Deluxe (DLX) 10-Q 27 Jul 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 18, 2018
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, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		47,622,187

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 68,594	$ 59,240
Trade accounts receivable, net of allowances for uncollectible accounts	131,132	149,844
Inventories and supplies	43,233	42,249
Funds held for customers	92,606	86,192
Other current assets	73,839	55,441
Total current assets	409,404	392,966
Deferred income taxes	1,778	1,428
Long-term investments	43,172	42,607
Property, plant and equipment (net of accumulated depreciation of $363,143 and $358,020, respectively)	81,751	84,638
Assets held for sale	3,822	12,232
Intangibles (net of accumulated amortization of $497,117 and $444,933, respectively)	386,143	384,266
Goodwill	1,173,475	1,130,934
Other non-current assets	193,699	159,756
Total assets	2,293,244	2,208,827
Current liabilities:
Accounts payable	105,281	104,477
Accrued liabilities	245,719	277,253
Long-term debt due within one year	765	44,040
Total current liabilities	351,765	425,770
Long-term debt	766,039	665,260
Deferred income taxes	55,828	50,543
Other non-current liabilities	44,476	52,241
Commitments and contingencies (Notes 11 and 12)
Shareholders' equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: June 30, 2018 - 47,623; December 31, 2017 - 47,953)	47,623	47,953
Retained earnings	1,076,683	1,004,657
Accumulated other comprehensive loss	(49,170)	(37,597)
Total shareholders' equity	1,075,136	1,015,013
Total liabilities and shareholders' equity	$ 2,293,244	$ 2,208,827

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Accumulated depreciation	$ 363,143	$ 358,020
Accumulated amortization	$ 497,117	$ 444,933
Shareholders' equity:
Common stock, par value (per share)	$ 1	$ 1
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	47,623	47,953

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total revenue	$ 488,244	$ 485,232	$ 980,158	$ 972,998
Cost of revenue	(190,201)	(179,368)	(378,959)	(358,682)
Gross profit	298,043	305,864	601,199	614,316
Selling, general and administrative expense	(209,585)	(208,656)	(420,739)	(425,800)
Net restructuring charges	(6,371)	(1,457)	(8,693)	(2,450)
Asset impairment charges	0	(2,954)	(2,149)	(8,250)
Operating income	82,823	92,827	170,531	177,825
Interest expense	(6,130)	(5,258)	(11,708)	(10,087)
Other income	2,436	1,250	3,724	2,312
Income before income taxes	79,129	88,819	162,547	170,050
Income tax provision	(18,922)	(29,240)	(39,003)	(53,405)
Net income	60,207	59,579	123,544	116,645
Comprehensive income	$ 57,272	$ 61,190	$ 118,838	$ 119,438
Basic earnings per share	$ 1.26	$ 1.23	$ 2.58	$ 2.40
Diluted earnings per share	1.25	1.22	2.56	2.38
Cash dividends per share	$ 0.30	$ 0.30	$ 0.60	$ 0.60
Operating expenses [Member]
Net restructuring charges	$ (5,635)	$ (1,427)	$ (7,780)	$ (2,441)
Product [Member]
Total revenue	359,935	363,641	723,342	735,815
Cost of revenue	(134,332)	(130,728)	(267,703)	(263,260)
Service [Member]
Total revenue	128,309	121,591	256,816	237,183
Cost of revenue	$ (55,869)	$ (48,640)	$ (111,256)	$ (95,422)

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) - 6 months ended Jun. 30, 2018 - 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, beginning of year at Dec. 31, 2017	$ 1,015,013	$ 47,953	$ 0	$ 1,004,657	$ (37,597)
Balance (in shares) at Dec. 31, 2017	47,953
Net income	$ 123,544			123,544
Cash dividends	(28,804)			(28,804)
Common shares issued	$ 17,167	490	16,677
Common shares issued (in shares)	490
Common shares repurchased	$ (39,996)	(573)	(4,876)	(34,547)
Common shares repurchased (in shares)	(573)
Other common shares retired	$ (17,826)	(247)	(17,579)
Other common shares retired (in shares)	(247)
Employee share-based compensation	$ 5,778		5,778
Other comprehensive loss	(4,706)				(4,706)
Balance, end of period at Jun. 30, 2018	$ 1,075,136	$ 47,623	$ 0	1,076,683	(49,170)
Balance (in shares) at Jun. 30, 2018	47,623
Adoption of new accounting pronouncement | Adoption of Accounting Standards Update No. 2014-09 [Member]	$ 4,966			4,966
Adoption of new accounting pronouncement | Adoption of Accounting Standards Update No. 2018-02 [Member]	$ 0			$ 6,867	$ (6,867)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 123,544	$ 116,645
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	7,823	8,223
Amortization of intangibles	55,694	51,828
Asset impairment charges	2,149	8,250
Amortization of prepaid product discounts	11,124	9,588
Deferred income taxes	(2,747)	(6,942)
Employee share-based compensation expense	5,757	7,309
Other non-cash items, net	(7,543)	(2,983)
Changes in assets and liabilities, net of effect of acquisitions:
Trade accounts receivable	16,670	15,401
Inventories and supplies	(1,245)	637
Other current assets	(12,435)	(2,779)
Non-current assets	(3,400)	(1,776)
Accounts payable	2,858	(12,063)
Prepaid product discount payments	13,282	10,937
Other accrued and non-current liabilities	(38,031)	(28,823)
Net cash provided by operating activities	146,936	151,578
Cash flows from investing activities:
Purchases of capital assets	(28,040)	(22,788)
Payments for acquisitions, net of cash acquired	(90,205)	(77,553)
Proceeds from sales of marketable securities	0	3,500
Other	682	739
Net cash used by investing activities	(117,563)	(96,102)
Cash flows from financing activities:
Proceeds from issuing long-term debt	908,000	168,000
Payments on long-term debt	(851,410)	(207,052)
Proceeds from issuing shares under employee plans	5,767	5,914
Employee taxes paid for shares withheld	(7,947)	(5,572)
Payments for common shares repurchased	(39,996)	(30,068)
Cash dividends paid to shareholders	(28,762)	(29,156)
Other	(3,921)	(511)
Net cash used by financing activities	(18,269)	(98,445)
Effect of exchange rate change on cash	(1,750)	1,175
Net change in cash and cash equivalents	9,354	(41,794)
Cash and cash equivalents, beginning of year	59,240	76,574
Cash and cash equivalents, end of period	$ 68,594	$ 34,780

Consolidated financial statemen

Consolidated financial statements	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated financial statements	Consolidated financial statements The consolidated balance sheet as of June 30, 2018 , the consolidated statements of comprehensive income for the quarters and six months ended June 30, 2018 and 2017 , the consolidated statement of shareholders’ equity for the six months ended June 30, 2018 , and the consolidated statements of cash flows for the six months ended June 30, 2018 and 2017 are unaudited. The consolidated balance sheet as of December 31, 2017 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, 2017 (the “ 2017

