of key information about leasing arrangements. The guidance is effective for us on January 1, 2019, and requires adoption using a modified retrospective approach. We are currently assessing the impact of this standard on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments . The standard introduces new guidance for the accounting for credit losses on instruments within its scope, including trade and loans receivable and available-for-sale debt securities. The guidance is effective for us on January 1, 2020, and requires adoption using a modified retrospective approach. We do not expect the application of this standard to have a significant impact on our results of operations or financial position.

Supplemental balance sheet info

Supplemental balance sheet information	6 Months Ended
	Jun. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Supplemental balance sheet information	Supplemental balance sheet information Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) June 30, December 31, Raw materials $ 5,649 $ 5,719 Semi-finished goods 8,353 8,208 Finished goods 20,993 24,955 Supplies 3,091 3,074 Inventories and supplies $ 38,086 $ 41,956 Available-for-sale securities – Available-for-sale securities included within funds held for customers and other current assets were comprised of the following: June 30, 2016 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Canadian and provincial government securities $ 8,585 $ — $ (39 ) $ 8,546 Canadian guaranteed investment certificates 7,738 — — 7,738 Available-for-sale securities $ 16,323 $ — $ (39 ) $ 16,284 (1) Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2016 , also included cash of $60,842 . This cash included amounts related to FISC Solutions, which was acquired in December 2015. This business provides cash receipt processing services. A portion of the cash receipts are remitted to our clients the business day following receipt. As such, the amounts on-hand are reported as funds held for customers in the consolidated balance sheets, with a corresponding liability included in accrued liabilities. The asset and liability of $18,743 were recorded as acquisition measurement-period balance sheet adjustments during 2016. December 31, 2015 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Canadian and provincial government securities $ 7,932 $ — $ (91 ) $ 7,841 Canadian guaranteed investment certificates 7,226 — — 7,226 Available-for-sale securities (funds held for customers) (1) 15,158 — (91 ) 15,067 Canadian money market fund (other current assets) 1,616 — — 1,616 Available-for-sale securities $ 16,774 $ — $ (91 ) $ 16,683 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2015 , also included cash of $38,276 . Expected maturities of available-for-sale securities as of June 30, 2016 were as follows: (in thousands) Fair value Due in one year or less $ 9,148 Due in two to five years 4,556 Due in six to ten years 2,580 Available-for-sale securities $ 16,284 Further information regarding the fair value of available-for-sale securities can be found in Note 8. Assets held for sale – Assets held for sale as of June 30, 2016 and December 31, 2015 included the operations of one small business distributor that we previously acquired. The distributor is included in our Small Business Services segment and the assets acquired consisted primarily of a customer list intangible asset. We are actively marketing this distributor and expect the selling price will exceed its carrying value. Net assets held for sale consisted of the following: (in thousands) June 30, December 31, Balance sheet caption Current assets $ 4 $ 3 Other current assets Intangibles 13,533 13,533 Assets held for sale Other non-current assets 434 436 Assets held for sale Accrued liabilities (106 ) (366 ) Accrued liabilities Deferred income tax liabilities (5,777 ) (5,777 ) Other non-current liabilities Net assets held for sale $ 8,088 $ 7,829 Intangibles – Intangibles were comprised of the following: June 30, 2016 December 31, 2015 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Indefinite-lived intangibles: Trade name $ 19,100 $ — $ 19,100 $ 19,100 $ — $ 19,100 Amortizable intangibles: Internal-use software 393,159 (328,038 ) 65,121 375,037 (310,665 ) 64,372 Customer lists/relationships 234,012 (70,568 ) 163,444 202,682 (54,990 ) 147,692 Trade names 64,881 (38,787 ) 26,094 64,881 (36,325 ) 28,556 Software to be sold 28,500 (5,349 ) 23,151 28,500 (3,765 ) 24,735 Other 2,808 (2,203 ) 605 2,858 (2,002 ) 856 Amortizable intangibles 723,360 (444,945 ) 278,415 673,958 (407,747 ) 266,211 Intangibles $ 742,460 $ (444,945 ) $ 297,515 $ 693,058 $ (407,747 ) $ 285,311 Amortization of intangibles was $18,943 for the quarter ended June 30, 2016 and $13,989 for the quarter ended June 30, 2015 . Amortization of intangibles was $37,091 for the six months ended June 30, 2016 and $27,739 for the six months ended June 30, 2015 . Based on the intangibles in service as of June 30, 2016 , estimated future amortization expense is as follows: (in thousands) Estimated amortization expense Remainder of 2016 $ 33,703 2017 57,848 2018 43,803 2019 31,505 2020 26,382 During the six months ended June 30, 2016 , we acquired internal-use software in the normal course of business. We also acquired intangible assets in conjunction with acquisitions (Note 6). The following intangible assets were acquired during the six months ended June 30, 2016 : (in thousands) Amount Weighted-average amortization period (in years) Internal-use software $ 17,816 3 Customer lists/relationships 31,082 7 Acquired intangibles $ 48,898 6 Goodwill – Changes in goodwill during the six months ended June 30, 2016 were as follows: (in thousands) Small Business Services Financial Services Direct Checks Total Balance, December 31, 2015: Goodwill, gross $ 671,295 $ 176,614 $ 148,506 $ 996,415 Accumulated impairment charges (20,000 ) — — (20,000 ) Goodwill, net of accumulated impairment charges 651,295 176,614 148,506 976,415 Acquisition of 180 Fusion (Note 6) 575 — — 575 Currency translation adjustment 102 — — 102 Balance, June 30, 2016: Goodwill, gross 671,972 176,614 148,506 997,092 Accumulated impairment charges (20,000 ) — — (20,000 ) Goodwill, net of accumulated impairment charges $ 651,972 $ 176,614 $ 148,506 $ 977,092 Other non-current assets – Other non-current assets were comprised of the following: (in thousands) June 30, December 31, Contract acquisition costs $ 64,170 $ 58,792 Loans and notes receivable from distributors 21,877 23,957 Postretirement benefit plan asset 18,596 16,250 Deferred advertising costs 6,980 7,500 Other 6,650 7,313 Other non-current assets $ 118,273 $ 113,812 Changes in contract acquisition costs during the six months ended June 30, 2016 and 2015 were as follows: Six Months Ended (in thousands) 2016 2015 Balance, beginning of year $ 58,792 $ 74,101 Additions (1) 14,913 2,520 Amortization (9,485 ) (9,697 ) Other (50 ) (2,714 ) Balance, end of period $ 64,170 $ 64,210 (1) Contract acquisition costs are accrued upon contract execution. Cash payments made for contract acquisition costs were $14,341 for the six months ended June 30, 2016 and $5,848 for the six months ended June 30, 2015 . Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) June 30, December 31, Funds held for customers $ 75,932 $ 52,366 Deferred revenue 36,072 48,119 Employee profit sharing/cash bonus 18,463 40,683 Customer rebates 16,975 18,900 Wages, including vacation 12,113 5,731 Contract acquisition costs due within one year 8,740 9,045 Restructuring due within one year (Note 9) 2,310 3,864 Other 39,984 49,715 Accrued liabilities $ 210,589 $ 228,423

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings per share	Earnings per share The following table reflects the calculation of basic and diluted earnings per share. During each period, certain stock options, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. Quarter Ended Six Months Ended (dollars and shares in thousands, except per share amounts) 2016 2015 2016 2015 Earnings per share – basic: Net income $ 58,389 $ 56,063 $ 116,491 $ 102,003 Income allocated to participating securities (493 ) (376 ) (954 ) (669 ) Income available to common shareholders $ 57,896 $ 55,687 $ 115,537 $ 101,334 Weighted-average shares outstanding 48,611 49,770 48,699 49,732 Earnings per share – basic $ 1.19 $ 1.12 $ 2.37 $ 2.04 Earnings per share – diluted: Net income $ 58,389 $ 56,063 $ 116,491 $ 102,003 Income allocated to participating securities (489 ) (374 ) (948 ) (665 ) Re-measurement of share-based awards classified as liabilities 88 (132 ) 293 47 Income available to common shareholders $ 57,988 $ 55,557 $ 115,836 $ 101,385 Weighted-average shares outstanding 48,611 49,770 48,699 49,732 Dilutive impact of potential common shares 429 400 412 404 Weighted-average shares and potential common shares outstanding 49,040 50,170 49,111 50,136 Earnings per share – diluted $ 1.18 $ 1.11 $ 2.36 $ 2.02 Antidilutive options excluded from calculation 236 260 236 260

Other comprehensive income

Other comprehensive income	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other comprehensive income	Other comprehensive income Reclassification adjustments – Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of comprehensive income Quarter Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 711 711 (1) Net actuarial loss (949 ) (780 ) (1,899 ) (1,560 ) (1) Total amortization (594 ) (425 ) (1,188 ) (849 ) (1) Tax benefit 182 113 363 226 (1) Total reclassifications, net of tax $ (412 ) $ (312 ) $ (825 ) $ (623 ) (1) Amortization of postretirement benefit plan items is included in the computation of net periodic benefit income. Additional details can be found in Note 10. Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the six months ended June 30, 2016 were as follows: (in thousands) Postretirement benefit plans, net of tax Net unrealized loss on marketable securities, net of tax (1) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2015 $ (38,822 ) $ (114 ) $ (16,267 ) $ (55,203 ) Other comprehensive income before reclassifications — 43 5,115 5,158 Amounts reclassified from accumulated other comprehensive loss 825 — — 825 Net current-period other comprehensive income 825 43 5,115 5,983 Balance, June 30, 2016 $ (37,997 ) $ (71 ) $ (11,152 ) $ (49,220 ) (1) Other comprehensive income before reclassifications is net of income tax expense of $15 .

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions We periodically complete business combinations that align with our business strategy. The assets and liabilities acquired are recorded at their estimated fair values and the results of operations of each acquired business are included in our consolidated statements of comprehensive income from their acquisition dates. Transaction costs related to acquisitions were expensed as incurred and were not significant to the consolidated statements of comprehensive income for the six months ended June 30, 2016 and 2015 . During the first quarter of 2016, we completed the following acquisitions which are included within our Small Business Services segment: • In February 2016, we acquired selected assets of Category 99, Inc., doing business as MacHighway®, a web hosting and domain registration service provider. • In March 2016, we acquired selected assets of New England Art Publishers, Inc., doing business as Birchcraft Studios, a supplier of personalized invitations, holiday cards, all-occasion cards and social announcements. We expect to finalize the allocation of the purchase price by the third quarter of 2016 when our valuation of the acquired inventory and fixed assets is complete. During the second quarter of 2016, we completed several acquisitions which are included within our Small Business Services segment and for which we expect to finalize the allocation of the purchase price by the end of 2016 when our valuation of all of the acquired assets and liabilities is completed, as well as the determination of the estimated useful lives of the acquired customer lists. These acquisitions were as follows: • In April 2016, we acquired selected assets of 180 Fusion LLC, a digital marketing services provider. The allocation of the purchase price based upon the estimated fair values of the assets acquired and liabilities assumed resulted in tax-deductible goodwill of $575 . The acquisition resulted in goodwill as we expect it will enhance our Small Business Services product set by providing valuable marketing tools to our customers, thus, enhancing customer acquisition and loyalty. • In June 2016, we acquired selected assets of L.A.M. Enterprises, Inc., a provider of printed and promotional products. • In June 2016, we acquired selected assets of Liquid Web, LLC, a web hosting services provider. • In June 2016, we acquired selected assets of National Document Solutions, LLC, a provider of printing, promotional products, office products, scanning and document management solutions. Also during the six months ended June 30, 2016 , we acquired the operations of several small business distributors which are included in our Small Business Services segment. The assets acquired consisted primarily of customer list intangible assets. As these distributors were previously part of our Safeguard® distributor network, our revenue was not impacted by these acquisitions and the impact to our costs was not significant. We expect to finalize the allocations of the purchase price by the end of 2016 when our valuations of the acquired customer lists are completed, including the determination of the related estimated useful lives. As our acquisitions were immaterial to our operating results both individually and in the aggregate, pro forma results of operations are not provided. The following illustrates the preliminary allocation as of June 30, 2016 of the aggregate purchase price for the above acquisitions to the assets acquired and liabilities assumed: (in thousands) 2016 acquisitions Net tangible assets acquired and liabilities assumed $ (909 ) Identifiable intangible assets: Customer lists/relationships 31,082 Internal-use software 1,250 Total intangible assets 32,332 Goodwill 575 Total aggregate purchase price 31,998 Liabilities for holdback payments (3,016 ) Non-cash consideration (1) (1,926 ) Net cash paid for 2016 acquisitions 27,056 Holdback payments for prior year acquisitions 1,441 Payments for acquisitions, net of cash acquired $ 28,497 (1) Consists of pre-acquisition amounts owed to us by certain of the acquired businesses. Further information regarding the calculation of the estimated fair values of the intangibles acquired can be found in Note 8. During the six months ended June 30, 2015 , we acquired selected assets of Range, Inc., a marketing services provider; selected assets of Verify Valid LLC, a provider of electronic check payment services; and the operations of two small business distributors, one of which was previously part of our Safeguard distributor network. The assets acquired consisted primarily of customer list intangible assets and goodwill. Payments for acquisitions, net of cash acquired, as presented on the consolidated statement of cash flows for the six months ended June 30, 2015 , included payments of $32,919 for these acquisitions and $2,881 for holdback payments for prior year acquisitions. Further information regarding our 2015 acquisitions can be found under the caption “Note 5: Acquisitions” in the Notes to Consolidated Financial Statements appearing in the 2015 Form 10-K.

Derivative financial instrument

Derivative financial instruments	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	Derivative financial instruments We have entered into interest rate swaps, which we designated as fair value hedges, to hedge against changes in the fair value of a portion of our long-term debt. At the time we entered into these swaps in 2012, we were targeting a mix of fixed and variable rate debt, where we receive a fixed rate and pay a variable rate based on the London Interbank Offered Rate (LIBOR). The interest rate swaps related to our long-term debt due in 2020 have a notional amount of $200,000 and meet the criteria for using the short-cut method for a fair value hedge based on the structure of the hedging relationship. As such, changes in the fair value of the derivatives and the related long-term debt are equal. The fair value of these interest rate swaps was an asset of $858 as of June 30, 2016 and a liability of $4,842 as of December 31, 2015 . These amounts were included in the consolidated balance sheets in other non-current assets and other non-current liabilities, respectively. As the short-cut method is being used to account for these hedges, the consolidated balance sheets included an increase in long-term debt of $858 as of June 30, 2016 and a decrease in long-term debt of $4,842 as of December 31, 2015 due to fair value adjustments.

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements 2016 acquisitions – For all acquisitions, we are required to measure the fair value of the net identifiable tangible and intangible assets and liabilities acquired, excluding goodwill and deferred income taxes. Information regarding the acquisitions completed during the six months ended June 30, 2016 can be found in Note 6. The identifiable net assets acquired during the six months ended June 30, 2016 were comprised primarily of customer lists with an aggregate fair value of $31,082 . Fair value was estimated by discounting the estimated cash flows expected to be generated by the assets. Assumptions used in the calculations included same-customer revenue growth rates and estimated customer retention rates based on the acquirees' historical information. Information regarding the useful lives of acquired intangibles can be found in Note 3. Recurring fair value measurements – Funds held for customers included available-for-sale marketable securities (Note 3). These securities consisted of a mutual fund investment that invests in Canadian and provincial government securities, as well as investments in Canadian guaranteed investment certificates (GICs) with maturities of one year or less. The mutual fund is not traded in an active market and its fair value is determined by obtaining quoted prices in active markets for the underlying securities held by the fund. The fair value of the GICs approximated cost due to their relatively short duration. Unrealized gains and losses, net of tax, are included in accumulated other comprehensive loss in the consolidated balance sheets. The cost of securities sold is determined using the average cost method. Realized gains and losses are included in revenue in the consolidated statements of comprehensive income and were not significant for the quarters or six months ended June 30, 2016 and 2015 . Other current assets as of December 31, 2015 included available-for-sale marketable securities (Note 3). These securities were sold during the first quarter of 2016, and consisted of a Canadian money market fund that was not traded in an active market. As such, the fair value of this investment was determined by obtaining quoted prices in active markets for the underlying securities held by the fund. Because of the short-term nature of the underlying investments, the cost of these securities approximated their fair value. No gains or losses on sales of these marketable securities were realized during the six months ended June 30, 2016 and 2015 . We have elected to account for a long-term investment in domestic mutual funds under the fair value option for financial assets and financial liabilities. The fair value option provides companies an irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings. The investment is included in long-term investments in the consolidated balance sheets. Long-term investments also include the cash surrender values of company-owned life insurance policies. Realized and unrealized gains and losses, as well as dividends earned by the mutual fund investment, are included in selling, general and administrative (SG&A) expense in the consolidated statements of comprehensive income. This investment corresponds to a liability under an officers’ deferred compensation plan that is not available to new participants and is fully funded by the investment in mutual funds. The liability under the plan equals the fair value of the investment in mutual funds. Thus, as the value of the investment changes, the value of the liability changes accordingly. As changes in the liability are reflected within SG&A expense in the consolidated statements of comprehensive income, the fair value option of accounting for the investment in mutual funds allows us to net changes in the investment and the related liability in the statements of comprehensive income. The cost of securities sold is determined using the average cost method. During the six months ended June 30, 2016 and 2015 , net realized gains were not significant. We recognized net unrealized losses of $234 during the six months ended June 30, 2016 and $191 during the six months ended June 30, 2015 . The fair value of interest rate swaps (Note 7) is determined at each reporting date by means of a pricing model utilizing readily observable market interest rates. The change in fair value is determined as the change in the present value of estimated future cash flows discounted using the LIBOR rate. Our interest rate swaps relate to our long-term debt due in 2020 and meet the criteria for using the short-cut method for a fair value hedge based on the structure of the hedging relationship. As such, the changes in the fair value of the derivative and related long-term debt are equal. Liabilities for contingent consideration relate to acquisitions completed during 2015. Information concerning these acquisitions can be found under the caption "Note 5: Acquisitions" in the Notes to Consolidated Financial Statements included in the 2015 Form 10-K. Under the agreement related to the acquisition of Verify Valid, we are required to make annual contingent payments over a period of up to eight years , based on the revenue generated by the business. A specified payment percentage for each year is applied to the revenue generated by the business in that year to determine the amount of the payment. There is no maximum amount of contingent payments specified in the agreement . Under the agreement related to the acquisition of a small business distributor, we are required to make annual contingent payments over a period of up to three years , based on the gross profit generated by the business. A specified payment percentage for each year is applied to the gross profit generated by the business in that year to determine the amount of the payment. The maximum contingent payment in any year of the agreement is $925 . The fair value of the liabilities for contingent payments is estimated by discounting to present value the probability-weighted contingent payments expected to be made. Assumptions used in the calculations include the discount rate, projected revenue or gross profit based on our most recent internal forecast, and factors indicating the probability of achieving the forecasted revenue or gross profit. The liabilities are remeasured each reporting period. Increases or decreases in projected revenue or gross profit and the related probabilities may result in a higher or lower fair value measurement. Changes in fair value resulting from changes in the timing, amount of, or likelihood of contingent payments are included in SG&A expense in the consolidated statements of comprehensive income. Changes in fair value resulting from accretion for the passage of time are included in interest expense in the consolidated statements of comprehensive income. Information regarding recurring fair value measurements completed during each period was as follows: Fair value measurements using Fair value as of June 30, 2016 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) (Level 1) (Level 2) (Level 3) Available-for-sale marketable securities (funds held for customers) $ 16,284 $ — $ 16,284 $ — Long-term investment in mutual funds 1,792 1,792 — — Derivative assets 858 — 858 — Accrued contingent consideration (5,919 ) — — (5,919 ) Fair value measurements using Fair value as of December 31, 2015 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) (Level 1) (Level 2) (Level 3) Available-for-sale marketable securities (funds held for customers) $ 15,067 $ — $ 15,067 $ — Available-for-sale marketable securities (other current assets) 1,616 — 1,616 — Long-term investment in mutual funds 2,091 2,091 — — Derivative liabilities (4,842 ) — (4,842 ) — Accrued contingent consideration (5,861 ) — — (5,861 ) Our policy is to recognize transfers between fair value levels as of the end of the reporting period in which the transfer occurred. There were no transfers between fair value levels during the six months ended June 30, 2016 . Changes in accrued contingent consideration during the six months ended June 30, 2016 were as follows: (in thousands) Six Months Ended June 30, 2016 Balance, December 31, 2015 $ 5,861 Change in fair value 434 Payments (376 ) Balance, June 30, 2016 $ 5,919 Fair value measurements of other financial instruments – The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate fair value. Cash and cash included within funds held for customers – The carrying amounts reported in the consolidated balance sheets approximate fair value because of the short-term nature of these items. Loans and notes receivable from distributors – We have receivables for loans made to certain of our Safeguard distributors. In addition, we have acquired the operations of several small business distributors, which we then sold to our Safeguard distributors. In most cases, we entered into notes receivable upon the sale of the assets to the distributors. The fair value of these loans and notes receivable is calculated as the present value of expected future cash flows, discounted using an estimated interest rate based on published bond yields for companies of similar risk. Long-term debt – The carrying amounts reported in the consolidated balance sheets for the amount drawn on our credit facility approximates fair value because our interest rate is variable and reflects current market rates. The fair value of our long-term notes due in 2020 is based on significant observable market inputs other than quoted prices in active markets. The fair value of long-term debt included in the table below does not reflect the impact of hedging activity or debt issuance costs. The carrying amount of long-term debt includes the change in fair value of hedged long-term debt, as well as unamortized debt issuance costs related to our notes due in 2020 (Note 11). The estimated fair values of these financial instruments were as follows: Fair value measurements using June 30, 2016 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Carrying value Fair value (Level 1) (Level 2) (Level 3) Cash $ 69,592 $ 69,592 $ 69,592 $ — $ — Cash (funds held for customers) 60,842 60,842 60,842 — — Loans and notes receivable from distributors 23,740 20,897 — — 20,897 Long-term debt (1) 611,837 620,900 — 620,900 — (1) Amounts exclude capital lease obligations. Fair value measurements using December 31, 2015 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Carrying value Fair value (Level 1) (Level 2) (Level 3) Cash $ 62,427 $ 62,427 $ 62,427 $ — $ — Cash (funds held for customers) 38,276 38,276 38,276 — — Loans and notes receivable from distributors 25,745 23,383 — — 23,383 Long-term debt (1) 626,909 641,000 — 641,000 — (1) Amounts exclude capital lease obligations.

Restructuring charges

Restructuring charges	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Restructuring charges	Restructuring charges Net restructuring charges for each period consisted of the following components: Quarter Ended Six Months Ended (in thousands, except number of employees) 2016 2015 2016 2015 Severance accruals $ 1,096 $ 1,307 $ 1,987 $ 2,050 Severance reversals (96 ) (170 ) (468 ) (694 ) Operating lease obligations — — 59 — Net restructuring accruals 1,000 1,137 1,578 1,356 Other costs 217 17 507 62 Net restructuring charges $ 1,217 $ 1,154 $ 2,085 $ 1,418 Number of employees included in severance accruals 40 110 65 150 The net restructuring charges are reflected in the consolidated statements of comprehensive income as follows: Quarter Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Total cost of revenue $ 82 $ 188 $ 71 $ 185 Operating expenses 1,135 966 2,014 1,233 Net restructuring charges $ 1,217 $ 1,154 $ 2,085 $ 1,418 During the six months ended June 30, 2016 and June 30, 2015 , the net restructuring accruals included severance charges related to employee reductions across functional areas as we continue to reduce costs, primarily within our sales and marketing, information technology and fulfillment functions. These charges were reduced by the reversal of restructuring accruals recorded in previous periods, as fewer employees received severance benefits than originally estimated. Other restructuring costs, which were expensed as incurred, included items such as information technology costs, employee and equipment moves, training and travel related to our restructuring activities. Restructuring accruals of $2,310 as of June 30, 2016 and $3,864 as of December 31, 2015 are included in accrued liabilities in the consolidated balance sheets. The majority of the employee reductions are expected to be completed by the fourth quarter of 2016, and we expect most of the related severance payments to be paid by the first quarter of 2017, utilizing cash from operations. The remaining payments due under operating lease obligations will be paid by the end of 2016. As of June 30, 2016 , approximately 25 employees had not yet started to receive severance benefits. Accruals for our restructuring initiatives, summarized by year, were as follows: (in thousands) 2014 initiatives 2015 initiatives 2016 initiatives Total Balance, December 31, 2015 $ 176 $ 3,688 $ — $ 3,864 Restructuring charges — 37 2,009 2,046 Restructuring reversals (111 ) (310 ) (47 ) (468 ) Payments (65 ) (2,554 ) (513 ) (3,132 ) Balance, June 30, 2016 $ — $ 861 $ 1,449 $ 2,310 Cumulative amounts: Restructuring charges $ 8,242 $ 6,164 $ 2,009 $ 16,415 Restructuring reversals (1,444 ) (768 ) (47 ) (2,259 ) Payments (6,798 ) (4,535 ) (513 ) (11,846 ) Balance, June 30, 2016 $ — $ 861 $ 1,449 $ 2,310 The components of our restructuring accruals, by segment, were as follows: Employee severance benefits Operating lease obligations (in thousands) Small Business Services Financial Services Direct Checks Corporate Small Business Services Financial Services Total Balance, December 31, 2015 $ 1,023 $ 884 $ — $ 1,859 $ 56 $ 42 $ 3,864 Restructuring charges 892 510 135 450 59 — 2,046 Restructuring reversals (93 ) (39 ) — (336 ) — — (468 ) Payments (994 ) (538 ) — (1,483 ) (85 ) (32 ) (3,132 ) Balance, June 30, 2016 $ 828 $ 817 $ 135 $ 490 $ 30 $ 10 $ 2,310 Cumulative amounts (1) : Restructuring charges $ 6,617 $ 4,769 $ 171 $ 4,461 $ 344 $ 53 $ 16,415 Restructuring reversals (1,293 ) (350 ) (2 ) (614 ) — — (2,259 ) Inter-segment transfer 41 (14 ) — (27 ) — — — Payments (4,537 ) (3,588 ) (34 ) (3,330 ) (314 ) (43 ) (11,846 ) Balance, June 30, 2016 $ 828 $ 817 $ 135 $ 490 $ 30 $ 10 $ 2,310 (1) Includes accruals related to our cost reduction initiatives for 2014 through 2016.

Postretirement benefits

Postretirement benefits	6 Months Ended
	Jun. 30, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Postretirement benefits	Postretirement benefits We have historically provided certain health care benefits for a portion of our retired U.S. employees. In addition to our retiree health care plan, we also have a supplemental executive retirement plan in the United States. Further information regarding our postretirement benefit plans can be found under the caption “Note 12: Postretirement benefits” in the Notes to Consolidated Financial Statements appearing in the 2015 Form 10-K. Postretirement benefit income for each period consisted of the following components: Quarter Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Interest cost $ 780 $ 859 $ 1,559 $ 1,719 Expected return on plan assets (1,834 ) (1,958 ) (3,667 ) (3,917 ) Amortization of prior service credit (355 ) (355 ) (711 ) (711 ) Amortization of net actuarial losses 949 780 1,899 1,560 Net periodic benefit income $ (460 ) $ (674 ) $ (920 ) $ (1,349 )

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Debt outstanding was comprised of the following: (in thousands) June 30, December 31, 6.0% senior notes due November 15, 2020, principal amount $ 200,000 $ 200,000 Less unamortized debt issuance costs (2,021 ) (2,249 ) Cumulative change in fair value of hedged debt (Note 7) 858 (4,842 ) 6.0% senior notes, carrying value 198,837 192,909 Amount drawn on credit facility 413,000 434,000 Long-term portion of capital lease obligations 950 1,064 Long-term portion of debt 612,787 627,973 Capital lease obligations due within one year 1,041 1,045 Total debt $ 613,828 $ 629,018 Our senior notes due in 2020 include covenants that place certain restrictions on the issuance of additional debt and limitations on certain liens. If our ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest expense, as defined in such instruments, falls below two to one, there would be additional limitations on our ability to issue additional debt. The notes due in 2020 also include limitations on our ability to issue redeemable stock and preferred stock, make loans and investments, and consolidate, merge or sell all or substantially all of our assets. Absent certain defined events of default under our debt instruments, and as long as our ratio of EBITDA to interest expense is in excess of two to one, our debt covenants do not restrict our ability to pay cash dividends at our current rate. There are currently no limitations on the amount of dividends and share repurchases under the terms of our credit facility agreement. However, if our leverage ratio, defined as total debt less unrestricted cash to EBITDA, should exceed 2.75 to one, there would be an annual limitation on the amount of dividends and share repurchases under the terms of this agreement. In November 2012 , we issued $200,000 of 6.0% senior notes maturing on November 15, 2020 . The notes were issued via a private placement under Rule 144A of the Securities Act of 1933. These notes were subsequently registered with the Securities and Exchange Commission (SEC) via a registration statement that became effective on April 3, 2013. Interest payments are due each May and November. The notes are guaranteed by certain of our subsidiaries and place a limitation on restricted payments, including share repurchases and increases in dividend levels. The limitation on restricted payments does not apply if the notes are upgraded to an investment-grade credit rating. Financial information for the guarantor subsidiaries can be found in Note 15. At any time prior to November 15, 2016 , we may redeem some or all of the notes at a price equal to 100% of the principal amount plus accrued and unpaid interest and a make-whole premium. At any time on or after November 15, 2016 , we may redeem some or all of the notes at prices ranging from 100% to 103% of the principal amount. If at any time we sell certain of our assets or experience specific types of changes in control, we must offer to purchase all of the outstanding notes at 101% of the principal amount. We classify payments for early redemption premiums as financing activities in our consolidated statements of cash flows. Proceeds from the offering, net of offering costs, were $196,340 . These proceeds were used to retire our senior notes that were due in June 2015. The fair value of the notes issued in November 2012 was $207,900 as of June 30, 2016 , based on quoted prices that are directly observable. As discussed in Note 7, we have entered into interest rate swaps to hedge these notes. In March 2011 , we issued $200,000 of 7.0% senior notes that were scheduled to mature on March 15, 2019 . The notes were issued via a private placement under Rule 144A of the Securities Act of 1933. These notes were subsequently registered with the SEC via a registration statement that became effective on January 10, 2012. Proceeds from the offering, net of offering costs, were $196,195 . These proceeds were used to retire a portion of our senior, unsecured notes due in 2012. In March 2015, we retired all of these notes, realizing a loss on early debt extinguishment of $8,917 during the six months ended June 30, 2015 , consisting of a contractual call premium and the write-off of related debt issuance costs. This retirement was funded utilizing our credit facility and a short-term bank loan that we have since repaid. We had capital lease obligations of $1,991 as of June 30, 2016 and $2,109 as of December 31, 2015 related to information technology hardware. The lease obligations will be paid through April 2020 . The related assets are included in property, plant and equipment in the consolidated balance sheets. Depreciation of the leased assets is included in depreciation expense in the consolidated statements of cash flows. As of June 30, 2016 , we had a $525,000 credit facility, which is scheduled to expire in February 2019 . Our quarterly commitment fee ranges from 0.20% to 0.40% based on our leverage ratio. Borrowings under the credit facility are collateralized by substantially all of our personal and intangible property. As of June 30, 2016 , $413,000 was drawn on our credit facility at a weighted-average interest rate of 1.92% . As of December 31, 2015 , $434,000 was drawn on our credit facility at a weighted-average interest rate of 1.89% . The credit agreement governing our credit facility contains customary covenants regarding limits on levels of subsidiary indebtedness and capital expenditures, liens, investments, acquisitions, certain mergers, certain asset sales outside the ordinary course of business, and change in control as defined in the agreement. The agreement also contains financial covenants regarding our leverage ratio, interest coverage and liquidity. In March 2015 , we entered into a $75,000 short-term variable rate bank loan. Proceeds from this loan, net of related costs, were $74,880 and were used, along with a draw on our credit facility, to retire all $200,000 of our 7.0% senior notes that were scheduled to mature on March 15, 2019 . During December 2015, we elected to repay this loan in full. Daily average amounts outstanding under our credit facility and short-term borrowings were as follows: (in thousands) Six Months Ended June 30, 2016 Year Ended December 31, 2015 Credit facility: Daily average amount outstanding $ 419,544 $ 270,063 Weighted-average interest rate 1.86 % 1.66 % Short-term bank loan: Daily average amount outstanding $ — $ 47,178 Weighted-average interest rate — 1.59 % As of June 30, 2016 , amounts were available for borrowing under our credit facility as follows: (in thousands) Total available Credit facility commitment $ 525,000 Amount drawn on credit facility (413,000 ) Outstanding letters of credit (1) (12,795 ) Net available for borrowing as of June 30, 2016 $ 99,205 (1) We use standby letters of credit to collateralize certain obligations related primarily to our self-insured workers’ compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our credit facility.

Other commitments and contingen

Other commitments and contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Other commitments and contingencies	Other commitments and contingencies Indemnifications – In the normal course of business, we periodically enter into agreements that incorporate general indemnification language. These indemnifications encompass third-party claims arising from our products and services, including, without limitation, service failures, breach of security, intellectual property rights, governmental regulations and/or employment-related matters. Performance under these indemnities would generally be triggered by our breach of the terms of the contract. In disposing of assets or businesses, we often provide representations, warranties and/or indemnities to cover various risks, including, for example, unknown damage to the assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities and legal fees related to periods prior to disposition. We do not have the ability to estimate the potential liability from such indemnities because they relate to unknown conditions. While we do not believe that any liability under these indemnities would likely have a material adverse effect on our financial position, annual results of operations or annual cash flows, inherent uncertainties exist regarding the scope and nature of such indemnities that could lead to material unfavorable outcomes. We have recorded liabilities for known indemnifications related to environmental matters. Environmental matters – We are currently involved in environmental compliance, investigation and remediation activities at some of our current and former sites, primarily printing facilities of our Financial Services and Small Business Services segments that have been sold. Remediation costs are accrued on an undiscounted basis when the obligations are either known or considered probable and can be reasonably estimated. Remediation or testing costs that result directly from the sale of an asset and which we would not have otherwise incurred are considered direct costs of the sale of the asset. As such, they are included in our measurement of the carrying value of the asset sold. Accruals for environmental matters were $3,375 as of June 30, 2016 and $5,952 as of December 31, 2015 , primarily related to facilities that have been sold. These accruals are included in accrued liabilities and other non-current liabilities in the consolidated balance sheets. Accrued costs consist of direct costs of the remediation activities, primarily fees that will be paid to outside engineering and consulting firms. Although recorded accruals include our best estimates, our total costs cannot be predicted with certainty due to various factors such as the extent of corrective action that may be required, evolving environmental laws and regulations and advances in environmental technology. Where the available information is sufficient to estimate the amount of the liability, that estimate is used. Where the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range is recorded. We do not believe that the range of possible outcomes could have a material effect on our financial condition, results of operations or liquidity. The consolidated statement of comprehensive income for the six months ended June 30, 2016 included a benefit from environmental matters of $1,874 , as we reversed a portion of the liability for one of our sold facilities. During the quarter ended June 30, 2016, we determined that it is no longer probable that a portion of the estimated environmental remediation costs for this location will be incurred. Environmental expense was $725 for the six months ended June 30, 2015 . We purchased an insurance policy during 2002 that covers up to $10,000 of third-party pollution claims through 2032 at certain owned, leased and divested sites. We also purchased an insurance policy during 2009 that covers up to $15,000 of third-party pollution claims through April 2019. This policy covers liability for claims of bodily injury or property damage arising from pollution events at the covered facilities. The policy also provides remediation coverage should we be required by a governing authority to perform remediation activities at the covered sites. No accruals have been recorded in our consolidated financial statements for any of the events contemplated in these insurance policies. We do not anticipate significant net cash outlays for environmental matters during 2016. Self-insurance – We are self-insured for certain costs, primarily workers' compensation claims and medical and dental benefits for active employees and those employees on long-term disability. The liabilities associated with these items represent our best estimate of the ultimate obligations for reported claims plus those incurred, but not reported, and totaled $6,664 as of June 30, 2016 and $6,457 as of December 31, 2015 . These accruals are included in accrued liabilities and other non-current liabilities in the consolidated balance sheets. Our workers' compensation liability is accounted for on a present value basis. The difference between the discounted and undiscounted liability was not significant as of June 30, 2016 or December 31, 2015 . Our self-insurance liabilities are estimated, in part, by considering historical claims experience, demographic factors and other actuarial assumptions. The estimated accruals for these liabilities could be significantly affected if future events and claims differ from these assumptions and historical trends. Litigation – On September 2, 2014, one of our suppliers filed a petition for binding arbitration under the Commercial Rules of the American Arbitration Association, alleging that it is entitled to additional payment from us under our reseller agreement and seeking damages of up to approximately $43,000 . We did not record a liability for damages in connection with this matter in our consolidated balance sheets. In March 2016, the arbitrator rejected all of the supplier's claims and ruled in our favor. Recorded liabilities for legal matters were not material to our financial position, results of operations or liquidity, and we do not believe that any of the currently identified claims or litigation will materially affect our financial position, results of operations or liquidity upon resolution. However, litigation is subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, it may cause a material adverse impact on our financial position, results of operations or liquidity for the period in which the ruling occurs or in future periods.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Shareholders' equity	Shareholders’ equity We have an outstanding authorization from our board of directors to purchase up to 10,000 shares of our common stock. This authorization has no expiration date, and 453 shares remained available for purchase under this authorization as of June 30, 2016 . During the six months ended June 30, 2016 , we repurchased 513 shares for $29,981 . In May 2016, our board of directors approved an additional authorization for the repurchase of up to $300,000 of our common stock, effective at the conclusion of our previous authorization. The additional authorization also has no expiration date.