New accounting pronouncements

New accounting pronouncements	6 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New accounting pronouncements	New accounting pronouncements The following discusses the impact of each accounting standards update (ASU) adopted on January 1, 2018: ASU No. 2014-09 – In May 2014, the Financial Accounting Standards Board (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. In addition, the FASB subsequently issued several amendments to the standard. We adopted the standard and all the related amendments on January 1, 2018 using the modified retrospective method. We applied the new guidance to uncompleted contracts as of January 1, 2018 and recorded the cumulative effect of initially applying the standard as an adjustment to retained earnings, with the offset to other current assets, other non-current assets and deferred income tax liabilities. We have elected the practical expedient for contract modifications, allowing us to consider the impact of all contract modifications completed prior to January 1, 2018. We have also elected the practical expedient that allows us to disregard the effects of a financing component if the period between payment and performance will be 1 year or less. Election of these practical expedients did not have a significant impact on our results of operations or financial position. Prior periods have not been restated and continue to be reported under the accounting standards in effect for those periods. We do not expect the adoption of this guidance to have a material impact on our results of operations, financial position or cash flows on an ongoing basis. The new guidance also expands the required financial statement disclosures regarding revenue recognition. Those disclosures appear below, while information regarding the disaggregation of revenue can be found in Note 14. Our product revenue is recognized when control of the goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. In most cases, control is transferred when products are shipped. We recognize the vast majority of our service revenue as the services are provided. Many of our check supply contracts with financial institutions provide for rebates on certain products. We record these rebates as reductions of revenue and as accrued liabilities on our consolidated balance sheets when the related revenue is recognized. Many of our financial institution contracts also require prepaid product discounts in the form of upfront cash payments we make to our financial institution clients. These prepaid product discounts are included in other non-current assets in our consolidated balance sheets and are amortized as reductions of revenue, generally on the straight-line basis, over the contract term. Sales tax collected concurrent with revenue-producing activities is excluded from revenue. Amounts billed to customers for shipping and handling are included in revenue, while the related shipping and handling costs are reflected in cost of products. We have elected the practical expedient that allows us to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment cost, and we accrue costs of shipping and handling when the related revenue is recognized. As part of our Financial Services rewards, incentive and loyalty programs, we receive payments from consumers or our clients for the products and services provided, including hotel stays, gift cards and merchandise, such as apparel, electronics and clothing. This revenue is recorded net of the related fulfillment costs. Certain of our contracts for data-driven marketing solutions and treasury management outsourcing services within Financial Services have variable consideration that is contingent on either the success of the marketing campaign ("pay-for-performance") or the volume of outsourcing services provided. We recognize revenue for estimated variable consideration as services are provided based on the most likely amount to be realized. Revenue is recognized to the extent that it is probable that a significant reversal of revenue will not occur when the contingency is resolved. Estimates regarding the recognition of variable consideration are updated each quarter. Typically, the amount of consideration for these contracts is finalized within 3 months, although pricing under certain of our outsourcing contracts may be based on annual volume commitments. Revenue recognized from these contracts was approximately $100,000 in 2017. Under the new standard, we have accelerated the recognition of a portion of this variable consideration. Certain of our contracts for treasury management solutions result from the sale of bundled arrangements that may include hardware, software and professional services, as well as customization and modification of software, and specify the timing of customer billings over the course of the contract. Revenue for these contracts is recognized using a cost-based input method that depicts the transfer of services to the customer. The transaction price is allocated to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or using expected cost plus margin. When the revenue recognized for uncompleted contracts exceeds the amount of customer billings, a contract asset is reflected in our consolidated balance sheets within other current assets. The amount included in other current assets was $31,955 as of June 30, 2018 and $16,379 as of December 31, 2017. When the amount of customer billings for uncompleted contracts exceeds the revenue recognized, a contract liability is reflected in our consolidated balance sheets within accrued liabilities. The amount included in accrued liabilities was $1,509 as of June 30, 2018 and $2,233 as of December 31, 2017. At times, a financial institution client may terminate its check supply contract with us prior to the end of the contract term. In many cases, the financial institution is contractually required to remit a contract termination payment. Such payments are recorded as revenue when the termination agreement is executed, provided that we have no further performance obligations and collection of the funds is assured. If we have further performance obligations following the execution of a contract termination agreement, we record the related revenue over the remaining service period. Our payment terms vary by type of customer and the products or services offered. The time period between invoicing and when payment is due is not significant. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. When a customer pays in advance for services, primarily for treasury management solutions and web hosting services, we defer the revenue and recognize it as the services are performed, generally over a period of less than 1 year. Deferred revenue is included in accrued liabilities and other non-current liabilities in our consolidated balance sheets. The decrease of $4,308 in deferred revenue for the six months ended June 30, 2018 was primarily driven by the recognition of $32,221 of revenue that was included in deferred revenue as of December 31, 2017 , partially offset by cash payments received in advance of satisfying our performance obligations. In addition to the amounts included in deferred revenue, we will recognize revenue in future periods related to remaining performance obligations for certain of our data-driven marketing and treasury management solutions. Generally, these contracts have terms of 1 year or less and many have terms of 3 months or less. The amount of revenue related to these unsatisfied performance obligations is not significant to our annual consolidated revenue. The new guidance requires that certain costs incurred to obtain contracts be recognized as assets and amortized consistent with the transfer of goods or services to the customer. As such, we are now deferring sales commissions related to obtaining check supply and treasury management solution contracts within Financial Services. These amounts are included in other non-current assets and are amortized as selling, general and administrative (SG&A) expense. Amortization of these amounts on the straight-line basis approximates the timing of the transfer of goods or services to the customer. Generally, these amounts are being amortized over periods of 3 to 6 years. We elected the practical expedient allowing us to expense sales commissions as incurred when the amortization period would have been 1 year or less. The cumulative effect of the changes made to our unaudited consolidated balance sheet as of January 1, 2018 for the adoption of the new revenue guidance was as follows: (in thousands) Balance as of December 31, 2017 Adjustments due to ASU No. 2014-09 Balance as of January 1, 2018 Other current assets $ 55,441 $ 960 $ 56,401 Total current assets 392,966 960 393,926 Other non-current assets 159,756 5,733 165,489 Total assets $ 2,208,827 $ 6,693 $ 2,215,520 Deferred income taxes $ 50,543 $ 1,727 $ 52,270 Retained earnings 1,004,657 4,966 1,009,623 Total liabilities and shareholders' equity $ 2,208,827 $ 6,693 $ 2,215,520 The impact of adoption of the new revenue guidance on our unaudited consolidated statements of comprehensive income for the quarter and six months ended June 30, 2018 and on our unaudited consolidated balance sheet as of June 30, 2018 was as follows: (in thousands) As reported Effect of adoption Balance without adoption of ASU No. 2014-09 Quarter Ended June 30, 2018 Service revenue $ 128,309 $ (33 ) $ 128,276 Total revenue 488,244 (33 ) 488,211 Cost of services (55,869 ) 129 (55,740 ) Total cost of revenue (190,201 ) 129 (190,072 ) Gross profit 298,043 96 298,139 Selling, general and administrative expense (209,585 ) (1,567 ) (211,152 ) Operating income 82,823 (1,471 ) 81,352 Income before income taxes 79,129 (1,471 ) 77,658 Income tax provision (18,922 ) 380 (18,542 ) Net income $ 60,207 $ (1,091 ) $ 59,116 Six Months Ended June 30, 2018 Service revenue $ 256,816 $ (568 ) $ 256,248 Total revenue 980,158 (568 ) 979,590 Cost of services (111,256 ) 384 (110,872 ) Total cost of revenue (378,959 ) 384 (378,575 ) Gross profit 601,199 (184 ) 601,015 Selling, general and administrative expense (420,739 ) (1,051 ) (421,790 ) Operating income 170,531 (1,235 ) 169,296 Income before income taxes 162,547 (1,235 ) 161,312 Income tax provision (39,003 ) 319 (38,684 ) Net income $ 123,544 $ (916 ) $ 122,628 (in thousands) As reported Effect of adoption Balance without adoption of ASU No. 2014-09 June 30, 2018 Other current assets $ 73,839 $ (1,146 ) $ 72,693 Total current assets 409,404 (1,146 ) 408,258 Other non-current assets 193,699 (6,783 ) 186,916 Total assets $ 2,293,244 $ (7,929 ) $ 2,285,315 Accrued liabilities 245,719 (319 ) 245,400 Total current liabilities 351,765 (319 ) 351,446 Deferred income taxes 55,828 (1,727 ) 54,101 Retained earnings 1,076,683 (5,883 ) 1,070,800 Total liabilities and shareholders' equity $ 2,293,244 $ (7,929 ) $ 2,285,315 ASU No. 2016-01 – 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. We adopted this standard on January 1, 2018. This standard had no impact on our results of operations or financial position. Our financial statement disclosures in Note 7 related to financial instruments have been modified to comply with the new standard. ASU No. 2016-16 – In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory . The standard requires recognition of the tax effects resulting from the intercompany sale of an asset when the transfer occurs. Previously, the tax effects were deferred until the transferred asset was sold to a third party. We adopted this standard on January 1, 2018. No adjustment was required to opening retained earnings, and we do not expect the application of this standard to have a significant impact on our results of operations or financial position going forward. ASU No. 2017-01 – In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business . The standard revises the definition of a business, which affects many areas of accounting such as business combinations and disposals and goodwill impairment. The revised definition of a business will likely result in more acquisitions being accounted for as asset acquisitions, as opposed to business combinations. We adopted this standard on January 1, 2018, applying the guidance to transactions occurring on or after this date. ASU No. 2017-07 – In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The standard requires that the service cost component of net periodic benefit expense be recognized in the same statement of comprehensive income caption(s) as other compensation costs, and requires that the other components of net periodic benefit expense be recognized in the non-operating section of the statement of comprehensive income. In addition, only the service cost component of net periodic benefit expense is eligible for capitalization when applicable. We adopted this standard on January 1, 2018. The reclassification of the other components of our net periodic benefit income was applied on a retrospective basis. As such, we have revised our results of operations for previous periods. We utilized the practical expedient for adoption allowing us to use the amount previously disclosed in our postretirement benefits footnote as the basis for revising prior periods. As there is no service cost associated with our plans, we reclassified the entire amount of our net periodic benefit income from cost of revenue and SG&A expense to other income in our consolidated statements of comprehensive income. In addition, we no longer include any portion of net periodic benefit income in amounts capitalized for inventory or internal-use software, as only the service cost component is eligible for capitalization. This change did not have a significant impact on our results of operations or financial position. The impact of the revision on our unaudited consolidated statements of comprehensive income for the quarter and six months ended June 30, 2017 was as follows: (in thousands) As previously reported Effect of adoption As revised Quarter Ended June 30, 2017 Cost of products $ (130,591 ) $ (137 ) $ (130,728 ) Cost of services (48,623 ) (17 ) (48,640 ) Total cost of revenue (179,214 ) (154 ) (179,368 ) Selling, general and administrative expense (208,306 ) (350 ) (208,656 ) Operating income 93,331 (504 ) 92,827 Other income 746 504 1,250 Net income $ 59,579 $ — $ 59,579 Six Months Ended June 30, 2017 Cost of products $ (262,986 ) $ (274 ) $ (263,260 ) Cost of services (95,388 ) (34 ) (95,422 ) Total cost of revenue (358,374 ) (308 ) (358,682 ) Selling, general and administrative expense (425,100 ) (700 ) (425,800 ) Operating income 178,833 (1,008 ) 177,825 Other income 1,304 1,008 2,312 Net income $ 116,645 $ — $ 116,645 ASU No. 2017-09 – In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting . The standard provides guidance about which changes to the terms or conditions of a share-based payment award require modification accounting, which may result in a different fair value for the award. We adopted this standard on January 1, 2018, and it is being applied prospectively to awards modified on or after this date. Historically, modifications to our share-based payment awards have been infrequent. As such, we do not expect the application of this standard to have a significant impact on our results of operations or financial position. ASU No. 2018-02 – In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The standard allows companies to make an election to reclassify from accumulated other comprehensive income to retained earnings the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the "2017 Act"). We elected to early adopt this standard on January 1, 2018, applying it in the period of adoption. As such, a reclassification from accumulated other comprehensive loss to retained earnings of $6,867 was recorded during the quarter ended March 31, 2018. This represents the effect of the change in the United States federal corporate income tax rate on the gross deferred tax amount at the date of enactment of the 2017 Act related to items remaining in accumulated other comprehensive loss. Our policy is to release stranded income tax effects from accumulated other comprehensive loss when the circumstances upon which they are premised cease to exist. In March 2018, the FASB issued ASU No. 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 118 . The standard added to the FASB Codification the guidance provided by the SEC in December 2017 regarding the accounting for the 2017 Act. We complied with SAB No. 118 when preparing our annual consolidated financial statements for the year ended December 31, 2017. Reasonable estimates were used in determining several of the components of the impact of the 2017 Act, including our 2017 deferred income tax activity and the amount of post-1986 foreign deferred earnings subject to the repatriation toll charge. We are still analyzing certain aspects of the 2017 Act and refining our calculations, which could potentially affect the measurement of our deferred tax balances and the amount of the repatriation toll charge liability, and ultimately cause us to revise our initial estimates in future periods. In addition, changes in interpretations, assumptions and guidance regarding the 2017 Act, as well as the potential for technical corrections, could have a material impact on our effective tax rate in future periods. During the quarter ended June 30, 2018, we recorded an increase in income tax expense of $441 as we refined our accounting for the 2017 Act, and during the six months ended June 30, 2018 , we recorded an increase in income tax expense of $131 . In order to complete our accounting for the 2017 Act, which we expect to finalize by the fourth quarter of 2018, the following specific items need to be completed or addressed: • issuance of state-by-state guidance regarding conformity with or decoupling from the 2017 Act; • finalize the calculation of post-1986 foreign deferred earnings, which are subject to the repatriation toll charge, and determine our ability to beneficially claim a foreign tax credit resulting from the income inclusion; and • where pertinent, adjust to clarifications and guidance regarding other aspects of the 2017 Act, including those related to the deductibility of executive compensation. Accounting pronouncements not yet adopted – 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. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases , which amends narrow aspects of the guidance in ASU No. 2016-02. Both standards are effective for us on January 1, 2019 and require adoption using a modified retrospective approach. We have established an implementation team to evaluate and identify the impact of the standard on our financial position, results of operations and cash flows. We are currently assessing our leasing arrangements, evaluating the impact of practical expedients and accounting policy elections, and implementing software to meet the reporting requirements of the standard. We are not able to quantify the impact of the standard at this time. 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, 2018
Balance Sheet Related Disclosures [Abstract]
Supplemental balance sheet information	Supplemental balance sheet information Allowance for uncollectible accounts – Changes in the allowance for uncollectible accounts for the six months ended June 30, 2018 and 2017 was as follows: Six Months Ended (in thousands) 2018 2017 Balance, beginning of year $ 2,884 $ 2,828 Bad debt expense 1,470 1,635 Write-offs, net of recoveries (1,383 ) (1,346 ) Balance, end of period $ 2,971 $ 3,117 Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) June 30, December 31, Raw materials $ 7,131 $ 7,357 Semi-finished goods 7,787 7,635 Finished goods 25,348 24,146 Supplies 2,967 3,111 Inventories and supplies $ 43,233 $ 42,249 Available-for-sale debt securities – Available-for-sale debt securities included within funds held for customers were comprised of the following: June 30, 2018 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Domestic money market fund $ 10,000 $ — $ — $ 10,000 Canadian and provincial government securities 8,747 — (464 ) 8,283 Canadian guaranteed investment certificates 7,614 — — 7,614 Available-for-sale debt securities $ 26,361 $ — $ (464 ) $ 25,897 (1) Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2018 , also included cash of $66,709 . December 31, 2017 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Domestic money market fund $ 17,300 $ — $ — $ 17,300 Canadian and provincial government securities 9,051 — (393 ) 8,658 Canadian guaranteed investment certificates 7,955 — — 7,955 Available-for-sale debt securities $ 34,306 $ — $ (393 ) $ 33,913 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2017 , also included cash of $52,279 . Expected maturities of available-for-sale debt securities as of June 30, 2018 were as follows: (in thousands) Fair value Due in one year or less $ 20,588 Due in two to five years 3,578 Due in six to ten years 1,731 Available-for-sale debt securities $ 25,897 Further information regarding the fair value of available-for-sale debt securities can be found in Note 7. Assets held for sale – Assets held for sale as of June 30, 2018 included a provider of printed and promotional products, a small business distributor and a small business customer list. Assets held for sale as of December 31, 2017 included 2 providers of printed and promotional products, 1 of which was sold during the second quarter of 2018, and 2 small business distributors, 1 of which was sold during the first quarter of 2018. Also during the six months ended June 30, 2018 , we sold certain small business customer lists that previously did not meet the requirements to be reported as assets held for sale in the consolidated balance sheets. We determined that the assets sold would be better positioned for long-term growth if they were managed by independent distributors. Subsequent to the sales, the businesses and customer lists are owned by distributors that are part of our Safeguard ® distributor network. As such, our revenue is not impacted by these sales, and the impact to our costs is not significant. We entered into aggregate notes receivable of $22,715 in conjunction with these sales (non-cash investing activity), and we recognized aggregate net gains within SG&A expense of $3,862 during the quarter ended June 30, 2018 and $11,089 during the six months ended June 30, 2018 . During the quarter ended March 31, 2017, we sold a provider of printed and promotional products and a small business distributor, realizing an aggregate net gain of $6,779 within SG&A expense in the consolidated statement of comprehensive income for the six months ended June 30, 2017 . During the first quarter of 2017, we recorded a pre-tax asset impairment charge of $5,296 related to a small business distributor that was sold during the second quarter of 2017. This impairment charge reduced the carrying value of the business to its estimated fair value less costs to sell, as we negotiated the sale of the business. During the second quarter of 2017, we recorded an additional pre-tax asset impairment charge of $2,954 as we finalized the sale of this business, resulting in a total pre-tax asset impairment charge of $8,250 for the six months ended June 30, 2017 . The businesses sold during 2018, as well as those held for sale as of June 30, 2018 , were included in our Small Business Services segment, and their net assets consisted primarily of intangible assets. We are actively marketing the remaining assets held for sale, and we expect the selling prices will equal or exceed their current carrying values. Net assets held for sale consisted of the following: (in thousands) June 30, December 31, Balance sheet caption Current assets $ — $ 4 Other current assets Intangibles 3,390 8,459 Assets held for sale Goodwill 416 3,566 Assets held for sale Other non-current assets 16 207 Assets held for sale Net assets held for sale $ 3,822 $ 12,236 Intangibles – Intangibles were comprised of the following: June 30, 2018 December 31, 2017 (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 380,969 (303,099 ) 77,870 359,079 (284,074 ) 75,005 Customer lists/relationships (1) 355,384 (146,115 ) 209,269 343,589 (121,729 ) 221,860 Trade names 50,107 (22,833 ) 27,274 36,931 (19,936 ) 16,995 Technology-based intangibles 39,000 (10,053 ) 28,947 31,800 (6,400 ) 25,400 Software to be sold 36,900 (13,317 ) 23,583 36,900 (11,204 ) 25,696 Other 1,800 (1,700 ) 100 1,800 (1,590 ) 210 Amortizable intangibles 864,160 (497,117 ) 367,043 810,099 (444,933 ) 365,166 Intangibles $ 883,260 $ (497,117 ) $ 386,143 $ 829,199 $ (444,933 ) $ 384,266 (1) During the first quarter of 2018, we recorded a pre-tax asset impairment charge of $2,149 for one of our customer lists. Further information can be found in Note 7. Amortization of intangibles was $28,228 for the quarter ended June 30, 2018 , $26,273 for the quarter ended June 30, 2017 , $55,694 for the six months ended June 30, 2018 and $51,828 for the six months ended June 30, 2017 . Based on the intangibles in service as of June 30, 2018 , estimated future amortization expense is as follows: (in thousands) Estimated amortization expense Remainder of 2018 $ 47,873 2019 84,662 2020 65,171 2021 50,832 2022 36,379 During the six months ended June 30, 2018 , 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, 2018 : (in thousands) Amount Weighted-average amortization period (in years) Customer lists/relationships (1) $ 21,887 4 Internal-use software 21,573 3 Trade names 13,700 7 Technology-based intangibles 7,200 5 Acquired intangibles $ 64,360 4 (1) Includes the purchase of a customer list for $650 that did not qualify as a business combination. Information regarding acquired intangibles does not include measurement-period adjustments recorded during the six months ended June 30, 2018 for changes in the estimated fair values of intangibles acquired during 2017 through acquisitions. Information regarding these adjustments can be found in Note 6. Goodwill – Changes in goodwill during the six months ended June 30, 2018 were as follows: (in thousands) Small Business Services Financial Services Direct Checks Total Balance, December 31, 2017: Goodwill, gross $ 706,568 $ 324,239 $ 148,506 $ 1,179,313 Accumulated impairment charges (48,379 ) — — (48,379 ) Goodwill, net of accumulated impairment charges 658,189 324,239 148,506 1,130,934 Goodwill resulting from acquisitions 40,209 — — 40,209 Measurement-period adjustments for prior year acquisitions (Note 6) 853 2,763 — 3,616 Adjustment of assets held for sale 218 — — 218 Currency translation adjustment (1,502 ) — — (1,502 ) Balance, June 30, 2018: Goodwill, gross 746,346 327,002 148,506 1,221,854 Accumulated impairment charges (48,379 ) — — (48,379 ) Goodwill, net of accumulated impairment charges $ 697,967 $ 327,002 $ 148,506 $ 1,173,475 Other non-current assets – Other non-current assets were comprised of the following: (in thousands) June 30, December 31, Loans and notes receivable from Safeguard distributors $ 67,430 $ 44,276 Prepaid product discounts (1) 63,017 63,895 Postretirement benefit plan asset 43,535 39,849 Deferred advertising costs 5,240 6,135 Deferred sales commissions (2) 6,783 — Other 7,694 5,601 Other non-current assets $ 193,699 $ 159,756 (1) In our prior year financial statements, we referred to this asset as contract acquisition costs. (2) Amortization of deferred sales commissions was $1,350 for the six months ended June 30, 2018 . Changes in prepaid product discounts during the six months ended June 30, 2018 and 2017 were as follows: Quarter Ended (in thousands) 2018 2017 Balance, beginning of year $ 63,895 $ 65,792 Additions (1) 10,296 8,310 Amortization (11,124 ) (9,588 ) Other (50 ) (101 ) Balance, end of period $ 63,017 $ 64,413 (1) Prepaid product discounts are generally accrued upon contract execution. Cash payments made for prepaid product discounts were $13,282 for the six months ended June 30, 2018 and $10,937 for the six months ended June 30, 2017 . Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) June 30, December 31, Funds held for customers $ 91,556 $ 85,091 Deferred revenue 43,939 47,021 Employee profit sharing/cash bonus 20,462 31,312 Prepaid product discounts due within one year (1) 12,915 11,670 Acquisition-related liabilities (2) 11,080 23,878 Customer rebates 10,895 11,508 Restructuring due within one year (Note 8) 4,686 4,380 Income tax 1,555 17,827 Other 48,631 44,566 Accrued liabilities $ 245,719 $ 277,253 (1) In our prior year financial statements, we referred to this liability as contract acquisition costs due within one year. (2) Consists of holdback payments due at future dates and liabilities for contingent consideration. Further information regarding liabilities for contingent consideration can be found in Note 7. Other non-current liabilities – Other non-current liabilities were comprised of the following: (in thousands) June 30, December 31, Prepaid product discounts (1) $ 17,379 $ 21,658 Other 27,097 30,583 Other non-current liabilities $ 44,476 $ 52,241 (1)