Business segment information

Business segment information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Business segment information	Business segment information We operate three reportable business segments: Small Business Services, Financial Services and Direct Checks. Our business segments are generally organized by type of customer served and reflect the way we manage the company. Small Business Services promotes and sells products and services to small businesses via direct response mail and internet advertising; referrals from financial institutions, telecommunications clients and other partners; networks of distributors and independent dealers; a direct sales force that focuses on selling to and through major accounts; and an outbound telemarketing group. Financial Services' products and services are sold primarily through a direct sales force, which executes product and service supply contracts with our financial institution clients nationwide, including banks, credit unions and financial services companies. In the case of check supply contracts, once the financial institution relationship is established, consumers may submit their check orders through their financial institution or over the phone or internet. Direct Checks sells products and services directly to consumers using direct marketing, including print advertising and search engine marketing and optimization strategies. All three segments operate primarily in the United States. Small Business Services also has operations in Canada and portions of Europe. Our product and service offerings are comprised of the following: Checks – We remain one of the largest providers of checks in the United States. During 2015, checks represented 40.1% of our Small Business Services segment's revenue, 59.7% of our Financial Services segment's revenue and 84.6% of our Direct Checks segment's revenue. Marketing solutions and other services – We offer products and services that help small businesses and/or financial institutions promote their businesses and acquire customers, as well as various other service offerings. Our Small Business Services segment offers services designed to fulfill the marketing and sales needs of small businesses, including logo and web design; hosting and other web services; search engine optimization; marketing programs, including email, mobile, social media and other self-service marketing solutions; and digital printing services. In addition, Small Business Services offers specialized services, including fraud protection and security, payroll services and electronic checks, as well as promotional solutions such as postcards, brochures, retail packaging supplies, apparel, greeting cards and business cards. Financial Services offers a suite of financial technology ("FinTech") solutions focused on enabling financial institutions to better manage the customer life cycle for their retail and commercial customers. These FinTech solutions include outsourced marketing campaign targeting and execution, digital channel onboarding, loyalty and rewards, technology-enabled treasury services, financial performance management, and fraud protection and security services. Our Direct Checks segment provides fraud protection and security services, as well as package insert programs under which companies' marketing materials are included in our check packages. Forms – Our Small Business Services segment provides printed forms to small businesses, including deposit tickets, billing forms, work orders, job proposals, purchase orders, invoices and personnel forms. This segment also offers computer forms compatible with accounting software packages commonly used by small businesses. Forms sold by our Financial Services and Direct Checks segments include deposit tickets and check registers. Accessories and other products – Small Business Services offers products designed to supply small business owners with the customized documents necessary to efficiently manage their business, including envelopes, office supplies, stamps and labels. Our Financial Services and Direct Checks segments offer checkbook covers and stamps. The accounting policies of the segments are the same as those described in the Notes to Consolidated Financial Statements included in the 2015 Form 10-K. We allocate corporate costs for our shared services functions to our business segments, including costs of our executive management, human resources, supply chain, finance, information technology and legal functions. Generally, where costs incurred are directly attributable to a business segment, primarily within the areas of information technology, supply chain, finance and legal, those costs are charged directly to that segment. Because we use a shared services approach for many of our functions, certain costs are not directly attributable to a business segment. These costs are allocated to our business segments based on segment revenue, as revenue is a measure of the relative size and magnitude of each segment and indicates the level of corporate shared services consumed by each segment. Corporate assets are not allocated to the segments and consist of property, plant and equipment; internal-use software; and inventories and supplies related to our corporate shared services functions of manufacturing, information technology and real estate, as well as long-term investments. We are an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations and the sharing of assets. Therefore, we do not represent that these segments, if operated independently, would report the operating income and other financial information shown. The following is our segment information as of and for the quarters ended June 30, 2016 and 2015 : Reportable Business Segments (in thousands) Small Business Services Financial Services Direct Checks Corporate Consolidated Total revenue from external 2016 $ 288,182 $ 124,230 $ 38,230 $ — $ 450,642 customers: 2015 282,285 112,699 40,890 — 435,874 Operating income: 2016 48,956 29,034 12,959 — 90,949 2015 48,225 25,506 15,148 — 88,879 Depreciation and amortization 2016 12,809 9,074 890 — 22,773 expense: 2015 11,231 5,791 973 — 17,995 Total assets: 2016 1,023,798 432,152 160,935 252,017 1,868,902 2015 980,405 272,495 162,058 271,349 1,686,307 Capital asset purchases: 2016 — — — 11,995 11,995 2015 — — — 9,795 9,795 The following is our segment information as of and for the six months ended June 30, 2016 and 2015: Reportable Business Segments (in thousands) Small Business Services Financial Services Direct Checks Corporate Consolidated Total revenue from external 2016 $ 578,453 $ 251,478 $ 80,009 $ — $ 909,940 customers: 2015 559,251 224,240 86,001 — 869,492 Operating income: 2016 100,106 55,759 27,726 — 183,591 2015 97,672 45,916 30,582 — 174,170 Depreciation and amortization 2016 24,881 18,011 1,760 — 44,652 expense: 2015 21,440 11,781 2,457 — 35,678 Total assets: 2016 1,023,798 432,152 160,935 252,017 1,868,902 2015 980,405 272,495 162,058 271,349 1,686,307 Capital asset purchases: 2016 — — — 22,184 22,184 2015 — — — 19,307 19,307

Supplemental guarantor financia

Supplemental guarantor financial information	6 Months Ended
	Jun. 30, 2016
Supplemental guarantor financial information [Abstract]
Supplemental guarantor financial information	Supplemental guarantor financial information Our long-term notes due in 2020 (Note 11), as well as obligations under our credit facility, are jointly and severally guaranteed on a full and unconditional basis, subject to the release provisions described herein, by certain 100%-owned subsidiaries. The subsidiary guarantees with respect to our long-term notes are subject to release upon the occurrence of certain events: the sale of all or substantially all of a subsidiary's assets, when the requirements for defeasance of the guaranteed securities have been satisfied, when the subsidiary is declared an unrestricted subsidiary, or upon satisfaction and discharge of the indenture. The following supplemental condensed consolidating financial information reflects the summarized financial information of Deluxe Corporation, the guarantors on a combined basis and the non-guarantor subsidiaries on a combined basis. Separate financial statements of the guarantors are not presented because the guarantors are jointly, severally, fully and unconditionally liable under the guarantees, subject to the release provisions described herein, and we believe that the condensed consolidating financial statements presented are sufficient to provide an understanding of the financial position, results of operations and cash flows of the guarantors. During the quarter ended June 30, 2016, we identified an error in the balance sheet presentation of borrowings under our credit facility and the related asset for debt issuance costs. These amounts were previously presented as current items in our consolidated balance sheets, and we have determined that they should have been presented as non-current. This change also corrects the presentation of the cash flows associated with borrowings under our credit facility. Previously these cash flows were presented on a net basis. The change in the balance sheet presentation requires that they be presented on a gross basis. Prior period consolidated amounts, as well as those for Deluxe Corporation, have been revised to reflect these changes. Further information about the revision can be found in Note 1. We are an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations and the sharing of assets. Therefore, we do not represent that the financial information presented is indicative of the financial position, results of operations or cash flows that the entities would have reported if they had operated independently. The condensed consolidating financial statements should be read in conjunction with our consolidated financial statements. Condensed Consolidating Balance Sheet (Unaudited) June 30, 2016 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 5,851 $ 2,041 $ 63,585 $ (1,885 ) $ 69,592 Trade accounts receivable, net — 100,303 8,635 — 108,938 Inventories and supplies — 35,832 2,254 — 38,086 Funds held for customers — 20,342 56,784 — 77,126 Other current assets 5,815 31,602 1,834 — 39,251 Total current assets 11,666 190,120 133,092 (1,885 ) 332,993 Deferred income taxes 14,083 — 1,756 (14,083 ) 1,756 Long-term investments 34,686 7,737 — — 42,423 Property, plant and equipment, net 10,253 69,652 4,978 — 84,883 Assets held for sale — — 13,967 — 13,967 Intangibles, net 16,298 277,709 3,508 — 297,515 Goodwill — 975,548 1,544 — 977,092 Investments in consolidated subsidiaries 1,375,178 91,872 — (1,467,050 ) — Intercompany receivable 5,274 — 31 (5,305 ) — Other non-current assets 6,738 111,440 95 — 118,273 Total assets $ 1,474,176 $ 1,724,078 $ 158,971 $ (1,488,323 ) $ 1,868,902 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 17,139 $ 65,707 $ 2,380 $ (1,885 ) $ 83,341 Accrued liabilities 13,624 138,132 58,833 — 210,589 Long-term debt due within one year 1,004 — 37 — 1,041 Total current liabilities 31,767 203,839 61,250 (1,885 ) 294,971 Long-term debt 612,715 — 72 — 612,787 Deferred income taxes — 95,045 — (14,083 ) 80,962 Intercompany payable — 5,305 — (5,305 ) — Other non-current liabilities 12,952 44,711 5,777 — 63,440 Total shareholders' equity 816,742 1,375,178 91,872 (1,467,050 ) 816,742 Total liabilities and shareholders' equity $ 1,474,176 $ 1,724,078 $ 158,971 $ (1,488,323 ) $ 1,868,902 Condensed Consolidating Balance Sheet (Unaudited) December 31, 2015 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 5,187 $ 940 $ 56,422 $ (122 ) $ 62,427 Trade accounts receivable, net — 115,951 7,703 — 123,654 Inventories and supplies — 39,758 2,198 — 41,956 Funds held for customers — — 53,343 — 53,343 Other current assets 7,230 32,765 2,610 — 42,605 Total current assets 12,417 189,414 122,276 (122 ) 323,985 Deferred income taxes 13,498 — 1,238 (13,498 ) 1,238 Long-term investments 34,304 7,387 — — 41,691 Property, plant and equipment, net 10,111 71,017 4,604 — 85,732 Assets held for sale — — 13,969 — 13,969 Intangibles, net 9,066 273,051 3,194 — 285,311 Goodwill — 974,973 1,442 — 976,415 Investments in consolidated subsidiaries 1,248,549 81,099 — (1,329,648 ) — Intercompany receivable 99,506 — — (99,506 ) — Other non-current assets 5,861 107,767 184 — 113,812 Total assets $ 1,433,312 $ 1,704,708 $ 146,907 $ (1,442,774 ) $ 1,842,153 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 15,625 $ 69,809 $ 2,263 $ (122 ) $ 87,575 Accrued liabilities 23,567 148,279 56,577 — 228,423 Long-term debt due within one year 1,026 — 19 — 1,045 Total current liabilities 40,218 218,088 58,859 (122 ) 317,043 Long-term debt 627,942 — 31 — 627,973 Deferred income taxes — 94,574 — (13,498 ) 81,076 Intercompany payable — 98,365 1,141 (99,506 ) — Other non-current liabilities 20,083 45,132 5,777 — 70,992 Total shareholders' equity 745,069 1,248,549 81,099 (1,329,648 ) 745,069 Total liabilities and shareholders' equity $ 1,433,312 $ 1,704,708 $ 146,907 $ (1,442,774 ) $ 1,842,153 Condensed Consolidating Statement of Comprehensive Income (Unaudited) Quarter Ended June 30, 2016 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Product revenue $ — $ 345,161 $ 14,660 $ — $ 359,821 Service revenue 33,277 85,820 6,122 (34,398 ) 90,821 Total revenue 33,277 430,981 20,782 (34,398 ) 450,642 Cost of products — (120,533 ) (6,406 ) — (126,939 ) Cost of services (37,295 ) (31,189 ) (1,956 ) 37,547 (32,893 ) Total cost of revenue (37,295 ) (151,722 ) (8,362 ) 37,547 (159,832 ) Gross profit (4,018 ) 279,259 12,420 3,149 290,810 Operating expenses — (187,953 ) (8,759 ) (3,149 ) (199,861 ) Operating (loss) income (4,018 ) 91,306 3,661 — 90,949 Interest expense (4,917 ) (4,195 ) — 3,929 (5,183 ) Other income 3,680 541 150 (3,929 ) 442 (Loss) income before income taxes (5,255 ) 87,652 3,811 — 86,208 Income tax benefit (provision) 3,529 (30,805 ) (543 ) — (27,819 ) (Loss) income before equity in earnings of consolidated subsidiaries (1,726 ) 56,847 3,268 — 58,389 Equity in earnings of consolidated subsidiaries 60,115 3,268 — (63,383 ) — Net income $ 58,389 $ 60,115 $ 3,268 $ (63,383 ) $ 58,389 Comprehensive income $ 59,282 $ 60,957 $ 3,751 $ (64,708 ) $ 59,282 Condensed Consolidating Statement of Comprehensive Income (Unaudited) Quarter Ended June 30, 2015 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Product revenue $ — $ 339,959 $ 18,938 $ — $ 358,897 Service revenue 28,426 71,753 6,331 (29,533 ) 76,977 Total revenue 28,426 411,712 25,269 (29,533 ) 435,874 Cost of products — (118,527 ) (9,729 ) — (128,256 ) Cost of services (29,847 ) (26,174 ) (1,830 ) 30,169 (27,682 ) Total cost of revenue (29,847 ) (144,701 ) (11,559 ) 30,169 (155,938 ) Gross profit (1,421 ) 267,011 13,710 636 279,936 Operating expenses — (180,869 ) (9,552 ) (636 ) (191,057 ) Operating (loss) income (1,421 ) 86,142 4,158 — 88,879 Interest expense (4,104 ) (4,625 ) (1 ) 4,310 (4,420 ) Other income 4,568 470 96 (4,310 ) 824 (Loss) income before income taxes (957 ) 81,987 4,253 — 85,283 Income tax benefit (provision) 788 (28,960 ) (1,048 ) — (29,220 ) (Loss) income before equity in earnings of consolidated subsidiaries (169 ) 53,027 3,205 — 56,063 Equity in earnings of consolidated subsidiaries 56,232 3,205 — (59,437 ) — Net income $ 56,063 $ 56,232 $ 3,205 $ (59,437 ) $ 56,063 Comprehensive income $ 57,327 $ 57,453 $ 4,157 $ (61,610 ) $ 57,327 Condensed Consolidating Statement of Comprehensive Income (Unaudited) Six Months Ended June 30, 2016 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Product revenue $ — $ 697,834 $ 28,172 $ — $ 726,006 Service revenue 67,095 173,937 12,235 (69,333 ) 183,934 Total revenue 67,095 871,771 40,407 (69,333 ) 909,940 Cost of products — (244,955 ) (12,578 ) — (257,533 ) Cost of services (75,323 ) (64,762 ) (3,666 ) 77,147 (66,604 ) Total cost of revenue (75,323 ) (309,717 ) (16,244 ) 77,147 (324,137 ) Gross profit (8,228 ) 562,054 24,163 7,814 585,803 Operating expenses — (377,313 ) (17,085 ) (7,814 ) (402,212 ) Operating (loss) income (8,228 ) 184,741 7,078 — 183,591 Interest expense (9,901 ) (6,965 ) (1 ) 6,441 (10,426 ) Other income (expense) 6,308 867 (141 ) (6,441 ) 593 (Loss) income before income taxes (11,821 ) 178,643 6,936 — 173,758 Income tax benefit (provision) 6,839 (62,786 ) (1,320 ) — (57,267 ) (Loss) income before equity in earnings of consolidated subsidiaries (4,982 ) 115,857 5,616 — 116,491 Equity in earnings of consolidated subsidiaries 121,473 5,616 — (127,089 ) — Net income $ 116,491 $ 121,473 $ 5,616 $ (127,089 ) $ 116,491 Comprehensive income $ 122,474 $ 127,352 $ 10,777 $ (138,129 ) $ 122,474 Condensed Consolidating Statement of Comprehensive Income (Unaudited) Six Months Ended June 30, 2015 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Product revenue $ — $ 672,698 $ 41,213 $ — $ 713,911 Service revenue 55,111 144,993 12,929 (57,452 ) 155,581 Total revenue 55,111 817,691 54,142 (57,452 ) 869,492 Cost of products — (230,780 ) (21,216 ) — (251,996 ) Cost of services (60,130 ) (54,754 ) (3,920 ) 62,180 (56,624 ) Total cost of revenue (60,130 ) (285,534 ) (25,136 ) 62,180 (308,620 ) Gross profit (5,019 ) 532,157 29,006 4,728 560,872 Operating expenses — (361,627 ) (20,347 ) (4,728 ) (386,702 ) Operating (loss) income (5,019 ) 170,530 8,659 — 174,170 Loss on early debt extinguishment (8,917 ) — — — (8,917 ) Interest expense (10,601 ) (5,995 ) (1 ) 5,662 (10,935 ) Other income 5,943 608 365 (5,662 ) 1,254 (Loss) income before income taxes (18,594 ) 165,143 9,023 — 155,572 Income tax benefit (provision) 7,289 (58,401 ) (2,457 ) — (53,569 ) (Loss) income before equity in earnings of consolidated subsidiaries (11,305 ) 106,742 6,566 — 102,003 Equity in earnings of consolidated subsidiaries 113,308 6,566 — (119,874 ) — Net income $ 102,003 $ 113,308 $ 6,566 $ (119,874 ) $ 102,003 Comprehensive income $ 97,510 $ 108,730 $ 1,450 $ (110,180 ) $ 97,510 Condensed Consolidating Statement of Cash Flows (Unaudited) Six Months Ended June 30, 2016 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Net cash (used) provided by operating activities $ (10,443 ) $ 135,686 $ 4,786 $ (1,763 ) $ 128,266 Cash flows from investing activities: Purchases of capital assets (12,493 ) (8,357 ) (1,334 ) — (22,184 ) Payments for acquisitions, net of cash acquired — (28,497 ) — — (28,497 ) Proceeds from company-owned life insurance policies 3,053 — — — 3,053 Other (195 ) 633 1,649 — 2,087 Net cash (used) provided by investing activities (9,635 ) (36,221 ) 315 — (45,541 ) Cash flows from financing activities: Proceeds from issuing long-term debt 107,000 — — — 107,000 Payments on long-term debt, including costs of debt reacquisition (128,571 ) — (13 ) — (128,584 ) Proceeds from issuing shares under employee plans 4,193 — — — 4,193 Employee taxes paid for shares withheld (2,260 ) — — — (2,260 ) Payments for common shares repurchased (29,981 ) — — — (29,981 ) Cash dividends paid to shareholders (29,446 ) — — — (29,446 ) Advances from (to) consolidated subsidiaries 99,848 (97,988 ) (1,860 ) — — Other (41 ) (376 ) — — (417 ) Net cash provided (used) by financing activities 20,742 (98,364 ) (1,873 ) — (79,495 ) Effect of exchange rate change on cash — — 3,935 — 3,935 Net change in cash and cash equivalents 664 1,101 7,163 (1,763 ) 7,165 Cash and cash equivalents, beginning of year 5,187 940 56,422 (122 ) 62,427 Cash and cash equivalents, end of period $ 5,851 $ 2,041 $ 63,585 $ (1,885 ) $ 69,592 Condensed Consolidating Statement of Cash Flows (Unaudited) Six Months Ended June 30, 2015 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Net cash (used) provided by operating activities $ (3,699 ) $ 139,604 $ 7,793 $ 3,209 $ 146,907 Cash flows from investing activities: Purchases of capital assets (905 ) (16,997 ) (1,405 ) — (19,307 ) Payments for acquisitions, net of cash acquired (26 ) (35,774 ) — — (35,800 ) Other (286 ) 619 6 — 339 Net cash used by investing activities (1,217 ) (52,152 ) (1,399 ) — (54,768 ) Cash flows from financing activities: Proceeds from short-term borrowings 75,000 — — — 75,000 Proceeds from issuing long-term debt 211,500 — — — 211,500 Payments on long-term debt, including costs of debt reacquisition (346,015 ) — (6 ) — (346,021 ) Proceeds from issuing shares under employee plans 4,135 — — — 4,135 Excess tax benefit from share-based employee awards 1,557 — — — 1,557 Employee taxes paid for shares withheld (871 ) — — — (871 ) Cash dividends paid to shareholders (30,043 ) — — — (30,043 ) Advances from (to) consolidated subsidiaries 88,650 (88,232 ) (418 ) — — Other (136 ) — (150 ) — (286 ) Net cash provided (used) by financing activities 3,777 (88,232 ) (574 ) — (85,029 ) Effect of exchange rate change on cash — — (3,725 ) — (3,725 ) Net change in cash and cash equivalents (1,139 ) (780 ) 2,095 3,209 3,385 Cash and cash equivalents, beginning of year 8,335 4,342 52,193 (3,329 ) 61,541 Cash and cash equivalents, end of period $ 7,196 $ 3,562 $ 54,288 $ (120 ) $ 64,926