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2018
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 (in thousands, except per share amounts) 2018 2017 2018 2017 Earnings per share – basic: Net income $ 60,207 $ 59,579 $ 123,544 $ 116,645 Income allocated to participating securities (228 ) (379 ) (515 ) (785 ) Income available to common shareholders $ 59,979 $ 59,200 $ 123,029 $ 115,860 Weighted-average shares outstanding 47,594 48,255 47,675 48,287 Earnings per share – basic $ 1.26 $ 1.23 $ 2.58 $ 2.40 Earnings per share – diluted: Net income $ 60,207 $ 59,579 $ 123,544 $ 116,645 Income allocated to participating securities (228 ) (378 ) (514 ) (781 ) Re-measurement of share-based awards classified as liabilities (90 ) (41 ) (176 ) (46 ) Income available to common shareholders $ 59,889 $ 59,160 $ 122,854 $ 115,818 Weighted-average shares outstanding 47,594 48,255 47,675 48,287 Dilutive impact of potential common shares 183 325 222 349 Weighted-average shares and potential common shares outstanding 47,777 48,580 47,897 48,636 Earnings per share – diluted $ 1.25 $ 1.22 $ 2.56 $ 2.38 Antidilutive options excluded from calculation 529 451 529 451

Other comprehensive income

Other comprehensive income	6 Months Ended
	Jun. 30, 2018
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) 2018 2017 2018 2017 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 $ 711 $ 711 Other income Net actuarial loss (721 ) (909 ) (1,442 ) (1,819 ) Other income Total amortization (366 ) (554 ) (731 ) (1,108 ) Other income Tax benefit 45 165 400 330 Income tax provision Total reclassifications, net of tax $ (321 ) $ (389 ) $ (331 ) $ (778 ) Net income Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the six months ended June 30, 2018 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on marketable debt securities, net of tax (1) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2017 $ (26,829 ) $ (322 ) $ (10,446 ) $ (37,597 ) Other comprehensive loss before reclassifications — (69 ) (4,968 ) (5,037 ) Amounts reclassified from accumulated other comprehensive loss 331 — — 331 Net current-period other comprehensive income (loss) 331 (69 ) (4,968 ) (4,706 ) Adoption of ASU No. 2018-02 (6,867 ) — — (6,867 ) Balance, June 30, 2018 $ (33,365 ) $ (391 ) $ (15,414 ) $ (49,170 ) (1) Other comprehensive loss before reclassifications is net of income tax benefit of $24

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions We regularly 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 are expensed as incurred and are included in SG&A expense in the consolidated statements of comprehensive income. Transaction costs were not significant to our consolidated statements of comprehensive income for the six months ended June 30, 2018 and 2017 . The acquisitions completed during the six months ended June 30, 2018 were cash transactions, funded by use of our revolving credit facility. We completed these acquisitions primarily to increase our mix of marketing solutions and other services revenue, to add logo and web services capabilities, and to reach new customers. 2018 acquisitions – In June 2018, we acquired selected assets of Velocity Servers, Inc., doing business as ColoCrossing, a data center solutions, cloud hosting and infrastructure colocation provider of dedicated hosting services. The preliminary allocation of the purchase price based upon the estimated fair values of the assets acquired and liabilities assumed resulted in tax-deductible goodwill of $10,300 . The acquisition resulted in goodwill as we expect to accelerate revenue growth by bringing colocation services into our portfolio of hosting products and services. The operations of this business from its acquisition date are included in our Small Business Services segment. We expect to finalize the allocation of the purchase price in the first half of 2019 when our valuation of the acquired intangible assets is completed, as well as the valuation of various other assets acquired and liabilities assumed. In March 2018, we acquired all of the equity of Logomix Inc. (Logomix), a self-service marketing and branding platform that helps small businesses create logos and custom marketing products. The preliminary allocation of the purchase price based upon the estimated fair values of the assets acquired and liabilities assumed resulted in nondeductible goodwill of $29,909 . The acquisition resulted in goodwill as we expect to accelerate revenue growth by combining our capabilities with Logomix's platform. The operations of this business from its acquisition date are included in our Small Business Services segment. We expect to finalize the allocation of the purchase price by the end of 2018 when our valuation of the acquired intangible assets is completed, as well as the valuation of various other assets acquired and liabilities assumed. Also during the six months ended June 30, 2018 , we acquired the operations of 2 small business distributors that are included in our Small Business Services segment. The assets acquired consisted primarily of customer list intangible assets. As these small business 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. In June 2018, we entered into a definitive agreement to acquire a treasury management business that we expect will deliver approximately $36,000 of revenue in 2018. The regulatory conditions related to the acquisition have been satisfied, and we anticipate that the acquisition will close during the third quarter of 2018. Information regarding goodwill by reportable segment and the useful lives of acquired intangibles can be found in Note 3. Information regarding the calculation of the estimated fair values of the acquired intangibles can be found in Note 7. As our acquisitions were immaterial to our reported 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, 2018 , of the aggregate purchase price for the above acquisitions to the assets acquired and liabilities assumed: (in thousands) 2018 acquisitions Net tangible assets acquired and liabilities assumed (1) $ (4,791 ) Identifiable intangible assets: Customer lists/relationships 21,237 Trade names 13,700 Technology-based intangible 7,200 Total intangible assets 42,137 Goodwill 40,209 Total aggregate purchase price 77,555 Liabilities for holdback payments and contingent consideration (4,015 ) Net cash paid for 2018 acquisitions 73,540 Holdback payments for prior year acquisitions 16,665 Payments for acquisitions, net of cash acquired of $1,645 $ 90,205 (1) Net liabilities acquired consisted primarily of Logomix deferred income taxes. During the six months ended June 30, 2018 , we finalized purchase accounting for the acquisitions of RDM Corporation, Digital Pacific Group Pty Ltd and Impact Marketing Specialists, Inc., which were acquired in 2017. We also recorded adjustments related to the purchase accounting for j2 Global Australia Pty Ltd, doing business as Web24, and SY Holdings, LLC, doing business as managed.com, which were also acquired during 2017. We expect to finalize the purchase accounting for these acquisitions in the third quarter of 2018 when our valuation of property, plant and equipment, as well as the acquired customer list intangible assets, is finalized. Further information regarding these acquisitions can be found under the caption “Note 5: Acquisitions” in the Notes to Consolidated Financial Statements appearing in our 2017 Form 10-K. These measurement-period adjustments resulted in an increase in goodwill of $3,616 during the six months ended June 30, 2018 , with the offset to various assets and liabilities, including deferred revenue, deferred income taxes and other long-term liabilities, as well as a decrease of $910 in customer list intangibles and an increase in internal-use software of $1,000 . 2017 acquisitions – During the six months ended June 30, 2017 , we completed the following acquisitions: • In February 2017, we acquired selected assets of Panthur Pty Ltd, an Australian web hosting and domain registration service provider. • In April 2017, we acquired all of the equity of RDM Corporation of Canada, a provider of remote deposit capture software, hardware and digital imaging solutions for financial institutions and corporate clients. • We acquired the operations of several small business distributors, all of which were previously part of our Safeguard distributor network. Payments for acquisitions, net of cash acquired, as presented on the consolidated statement of cash flows for the six months ended June 30, 2017 , included payments of $72,470 for these acquisitions and $5,083

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements Non-recurring asset impairment analyses – During the first quarter of 2018, we recorded a pre-tax asset impairment charge of $2,149 related to a Small Business Services customer list intangible asset. Based on changes in the customer base of one of our small business distributors, we determined that the customer list asset was impaired and had an estimated fair market value of $0 (level 3 fair value measurement) as of March 31, 2018. During the six months ended June 30, 2017, we recorded aggregate pre-tax asset impairment charges of $8,250 related to a small business distributor that was classified as held for sale in the consolidated balance sheets prior to its sale during the second quarter of 2017. The impairment charges were calculated based on ongoing negotiations for the sale of the business and reduced its carrying value to its fair value less costs to sell of approximately $3,500 (level 3 fair value measurement) by reducing the carrying value of the related customer list intangible asset. Further information regarding assets held for sale can be found in Note 3. 2018 acquisitions – For all acquisitions, we are required to measure the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Information regarding the acquisitions completed during the six months ended June 30, 2018 can be found in Note 6. The identifiable net assets acquired during the six months ended June 30, 2018 were comprised primarily of customer list intangible assets, trade names and a technology-related intangible asset. The estimated fair values of the trade names and the technology-related asset were calculated using the relief from royalty method, which calculates the cost savings associated with owning rather than licensing the trade name or the technology. Assumed royalty rates were applied to projected revenue for the estimated remaining useful lives of the assets to estimate the royalty savings. The estimated fair values of the Logomix and ColoCrossing customer lists were calculated using the multi-period excess earnings method. This valuation model estimates revenues and cash flows derived from the asset and then deducts portions of the cash flow that can be attributed to supporting assets, such as a brand name or fixed assets, that contributed to the generation of the cash flows. The resulting cash flow, which is attributable solely to the customer list asset, is then discounted at a rate of return commensurate with the risk of the asset to calculate a present value. The estimated fair value of the other acquired customer lists was calculated by discounting the estimated cash flows expected to be generated by the assets. Key assumptions used in the calculations included same-customer revenue growth rates and estimated customer retention rates based on the acquirees' historical information. Recurring fair value measurements – Funds held for customers included cash equivalents and available-for-sale debt securities (Note 3). The cash equivalents consisted of a money market fund investment that is traded in an active market. Because of the short-term nature of the underlying investments, the cost of this investment approximates its fair value. Available-for-sale debt securities consisted of a mutual fund investment that invests in Canadian and provincial government securities and investments in Canadian guaranteed investment certificates (GICs) with maturities of 1 year. 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, 2018 and 2017 . The fair value of accrued contingent consideration is remeasured each reporting period. Increases or decreases in projected revenue, gross profit or operating income, as appropriate, and the related probabilities of achieving the forecasted results, 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. Changes in accrued contingent consideration during the six months ended June 30, 2018 were as follows: (in thousands) Six Months Ended June 30, 2018 Balance, December 31, 2017 $ 3,623 Acquisition date fair value 100 Change in fair value 457 Payments (863 ) Balance, June 30, 2018 $ 3,317 Information regarding the fair values of our financial instruments was as follows: Fair value measurements using June 30, 2018 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) Measured at fair value through net income: Accrued contingent consideration $ (3,317 ) $ (3,317 ) $ — $ — $ (3,317 ) Measured at fair value through comprehensive income: Cash equivalents (funds held for customers) 10,000 10,000 10,000 — — Available-for-sale debt securities (funds held for customers) 15,897 15,897 — 15,897 — Amortized cost: Cash 68,594 68,594 68,594 — — Cash (funds held for customers) 66,709 66,709 66,709 — — Loans and notes receivable from Safeguard distributors 69,879 60,397 — — 60,397 Long-term debt (1) 765,000 765,000 — 765,000 — (1) Amounts exclude capital lease obligations. Fair value measurements using December 31, 2017 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) Measured at fair value through net income: Accrued contingent consideration $ (3,623 ) $ (3,623 ) $ — $ — $ (3,623 ) Measured at fair value through comprehensive income: Cash equivalents (funds held for customers) 17,300 17,300 17,300 — — Available-for-sale debt securities (funds held for customers) 16,613 16,613 — 16,613 — Amortized cost: Cash 59,240 59,240 59,240 — — Cash (funds held for customers) 52,279 52,279 52,279 — — Loans and notes receivable from Safeguard distributors 46,409 44,650 — — 44,650 Long-term debt (1) 707,386 707,938 — 707,938 — (1) Amounts exclude capital lease obligations. 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, 2018

Restructuring and Chief Executi

Restructuring and Chief Executive Officer transition costs	6 Months Ended
	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
Restructuring and Chief Executive Officer transition costs	Restructuring and Chief Executive Officer transition costs Restructuring charges – Net restructuring charges for each period consisted of the following components: Quarter Ended Six Months Ended (in thousands, except number of employees) 2018 2017 2018 2017 Severance accruals $ 3,804 $ 1,240 $ 4,648 $ 2,348 Severance reversals (95 ) (119 ) (230 ) (518 ) Operating lease obligations — 23 — 23 Net restructuring accruals 3,709 1,144 4,418 1,853 Other costs 2,662 313 4,275 597 Net restructuring charges $ 6,371 $ 1,457 $ 8,693 $ 2,450 Number of employees included in severance accruals 80 20 105 50 The net restructuring charges are reflected in the consolidated statements of comprehensive income as follows: Quarter Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Total cost of revenue $ 736 $ 30 $ 913 $ 9 Operating expenses 5,635 1,427 7,780 2,441 Net restructuring charges $ 6,371 $ 1,457 $ 8,693 $ 2,450 During the quarters and six months ended June 30, 2018 and 2017 , the net restructuring accruals included severance charges related to employee reductions across functional areas as we continued to reduce costs, primarily within our sales, marketing 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 and integration activities. Restructuring accruals of $4,686 as of June 30, 2018 and $4,380 as of December 31, 2017 are reflected in the consolidated balance sheets as accrued liabilities. The majority of the employee reductions are expected to be completed by the end of 2018, and we expect most of the related severance payments to be paid by mid-2019, utilizing cash from operations. As of June 30, 2018 , approximately 70 of the employees included in our restructuring accruals had not yet started to receive severance benefits. Accruals for our restructuring initiatives, summarized by year, were as follows: (in thousands) 2018 initiatives 2017 initiatives 2016 initiatives Total Balance, December 31, 2017 $ — $ 4,348 $ 32 $ 4,380 Restructuring charges 4,530 118 — 4,648 Restructuring reversals (5 ) (220 ) (5 ) (230 ) Payments (555 ) (3,530 ) (27 ) (4,112 ) Balance, June 30, 2018 $ 3,970 $ 716 $ — $ 4,686 Cumulative amounts: Restructuring charges $ 4,530 $ 7,340 $ 7,801 $ 19,671 Restructuring reversals (5 ) (381 ) (750 ) (1,136 ) Payments (555 ) (6,243 ) (7,051 ) (13,849 ) Balance, June 30, 2018 $ 3,970 $ 716 $ — $ 4,686 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 (1) Small Business Services Total Balance, December 31, 2017 $ 789 $ 1,398 $ 140 $ 2,049 $ 4 $ 4,380 Restructuring charges 697 3,680 — 271 — 4,648 Restructuring reversals (48 ) (39 ) (3 ) (140 ) — (230 ) Payments (810 ) (1,250 ) (134 ) (1,914 ) (4 ) (4,112 ) Balance, June 30, 2018 $ 628 $ 3,789 $ 3 $ 266 $ — $ 4,686 Cumulative amounts: (2) Restructuring charges $ 5,333 $ 7,782 $ 286 $ 6,188 $ 82 $ 19,671 Restructuring reversals (402 ) (114 ) (9 ) (611 ) — (1,136 ) Payments (4,303 ) (3,879 ) (274 ) (5,311 ) (82 ) (13,849 ) Balance, June 30, 2018 $ 628 $ 3,789 $ 3 $ 266 $ — $ 4,686 (1) As discussed in Note 14, corporate costs are allocated to our business segments. As such, the net corporate restructuring charges are reflected in the business segment operating income presented in Note 14 in accordance with our allocation methodology. (2) Includes accruals related to our cost reduction initiatives for 2016 through 2018. Chief Executive Officer (CEO) transition costs – In April 2018, we announced the upcoming retirement of Mr. Lee Schram, our CEO. Mr. Schram will continue to serve as CEO during the transition process and will remain employed under the terms of a transition agreement through March 1, 2019. Under the terms of the transition agreement, if Mr. Schram remains employed through March 1, 2019, assists with the transition, and complies with certain covenants, we will provide to Mr. Schram certain benefits, including a transition bonus in the amount of $2,000 , accelerated vesting of certain restricted stock unit awards and continued vesting and settlement of a pro-rata portion of outstanding performance share awards to the extent such awards are earned based on the attainment of certain performance goals. We anticipate the modifications to Mr. Schram's share-based payment awards will result in expense of $2,088 , which will be recognized through March 2019. We also offered retention agreements to certain members of our management team under which each employee will be entitled to receive a cash bonus equal to his or her annual base salary or up to 1.5 times his or her annual base salary if he or she remains employed during the retention period, generally from July 1, 2018 to December 31, 2019, and complies with certain covenants. The retention bonus will be paid to an employee if his or her employment is terminated without cause before the end of the retention period. In addition, we are incurring costs related to the CEO transition process, such as executive search fees, travel and board of directors fees. CEO retirement and transition costs included within SG&A expense for the quarter and six months ended June 30, 2018 totaled $1,530

Income tax provision

Income tax provision	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income tax provision	Income tax provision The effective tax rate on pre-tax income reconciles to the United States federal statutory tax rate of 21% for 2018 and 35% for 2017 as follows: Six Months Ended June 30, 2018 Year Ended December 31, 2017 Income tax at federal statutory rate 21.0 % 35.0 % State income tax expense, net of federal benefit 3.3 % 2.7 % Goodwill impairment charge — 1.5 % Impact of the 2017 Act 0.1 % (6.6 %) Qualified production activities deduction — (3.2 %) Net tax benefit of share-based compensation (1.1 %) (1.6 %) Other 0.7 % (1.4 %) Effective tax rate 24.0 % 26.4 %

Postretirement benefits

Postretirement benefits	6 Months Ended
	Jun. 30, 2018
Defined Benefit Plan [Abstract]
Postretirement benefits	Postretirement benefits We have historically provided certain health care benefits for a portion of our retired United States 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 our 2017 Form 10-K. Postretirement benefit income for each period consisted of the following components: Quarter Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Interest cost $ 656 $ 724 $ 1,313 $ 1,448 Expected return on plan assets (1,934 ) (1,782 ) (3,868 ) (3,564 ) Amortization of prior service credit (355 ) (355 ) (711 ) (711 ) Amortization of net actuarial losses 721 909 1,442 1,819 Net periodic benefit income $ (912 ) $ (504 ) $ (1,824 ) $ (1,008 ) Effective January 1, 2018, we adopted ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which required us to reclassify postretirement benefit income from cost of revenue and SG&A expense to other income in our consolidated statements of comprehensive income. Further information can be found in Note 2.