New accounting pronouncements (

New accounting pronouncements (Policies)	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New accounting pronouncements	New accounting pronouncements Recently adopted accounting pronouncements – In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . The standard requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. We adopted this standard on January 1, 2016. As our accounting treatment for these awards was in compliance with the new guidance, adoption of this standard had no impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The standard requires that debt issuance costs related to a recognized debt liability be presented in the consolidated balance sheets as a direct reduction from the carrying amount of the debt liability. We adopted this standard on January 1, 2016, applying it retrospectively. The consolidated balance sheet as of December 31, 2015 reflects the reclassification of debt issuance costs of $2,249 from other non-current assets to long-term debt. The amount of debt issuance costs included in long-term debt as of June 30, 2016 was $2,021 . In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting . This standard adds SEC paragraphs pursuant to the SEC Staff announcement at the June 18, 2015 Emerging Issues Task Force (EITF) meeting about the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. Under this guidance, the SEC Staff would not object to presenting such costs as an asset and subsequently amortizing the deferred costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings under the arrangement. Debt issuance costs of $1,687 as of June 30, 2016 and $2,003 as of December 31, 2015 related to our line-of-credit arrangement. We continue to include these costs within other non-current assets, amortizing them over the term of the arrangement. In April 2015, the FASB issued ASU No. 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement . The standard provides guidance to customers about whether a cloud computing arrangement includes a software license. If the arrangement does include a software license, the software license element of the arrangement should be accounted for in the same manner as the acquisition of other software licenses. We adopted this standard on January 1, 2016, applying it prospectively to all arrangements entered into or materially modified on or after January 1, 2016. Adoption of this standard did not have a significant impact on our results of operations or financial position. In May 2015, the FASB issued ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent) . Under the standard, investments measured at net asset value (NAV) as a practical expedient for fair value are excluded from the fair value hierarchy. As such, they are not assigned a fair value measurement level in financial statement disclosures of fair value. This standard was effective for us on January 1, 2016. It impacts the disclosures included in our Annual Report on Form 10-K regarding the plan assets of our postretirement benefit plan. As such, we will reflect this new guidance in the disclosures included in our Form 10-K for the year ending December 31, 2016, applying the guidance retrospectively to all periods presented. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory . The standard requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. Previously, inventory was measured at the lower of cost or market. We elected to early adopt this standard on January 1, 2016, applying it prospectively. Application of this standard did not have a significant impact on our results of operations or financial position. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. When recording the purchase price allocation for a business combination in the financial statements, an acquirer may record preliminary amounts when measurements are incomplete as of the end of a reporting period. When the required information is received to finalize the purchase price allocation, the preliminary amounts are adjusted. These adjustments are referred to as measurement-period adjustments. This standard eliminates the requirement to restate prior period financial statements for measurement-period adjustments. Instead, it requires that the cumulative impact of a measurement-period adjustment be recognized in the reporting period in which the adjustment is identified. We adopted this standard on January 1, 2016, applying it prospectively. Application of this standard did not have a significant impact on our results of operations or financial position. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting . The standard is intended to simplify various aspects of the accounting and presentation of share-based payments. We elected to early adopt this standard as of January 1, 2016. Adoption of this standard had the following impacts on our consolidated financial statements: • Consolidated statements of comprehensive income – The new standard requires that the tax effects of share-based compensation be recognized in the income tax provision. Previously, these amounts were recognized in additional paid-in capital. Net tax benefits related to share-based compensation awards of $1,020 for the quarter ended June 30, 2016 and $1,512 for the six months ended June 30, 2016 were recognized as reductions of income tax expense in the consolidated statements of comprehensive income. These tax benefits reduced our effective income tax rate 1.2 points for the quarter ended June 30, 2016 and 0.9 points for the six months ended June 30, 2016 . In addition, in calculating potential common shares used to determine diluted earnings per share, GAAP requires us to use the treasury stock method. The new standard requires that assumed proceeds under the treasury stock method be modified to exclude the amount of excess tax benefits that would have been recognized in additional paid-in capital. These changes were applied on a prospective basis and resulted in an increase in basic and diluted earnings per share of $0.02 for the quarter ended June 30, 2016 and $0.03 for the six months ended June 30, 2016 . In recording share-based compensation expense, the standard allows companies to make a policy election as to whether they will include an estimate of awards expected to be forfeited or whether they will account for forfeitures as they occur. We have elected to include an estimate of forfeitures in the computation of our share-based compensation expense. As this treatment is consistent with previous guidance, this election had no impact on our consolidated financial statements. • Consolidated statements of cash flows – The standard requires that excess tax benefits from share-based employee awards be reported as operating activities in the consolidated statements of cash flows. Previously, these cash flows were included in financing activities. We elected to apply this change on a prospective basis, resulting in an increase in net cash provided by operating activities and in net cash used by financing activities of $1,811 for the six months ended June 30, 2016 . The standard requires that employee taxes paid when an employer withholds shares for tax-withholding purposes be reported as financing activities in the consolidated statements of cash flows. Previously, these cash flows were included in operating activities. This change was required to be applied on a retrospective basis. As such, the consolidated statement of cash flows for the prior period was restated. This change resulted in an increase in net cash provided by operating activities and in net cash used by financing activities of $2,260 for the six months ended June 30, 2016 and $871 for the six months ended June 30, 2015 . Accounting pronouncements not yet adopted – In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides revenue recognition guidance for any entity that enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets, unless those contracts are within the scope of other accounting standards. The standard also expands the required financial statement disclosures regarding revenue recognition. The new guidance is effective for us on January 1, 2018. In addition, in March 2016, the FASB issued ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , in April 2016, the FASB issued ASU No. 2016-10, Identifying Performance Obligations and Licensing, and in May 2016, the FASB issued ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients . These standards are intended to clarify aspects of ASU No. 2014-09 and are effective for us upon adoption of ASU No. 2014-09. We are currently assessing the impact of these standards on our consolidated financial statements, as well as the method of transition that we will use in adopting the new guidance. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . The standard is intended to improve the recognition, measurement, presentation and disclosure of financial instruments. The guidance is effective for us on January 1, 2018. We do not expect the application of this standard to have a significant impact on our results of operations or financial position. In February 2016, the FASB issued ASU No. 2016-02, Leasing . The standard is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities for virtually all leases and by requiring the disclosure of key information about leasing arrangements. The guidance is effective for us on January 1, 2019, and requires adoption using a modified retrospective approach. We are currently assessing the impact of this standard on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments . The standard introduces new guidance for the accounting for credit losses on instruments within its scope, including trade and loans receivable and available-for-sale debt securities. The guidance is effective for us on January 1, 2020, and requires adoption using a modified retrospective approach. We do not expect the application of this standard to have a significant impact on our results of operations or financial position.

Long-term investments (Policies

Long-term investments (Policies)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Long-term investments	We have elected to account for a long-term investment in domestic mutual funds under the fair value option for financial assets and financial liabilities. The fair value option provides companies an irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings. The investment is included in long-term investments in the consolidated balance sheets. Long-term investments also include the cash surrender values of company-owned life insurance policies. Realized and unrealized gains and losses, as well as dividends earned by the mutual fund investment, are included in selling, general and administrative (SG&A) expense in the consolidated statements of comprehensive income. This investment corresponds to a liability under an officers’ deferred compensation plan that is not available to new participants and is fully funded by the investment in mutual funds. The liability under the plan equals the fair value of the investment in mutual funds. Thus, as the value of the investment changes, the value of the liability changes accordingly. As changes in the liability are reflected within SG&A expense in the consolidated statements of comprehensive income, the fair value option of accounting for the investment in mutual funds allows us to net changes in the investment and the related liability in the statements of comprehensive income. The cost of securities sold is determined using the average cost method.

Recurring fair value measuremen

Recurring fair value measurements (Policies)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair value level transfers	Our policy is to recognize transfers between fair value levels as of the end of the reporting period in which the transfer occurred.

Consolidated financial statem25

Consolidated financial statements (Tables)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impact of revision	The impact of this revision on our unaudited consolidated balance sheet as of December 31, 2015 was as follows: December 31, 2015 (in thousands) As Previously Reported Adjustment As Revised Other current assets $ 44,608 $ (2,003 ) $ 42,605 Total current assets 325,988 (2,003 ) 323,985 Other non-current assets 111,809 2,003 113,812 Short-term borrowings 434,000 (434,000 ) — Total current liabilities 751,043 (434,000 ) 317,043 Long-term debt 193,973 434,000 627,973 The impact of this revision on our unaudited consolidated statement of cash flows for the six months ended June 30, 2015 was as follows: Six Months Ended June 30, 2015 (in thousands) As Previously Reported Adjustment As Revised Proceeds from short-term borrowings $ 148,000 $ (73,000 ) $ 75,000 Proceeds from issuing long-term debt — 211,500 211,500 Payments on long-term debt, including costs of debt reacquisition (207,521 ) (138,500 ) (346,021 )

Supplemental balance sheet in26

Supplemental balance sheet information (Tables)	6 Months Ended
	Jun. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Inventories and supplies	Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) June 30, December 31, Raw materials $ 5,649 $ 5,719 Semi-finished goods 8,353 8,208 Finished goods 20,993 24,955 Supplies 3,091 3,074 Inventories and supplies $ 38,086 $ 41,956
Available-for-sale securities	Available-for-sale securities – Available-for-sale securities included within funds held for customers and other current assets were comprised of the following: June 30, 2016 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Canadian and provincial government securities $ 8,585 $ — $ (39 ) $ 8,546 Canadian guaranteed investment certificates 7,738 — — 7,738 Available-for-sale securities $ 16,323 $ — $ (39 ) $ 16,284 (1) Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2016 , also included cash of $60,842 . This cash included amounts related to FISC Solutions, which was acquired in December 2015. This business provides cash receipt processing services. A portion of the cash receipts are remitted to our clients the business day following receipt. As such, the amounts on-hand are reported as funds held for customers in the consolidated balance sheets, with a corresponding liability included in accrued liabilities. The asset and liability of $18,743 were recorded as acquisition measurement-period balance sheet adjustments during 2016. December 31, 2015 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Canadian and provincial government securities $ 7,932 $ — $ (91 ) $ 7,841 Canadian guaranteed investment certificates 7,226 — — 7,226 Available-for-sale securities (funds held for customers) (1) 15,158 — (91 ) 15,067 Canadian money market fund (other current assets) 1,616 — — 1,616 Available-for-sale securities $ 16,774 $ — $ (91 ) $ 16,683 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2015 , also included cash of $38,276 .
Expected maturities of available-for-sale securities	Expected maturities of available-for-sale securities as of June 30, 2016 were as follows: (in thousands) Fair value Due in one year or less $ 9,148 Due in two to five years 4,556 Due in six to ten years 2,580 Available-for-sale securities $ 16,284
Assets held for sale	Net assets held for sale consisted of the following: (in thousands) June 30, December 31, Balance sheet caption Current assets $ 4 $ 3 Other current assets Intangibles 13,533 13,533 Assets held for sale Other non-current assets 434 436 Assets held for sale Accrued liabilities (106 ) (366 ) Accrued liabilities Deferred income tax liabilities (5,777 ) (5,777 ) Other non-current liabilities Net assets held for sale $ 8,088 $ 7,829
Intangibles	Intangibles – Intangibles were comprised of the following: June 30, 2016 December 31, 2015 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Indefinite-lived intangibles: Trade name $ 19,100 $ — $ 19,100 $ 19,100 $ — $ 19,100 Amortizable intangibles: Internal-use software 393,159 (328,038 ) 65,121 375,037 (310,665 ) 64,372 Customer lists/relationships 234,012 (70,568 ) 163,444 202,682 (54,990 ) 147,692 Trade names 64,881 (38,787 ) 26,094 64,881 (36,325 ) 28,556 Software to be sold 28,500 (5,349 ) 23,151 28,500 (3,765 ) 24,735 Other 2,808 (2,203 ) 605 2,858 (2,002 ) 856 Amortizable intangibles 723,360 (444,945 ) 278,415 673,958 (407,747 ) 266,211 Intangibles $ 742,460 $ (444,945 ) $ 297,515 $ 693,058 $ (407,747 ) $ 285,311
Estimated future amortization expense	Based on the intangibles in service as of June 30, 2016 , estimated future amortization expense is as follows: (in thousands) Estimated amortization expense Remainder of 2016 $ 33,703 2017 57,848 2018 43,803 2019 31,505 2020 26,382
Acquired intangibles	The following intangible assets were acquired during the six months ended June 30, 2016 : (in thousands) Amount Weighted-average amortization period (in years) Internal-use software $ 17,816 3 Customer lists/relationships 31,082 7 Acquired intangibles $ 48,898 6
Goodwill	Goodwill – Changes in goodwill during the six months ended June 30, 2016 were as follows: (in thousands) Small Business Services Financial Services Direct Checks Total Balance, December 31, 2015: Goodwill, gross $ 671,295 $ 176,614 $ 148,506 $ 996,415 Accumulated impairment charges (20,000 ) — — (20,000 ) Goodwill, net of accumulated impairment charges 651,295 176,614 148,506 976,415 Acquisition of 180 Fusion (Note 6) 575 — — 575 Currency translation adjustment 102 — — 102 Balance, June 30, 2016: Goodwill, gross 671,972 176,614 148,506 997,092 Accumulated impairment charges (20,000 ) — — (20,000 ) Goodwill, net of accumulated impairment charges $ 651,972 $ 176,614 $ 148,506 $ 977,092
Other non-current assets	Other non-current assets – Other non-current assets were comprised of the following: (in thousands) June 30, December 31, Contract acquisition costs $ 64,170 $ 58,792 Loans and notes receivable from distributors 21,877 23,957 Postretirement benefit plan asset 18,596 16,250 Deferred advertising costs 6,980 7,500 Other 6,650 7,313 Other non-current assets $ 118,273 $ 113,812
Changes in contract acquisition costs	Changes in contract acquisition costs during the six months ended June 30, 2016 and 2015 were as follows: Six Months Ended (in thousands) 2016 2015 Balance, beginning of year $ 58,792 $ 74,101 Additions (1) 14,913 2,520 Amortization (9,485 ) (9,697 ) Other (50 ) (2,714 ) Balance, end of period $ 64,170 $ 64,210 (1) Contract acquisition costs are accrued upon contract execution. Cash payments made for contract acquisition costs were $14,341 for the six months ended June 30, 2016 and $5,848 for the six months ended June 30, 2015 .
Accrued liabilities	Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) June 30, December 31, Funds held for customers $ 75,932 $ 52,366 Deferred revenue 36,072 48,119 Employee profit sharing/cash bonus 18,463 40,683 Customer rebates 16,975 18,900 Wages, including vacation 12,113 5,731 Contract acquisition costs due within one year 8,740 9,045 Restructuring due within one year (Note 9) 2,310 3,864 Other 39,984 49,715 Accrued liabilities $ 210,589 $ 228,423

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings per share	The following table reflects the calculation of basic and diluted earnings per share. During each period, certain stock options, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. Quarter Ended Six Months Ended (dollars and shares in thousands, except per share amounts) 2016 2015 2016 2015 Earnings per share – basic: Net income $ 58,389 $ 56,063 $ 116,491 $ 102,003 Income allocated to participating securities (493 ) (376 ) (954 ) (669 ) Income available to common shareholders $ 57,896 $ 55,687 $ 115,537 $ 101,334 Weighted-average shares outstanding 48,611 49,770 48,699 49,732 Earnings per share – basic $ 1.19 $ 1.12 $ 2.37 $ 2.04 Earnings per share – diluted: Net income $ 58,389 $ 56,063 $ 116,491 $ 102,003 Income allocated to participating securities (489 ) (374 ) (948 ) (665 ) Re-measurement of share-based awards classified as liabilities 88 (132 ) 293 47 Income available to common shareholders $ 57,988 $ 55,557 $ 115,836 $ 101,385 Weighted-average shares outstanding 48,611 49,770 48,699 49,732 Dilutive impact of potential common shares 429 400 412 404 Weighted-average shares and potential common shares outstanding 49,040 50,170 49,111 50,136 Earnings per share – diluted $ 1.18 $ 1.11 $ 2.36 $ 2.02 Antidilutive options excluded from calculation 236 260 236 260

Other comprehensive income (Tab

Other comprehensive income (Tables)	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassification adjustments	Reclassification adjustments – Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of comprehensive income Quarter Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 711 711 (1) Net actuarial loss (949 ) (780 ) (1,899 ) (1,560 ) (1) Total amortization (594 ) (425 ) (1,188 ) (849 ) (1) Tax benefit 182 113 363 226 (1) Total reclassifications, net of tax $ (412 ) $ (312 ) $ (825 ) $ (623 ) (1) Amortization of postretirement benefit plan items is included in the computation of net periodic benefit income. Additional details can be found in Note 10.
Accumulated other comprehensive loss	Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the six months ended June 30, 2016 were as follows: (in thousands) Postretirement benefit plans, net of tax Net unrealized loss on marketable securities, net of tax (1) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2015 $ (38,822 ) $ (114 ) $ (16,267 ) $ (55,203 ) Other comprehensive income before reclassifications — 43 5,115 5,158 Amounts reclassified from accumulated other comprehensive loss 825 — — 825 Net current-period other comprehensive income 825 43 5,115 5,983 Balance, June 30, 2016 $ (37,997 ) $ (71 ) $ (11,152 ) $ (49,220 ) (1) Other comprehensive income before reclassifications is net of income tax expense of $15 .

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Allocation of the aggregate purchase price for acquisitions completed during the current period	The following illustrates the preliminary allocation as of June 30, 2016 of the aggregate purchase price for the above acquisitions to the assets acquired and liabilities assumed: (in thousands) 2016 acquisitions Net tangible assets acquired and liabilities assumed $ (909 ) Identifiable intangible assets: Customer lists/relationships 31,082 Internal-use software 1,250 Total intangible assets 32,332 Goodwill 575 Total aggregate purchase price 31,998 Liabilities for holdback payments (3,016 ) Non-cash consideration (1) (1,926 ) Net cash paid for 2016 acquisitions 27,056 Holdback payments for prior year acquisitions 1,441 Payments for acquisitions, net of cash acquired $ 28,497 (1) Consists of pre-acquisition amounts owed to us by certain of the acquired businesses.