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt Debt outstanding was comprised of the following: (in thousands) June 30, December 31, Amount drawn on revolving credit facility $ 765,000 $ 413,000 Amount outstanding under term loan facility — 294,938 Capital lease obligations 1,804 1,914 Long-term debt, principal amount 766,804 709,852 Less unamortized debt issuance costs — (471 ) Less current portion of long-term debt (765 ) (44,121 ) Long-term debt 766,039 665,260 Current portion of amount drawn under term loan facility — 43,313 Current portion of capital lease obligations 765 808 Long-term debt due within one year, principal amount 765 44,121 Less unamortized debt issuance costs — (81 ) Long-term debt due within one year 765 44,040 Total debt $ 766,804 $ 709,300 In March 2018, we entered into a revolving credit facility in the amount of $950,000 , subject to increase under the credit agreement to an aggregate amount not exceeding $1,425,000 . The credit facility matures in March 2023 . Our previous credit facility agreement was terminated contemporaneously with our entry into the new credit facility and was repaid utilizing proceeds from the new credit facility. Our quarterly commitment fee ranges from 0.175% to 0.35% based on our leverage ratio. As of June 30, 2018 , $765,000 was drawn on our revolving credit facility at a weighted-average interest rate of 3.24% . As of December 31, 2017 , $413,000 was drawn on our previous revolving credit facility at a weighted-average interest rate of 2.98% . Our previous credit facility agreement also included a term loan facility. As of December 31, 2017 , $294,938 was outstanding under the term loan facility at a weighted-average interest rate of 2.99% . This amount was repaid in March 2018, utilizing proceeds from the new revolving credit facility. There are currently no limitations on the amount of dividends and share repurchases under the terms of our credit 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. Borrowings under the credit agreement are collateralized by substantially all of our personal and intangible property. 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 requires us to maintain certain financial ratios, including a maximum leverage ratio of 3.5 and a minimum ratio of consolidated earnings before interest and taxes to consolidated interest expense, as defined in the credit agreement, of 3.0 . Daily average amounts outstanding under our current and previous credit facility were as follows: (in thousands) Six Months Ended June 30, 2018 Year Ended December 31, 2017 Revolving credit facility: Daily average amount outstanding $ 599,182 $ 436,588 Weighted-average interest rate 3.01 % 2.55 % Term loan facility: Daily average amount outstanding $ 128,331 $ 315,862 Weighted-average interest rate 2.97 % 2.57 % As of June 30, 2018 , amounts were available for borrowing under our revolving credit facility as follows: (in thousands) Total available Revolving credit facility commitment $ 950,000 Amount drawn on revolving credit facility (765,000 ) Outstanding letters of credit (1) (10,128 ) Net available for borrowing as of June 30, 2018 $ 174,872 (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 revolving credit facility. In addition to amounts outstanding under our credit facility, we had capital lease obligations of $1,804 as of June 30, 2018 and $1,914 as of December 31, 2017 related to information technology hardware. The lease obligations will be paid through November 2021

Other commitments and contingen

Other commitments and contingencies	6 Months Ended
	Jun. 30, 2018
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 indemnification provisions generally 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 matters 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. However, we do not believe that any liability under these indemnities would have a material adverse effect on our financial position, annual results of operations or annual cash flows. 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 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 that 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 $2,383 as of June 30, 2018 and $2,646 as of December 31, 2017 . 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. Environmental expense was not significant for the quarters or six months ended June 30, 2018 and 2017 . 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 at certain other sites. These policies cover liability for claims of bodily injury or property damage arising from pollution events at the covered facilities, as well as 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 2018. 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 $7,195 as of June 30, 2018 and $7,679 as of December 31, 2017 . These accruals are included in accrued liabilities and other non-current liabilities in the consolidated balance sheets. Our workers' compensation liability is recorded at present value. The difference between the discounted and undiscounted liability was not significant as of June 30, 2018 or December 31, 2017 . 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 – Recorded liabilities for legal matters were not material to our financial position, results of operations or liquidity during the six months ended June 30, 2018 and 2017 , 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 in the period in which the ruling occurs or in future periods.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Shareholders' equity	Shareholders’ equity During the six months ended June 30, 2018 , we repurchased 573 thousand shares for $39,996 . These share repurchases were completed under an authorization from our board of directors in May 2016 for the repurchase of up to $300,000 of our common stock. This authorization has no expiration date, and $199,731 remained available for purchase under this authorization as of June 30, 2018

Business segment information

Business segment information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Business segment information	Business segment information We operate 3 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 others; networks of Safeguard 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 that executes product and service supply contracts with our financial institution clients, including banks, credit unions and financial services companies. Direct Checks sells products and services directly to consumers using direct marketing, including print advertising and search engine marketing and optimization strategies. All 3 segments operate primarily in the United States, although Small Business Services has operations in Canada, Australia and portions of Europe, and Financial Services has operations in Canada. 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 2017 , checks represented 39% of our Small Business Services segment's revenue, 43% of our Financial Services segment's revenue and 84% of our Direct Checks segment's revenue. Marketing solutions and other services (MOS) – We offer products and services designed to meet our customers' sales and marketing needs, as well as various other service offerings. During 2017, MOS represented 34% of our Small Business Services segment's revenue, 55% of our Financial Services segment's revenue and 11% of our Direct Checks segment's revenue. Our MOS offerings generally consist of the following: • Small business marketing solutions – Our marketing products utilize digital printing and web-to-print solutions to provide printed marketing materials and promotional solutions, such as postcards, brochures, retail packaging supplies, apparel, greeting cards and business cards. • Web services – These service offerings for small businesses include hosting and domain name services; logo and web design; search engine marketing and optimization; and payroll services. • Data-driven marketing solutions – These Financial Services offerings include outsourced marketing campaign targeting and execution and marketing analytics solutions that help our customers grow revenue through strategic targeting, lead optimization, retention and cross-selling services. • Treasury management solutions – These Financial Services solutions include remote deposit capture, receivables management, payment processing, and paperless treasury management, as well as software, hardware and digital imaging solutions. • Fraud, security, risk management and operational services – These service offerings include fraud protection and security services, electronic checks ("eChecks") and digital engagement solutions, including loyalty and rewards programs. Forms, accessories and other products – 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, as well as computer forms compatible with accounting software packages commonly used by small businesses. Small Business Services also offers other customized products, including envelopes, office supplies, ink stamps and labels. Our Financial Services and Direct Checks segments offer deposit tickets, check registers, checkbook covers, labels and ink stamps. The following tables present revenue disaggregated by our product and service offerings: Quarter Ended June 30, 2018 (in thousands) Small Business Services Financial Services Direct Checks Consolidated Checks $ 119,786 $ 57,591 $ 26,196 $ 203,573 Marketing solutions and other services: Small business marketing solutions 69,442 — — 69,442 Web services 40,850 — — 40,850 Data-driven marketing solutions — 37,327 — 37,327 Treasury management solutions — 28,558 — 28,558 Fraud, security, risk management and operational services 6,588 12,596 3,444 22,628 Total MOS 116,880 78,481 3,444 198,805 Forms, accessories and other products 81,076 3,243 1,547 85,866 Total revenue $ 317,742 $ 139,315 $ 31,187 $ 488,244 Six Months Ended June 30, 2018 (in thousands) Small Business Services Financial Services Direct Checks Consolidated Checks $ 242,719 $ 115,642 $ 55,550 $ 413,911 Marketing solutions and other services: Small business marketing solutions 136,204 — — 136,204 Web services 78,226 — — 78,226 Data-driven marketing solutions — 74,467 — 74,467 Treasury management solutions — 57,758 — 57,758 Fraud, security, risk management and operational services 13,104 24,903 7,301 45,308 Total MOS 227,534 157,128 7,301 391,963 Forms, accessories and other products 163,803 7,186 3,295 174,284 Total revenue $ 634,056 $ 279,956 $ 66,146 $ 980,158 Quarter Ended June 30, 2017 (in thousands) Small Business Services Financial Services Direct Checks Consolidated Checks $ 120,173 $ 62,351 $ 29,193 $ 211,717 Marketing solutions and other services: Small business marketing solutions 63,168 — — 63,168 Web services 30,090 — — 30,090 Data-driven marketing solutions — 36,157 — 36,157 Treasury management solutions — 29,045 — 29,045 Fraud, security, risk management and operational services 6,610 16,712 3,747 27,069 Total MOS 99,868 81,914 3,747 185,529 Forms, accessories and other products 82,834 3,480 1,672 87,986 Total revenue $ 302,875 $ 147,745 $ 34,612 $ 485,232 Six Months Ended June 30, 2017 (in thousands) Small Business Services Financial Services Direct Checks Consolidated Checks $ 244,310 $ 127,726 $ 61,854 $ 433,890 Marketing solutions and other services: Small business marketing solutions 122,677 — — 122,677 Web services 60,334 — — 60,334 Data-driven marketing solutions — 68,231 — 68,231 Treasury management solutions — 51,819 — 51,819 Fraud, security, risk management and operational services 13,243 33,323 8,003 54,569 Total MOS 196,254 153,373 8,003 357,630 Forms, accessories and other products 170,434 7,440 3,604 181,478 Total revenue $ 610,998 $ 288,539 $ 73,461 $ 972,998 Product revenue is recognized at a point in time. Total MOS revenue included product revenue of $70,496 and service revenue of $128,309 for the quarter ended June 30, 2018 and product revenue of $135,147 and service revenue of $256,816 for the six months ended June 30, 2018 . The majority of our service revenue is recognized over time as services are provided. The following tables present our revenue disaggregated by geography, based on where items are shipped or services are performed. (in thousands) Small Business Services Financial Services Direct Checks Total Quarter Ended June 30, 2018: United States $ 290,863 $ 134,040 $ 31,187 $ 456,090 Foreign, primarily Canada and Australia 26,879 5,275 — 32,154 Total revenue $ 317,742 $ 139,315 $ 31,187 $ 488,244 Six Months Ended June 30, 2018: United States $ 580,822 $ 269,206 $ 66,146 $ 916,174 Foreign, primarily Canada and Australia 53,234 10,750 — 63,984 Total revenue $ 634,056 $ 279,956 $ 66,146 $ 980,158 (in thousands) Small Business Services Financial Services Direct Checks Total Quarter Ended June 30, 2017: United States $ 283,522 $ 142,540 $ 34,612 $ 460,674 Foreign, primarily Canada and Australia 19,353 5,205 — 24,558 Total revenue $ 302,875 $ 147,745 $ 34,612 $ 485,232 Six Months Ended June 30, 2017: United States $ 572,666 $ 283,334 $ 73,461 $ 929,461 Foreign, primarily Canada and Australia 38,332 5,205 — 43,537 Total revenue $ 610,998 $ 288,539 $ 73,461 $ 972,998 The accounting policies of the segments are the same as those described in the Notes to Consolidated Financial Statements included in our 2017 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. Where costs incurred are directly attributable to a business segment, those costs are charged directly to that segment. During 2017, costs that were not directly attributable to a business segment were allocated to the segments based on segment revenue. Effective January 1, 2018, we completed a more detailed analysis of our corporate costs and were able to allocate substantially all of the costs directly to our business segments. The costs that were not directly attributable to a business segment, primarily certain human resources costs, were allocated to the segments based on the number of employees in each segment. This change in our allocation methodology did not have a significant impact on the operating results of our business segments. Corporate assets are not allocated to the segments and consisted primarily of long-term investments and assets related to our corporate shared services functions of manufacturing, information technology and real estate, including property, plant and equipment; internal-use software; and inventories and supplies. 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, 2018 and 2017 : Reportable Business Segments (in thousands) Small Business Services Financial Services Direct Checks Corporate Consolidated Total revenue from external customers: 2018 $ 317,742 $ 139,315 $ 31,187 $ — $ 488,244 2017 302,875 147,745 34,612 — 485,232 Operating income: 2018 58,642 13,980 10,201 — 82,823 2017 54,521 26,609 11,697 — 92,827 Depreciation and amortization expense: 2018 16,154 15,422 800 — 32,376 2017 13,439 16,161 814 — 30,414 Asset impairment charges: 2018 — — — — — 2017 2,954 — — — 2,954 Total assets: 2018 1,165,781 662,076 157,649 307,738 2,293,244 2017 1,042,694 697,900 159,246 268,915 2,168,755 Capital asset purchases: 2018 — — — 14,006 14,006 2017 — — — 11,767 11,767 The following is our segment information as of and for the six months ended June 30, 2018 and 2017: Reportable Business Segments (in thousands) Small Business Services Financial Services Direct Checks Corporate Consolidated Total revenue from external customers: 2018 $ 634,056 $ 279,956 $ 66,146 $ — $ 980,158 2017 610,998 288,539 73,461 — 972,998 Operating income: 2018 117,541 31,954 21,036 — 170,531 2017 106,782 46,854 24,189 — 177,825 Depreciation and amortization expense: 2018 31,592 30,316 1,609 — 63,517 2017 27,656 30,774 1,621 — 60,051 Asset impairment charges: 2018 2,149 — — — 2,149 2017 8,250 — — — 8,250 Total assets: 2018 1,165,781 662,076 157,649 307,738 2,293,244 2017 1,042,694 697,900 159,246 268,915 2,168,755 Capital asset purchases: 2018 — — — 28,040 28,040 2017 — — — 22,788 22,788