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Recurring fair value measurements	Information regarding recurring fair value measurements completed during each period was as follows: Fair value measurements using Fair value as of June 30, 2016 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) (Level 1) (Level 2) (Level 3) Available-for-sale marketable securities (funds held for customers) $ 16,284 $ — $ 16,284 $ — Long-term investment in mutual funds 1,792 1,792 — — Derivative assets 858 — 858 — Accrued contingent consideration (5,919 ) — — (5,919 ) Fair value measurements using Fair value as of December 31, 2015 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) (Level 1) (Level 2) (Level 3) Available-for-sale marketable securities (funds held for customers) $ 15,067 $ — $ 15,067 $ — Available-for-sale marketable securities (other current assets) 1,616 — 1,616 — Long-term investment in mutual funds 2,091 2,091 — — Derivative liabilities (4,842 ) — (4,842 ) — Accrued contingent consideration (5,861 ) — — (5,861 )
Changes in accrued contingent consideration	Changes in accrued contingent consideration during the six months ended June 30, 2016 were as follows: (in thousands) Six Months Ended June 30, 2016 Balance, December 31, 2015 $ 5,861 Change in fair value 434 Payments (376 ) Balance, June 30, 2016 $ 5,919
Estimated fair value of other financial instruments	The estimated fair values of these financial instruments were as follows: Fair value measurements using June 30, 2016 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Carrying value Fair value (Level 1) (Level 2) (Level 3) Cash $ 69,592 $ 69,592 $ 69,592 $ — $ — Cash (funds held for customers) 60,842 60,842 60,842 — — Loans and notes receivable from distributors 23,740 20,897 — — 20,897 Long-term debt (1) 611,837 620,900 — 620,900 — (1) Amounts exclude capital lease obligations. Fair value measurements using December 31, 2015 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Carrying value Fair value (Level 1) (Level 2) (Level 3) Cash $ 62,427 $ 62,427 $ 62,427 $ — $ — Cash (funds held for customers) 38,276 38,276 38,276 — — Loans and notes receivable from distributors 25,745 23,383 — — 23,383 Long-term debt (1) 626,909 641,000 — 641,000 — (1) Amounts exclude capital lease obligations.

Restructuring charges (Tables)

Restructuring charges (Tables)	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Components of net restructuring charges	Net restructuring charges for each period consisted of the following components: Quarter Ended Six Months Ended (in thousands, except number of employees) 2016 2015 2016 2015 Severance accruals $ 1,096 $ 1,307 $ 1,987 $ 2,050 Severance reversals (96 ) (170 ) (468 ) (694 ) Operating lease obligations — — 59 — Net restructuring accruals 1,000 1,137 1,578 1,356 Other costs 217 17 507 62 Net restructuring charges $ 1,217 $ 1,154 $ 2,085 $ 1,418 Number of employees included in severance accruals 40 110 65 150 The net restructuring charges are reflected in the consolidated statements of comprehensive income as follows: Quarter Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Total cost of revenue $ 82 $ 188 $ 71 $ 185 Operating expenses 1,135 966 2,014 1,233 Net restructuring charges $ 1,217 $ 1,154 $ 2,085 $ 1,418
Restructuring accruals, initiatives summarized by year	Accruals for our restructuring initiatives, summarized by year, were as follows: (in thousands) 2014 initiatives 2015 initiatives 2016 initiatives Total Balance, December 31, 2015 $ 176 $ 3,688 $ — $ 3,864 Restructuring charges — 37 2,009 2,046 Restructuring reversals (111 ) (310 ) (47 ) (468 ) Payments (65 ) (2,554 ) (513 ) (3,132 ) Balance, June 30, 2016 $ — $ 861 $ 1,449 $ 2,310 Cumulative amounts: Restructuring charges $ 8,242 $ 6,164 $ 2,009 $ 16,415 Restructuring reversals (1,444 ) (768 ) (47 ) (2,259 ) Payments (6,798 ) (4,535 ) (513 ) (11,846 ) Balance, June 30, 2016 $ — $ 861 $ 1,449 $ 2,310
Restructuring accruals, by segment	The components of our restructuring accruals, by segment, were as follows: Employee severance benefits Operating lease obligations (in thousands) Small Business Services Financial Services Direct Checks Corporate Small Business Services Financial Services Total Balance, December 31, 2015 $ 1,023 $ 884 $ — $ 1,859 $ 56 $ 42 $ 3,864 Restructuring charges 892 510 135 450 59 — 2,046 Restructuring reversals (93 ) (39 ) — (336 ) — — (468 ) Payments (994 ) (538 ) — (1,483 ) (85 ) (32 ) (3,132 ) Balance, June 30, 2016 $ 828 $ 817 $ 135 $ 490 $ 30 $ 10 $ 2,310 Cumulative amounts (1) : Restructuring charges $ 6,617 $ 4,769 $ 171 $ 4,461 $ 344 $ 53 $ 16,415 Restructuring reversals (1,293 ) (350 ) (2 ) (614 ) — — (2,259 ) Inter-segment transfer 41 (14 ) — (27 ) — — — Payments (4,537 ) (3,588 ) (34 ) (3,330 ) (314 ) (43 ) (11,846 ) Balance, June 30, 2016 $ 828 $ 817 $ 135 $ 490 $ 30 $ 10 $ 2,310 (1) Includes accruals related to our cost reduction initiatives for 2014 through 2016.

Postretirement benefits (Tables

Postretirement benefits (Tables)	6 Months Ended
	Jun. 30, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Components of net periodic benefit income	Postretirement benefit income for each period consisted of the following components: Quarter Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Interest cost $ 780 $ 859 $ 1,559 $ 1,719 Expected return on plan assets (1,834 ) (1,958 ) (3,667 ) (3,917 ) Amortization of prior service credit (355 ) (355 ) (711 ) (711 ) Amortization of net actuarial losses 949 780 1,899 1,560 Net periodic benefit income $ (460 ) $ (674 ) $ (920 ) $ (1,349 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt outstanding	Debt outstanding was comprised of the following: (in thousands) June 30, December 31, 6.0% senior notes due November 15, 2020, principal amount $ 200,000 $ 200,000 Less unamortized debt issuance costs (2,021 ) (2,249 ) Cumulative change in fair value of hedged debt (Note 7) 858 (4,842 ) 6.0% senior notes, carrying value 198,837 192,909 Amount drawn on credit facility 413,000 434,000 Long-term portion of capital lease obligations 950 1,064 Long-term portion of debt 612,787 627,973 Capital lease obligations due within one year 1,041 1,045 Total debt $ 613,828 $ 629,018
Daily average amounts outstanding	Daily average amounts outstanding under our credit facility and short-term borrowings were as follows: (in thousands) Six Months Ended June 30, 2016 Year Ended December 31, 2015 Credit facility: Daily average amount outstanding $ 419,544 $ 270,063 Weighted-average interest rate 1.86 % 1.66 % Short-term bank loan: Daily average amount outstanding $ — $ 47,178 Weighted-average interest rate — 1.59 %
Credit facility, amount available for borrowing	As of June 30, 2016 , amounts were available for borrowing under our credit facility as follows: (in thousands) Total available Credit facility commitment $ 525,000 Amount drawn on credit facility (413,000 ) Outstanding letters of credit (1) (12,795 ) Net available for borrowing as of June 30, 2016 $ 99,205 (1) We use standby letters of credit to collateralize certain obligations related primarily to our self-insured workers’ compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our credit facility.

Business segment information (T

Business segment information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Business segment information	The following is our segment information as of and for the quarters ended June 30, 2016 and 2015 : Reportable Business Segments (in thousands) Small Business Services Financial Services Direct Checks Corporate Consolidated Total revenue from external 2016 $ 288,182 $ 124,230 $ 38,230 $ — $ 450,642 customers: 2015 282,285 112,699 40,890 — 435,874 Operating income: 2016 48,956 29,034 12,959 — 90,949 2015 48,225 25,506 15,148 — 88,879 Depreciation and amortization 2016 12,809 9,074 890 — 22,773 expense: 2015 11,231 5,791 973 — 17,995 Total assets: 2016 1,023,798 432,152 160,935 252,017 1,868,902 2015 980,405 272,495 162,058 271,349 1,686,307 Capital asset purchases: 2016 — — — 11,995 11,995 2015 — — — 9,795 9,795 The following is our segment information as of and for the six months ended June 30, 2016 and 2015: Reportable Business Segments (in thousands) Small Business Services Financial Services Direct Checks Corporate Consolidated Total revenue from external 2016 $ 578,453 $ 251,478 $ 80,009 $ — $ 909,940 customers: 2015 559,251 224,240 86,001 — 869,492 Operating income: 2016 100,106 55,759 27,726 — 183,591 2015 97,672 45,916 30,582 — 174,170 Depreciation and amortization 2016 24,881 18,011 1,760 — 44,652 expense: 2015 21,440 11,781 2,457 — 35,678 Total assets: 2016 1,023,798 432,152 160,935 252,017 1,868,902 2015 980,405 272,495 162,058 271,349 1,686,307 Capital asset purchases: 2016 — — — 22,184 22,184 2015 — — — 19,307 19,307

Supplemental guarantor financ35

Supplemental guarantor financial information (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental guarantor financial information [Abstract]
Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheet (Unaudited) June 30, 2016 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 5,851 $ 2,041 $ 63,585 $ (1,885 ) $ 69,592 Trade accounts receivable, net — 100,303 8,635 — 108,938 Inventories and supplies — 35,832 2,254 — 38,086 Funds held for customers — 20,342 56,784 — 77,126 Other current assets 5,815 31,602 1,834 — 39,251 Total current assets 11,666 190,120 133,092 (1,885 ) 332,993 Deferred income taxes 14,083 — 1,756 (14,083 ) 1,756 Long-term investments 34,686 7,737 — — 42,423 Property, plant and equipment, net 10,253 69,652 4,978 — 84,883 Assets held for sale — — 13,967 — 13,967 Intangibles, net 16,298 277,709 3,508 — 297,515 Goodwill — 975,548 1,544 — 977,092 Investments in consolidated subsidiaries 1,375,178 91,872 — (1,467,050 ) — Intercompany receivable 5,274 — 31 (5,305 ) — Other non-current assets 6,738 111,440 95 — 118,273 Total assets $ 1,474,176 $ 1,724,078 $ 158,971 $ (1,488,323 ) $ 1,868,902 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 17,139 $ 65,707 $ 2,380 $ (1,885 ) $ 83,341 Accrued liabilities 13,624 138,132 58,833 — 210,589 Long-term debt due within one year 1,004 — 37 — 1,041 Total current liabilities 31,767 203,839 61,250 (1,885 ) 294,971 Long-term debt 612,715 — 72 — 612,787 Deferred income taxes — 95,045 — (14,083 ) 80,962 Intercompany payable — 5,305 — (5,305 ) — Other non-current liabilities 12,952 44,711 5,777 — 63,440 Total shareholders' equity 816,742 1,375,178 91,872 (1,467,050 ) 816,742 Total liabilities and shareholders' equity $ 1,474,176 $ 1,724,078 $ 158,971 $ (1,488,323 ) $ 1,868,902 Condensed Consolidating Balance Sheet (Unaudited) December 31, 2015 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 5,187 $ 940 $ 56,422 $ (122 ) $ 62,427 Trade accounts receivable, net — 115,951 7,703 — 123,654 Inventories and supplies — 39,758 2,198 — 41,956 Funds held for customers — — 53,343 — 53,343 Other current assets 7,230 32,765 2,610 — 42,605 Total current assets 12,417 189,414 122,276 (122 ) 323,985 Deferred income taxes 13,498 — 1,238 (13,498 ) 1,238 Long-term investments 34,304 7,387 — — 41,691 Property, plant and equipment, net 10,111 71,017 4,604 — 85,732 Assets held for sale — — 13,969 — 13,969 Intangibles, net 9,066 273,051 3,194 — 285,311 Goodwill — 974,973 1,442 — 976,415 Investments in consolidated subsidiaries 1,248,549 81,099 — (1,329,648 ) — Intercompany receivable 99,506 — — (99,506 ) — Other non-current assets 5,861 107,767 184 — 113,812 Total assets $ 1,433,312 $ 1,704,708 $ 146,907 $ (1,442,774 ) $ 1,842,153 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 15,625 $ 69,809 $ 2,263 $ (122 ) $ 87,575 Accrued liabilities 23,567 148,279 56,577 — 228,423 Long-term debt due within one year 1,026 — 19 — 1,045 Total current liabilities 40,218 218,088 58,859 (122 ) 317,043 Long-term debt 627,942 — 31 — 627,973 Deferred income taxes — 94,574 — (13,498 ) 81,076 Intercompany payable — 98,365 1,141 (99,506 ) — Other non-current liabilities 20,083 45,132 5,777 — 70,992 Total shareholders' equity 745,069 1,248,549 81,099 (1,329,648 ) 745,069 Total liabilities and shareholders' equity $ 1,433,312 $ 1,704,708 $ 146,907 $ (1,442,774 ) $ 1,842,153
Condensed Consolidating Statements of Comprehensive Income	Condensed Consolidating Statement of Comprehensive Income (Unaudited) Quarter Ended June 30, 2016 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Product revenue $ — $ 345,161 $ 14,660 $ — $ 359,821 Service revenue 33,277 85,820 6,122 (34,398 ) 90,821 Total revenue 33,277 430,981 20,782 (34,398 ) 450,642 Cost of products — (120,533 ) (6,406 ) — (126,939 ) Cost of services (37,295 ) (31,189 ) (1,956 ) 37,547 (32,893 ) Total cost of revenue (37,295 ) (151,722 ) (8,362 ) 37,547 (159,832 ) Gross profit (4,018 ) 279,259 12,420 3,149 290,810 Operating expenses — (187,953 ) (8,759 ) (3,149 ) (199,861 ) Operating (loss) income (4,018 ) 91,306 3,661 — 90,949 Interest expense (4,917 ) (4,195 ) — 3,929 (5,183 ) Other income 3,680 541 150 (3,929 ) 442 (Loss) income before income taxes (5,255 ) 87,652 3,811 — 86,208 Income tax benefit (provision) 3,529 (30,805 ) (543 ) — (27,819 ) (Loss) income before equity in earnings of consolidated subsidiaries (1,726 ) 56,847 3,268 — 58,389 Equity in earnings of consolidated subsidiaries 60,115 3,268 — (63,383 ) — Net income $ 58,389 $ 60,115 $ 3,268 $ (63,383 ) $ 58,389 Comprehensive income $ 59,282 $ 60,957 $ 3,751 $ (64,708 ) $ 59,282 Condensed Consolidating Statement of Comprehensive Income (Unaudited) Quarter Ended June 30, 2015 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Product revenue $ — $ 339,959 $ 18,938 $ — $ 358,897 Service revenue 28,426 71,753 6,331 (29,533 ) 76,977 Total revenue 28,426 411,712 25,269 (29,533 ) 435,874 Cost of products — (118,527 ) (9,729 ) — (128,256 ) Cost of services (29,847 ) (26,174 ) (1,830 ) 30,169 (27,682 ) Total cost of revenue (29,847 ) (144,701 ) (11,559 ) 30,169 (155,938 ) Gross profit (1,421 ) 267,011 13,710 636 279,936 Operating expenses — (180,869 ) (9,552 ) (636 ) (191,057 ) Operating (loss) income (1,421 ) 86,142 4,158 — 88,879 Interest expense (4,104 ) (4,625 ) (1 ) 4,310 (4,420 ) Other income 4,568 470 96 (4,310 ) 824 (Loss) income before income taxes (957 ) 81,987 4,253 — 85,283 Income tax benefit (provision) 788 (28,960 ) (1,048 ) — (29,220 ) (Loss) income before equity in earnings of consolidated subsidiaries (169 ) 53,027 3,205 — 56,063 Equity in earnings of consolidated subsidiaries 56,232 3,205 — (59,437 ) — Net income $ 56,063 $ 56,232 $ 3,205 $ (59,437 ) $ 56,063 Comprehensive income $ 57,327 $ 57,453 $ 4,157 $ (61,610 ) $ 57,327 Condensed Consolidating Statement of Comprehensive Income (Unaudited) Six Months Ended June 30, 2016 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Product revenue $ — $ 697,834 $ 28,172 $ — $ 726,006 Service revenue 67,095 173,937 12,235 (69,333 ) 183,934 Total revenue 67,095 871,771 40,407 (69,333 ) 909,940 Cost of products — (244,955 ) (12,578 ) — (257,533 ) Cost of services (75,323 ) (64,762 ) (3,666 ) 77,147 (66,604 ) Total cost of revenue (75,323 ) (309,717 ) (16,244 ) 77,147 (324,137 ) Gross profit (8,228 ) 562,054 24,163 7,814 585,803 Operating expenses — (377,313 ) (17,085 ) (7,814 ) (402,212 ) Operating (loss) income (8,228 ) 184,741 7,078 — 183,591 Interest expense (9,901 ) (6,965 ) (1 ) 6,441 (10,426 ) Other income (expense) 6,308 867 (141 ) (6,441 ) 593 (Loss) income before income taxes (11,821 ) 178,643 6,936 — 173,758 Income tax benefit (provision) 6,839 (62,786 ) (1,320 ) — (57,267 ) (Loss) income before equity in earnings of consolidated subsidiaries (4,982 ) 115,857 5,616 — 116,491 Equity in earnings of consolidated subsidiaries 121,473 5,616 — (127,089 ) — Net income $ 116,491 $ 121,473 $ 5,616 $ (127,089 ) $ 116,491 Comprehensive income $ 122,474 $ 127,352 $ 10,777 $ (138,129 ) $ 122,474 Condensed Consolidating Statement of Comprehensive Income (Unaudited) Six Months Ended June 30, 2015 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Product revenue $ — $ 672,698 $ 41,213 $ — $ 713,911 Service revenue 55,111 144,993 12,929 (57,452 ) 155,581 Total revenue 55,111 817,691 54,142 (57,452 ) 869,492 Cost of products — (230,780 ) (21,216 ) — (251,996 ) Cost of services (60,130 ) (54,754 ) (3,920 ) 62,180 (56,624 ) Total cost of revenue (60,130 ) (285,534 ) (25,136 ) 62,180 (308,620 ) Gross profit (5,019 ) 532,157 29,006 4,728 560,872 Operating expenses — (361,627 ) (20,347 ) (4,728 ) (386,702 ) Operating (loss) income (5,019 ) 170,530 8,659 — 174,170 Loss on early debt extinguishment (8,917 ) — — — (8,917 ) Interest expense (10,601 ) (5,995 ) (1 ) 5,662 (10,935 ) Other income 5,943 608 365 (5,662 ) 1,254 (Loss) income before income taxes (18,594 ) 165,143 9,023 — 155,572 Income tax benefit (provision) 7,289 (58,401 ) (2,457 ) — (53,569 ) (Loss) income before equity in earnings of consolidated subsidiaries (11,305 ) 106,742 6,566 — 102,003 Equity in earnings of consolidated subsidiaries 113,308 6,566 — (119,874 ) — Net income $ 102,003 $ 113,308 $ 6,566 $ (119,874 ) $ 102,003 Comprehensive income $ 97,510 $ 108,730 $ 1,450 $ (110,180 ) $ 97,510
Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statement of Cash Flows (Unaudited) Six Months Ended June 30, 2016 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Net cash (used) provided by operating activities $ (10,443 ) $ 135,686 $ 4,786 $ (1,763 ) $ 128,266 Cash flows from investing activities: Purchases of capital assets (12,493 ) (8,357 ) (1,334 ) — (22,184 ) Payments for acquisitions, net of cash acquired — (28,497 ) — — (28,497 ) Proceeds from company-owned life insurance policies 3,053 — — — 3,053 Other (195 ) 633 1,649 — 2,087 Net cash (used) provided by investing activities (9,635 ) (36,221 ) 315 — (45,541 ) Cash flows from financing activities: Proceeds from issuing long-term debt 107,000 — — — 107,000 Payments on long-term debt, including costs of debt reacquisition (128,571 ) — (13 ) — (128,584 ) Proceeds from issuing shares under employee plans 4,193 — — — 4,193 Employee taxes paid for shares withheld (2,260 ) — — — (2,260 ) Payments for common shares repurchased (29,981 ) — — — (29,981 ) Cash dividends paid to shareholders (29,446 ) — — — (29,446 ) Advances from (to) consolidated subsidiaries 99,848 (97,988 ) (1,860 ) — — Other (41 ) (376 ) — — (417 ) Net cash provided (used) by financing activities 20,742 (98,364 ) (1,873 ) — (79,495 ) Effect of exchange rate change on cash — — 3,935 — 3,935 Net change in cash and cash equivalents 664 1,101 7,163 (1,763 ) 7,165 Cash and cash equivalents, beginning of year 5,187 940 56,422 (122 ) 62,427 Cash and cash equivalents, end of period $ 5,851 $ 2,041 $ 63,585 $ (1,885 ) $ 69,592 Condensed Consolidating Statement of Cash Flows (Unaudited) Six Months Ended June 30, 2015 (in thousands) Deluxe Corporation Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Total Net cash (used) provided by operating activities $ (3,699 ) $ 139,604 $ 7,793 $ 3,209 $ 146,907 Cash flows from investing activities: Purchases of capital assets (905 ) (16,997 ) (1,405 ) — (19,307 ) Payments for acquisitions, net of cash acquired (26 ) (35,774 ) — — (35,800 ) Other (286 ) 619 6 — 339 Net cash used by investing activities (1,217 ) (52,152 ) (1,399 ) — (54,768 ) Cash flows from financing activities: Proceeds from short-term borrowings 75,000 — — — 75,000 Proceeds from issuing long-term debt 211,500 — — — 211,500 Payments on long-term debt, including costs of debt reacquisition (346,015 ) — (6 ) — (346,021 ) Proceeds from issuing shares under employee plans 4,135 — — — 4,135 Excess tax benefit from share-based employee awards 1,557 — — — 1,557 Employee taxes paid for shares withheld (871 ) — — — (871 ) Cash dividends paid to shareholders (30,043 ) — — — (30,043 ) Advances from (to) consolidated subsidiaries 88,650 (88,232 ) (418 ) — — Other (136 ) — (150 ) — (286 ) Net cash provided (used) by financing activities 3,777 (88,232 ) (574 ) — (85,029 ) Effect of exchange rate change on cash — — (3,725 ) — (3,725 ) Net change in cash and cash equivalents (1,139 ) (780 ) 2,095 3,209 3,385 Cash and cash equivalents, beginning of year 8,335 4,342 52,193 (3,329 ) 61,541 Cash and cash equivalents, end of period $ 7,196 $ 3,562 $ 54,288 $ (120 ) $ 64,926