New accounting pronouncements (

New accounting pronouncements (Policies)	6 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Revenue recognition	Our product revenue is recognized when control of the goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. In most cases, control is transferred when products are shipped. We recognize the vast majority of our service revenue as the services are provided. Many of our check supply contracts with financial institutions provide for rebates on certain products. We record these rebates as reductions of revenue and as accrued liabilities on our consolidated balance sheets when the related revenue is recognized. Many of our financial institution contracts also require prepaid product discounts in the form of upfront cash payments we make to our financial institution clients. These prepaid product discounts are included in other non-current assets in our consolidated balance sheets and are amortized as reductions of revenue, generally on the straight-line basis, over the contract term. Sales tax collected concurrent with revenue-producing activities is excluded from revenue. Amounts billed to customers for shipping and handling are included in revenue, while the related shipping and handling costs are reflected in cost of products. We have elected the practical expedient that allows us to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment cost, and we accrue costs of shipping and handling when the related revenue is recognized. As part of our Financial Services rewards, incentive and loyalty programs, we receive payments from consumers or our clients for the products and services provided, including hotel stays, gift cards and merchandise, such as apparel, electronics and clothing. This revenue is recorded net of the related fulfillment costs. Certain of our contracts for data-driven marketing solutions and treasury management outsourcing services within Financial Services have variable consideration that is contingent on either the success of the marketing campaign ("pay-for-performance") or the volume of outsourcing services provided. We recognize revenue for estimated variable consideration as services are provided based on the most likely amount to be realized. Revenue is recognized to the extent that it is probable that a significant reversal of revenue will not occur when the contingency is resolved. Estimates regarding the recognition of variable consideration are updated each quarter. Typically, the amount of consideration for these contracts is finalized within 3 months, although pricing under certain of our outsourcing contracts may be based on annual volume commitments. Revenue recognized from these contracts was approximately $100,000 in 2017. Under the new standard, we have accelerated the recognition of a portion of this variable consideration. Certain of our contracts for treasury management solutions result from the sale of bundled arrangements that may include hardware, software and professional services, as well as customization and modification of software, and specify the timing of customer billings over the course of the contract. Revenue for these contracts is recognized using a cost-based input method that depicts the transfer of services to the customer. The transaction price is allocated to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or using expected cost plus margin. When the revenue recognized for uncompleted contracts exceeds the amount of customer billings, a contract asset is reflected in our consolidated balance sheets within other current assets. The amount included in other current assets was $31,955 as of June 30, 2018 and $16,379 as of December 31, 2017. When the amount of customer billings for uncompleted contracts exceeds the revenue recognized, a contract liability is reflected in our consolidated balance sheets within accrued liabilities. The amount included in accrued liabilities was $1,509 as of June 30, 2018 and $2,233 as of December 31, 2017. At times, a financial institution client may terminate its check supply contract with us prior to the end of the contract term. In many cases, the financial institution is contractually required to remit a contract termination payment. Such payments are recorded as revenue when the termination agreement is executed, provided that we have no further performance obligations and collection of the funds is assured. If we have further performance obligations following the execution of a contract termination agreement, we record the related revenue over the remaining service period. Our payment terms vary by type of customer and the products or services offered. The time period between invoicing and when payment is due is not significant. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. When a customer pays in advance for services, primarily for treasury management solutions and web hosting services, we defer the revenue and recognize it as the services are performed, generally over a period of less than 1 year. Deferred revenue is included in accrued liabilities and other non-current liabilities in our consolidated balance sheets. The decrease of $4,308 in deferred revenue for the six months ended June 30, 2018 was primarily driven by the recognition of $32,221 of revenue that was included in deferred revenue as of December 31, 2017 , partially offset by cash payments received in advance of satisfying our performance obligations. In addition to the amounts included in deferred revenue, we will recognize revenue in future periods related to remaining performance obligations for certain of our data-driven marketing and treasury management solutions. Generally, these contracts have terms of 1 year or less and many have terms of 3 months or less. The amount of revenue related to these unsatisfied performance obligations is not significant to our annual consolidated revenue. The new guidance requires that certain costs incurred to obtain contracts be recognized as assets and amortized consistent with the transfer of goods or services to the customer. As such, we are now deferring sales commissions related to obtaining check supply and treasury management solution contracts within Financial Services. These amounts are included in other non-current assets and are amortized as selling, general and administrative (SG&A) expense. Amortization of these amounts on the straight-line basis approximates the timing of the transfer of goods or services to the customer. Generally, these amounts are being amortized over periods of 3 to 6
Comprehensive income	Our policy is to release stranded income tax effects from accumulated other comprehensive loss when the circumstances upon which they are premised cease to exist.
New accounting pronouncements	New accounting pronouncements The following discusses the impact of each accounting standards update (ASU) adopted on January 1, 2018: ASU No. 2014-09 – In May 2014, the Financial Accounting Standards Board (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. In addition, the FASB subsequently issued several amendments to the standard. We adopted the standard and all the related amendments on January 1, 2018 using the modified retrospective method. We applied the new guidance to uncompleted contracts as of January 1, 2018 and recorded the cumulative effect of initially applying the standard as an adjustment to retained earnings, with the offset to other current assets, other non-current assets and deferred income tax liabilities. We have elected the practical expedient for contract modifications, allowing us to consider the impact of all contract modifications completed prior to January 1, 2018. We have also elected the practical expedient that allows us to disregard the effects of a financing component if the period between payment and performance will be 1 year or less. Election of these practical expedients did not have a significant impact on our results of operations or financial position. Prior periods have not been restated and continue to be reported under the accounting standards in effect for those periods. We do not expect the adoption of this guidance to have a material impact on our results of operations, financial position or cash flows on an ongoing basis. The new guidance also expands the required financial statement disclosures regarding revenue recognition. Those disclosures appear below, while information regarding the disaggregation of revenue can be found in Note 14. Our product revenue is recognized when control of the goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. In most cases, control is transferred when products are shipped. We recognize the vast majority of our service revenue as the services are provided. Many of our check supply contracts with financial institutions provide for rebates on certain products. We record these rebates as reductions of revenue and as accrued liabilities on our consolidated balance sheets when the related revenue is recognized. Many of our financial institution contracts also require prepaid product discounts in the form of upfront cash payments we make to our financial institution clients. These prepaid product discounts are included in other non-current assets in our consolidated balance sheets and are amortized as reductions of revenue, generally on the straight-line basis, over the contract term. Sales tax collected concurrent with revenue-producing activities is excluded from revenue. Amounts billed to customers for shipping and handling are included in revenue, while the related shipping and handling costs are reflected in cost of products. We have elected the practical expedient that allows us to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment cost, and we accrue costs of shipping and handling when the related revenue is recognized. As part of our Financial Services rewards, incentive and loyalty programs, we receive payments from consumers or our clients for the products and services provided, including hotel stays, gift cards and merchandise, such as apparel, electronics and clothing. This revenue is recorded net of the related fulfillment costs. Certain of our contracts for data-driven marketing solutions and treasury management outsourcing services within Financial Services have variable consideration that is contingent on either the success of the marketing campaign ("pay-for-performance") or the volume of outsourcing services provided. We recognize revenue for estimated variable consideration as services are provided based on the most likely amount to be realized. Revenue is recognized to the extent that it is probable that a significant reversal of revenue