Consolidated financial statem36

Consolidated financial statements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Impact of revision [Line Items]
Other current assets	$ 39,251		$ 42,605
Total current assets	332,993		323,985
Other non-current assets	118,273		113,812
Short-term borrowings			0
Total current liabilities	294,971		317,043
Long-term debt	612,787		627,973
Proceeds from short-term borrowings	0	$ 75,000
Proceeds from issuing long-term debt	107,000	211,500
Payments on long-term debt, including costs of debt reacquisition	$ (128,584)	(346,021)
As Previously Reported [Member]
Impact of revision [Line Items]
Other current assets			44,608
Total current assets			325,988
Other non-current assets			111,809
Short-term borrowings			434,000
Total current liabilities			751,043
Long-term debt			193,973
Proceeds from short-term borrowings		148,000
Proceeds from issuing long-term debt		0
Payments on long-term debt, including costs of debt reacquisition		(207,521)
Adjustment [Member]
Impact of revision [Line Items]
Other current assets			(2,003)
Total current assets			(2,003)
Other non-current assets			2,003
Short-term borrowings			(434,000)
Total current liabilities			(434,000)
Long-term debt			$ 434,000
Proceeds from short-term borrowings		(73,000)
Proceeds from issuing long-term debt		211,500
Payments on long-term debt, including costs of debt reacquisition		$ (138,500)

New accounting pronouncements37

New accounting pronouncements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Senior notes due 2020 [Member]
New accounting pronouncements [Line Items]
Debt issuance costs, long-term	$ 2,021	$ 2,021		$ 2,249
Credit facility [Member] | Other non-current assets [Member]
New accounting pronouncements [Line Items]
Debt issuance costs, short-term	1,687	1,687		2,003
Accounting Standards Update No. 2015-03 [Member] | Senior notes due 2020 [Member] | Other non-current assets [Member]
New accounting pronouncements [Line Items]
Debt issuance costs, long-term	(2,021)	(2,021)		(2,249)
Accounting Standards Update No. 2015-03 [Member] | Senior notes due 2020 [Member] | Long-term debt [Member]
New accounting pronouncements [Line Items]
Debt issuance costs, long-term	2,021	2,021		$ 2,249
Accounting Standards Update No. 2016-09 [Member]
New accounting pronouncements [Line Items]
New accounting pronouncement, effect of change on net income	$ 1,020	$ 1,512
New accounting pronouncement effect of change on effective income tax rate	1.20%	0.90%
New accounting pronouncement, effect of change on basic earnings per share	$ 0.02	$ 0.03
New accounting pronouncement, effect of change on diluted earnings per share	$ 0.02	$ 0.03
New accounting pronouncement, effect on net cash provided by operating activities, excess tax benefits		$ 1,811
New accounting pronouncement, effect on net cash used by financing activities, excess tax benefits		1,811
New accounting pronouncement, effect on net cash provided by operating activities. shares withheld		2,260	$ 871
New accounting pronouncement effect on net cash used by financing activities, shares withheld		$ 2,260	$ 871

Supplemental balance sheet in38

Supplemental balance sheet information (inventories and supplies) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventories and supplies
Raw materials	$ 5,649	$ 5,719
Semi-finished goods	8,353	8,208
Finished goods	20,993	24,955
Supplies	3,091	3,074
Inventories and supplies	$ 38,086	$ 41,956

Supplemental balance sheet in39

Supplemental balance sheet information (available-for-sale securities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016		Dec. 31, 2015
Available-for-sale securities [Line Items]
Cost	$ 16,323		$ 16,774
Gross unrealized gains	0		0
Gross unrealized losses	(39)		(91)
Fair value	16,284		16,683
Measurement period adjustment, funds held for customers	18,743
Measurement period adjustment, liability for funds held for customers	18,743
Expected maturities of available-for-sale securities
Due in one year or less	9,148
Due in two to five years	4,556
Due in six to ten years	2,580
Fair value	16,284		16,683
Funds held for customers [Member]
Available-for-sale securities [Line Items]
Cost	16,323	[1]	15,158	[2]
Gross unrealized gains	0	[1]	0	[2]
Gross unrealized losses	(39)	[1]	(91)	[2]
Fair value	16,284	[1]	15,067	[2]
Cash	60,842		38,276
Expected maturities of available-for-sale securities
Fair value	16,284	[1]	15,067	[2]
Funds held for customers [Member] | Canadian and provincial government securities [Member]
Available-for-sale securities [Line Items]
Cost	8,585	[1]	7,932
Gross unrealized gains	0	[1]	0
Gross unrealized losses	(39)	[1]	(91)
Fair value	8,546	[1]	7,841
Expected maturities of available-for-sale securities
Fair value	8,546	[1]	7,841
Funds held for customers [Member] | Canadian guaranteed investment certificates [Member]
Available-for-sale securities [Line Items]
Cost	7,738	[1]	7,226
Gross unrealized gains	0	[1]	0
Gross unrealized losses	0	[1]	0
Fair value	7,738	[1]	7,226
Expected maturities of available-for-sale securities
Fair value	$ 7,738	[1]	7,226
Other current assets [Member] | Money market securities [Member] | Canadian [Member]
Available-for-sale securities [Line Items]
Cost			1,616
Gross unrealized gains			0
Gross unrealized losses			0
Fair value			1,616
Expected maturities of available-for-sale securities
Fair value			$ 1,616
[1]	Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2016, also included cash of $60,842. This cash included amounts related to FISC Solutions, which was acquired in December 2015. This business provides cash receipt processing services. A portion of the cash receipts are remitted to our clients the business day following receipt. As such, the amounts on-hand are reported as funds held for customers in the consolidated balance sheets, with a corresponding liability included in accrued liabilities. The asset and liability of $18,743 were recorded as acquisition measurement-period balance sheet adjustments during 2016.
[2]	Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2015, also included cash of $38,276.

Supplemental balance sheet in40

Supplemental balance sheet information (assets held for sale) (Details) - Assets held for sale [Member] - Small business distributors [Member] $ in Thousands	Jun. 30, 2016USD ($)business	Dec. 31, 2015USD ($)business
Assets held for sale [Line Items]
Number of businesses held for sale | business	1	1
Current assets	$ 4	$ 3
Intangibles	13,533	13,533
Other non-current assets	434	436
Accrued liabilities	(106)	(366)
Deferred income tax liabilities	(5,777)	(5,777)
Net assets held for sale	$ 8,088	$ 7,829

Supplemental balance sheet in41

Supplemental balance sheet information (intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount	$ 723,360		$ 723,360		$ 673,958
Accumulated amortization	(444,945)		(444,945)		(407,747)
Amortizable intangibles, net carrying amount	278,415		278,415		266,211
Gross carrying amount, total	742,460		742,460		693,058
Net carrying amount, total	297,515		297,515		285,311
Amortization of intangibles	18,943	$ 13,989	37,091	$ 27,739
Amount acquired			$ 48,898
Amount acquired, weighted-average amortization period (in years)			6 years
Estimated future amortization expense
Remainder of 2016	33,703		$ 33,703
2,017	57,848		57,848
2,018	43,803		43,803
2,019	31,505		31,505
2,020	26,382		26,382
Trade names [Member]
Intangibles [Line Items]
Indefinite-lived intangibles, carrying amount	19,100		19,100		19,100
Internal-use software [Member]
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount	393,159		393,159		375,037
Accumulated amortization	(328,038)		(328,038)		(310,665)
Amortizable intangibles, net carrying amount	65,121		65,121		64,372
Amount acquired			$ 17,816
Amount acquired, weighted-average amortization period (in years)			3 years
Customer lists/relationships [Member]
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount	234,012		$ 234,012		202,682
Accumulated amortization	(70,568)		(70,568)		(54,990)
Amortizable intangibles, net carrying amount	163,444		163,444		147,692
Amount acquired			$ 31,082
Amount acquired, weighted-average amortization period (in years)			7 years
Trade names [Member]
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount	64,881		$ 64,881		64,881
Accumulated amortization	(38,787)		(38,787)		(36,325)
Amortizable intangibles, net carrying amount	26,094		26,094		28,556
Software to be sold [Member]
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount	28,500		28,500		28,500
Accumulated amortization	(5,349)		(5,349)		(3,765)
Amortizable intangibles, net carrying amount	23,151		23,151		24,735
Other [Member]
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount	2,808		2,808		2,858
Accumulated amortization	(2,203)		(2,203)		(2,002)
Amortizable intangibles, net carrying amount	$ 605		$ 605		$ 856

Supplemental balance sheet in42

Supplemental balance sheet information (goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	$ 996,415
Accumulated impairment charges, beginning of year	(20,000)
Goodwill, net of accumulated impairment charges, beginning of year	976,415
Currency translation adjustment	102
Goodwill, gross, end of period	997,092
Accumulated impairment charges, end of period	(20,000)
Goodwill, net of accumulated impairment charges, end of period	977,092
180 Fusion LLC [Member]
Goodwill [Roll Forward]
Goodwill acquired during period	575
Small Business Services [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	671,295
Accumulated impairment charges, beginning of year	(20,000)
Goodwill, net of accumulated impairment charges, beginning of year	651,295
Currency translation adjustment	102
Goodwill, gross, end of period	671,972
Accumulated impairment charges, end of period	(20,000)
Goodwill, net of accumulated impairment charges, end of period	651,972
Small Business Services [Member] | 180 Fusion LLC [Member]
Goodwill [Roll Forward]
Goodwill acquired during period	575
Financial Services [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	176,614
Accumulated impairment charges, beginning of year	0
Goodwill, net of accumulated impairment charges, beginning of year	176,614
Currency translation adjustment	0
Goodwill, gross, end of period	176,614
Accumulated impairment charges, end of period	0
Goodwill, net of accumulated impairment charges, end of period	176,614
Direct Checks [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	148,506
Accumulated impairment charges, beginning of year	0
Goodwill, net of accumulated impairment charges, beginning of year	148,506
Currency translation adjustment	0
Goodwill, gross, end of period	148,506
Accumulated impairment charges, end of period	0
Goodwill, net of accumulated impairment charges, end of period	$ 148,506

Supplemental balance sheet in43

Supplemental balance sheet information (other) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
Other non-current assets
Contract acquisition costs		$ 58,792	$ 74,101	$ 64,170	$ 58,792
Loans and notes receivable from distributors				21,877	23,957
Postretirement benefit plan asset				18,596	16,250
Deferred advertising costs				6,980	7,500
Other				6,650	7,313
Other non-current assets				118,273	113,812
Contract acquisition costs [Roll Forward]
Balance, beginning of year		58,792	74,101
Additions	[1]	14,913	2,520
Amortization		(9,485)	(9,697)
Other		(50)	(2,714)
Balance, end of period		64,170	64,210
Contract acquisition payments		$ 14,341	$ 5,848
Accrued liabilities
Funds held for customers				75,932	52,366
Deferred revenue				36,072	48,119
Employee profit sharing/cash bonus				18,463	40,683
Customer rebates				16,975	18,900
Wages, including vacation				12,113	5,731
Contract acquisition costs due within one year				8,740	9,045
Restructuring due within one year (Note 9)				2,310	3,864
Other				39,984	49,715
Accrued liabilities				$ 210,589	$ 228,423
[1]	Contract acquisition costs are accrued upon contract execution. Cash payments made for contract acquisition costs were $14,341 for the six months ended June 30, 2016 and $5,848 for the six months ended June 30, 2015.

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings per share - basic:
Net income	$ 58,389	$ 56,063	$ 116,491	$ 102,003
Income allocated to participating securities	(493)	(376)	(954)	(669)
Income available to common shareholders	$ 57,896	$ 55,687	$ 115,537	$ 101,334
Weighted-average shares outstanding	48,611	49,770	48,699	49,732
Earnings per share - basic	$ 1.19	$ 1.12	$ 2.37	$ 2.04
Earnings per share - diluted:
Net income	$ 58,389	$ 56,063	$ 116,491	$ 102,003
Income allocated to participating securities	(489)	(374)	(948)	(665)
Re-measurement of share-based awards classified as liabilities	88	(132)	293	47
Income available to common shareholders	$ 57,988	$ 55,557	$ 115,836	$ 101,385
Weighted-average shares outstanding	48,611	49,770	48,699	49,732
Dilutive impact of potential common shares	429	400	412	404
Weighted-average shares and potential common shares outstanding	49,040	50,170	49,111	50,136
Earnings per share - diluted	$ 1.18	$ 1.11	$ 2.36	$ 2.02
Antidilutive options excluded from calculation	236	260	236	260

Other comprehensive income (rec

Other comprehensive income (reclassification adjustments) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reclassification adjustments [Line Items]
Total reclassifications, net of tax				$ 825
Amortization of postretirement benefit plan items [Member]
Reclassification adjustments [Line Items]
Total reclassifications, net of tax				825
Amounts reclassified from accumulated other comprehensive loss [Member] | Amortization of postretirement benefit plan items [Member]
Reclassification adjustments [Line Items]
Prior service credit	[1]	$ 355	$ 355	711	$ 711
Net actuarial loss	[1]	(949)	(780)	(1,899)	(1,560)
Total amortization	[1]	(594)	(425)	(1,188)	(849)
Tax benefit	[1]	182	113	363	226
Total reclassifications, net of tax		$ (412)	$ (312)	$ (825)	$ (623)
[1]	Amortization of postretirement benefit plan items is included in the computation of net periodic benefit income. Additional details can be found in Note 10.

Other comprehensive income (acc

Other comprehensive income (accumulated other comprehensive loss) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss, beginning of year	$ (55,203)
Other comprehensive income before reclassifications	5,158
Amounts reclassified from accumulated other comprehensive loss	825
Net current-period other comprehensive income	5,983
Accumulated other comprehensive loss, end of period	(49,220)
Postretirement benefit plans, net of tax [Member]
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss, beginning of year	(38,822)
Other comprehensive income before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	825
Net current-period other comprehensive income	825
Accumulated other comprehensive loss, end of period	(37,997)
Net unrealized loss on marketable securities, net of tax [Member]
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss, beginning of year	(114)	[1]
Other comprehensive income before reclassifications	43	[1]
Amounts reclassified from accumulated other comprehensive loss	0	[1]
Net current-period other comprehensive income	43	[1]
Accumulated other comprehensive loss, end of period	(71)	[1]
Unrealized holding gains on securities arising during the period, tax	15
Currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Accumulated other comprehensive loss, beginning of year	(16,267)
Other comprehensive income before reclassifications	5,115
Amounts reclassified from accumulated other comprehensive loss	0
Net current-period other comprehensive income	5,115
Accumulated other comprehensive loss, end of period	$ (11,152)
[1]	Other comprehensive income before reclassifications is net of income tax expense of $15.

Acquisitions (Details)

Acquisitions (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)business
Acquisitions [Line Items]
Intangibles acquired		$ 48,898
Payments for acquisitions, net of cash acquired		28,497	$ 35,800
Holdback payments for prior year acquisitions		1,441	$ 2,881
Customer lists/relationships [Member]
Acquisitions [Line Items]
Intangibles acquired		31,082
Internal-use software [Member]
Acquisitions [Line Items]
Intangibles acquired		17,816
180 Fusion LLC [Member]
Acquisitions [Line Items]
Goodwill acquired during period		575
2016 acquisitions [Member]
Acquisitions [Line Items]
Net tangible assets acquired and liabilities assumed		(909)
Intangibles acquired		32,332
Goodwill acquired during period		575
Total aggregate purchase price		31,998
Liabilities for holdback payments		(3,016)
Non-cash consideration	[1]	(1,926)
Payments for acquisitions, net of cash acquired		27,056
2016 acquisitions [Member] | Customer lists/relationships [Member]
Acquisitions [Line Items]
Intangibles acquired		31,082
2016 acquisitions [Member] | Internal-use software [Member]
Acquisitions [Line Items]
Intangibles acquired		$ 1,250
Small business distributors [Member]
Acquisitions [Line Items]
Number of businesses acquired | business			2
Small business distributors previously in Safeguard network [Member]
Acquisitions [Line Items]
Number of businesses acquired | business			1
2015 acquisitions [Member]
Acquisitions [Line Items]
Payments for acquisitions, net of cash acquired			$ 32,919
[1]	Consists of pre-acquisition amounts owed to us by certain of the acquired businesses.

Derivative financial instrume48

Derivative financial instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Senior notes due 2020 [Member]
Derivative financial instruments [Line Items]
Increase (decrease) in debt due to fair value adjustments	$ 858	$ (4,842)
Fair value hedge related to long-term debt due in 2020 [Member]
Derivative financial instruments [Line Items]
Notional amount	200,000
Fair value of interest rate swaps, asset	858
Fair value of interest rate swaps, liability		(4,842)
Fair value hedge related to long-term debt due in 2020 [Member] | Senior notes due 2020 [Member]
Derivative financial instruments [Line Items]
Increase (decrease) in debt due to fair value adjustments	$ 858	$ (4,842)

Fair value measurements (acquis

Fair value measurements (acquisitions) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Acquisitions [Line Items]
Intangibles acquired	$ 48,898
2016 acquisitions [Member]
Acquisitions [Line Items]
Intangibles acquired	32,332
Customer lists/relationships [Member]
Acquisitions [Line Items]
Intangibles acquired	31,082
Customer lists/relationships [Member] | 2016 acquisitions [Member]
Acquisitions [Line Items]
Intangibles acquired	$ 31,082

Fair value measurements (recurr

Fair value measurements (recurring fair value measurements) (Details) - USD ($) $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2016		Jun. 30, 2015	Dec. 31, 2015
Recurring fair value measurements [Line Items]
Net unrealized loss on investment in mutual funds	$ 234		$ 191
Available-for-sale marketable securities	16,284			$ 16,683
Long-term investment in mutual funds	1,792			$ 2,091
Verify Valid [Member]
Recurring fair value measurements [Line Items]
Contingent consideration, period				8 years
Liability for contingent consideration, maximum unlimited				There is no maximum amount of contingent payments specified in the agreement
Small business distributors [Member]
Recurring fair value measurements [Line Items]
Contingent consideration, period				3 years
Liability for contingent consideration, maximum amount				$ 925
Funds held for customers [Member]
Recurring fair value measurements [Line Items]
Available-for-sale marketable securities	$ 16,284	[1]		15,067	[2]
Funds held for customers [Member] | Guaranteed investment certificates [Member]
Recurring fair value measurements [Line Items]
Maximum maturity period, debt securities	1 year
Available-for-sale marketable securities	$ 7,738	[1]		7,226
Other current assets [Member]
Recurring fair value measurements [Line Items]
Realized gain (loss) on available-for-sale securities	0		$ 0
Recurring fair value measurements [Member]
Recurring fair value measurements [Line Items]
Long-term investment in mutual funds	1,792			2,091
Derivative assets	858
Derivative liabilities				(4,842)
Accrued contingent consideration	(5,919)			(5,861)
Transfers between fair value levels	0
Recurring fair value measurements [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Recurring fair value measurements [Line Items]
Long-term investment in mutual funds	1,792			2,091
Derivative assets	0
Derivative liabilities				0
Accrued contingent consideration	0			0
Recurring fair value measurements [Member] | Significant other observable inputs (Level 2) [Member]
Recurring fair value measurements [Line Items]
Long-term investment in mutual funds	0			0
Derivative assets	858
Derivative liabilities				(4,842)
Accrued contingent consideration	0			0
Recurring fair value measurements [Member] | Significant unobservable inputs (Level 3) [Member]
Recurring fair value measurements [Line Items]
Long-term investment in mutual funds	0			0
Derivative assets	0
Derivative liabilities				0
Accrued contingent consideration	(5,919)			(5,861)
Recurring fair value measurements [Member] | Funds held for customers [Member]
Recurring fair value measurements [Line Items]
Available-for-sale marketable securities	16,284			15,067
Recurring fair value measurements [Member] | Funds held for customers [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Recurring fair value measurements [Line Items]
Available-for-sale marketable securities	0			0
Recurring fair value measurements [Member] | Funds held for customers [Member] | Significant other observable inputs (Level 2) [Member]
Recurring fair value measurements [Line Items]
Available-for-sale marketable securities	16,284			15,067
Recurring fair value measurements [Member] | Funds held for customers [Member] | Significant unobservable inputs (Level 3) [Member]
Recurring fair value measurements [Line Items]
Available-for-sale marketable securities	$ 0			0
Recurring fair value measurements [Member] | Other current assets [Member]
Recurring fair value measurements [Line Items]
Available-for-sale marketable securities				1,616
Recurring fair value measurements [Member] | Other current assets [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Recurring fair value measurements [Line Items]
Available-for-sale marketable securities				0
Recurring fair value measurements [Member] | Other current assets [Member] | Significant other observable inputs (Level 2) [Member]
Recurring fair value measurements [Line Items]
Available-for-sale marketable securities				1,616
Recurring fair value measurements [Member] | Other current assets [Member] | Significant unobservable inputs (Level 3) [Member]
Recurring fair value measurements [Line Items]
Available-for-sale marketable securities				$ 0
[1]	Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2016, also included cash of $60,842. This cash included amounts related to FISC Solutions, which was acquired in December 2015. This business provides cash receipt processing services. A portion of the cash receipts are remitted to our clients the business day following receipt. As such, the amounts on-hand are reported as funds held for customers in the consolidated balance sheets, with a corresponding liability included in accrued liabilities. The asset and liability of $18,743 were recorded as acquisition measurement-period balance sheet adjustments during 2016.
[2]	Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2015, also included cash of $38,276.

Fair value measurements (change

Fair value measurements (changes in Level 3 recurring fair value measurement) (Details) - Accrued contingent consideration [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Change in accrued contingent consideration
Balance, beginning of year	$ 5,861
Change in fair value	434
Payments	(376)
Balance, end of period	$ 5,919

Fair value measurements (other

Fair value measurements (other financial instruments) (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Carrying value [Member]
Fair value measurements, other financial instruments [Line Items]
Loans and notes receivable from distributors		$ 23,740	$ 25,745
Long-term debt	[1]	611,837	626,909
Carrying value [Member] | Cash [Member]
Fair value measurements, other financial instruments [Line Items]
Cash		69,592	62,427
Carrying value [Member] | Funds held for customers [Member]
Fair value measurements, other financial instruments [Line Items]
Cash		60,842	38,276
Fair value [Member]
Fair value measurements, other financial instruments [Line Items]
Loans and notes receivable from distributors		20,897	23,383
Long-term debt	[1]	620,900	641,000
Fair value [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements, other financial instruments [Line Items]
Loans and notes receivable from distributors		0	0
Long-term debt	[1]	0	0
Fair value [Member] | Significant other observable inputs (Level 2) [Member]
Fair value measurements, other financial instruments [Line Items]
Loans and notes receivable from distributors		0	0
Long-term debt	[1]	620,900	641,000
Fair value [Member] | Significant unobservable inputs (Level 3) [Member]
Fair value measurements, other financial instruments [Line Items]
Loans and notes receivable from distributors		20,897	23,383
Long-term debt	[1]	0	0
Fair value [Member] | Cash [Member]
Fair value measurements, other financial instruments [Line Items]
Cash		69,592	62,427
Fair value [Member] | Cash [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements, other financial instruments [Line Items]
Cash		69,592	62,427
Fair value [Member] | Cash [Member] | Significant other observable inputs (Level 2) [Member]
Fair value measurements, other financial instruments [Line Items]
Cash		0	0
Fair value [Member] | Cash [Member] | Significant unobservable inputs (Level 3) [Member]
Fair value measurements, other financial instruments [Line Items]
Cash		0	0
Fair value [Member] | Funds held for customers [Member]
Fair value measurements, other financial instruments [Line Items]
Cash		60,842	38,276
Fair value [Member] | Funds held for customers [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements, other financial instruments [Line Items]
Cash		60,842	38,276
Fair value [Member] | Funds held for customers [Member] | Significant other observable inputs (Level 2) [Member]
Fair value measurements, other financial instruments [Line Items]
Cash		0	0
Fair value [Member] | Funds held for customers [Member] | Significant unobservable inputs (Level 3) [Member]
Fair value measurements, other financial instruments [Line Items]
Cash		$ 0	$ 0
[1]	Amounts exclude capital lease obligations.

Restructuring charges (Details)

Restructuring charges (Details) $ in Thousands	3 Months Ended		6 Months Ended		30 Months Ended
	Jun. 30, 2016USD ($)Employees	Jun. 30, 2015USD ($)Employees	Jun. 30, 2016USD ($)Employees	Jun. 30, 2015USD ($)Employees	Jun. 30, 2016USD ($)Employees		Dec. 31, 2015USD ($)
Restructuring charges [Line Items]
Restructuring charges	$ 1,217	$ 1,154	$ 2,085	$ 1,418
Restructuring reversals			(468)		$ (2,259)	[1]
Net restructuring accruals	$ 1,000	$ 1,137	$ 1,578	$ 1,356
Number of employees in severance accruals | Employees	40	110	65	150
Other restructuring charges disclosures
Restructuring accruals, total	$ 2,310		$ 2,310		$ 2,310		$ 3,864
Number of employees that have not started to receive severance benefits | Employees	25		25		25
Total cost of revenue [Member]
Restructuring charges [Line Items]
Restructuring charges	$ 82	$ 188	$ 71	$ 185
Operating expenses [Member]
Restructuring charges [Line Items]
Restructuring charges	1,135	966	2,014	1,233
Severance [Member]
Restructuring charges [Line Items]
Restructuring charges	1,096	1,307	1,987	2,050
Restructuring reversals	(96)	(170)	(468)	(694)
Operating lease obligations [Member]
Restructuring charges [Line Items]
Restructuring charges	0	0	59	0
Other costs [Member]
Restructuring charges [Line Items]
Restructuring charges	$ 217	$ 17	$ 507	$ 62
[1]	Includes accruals related to our cost reduction initiatives for 2014 through 2016.

Restructuring charges (restruct

Restructuring charges (restructuring accruals by year and by segment) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		18 Months Ended	30 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016
Restructuring accruals [Line Items]
Balance, beginning of year				$ 3,864
Restructuring charges				2,046			$ 16,415	[1]
Restructuring reversals				(468)			(2,259)	[1]
Inter-segment transfer	[1]						0
Payments				(3,132)			(11,846)	[1]
Balance, end of period		$ 2,310		2,310		$ 2,310	2,310
2014 initiatives [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				176
Restructuring charges				0			8,242
Restructuring reversals				(111)			(1,444)
Payments				(65)			(6,798)
Balance, end of period		0		0		0	0
2015 initiatives [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				3,688
Restructuring charges				37		6,164
Restructuring reversals				(310)		(768)
Payments				(2,554)		(4,535)
Balance, end of period		861		861		861	861
2016 initiatives [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				0
Restructuring charges				2,009
Restructuring reversals				(47)
Payments				(513)
Balance, end of period		1,449		1,449		1,449	1,449
Employee severance benefits [Member]
Restructuring accruals [Line Items]
Restructuring reversals		(96)	$ (170)	(468)	$ (694)
Employee severance benefits [Member] | Small Business Services [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				1,023
Restructuring charges				892			6,617	[1]
Restructuring reversals				(93)			(1,293)	[1]
Inter-segment transfer	[1]						41
Payments				(994)			(4,537)	[1]
Balance, end of period		828		828		828	828
Employee severance benefits [Member] | Financial Services [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				884
Restructuring charges				510			4,769	[1]
Restructuring reversals				(39)			(350)	[1]
Inter-segment transfer	[1]						(14)
Payments				(538)			(3,588)	[1]
Balance, end of period		817		817		817	817
Employee severance benefits [Member] | Direct Checks [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				0
Restructuring charges				135			171	[1]
Restructuring reversals				0			(2)	[1]
Inter-segment transfer	[1]						0
Payments				0			(34)	[1]
Balance, end of period		135		135		135	135
Employee severance benefits [Member] | Corporate [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				1,859
Restructuring charges				450			4,461	[1]
Restructuring reversals				(336)			(614)	[1]
Inter-segment transfer	[1]						(27)
Payments				(1,483)			(3,330)	[1]
Balance, end of period		490		490		490	490
Operating lease obligations [Member] | Small Business Services [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				56
Restructuring charges				59			344	[1]
Restructuring reversals				0			0	[1]
Inter-segment transfer	[1]						0
Payments				(85)			(314)	[1]
Balance, end of period		30		30		30	30
Operating lease obligations [Member] | Direct Checks [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				42
Restructuring charges				0			53	[1]
Restructuring reversals				0			0	[1]
Inter-segment transfer	[1]						0
Payments				(32)			(43)	[1]
Balance, end of period		$ 10		$ 10		$ 10	$ 10
[1]	Includes accruals related to our cost reduction initiatives for 2014 through 2016.

Postretirement benefits (Detail

Postretirement benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net periodic benefit income
Interest cost	$ 780	$ 859	$ 1,559	$ 1,719
Expected return on plan assets	(1,834)	(1,958)	(3,667)	(3,917)
Amortization of prior service credit	(355)	(355)	(711)	(711)
Amortization of net actuarial losses	949	780	1,899	1,560
Net periodic benefit income	$ (460)	$ (674)	$ (920)	$ (1,349)

Debt (Details)

Debt (Details) $ in Thousands		1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
		Mar. 31, 2015USD ($)	Nov. 30, 2012USD ($)	Mar. 31, 2011USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Debt instruments [Line Items]
Long-term portion of debt					$ 612,787		$ 612,787		$ 627,973
Capital lease obligations due within one year					1,041		1,041		1,045
Total debt					$ 613,828		$ 613,828		629,018
Ratio of EBITDA to interest expense					2		2
Ratio of total debt less unrestricted cash to EBITDA					2.75		2.75
Loss on early debt extinguishment					$ 0	$ 0	$ 0	$ (8,917)
Capital lease obligations					1,991		$ 1,991		$ 2,109
Capital lease obligations, expiration date							Apr. 30, 2020
Credit facility commitment					$ 525,000		$ 525,000
Credit facility, date of expiration							Feb. 21, 2019
Credit facility, interest rate, amount outstanding					1.92%		1.92%		1.89%
Credit facility, daily average amount outstanding							$ 419,544		$ 270,063
Credit facility, weighted-average interest rate							1.86%		1.66%
Outstanding letters of credit	[1]				$ (12,795)		$ (12,795)
Credit facility, net available for borrowing at end of period					99,205		$ 99,205
Minimum [Member]
Debt instruments [Line Items]
Credit facility, commitment fee							0.20%
Maximum [Member]
Debt instruments [Line Items]
Credit facility, commitment fee							0.40%
Senior notes due 2020 [Member]
Debt instruments [Line Items]
Principal amount issued			$ 200,000		200,000		$ 200,000		$ 200,000
Less unamortized debt issuance costs					(2,021)		(2,021)		(2,249)
Cumulative change in fair value of hedged debt (Note 7)					858		858		(4,842)
Long-term portion of debt					198,837		198,837		192,909
Debt issuance date			Nov. 27, 2012
Stated interest rate			6.00%
Debt maturity date			Nov. 15, 2020
Proceeds from offering, net of offering costs			$ 196,340
Fair value of notes outstanding					207,900		207,900
Senior notes due 2020 [Member] | First optional redemption period [Member]
Debt instruments [Line Items]
Redemption period, end date			Nov. 15, 2016
Redemption price, percentage			100.00%
Senior notes due 2020 [Member] | Second optional redemption period [Member]
Debt instruments [Line Items]
Redemption period, start date			Nov. 15, 2016
Senior notes due 2020 [Member] | Second optional redemption period [Member] | Minimum [Member]
Debt instruments [Line Items]
Redemption price, percentage			100.00%
Senior notes due 2020 [Member] | Second optional redemption period [Member] | Maximum [Member]
Debt instruments [Line Items]
Redemption price, percentage			103.00%
Senior notes due 2020 [Member] | Mandatory redemption [Member]
Debt instruments [Line Items]
Redemption price, percentage			101.00%
Senior notes due 2019 [Member]
Debt instruments [Line Items]
Principal amount issued				$ 200,000
Debt issuance date				Mar. 15, 2011
Stated interest rate				7.00%
Debt maturity date				Mar. 15, 2019
Proceeds from offering, net of offering costs				$ 196,195
Principal amount retired		$ 200,000
Loss on early debt extinguishment								$ 8,917
Capital lease obligations [Member]
Debt instruments [Line Items]
Long-term portion of debt					950		950		1,064
Credit facility [Member]
Debt instruments [Line Items]
Long-term portion of debt					$ 413,000		413,000		434,000
Short-term bank loan [Member]
Debt instruments [Line Items]
Principal amount issued		$ 75,000
Debt issuance date		Mar. 5, 2015
Proceeds from offering, net of offering costs		$ 74,880
Short-term borrowings, daily average amount outstanding							$ 0		$ 47,178
Short-term borrowings, weighted-average interest rate							0.00%		1.59%
[1]	We use standby letters of credit to collateralize certain obligations related primarily to our self-insured workers’ compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our credit facility.

Other commitments and conting57

Other commitments and contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Environmental matters [Line Items]
Accruals for environmental matters		$ 3,375		$ 5,952
Expense for environmental matters		(1,874)	$ 725
Self-insurance
Self-insurance liabilities		6,664		$ 6,457
Litigation
Damages sought	$ 43,000
Environmental insurance policy purchased during 2002 [Member]
Environmental matters [Line Items]
Environmental insurance coverage		10,000
Environmental insurance policy purchased during 2009 [Member]
Environmental matters [Line Items]
Environmental insurance coverage		15,000
Environmental insurance policies in effect [Member]
Environmental matters [Line Items]
Accruals for environmental matters		$ 0

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	May 04, 2016	Aug. 01, 2003
Stockholders' Equity Note [Abstract]
Common shares authorized for repurchase				10,000
Common shares that remain available for repurchase	453
Common shares repurchased (in shares)	513
Payments for common shares repurchased	$ 29,981	$ 0
Share repurchase program, authorized amount			$ 300,000

Business segment information (D

Business segment information (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Business segment information [Line Items]
Number of reportable business segments			3
Total revenue from external customers:	$ 450,642	$ 435,874	$ 909,940	$ 869,492
Operating income	90,949	88,879	183,591	174,170
Depreciation and amortization expense:	22,773	17,995	44,652	35,678
Total assets	1,868,902	1,686,307	1,868,902	1,686,307	$ 1,842,153
Capital asset purchases:	11,995	9,795	22,184	19,307
Reportable Business Segments [Member] | Small Business Services [Member]
Business segment information [Line Items]
Total revenue from external customers:	288,182	282,285	578,453	559,251
Operating income	48,956	48,225	100,106	97,672
Depreciation and amortization expense:	12,809	11,231	24,881	21,440
Total assets	1,023,798	980,405	1,023,798	980,405
Capital asset purchases:	0	0	0	0
Reportable Business Segments [Member] | Small Business Services [Member] | Checks [Member] | Product concentration risk [Member]
Business segment information [Line Items]
Percentage of revenue					40.10%
Reportable Business Segments [Member] | Financial Services [Member]
Business segment information [Line Items]
Total revenue from external customers:	124,230	112,699	251,478	224,240
Operating income	29,034	25,506	55,759	45,916
Depreciation and amortization expense:	9,074	5,791	18,011	11,781
Total assets	432,152	272,495	432,152	272,495
Capital asset purchases:	0	0	0	0
Reportable Business Segments [Member] | Financial Services [Member] | Checks [Member] | Product concentration risk [Member]
Business segment information [Line Items]
Percentage of revenue					59.70%
Reportable Business Segments [Member] | Direct Checks [Member]
Business segment information [Line Items]
Total revenue from external customers:	38,230	40,890	80,009	86,001
Operating income	12,959	15,148	27,726	30,582
Depreciation and amortization expense:	890	973	1,760	2,457
Total assets	160,935	162,058	160,935	162,058
Capital asset purchases:	0	0	0	0
Reportable Business Segments [Member] | Direct Checks [Member] | Checks [Member] | Product concentration risk [Member]
Business segment information [Line Items]
Percentage of revenue					84.60%
Corporate [Member]
Business segment information [Line Items]
Total revenue from external customers:	0	0	0	0
Operating income	0	0	0	0
Depreciation and amortization expense:	0	0	0	0
Total assets	252,017	271,349	252,017	271,349
Capital asset purchases:	$ 11,995	$ 9,795	$ 22,184	$ 19,307

Supplemental guarantor financ60

Supplemental guarantor financial information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 69,592	$ 62,427	$ 64,926	$ 61,541
Trade accounts receivable, net	108,938	123,654
Inventories and supplies	38,086	41,956
Funds held for customers	77,126	53,343
Other current assets	39,251	42,605
Total current assets	332,993	323,985
Deferred income taxes	1,756	1,238
Long-term investments	42,423	41,691
Property, plant and equipment, net	84,883	85,732
Assets held for sale	13,967	13,969
Intangibles, net	297,515	285,311
Goodwill	977,092	976,415
Investments In consolidated subsidiaries	0	0
Intercompany receivable	0	0
Other non-current assets	118,273	113,812
Total assets	1,868,902	1,842,153	1,686,307
Current liabilities:
Accounts payable	83,341	87,575
Accrued liabilities	210,589	228,423
Long-term debt due within one year	1,041	1,045
Total current liabilities	294,971	317,043
Long-term debt	612,787	627,973
Deferred income taxes	80,962	81,076
Intercompany payable	0	0
Other non-current liabilities	63,440	70,992
Total shareholders' equity	816,742	745,069
Total liabilities and shareholders' equity	1,868,902	1,842,153
Eliminations [Member]
Current assets:
Cash and cash equivalents	(1,885)	(122)	(120)	(3,329)
Trade accounts receivable, net	0	0
Inventories and supplies	0	0
Funds held for customers	0	0
Other current assets	0	0
Total current assets	(1,885)	(122)
Deferred income taxes	(14,083)	(13,498)
Long-term investments	0	0
Property, plant and equipment, net	0	0
Assets held for sale	0	0
Intangibles, net	0	0
Goodwill	0	0
Investments In consolidated subsidiaries	(1,467,050)	(1,329,648)
Intercompany receivable	(5,305)	(99,506)
Other non-current assets	0	0
Total assets	(1,488,323)	(1,442,774)
Current liabilities:
Accounts payable	(1,885)	(122)
Accrued liabilities	0	0
Long-term debt due within one year	0	0
Total current liabilities	(1,885)	(122)
Long-term debt	0	0
Deferred income taxes	(14,083)	(13,498)
Intercompany payable	(5,305)	(99,506)
Other non-current liabilities	0	0
Total shareholders' equity	(1,467,050)	(1,329,648)
Total liabilities and shareholders' equity	(1,488,323)	(1,442,774)
Deluxe Corporation [Member]
Current assets:
Cash and cash equivalents	5,851	5,187	7,196	8,335
Trade accounts receivable, net	0	0
Inventories and supplies	0	0
Funds held for customers	0	0
Other current assets	5,815	7,230
Total current assets	11,666	12,417
Deferred income taxes	14,083	13,498
Long-term investments	34,686	34,304
Property, plant and equipment, net	10,253	10,111
Assets held for sale	0	0
Intangibles, net	16,298	9,066
Goodwill	0	0
Investments In consolidated subsidiaries	1,375,178	1,248,549
Intercompany receivable	5,274	99,506
Other non-current assets	6,738	5,861
Total assets	1,474,176	1,433,312
Current liabilities:
Accounts payable	17,139	15,625
Accrued liabilities	13,624	23,567
Long-term debt due within one year	1,004	1,026
Total current liabilities	31,767	40,218
Long-term debt	612,715	627,942
Deferred income taxes	0	0
Intercompany payable	0	0
Other non-current liabilities	12,952	20,083
Total shareholders' equity	816,742	745,069
Total liabilities and shareholders' equity	1,474,176	1,433,312
Guarantor subsidiaries [Member]
Current assets:
Cash and cash equivalents	2,041	940	3,562	4,342
Trade accounts receivable, net	100,303	115,951
Inventories and supplies	35,832	39,758
Funds held for customers	20,342	0
Other current assets	31,602	32,765
Total current assets	190,120	189,414
Deferred income taxes	0	0
Long-term investments	7,737	7,387
Property, plant and equipment, net	69,652	71,017
Assets held for sale	0	0
Intangibles, net	277,709	273,051
Goodwill	975,548	974,973
Investments In consolidated subsidiaries	91,872	81,099
Intercompany receivable	0	0
Other non-current assets	111,440	107,767
Total assets	1,724,078	1,704,708
Current liabilities:
Accounts payable	65,707	69,809
Accrued liabilities	138,132	148,279
Long-term debt due within one year	0	0
Total current liabilities	203,839	218,088
Long-term debt	0	0
Deferred income taxes	95,045	94,574
Intercompany payable	5,305	98,365
Other non-current liabilities	44,711	45,132
Total shareholders' equity	1,375,178	1,248,549
Total liabilities and shareholders' equity	1,724,078	1,704,708
Non-guarantor subsidiaries [Member]
Current assets:
Cash and cash equivalents	63,585	56,422	$ 54,288	$ 52,193
Trade accounts receivable, net	8,635	7,703
Inventories and supplies	2,254	2,198
Funds held for customers	56,784	53,343
Other current assets	1,834	2,610
Total current assets	133,092	122,276
Deferred income taxes	1,756	1,238
Long-term investments	0	0
Property, plant and equipment, net	4,978	4,604
Assets held for sale	13,967	13,969
Intangibles, net	3,508	3,194
Goodwill	1,544	1,442
Investments In consolidated subsidiaries	0	0
Intercompany receivable	31	0
Other non-current assets	95	184
Total assets	158,971	146,907
Current liabilities:
Accounts payable	2,380	2,263
Accrued liabilities	58,833	56,577
Long-term debt due within one year	37	19
Total current liabilities	61,250	58,859
Long-term debt	72	31
Deferred income taxes	0	0
Intercompany payable	0	1,141
Other non-current liabilities	5,777	5,777
Total shareholders' equity	91,872	81,099
Total liabilities and shareholders' equity	$ 158,971	$ 146,907

Supplemental guarantor financ61

Supplemental guarantor financial information (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Condensed Consolidating Statements of Comprehensive Income [Abstract]
Product revenue	$ 359,821	$ 358,897	$ 726,006	$ 713,911
Service revenue	90,821	76,977	183,934	155,581
Total revenue	450,642	435,874	909,940	869,492
Cost of products	(126,939)	(128,256)	(257,533)	(251,996)
Cost of services	(32,893)	(27,682)	(66,604)	(56,624)
Total cost of revenue	(159,832)	(155,938)	(324,137)	(308,620)
Gross profit	290,810	279,936	585,803	560,872
Operating expenses	(199,861)	(191,057)	(402,212)	(386,702)
Operating income	90,949	88,879	183,591	174,170
Loss on early debt extinguishment	0	0	0	(8,917)
Interest expense	(5,183)	(4,420)	(10,426)	(10,935)
Other income (expense)	442	824	593	1,254
Income before income taxes	86,208	85,283	173,758	155,572
Income tax benefit (provision)	(27,819)	(29,220)	(57,267)	(53,569)
(Loss) income before equity in earnings of consolidated subsidiaries	58,389	56,063	116,491	102,003
Equity in earnings of consolidated subsidiaries	0	0	0	0
Net income	58,389	56,063	116,491	102,003
Comprehensive income	59,282	57,327	122,474	97,510
Eliminations [Member]
Condensed Consolidating Statements of Comprehensive Income [Abstract]
Product revenue	0	0	0	0
Service revenue	(34,398)	(29,533)	(69,333)	(57,452)
Total revenue	(34,398)	(29,533)	(69,333)	(57,452)
Cost of products	0	0	0	0
Cost of services	37,547	30,169	77,147	62,180
Total cost of revenue	37,547	30,169	77,147	62,180
Gross profit	3,149	636	7,814	4,728
Operating expenses	(3,149)	(636)	(7,814)	(4,728)
Operating income	0	0	0	0
Loss on early debt extinguishment				0
Interest expense	3,929	4,310	6,441	5,662
Other income (expense)	(3,929)	(4,310)	(6,441)	(5,662)
Income before income taxes	0	0	0	0
Income tax benefit (provision)	0	0	0	0
(Loss) income before equity in earnings of consolidated subsidiaries	0	0	0	0
Equity in earnings of consolidated subsidiaries	(63,383)	(59,437)	(127,089)	(119,874)
Net income	(63,383)	(59,437)	(127,089)	(119,874)
Comprehensive income	(64,708)	(61,610)	(138,129)	(110,180)
Deluxe Corporation [Member]
Condensed Consolidating Statements of Comprehensive Income [Abstract]
Product revenue	0	0	0	0
Service revenue	33,277	28,426	67,095	55,111
Total revenue	33,277	28,426	67,095	55,111
Cost of products	0	0	0	0
Cost of services	(37,295)	(29,847)	(75,323)	(60,130)
Total cost of revenue	(37,295)	(29,847)	(75,323)	(60,130)
Gross profit	(4,018)	(1,421)	(8,228)	(5,019)
Operating expenses	0	0	0	0
Operating income	(4,018)	(1,421)	(8,228)	(5,019)
Loss on early debt extinguishment				(8,917)
Interest expense	(4,917)	(4,104)	(9,901)	(10,601)
Other income (expense)	3,680	4,568	6,308	5,943
Income before income taxes	(5,255)	(957)	(11,821)	(18,594)
Income tax benefit (provision)	3,529	788	6,839	7,289
(Loss) income before equity in earnings of consolidated subsidiaries	(1,726)	(169)	(4,982)	(11,305)
Equity in earnings of consolidated subsidiaries	60,115	56,232	121,473	113,308
Net income	58,389	56,063	116,491	102,003
Comprehensive income	59,282	57,327	122,474	97,510
Guarantor subsidiaries [Member]
Condensed Consolidating Statements of Comprehensive Income [Abstract]
Product revenue	345,161	339,959	697,834	672,698
Service revenue	85,820	71,753	173,937	144,993
Total revenue	430,981	411,712	871,771	817,691
Cost of products	(120,533)	(118,527)	(244,955)	(230,780)
Cost of services	(31,189)	(26,174)	(64,762)	(54,754)
Total cost of revenue	(151,722)	(144,701)	(309,717)	(285,534)
Gross profit	279,259	267,011	562,054	532,157
Operating expenses	(187,953)	(180,869)	(377,313)	(361,627)
Operating income	91,306	86,142	184,741	170,530
Loss on early debt extinguishment				0
Interest expense	(4,195)	(4,625)	(6,965)	(5,995)
Other income (expense)	541	470	867	608
Income before income taxes	87,652	81,987	178,643	165,143
Income tax benefit (provision)	(30,805)	(28,960)	(62,786)	(58,401)
(Loss) income before equity in earnings of consolidated subsidiaries	56,847	53,027	115,857	106,742
Equity in earnings of consolidated subsidiaries	3,268	3,205	5,616	6,566
Net income	60,115	56,232	121,473	113,308
Comprehensive income	60,957	57,453	127,352	108,730
Non-guarantor subsidiaries [Member]
Condensed Consolidating Statements of Comprehensive Income [Abstract]
Product revenue	14,660	18,938	28,172	41,213
Service revenue	6,122	6,331	12,235	12,929
Total revenue	20,782	25,269	40,407	54,142
Cost of products	(6,406)	(9,729)	(12,578)	(21,216)
Cost of services	(1,956)	(1,830)	(3,666)	(3,920)
Total cost of revenue	(8,362)	(11,559)	(16,244)	(25,136)
Gross profit	12,420	13,710	24,163	29,006
Operating expenses	(8,759)	(9,552)	(17,085)	(20,347)
Operating income	3,661	4,158	7,078	8,659
Loss on early debt extinguishment				0
Interest expense	0	(1)	(1)	(1)
Other income (expense)	150	96	(141)	365
Income before income taxes	3,811	4,253	6,936	9,023
Income tax benefit (provision)	(543)	(1,048)	(1,320)	(2,457)
(Loss) income before equity in earnings of consolidated subsidiaries	3,268	3,205	5,616	6,566
Equity in earnings of consolidated subsidiaries	0	0	0	0
Net income	3,268	3,205	5,616	6,566
Comprehensive income	$ 3,751	$ 4,157	$ 10,777	$ 1,450

Supplemental guarantor financ62

Supplemental guarantor financial information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Condensed Consolidating Statements of Cash Flows [Abstract}
Net cash provided by operating activities			$ 128,266	$ 146,907
Cash flows from investing activities:
Purchases of capital assets	$ (11,995)	$ (9,795)	(22,184)	(19,307)
Payments for acquisitions, net of cash acquired			(28,497)	(35,800)
Proceeds from company-owned life insurance policies			3,053	0
Other			2,087	339
Net cash used by investing activities			(45,541)	(54,768)
Cash flows from financing activities:
Proceeds from short-term borrowings			0	75,000
Proceeds from issuing long-term debt			107,000	211,500
Payments on long-term debt, including costs of debt reacquisition			(128,584)	(346,021)
Proceeds from issuing shares under employee plans			4,193	4,135
Excess tax benefit from share-based employee awards			0	1,557
Employee taxes paid for shares withheld			(2,260)	(871)
Payments for common shares repurchased			(29,981)	0
Cash dividends paid to shareholders			(29,446)	(30,043)
Advances from (to) consolidated subsidiaries			0	0
Other			(417)	(286)
Net cash used by financing activities			(79,495)	(85,029)
Effect of exchange rate change on cash			3,935	(3,725)
Net change in cash and cash equivalents			7,165	3,385
Cash and cash equivalents, beginning of year			62,427	61,541
Cash and cash equivalents, end of period	69,592	64,926	69,592	64,926
Eliminations [Member]
Condensed Consolidating Statements of Cash Flows [Abstract}
Net cash provided by operating activities			(1,763)	3,209
Cash flows from investing activities:
Purchases of capital assets			0	0
Payments for acquisitions, net of cash acquired			0	0
Proceeds from company-owned life insurance policies			0
Other			0	0
Net cash used by investing activities			0	0
Cash flows from financing activities:
Proceeds from short-term borrowings				0
Proceeds from issuing long-term debt			0	0
Payments on long-term debt, including costs of debt reacquisition			0	0
Proceeds from issuing shares under employee plans			0	0
Excess tax benefit from share-based employee awards				0
Employee taxes paid for shares withheld			0	0
Payments for common shares repurchased			0
Cash dividends paid to shareholders			0	0
Advances from (to) consolidated subsidiaries			0	0
Other			0	0
Net cash used by financing activities			0	0
Effect of exchange rate change on cash			0	0
Net change in cash and cash equivalents			(1,763)	3,209
Cash and cash equivalents, beginning of year			(122)	(3,329)
Cash and cash equivalents, end of period	(1,885)	(120)	(1,885)	(120)
Deluxe Corporation [Member]
Condensed Consolidating Statements of Cash Flows [Abstract}
Net cash provided by operating activities			(10,443)	(3,699)
Cash flows from investing activities:
Purchases of capital assets			(12,493)	(905)
Payments for acquisitions, net of cash acquired			0	(26)
Proceeds from company-owned life insurance policies			3,053
Other			(195)	(286)
Net cash used by investing activities			(9,635)	(1,217)
Cash flows from financing activities:
Proceeds from short-term borrowings				75,000
Proceeds from issuing long-term debt			107,000	211,500
Payments on long-term debt, including costs of debt reacquisition			(128,571)	(346,015)
Proceeds from issuing shares under employee plans			4,193	4,135
Excess tax benefit from share-based employee awards				1,557
Employee taxes paid for shares withheld			(2,260)	(871)
Payments for common shares repurchased			(29,981)
Cash dividends paid to shareholders			(29,446)	(30,043)
Advances from (to) consolidated subsidiaries			99,848	88,650
Other			(41)	(136)
Net cash used by financing activities			20,742	3,777
Effect of exchange rate change on cash			0	0
Net change in cash and cash equivalents			664	(1,139)
Cash and cash equivalents, beginning of year			5,187	8,335
Cash and cash equivalents, end of period	5,851	7,196	5,851	7,196
Guarantor subsidiaries [Member]
Condensed Consolidating Statements of Cash Flows [Abstract}
Net cash provided by operating activities			135,686	139,604
Cash flows from investing activities:
Purchases of capital assets			(8,357)	(16,997)
Payments for acquisitions, net of cash acquired			(28,497)	(35,774)
Proceeds from company-owned life insurance policies			0
Other			633	619
Net cash used by investing activities			(36,221)	(52,152)
Cash flows from financing activities:
Proceeds from short-term borrowings				0
Proceeds from issuing long-term debt			0	0
Payments on long-term debt, including costs of debt reacquisition			0	0
Proceeds from issuing shares under employee plans			0	0
Excess tax benefit from share-based employee awards				0
Employee taxes paid for shares withheld			0	0
Payments for common shares repurchased			0
Cash dividends paid to shareholders			0	0
Advances from (to) consolidated subsidiaries			(97,988)	(88,232)
Other			(376)	0
Net cash used by financing activities			(98,364)	(88,232)
Effect of exchange rate change on cash			0	0
Net change in cash and cash equivalents			1,101	(780)
Cash and cash equivalents, beginning of year			940	4,342
Cash and cash equivalents, end of period	2,041	3,562	2,041	3,562
Non-guarantor subsidiaries [Member]
Condensed Consolidating Statements of Cash Flows [Abstract}
Net cash provided by operating activities			4,786	7,793
Cash flows from investing activities:
Purchases of capital assets			(1,334)	(1,405)
Payments for acquisitions, net of cash acquired			0	0
Proceeds from company-owned life insurance policies			0
Other			1,649	6
Net cash used by investing activities			315	(1,399)
Cash flows from financing activities:
Proceeds from short-term borrowings				0
Proceeds from issuing long-term debt			0	0
Payments on long-term debt, including costs of debt reacquisition			(13)	(6)
Proceeds from issuing shares under employee plans			0	0
Excess tax benefit from share-based employee awards				0
Employee taxes paid for shares withheld			0	0
Payments for common shares repurchased			0
Cash dividends paid to shareholders			0	0
Advances from (to) consolidated subsidiaries			(1,860)	(418)
Other			0	(150)
Net cash used by financing activities			(1,873)	(574)
Effect of exchange rate change on cash			3,935	(3,725)
Net change in cash and cash equivalents			7,163	2,095
Cash and cash equivalents, beginning of year			56,422	52,193
Cash and cash equivalents, end of period	$ 63,585	$ 54,288	$ 63,585	$ 54,288