will not occur when the contingency is resolved. Estimates regarding the recognition of variable consideration are updated each quarter. Typically, the amount of consideration for these contracts is finalized within 3 months, although pricing under certain of our outsourcing contracts may be based on annual volume commitments. Revenue recognized from these contracts was approximately $100,000 in 2017. Under the new standard, we have accelerated the recognition of a portion of this variable consideration. Certain of our contracts for treasury management solutions result from the sale of bundled arrangements that may include hardware, software and professional services, as well as customization and modification of software, and specify the timing of customer billings over the course of the contract. Revenue for these contracts is recognized using a cost-based input method that depicts the transfer of services to the customer. The transaction price is allocated to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or using expected cost plus margin. When the revenue recognized for uncompleted contracts exceeds the amount of customer billings, a contract asset is reflected in our consolidated balance sheets within other current assets. The amount included in other current assets was $31,955 as of June 30, 2018 and $16,379 as of December 31, 2017. When the amount of customer billings for uncompleted contracts exceeds the revenue recognized, a contract liability is reflected in our consolidated balance sheets within accrued liabilities. The amount included in accrued liabilities was $1,509 as of June 30, 2018 and $2,233 as of December 31, 2017. At times, a financial institution client may terminate its check supply contract with us prior to the end of the contract term. In many cases, the financial institution is contractually required to remit a contract termination payment. Such payments are recorded as revenue when the termination agreement is executed, provided that we have no further performance obligations and collection of the funds is assured. If we have further performance obligations following the execution of a contract termination agreement, we record the related revenue over the remaining service period. Our payment terms vary by type of customer and the products or services offered. The time period between invoicing and when payment is due is not significant. For certain products or services and customer types, we require payment before the products or services are delivered to the customer. When a customer pays in advance for services, primarily for treasury management solutions and web hosting services, we defer the revenue and recognize it as the services are performed, generally over a period of less than 1 year. Deferred revenue is included in accrued liabilities and other non-current liabilities in our consolidated balance sheets. The decrease of $4,308 in deferred revenue for the six months ended June 30, 2018 was primarily driven by the recognition of $32,221 of revenue that was included in deferred revenue as of December 31, 2017 , partially offset by cash payments received in advance of satisfying our performance obligations. In addition to the amounts included in deferred revenue, we will recognize revenue in future periods related to remaining performance obligations for certain of our data-driven marketing and treasury management solutions. Generally, these contracts have terms of 1 year or less and many have terms of 3 months or less. The amount of revenue related to these unsatisfied performance obligations is not significant to our annual consolidated revenue. The new guidance requires that certain costs incurred to obtain contracts be recognized as assets and amortized consistent with the transfer of goods or services to the customer. As such, we are now deferring sales commissions related to obtaining check supply and treasury management solution contracts within Financial Services. These amounts are included in other non-current assets and are amortized as selling, general and administrative (SG&A) expense. Amortization of these amounts on the straight-line basis approximates the timing of the transfer of goods or services to the customer. Generally, these amounts are being amortized over periods of 3 to 6 years. We elected the practical expedient allowing us to expense sales commissions as incurred when the amortization period would have been 1 year or less. The cumulative effect of the changes made to our unaudited consolidated balance sheet as of January 1, 2018 for the adoption of the new revenue guidance was as follows: (in thousands) Balance as of December 31, 2017 Adjustments due to ASU No. 2014-09 Balance as of January 1, 2018 Other current assets $ 55,441 $ 960 $ 56,401 Total current assets 392,966 960 393,926 Other non-current assets 159,756 5,733 165,489 Total assets $ 2,208,827 $ 6,693 $ 2,215,520 Deferred income taxes $ 50,543 $ 1,727 $ 52,270 Retained earnings 1,004,657 4,966 1,009,623 Total liabilities and shareholders' equity $ 2,208,827 $ 6,693 $ 2,215,520 The impact of adoption of the new revenue guidance on our unaudited consolidated statements of comprehensive income for the quarter and six months ended June 30, 2018 and on our unaudited consolidated balance sheet as of June 30, 2018 was as follows: (in thousands) As reported Effect of adoption Balance without adoption of ASU No. 2014-09 Quarter Ended June 30, 2018 Service revenue $ 128,309 $ (33 ) $ 128,276 Total revenue 488,244 (33 ) 488,211 Cost of services (55,869 ) 129 (55,740 ) Total cost of revenue (190,201 ) 129 (190,072 ) Gross profit 298,043 96 298,139 Selling, general and administrative expense (209,585 ) (1,567 ) (211,152 ) Operating income 82,823 (1,471 ) 81,352 Income before income taxes 79,129 (1,471 ) 77,658 Income tax provision (18,922 ) 380 (18,542 ) Net income $ 60,207 $ (1,091 ) $ 59,116 Six Months Ended June 30, 2018 Service revenue $ 256,816 $ (568 ) $ 256,248 Total revenue 980,158 (568 ) 979,590 Cost of services (111,256 ) 384 (110,872 ) Total cost of revenue (378,959 ) 384 (378,575 ) Gross profit 601,199 (184 ) 601,015 Selling, general and administrative expense (420,739 ) (1,051 ) (421,790 ) Operating income 170,531 (1,235 ) 169,296 Income before income taxes 162,547 (1,235 ) 161,312 Income tax provision (39,003 ) 319 (38,684 ) Net income $ 123,544 $ (916 ) $ 122,628 (in thousands) As reported Effect of adoption Balance without adoption of ASU No. 2014-09 June 30, 2018 Other current assets $ 73,839 $ (1,146 ) $ 72,693 Total current assets 409,404 (1,146 ) 408,258 Other non-current assets 193,699 (6,783 ) 186,916 Total assets $ 2,293,244 $ (7,929 ) $ 2,285,315 Accrued liabilities 245,719 (319 ) 245,400 Total current liabilities 351,765 (319 ) 351,446 Deferred income taxes 55,828 (1,727 ) 54,101 Retained earnings 1,076,683 (5,883 ) 1,070,800 Total liabilities and shareholders' equity $ 2,293,244 $ (7,929 ) $ 2,285,315 ASU No. 2016-01 – 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. We adopted this standard on January 1, 2018. This standard had no impact on our results of operations or financial position. Our financial statement disclosures in Note 7 related to financial instruments have been modified to comply with the new standard. ASU No. 2016-16 – In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory . The standard requires recognition of the tax effects resulting from the intercompany sale of an asset when the transfer occurs. Previously, the tax effects were deferred until the transferred asset was sold to a third party. We adopted this standard on January 1, 2018. No adjustment was required to opening retained earnings, and we do not expect the application of this standard to have a significant impact on our results of operations or financial position going forward. ASU No. 2017-01 – In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business . The standard revises the definition of a business, which affects many areas of accounting such as business combinations and disposals and goodwill impairment. The revised definition of a business will likely result in more acquisitions being accounted for as asset acquisitions, as opposed to business combinations. We adopted this standard on January 1, 2018, applying the guidance to transactions occurring on or after this date. ASU No. 2017-07 – In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The standard requires that the service cost component of net periodic benefit expense be recognized in the same statement of comprehensive income caption(s) as other compensation costs, and requires that the other components of net periodic benefit expense be recognized in the non-operating section of the statement of comprehensive income. In addition, only the service cost component of net periodic benefit expense is eligible for capitalization when applicable. We adopted this standard on January 1, 2018. The reclassification of the other components of our net periodic benefit income was applied on a retrospective basis. As such, we have revised our results of operations for previous periods. We utilized the practical expedient for adoption allowing us to use the amount previously disclosed in our postretirement benefits footnote as the basis for revising prior periods. As there is no service cost associated with our plans, we reclassified the entire amount of our net periodic benefit income from cost of revenue and SG&A expense to other income in our consolidated statements of comprehensive income. In addition, we no longer include any portion of net periodic benefit income in amounts capitalized for inventory or internal-use software, as only the service cost component is eligible for capitalization. This change did not have a significant impact on our results of operations or financial position. The impact of the revision on our unaudited consolidated statements of comprehensive income for the quarter and six months ended June 30, 2017 was as follows: (in thousands) As previously reported Effect of adoption As revised Quarter Ended June 30, 2017 Cost of products $ (130,591 ) $ (137 ) $ (130,728 ) Cost of services (48,623 ) (17 ) (48,640 ) Total cost of revenue (179,214 ) (154 ) (179,368 ) Selling, general and administrative expense (208,306 ) (350 ) (208,656 ) Operating income 93,331 (504 ) 92,827 Other income 746 504 1,250 Net income $ 59,579 $ — $ 59,579 Six Months Ended June 30, 2017 Cost of products $ (262,986 ) $ (274 ) $ (263,260 ) Cost of services (95,388 ) (34 ) (95,422 ) Total cost of revenue (358,374 ) (308 ) (358,682 ) Selling, general and administrative expense (425,100 ) (700 ) (425,800 ) Operating income 178,833 (1,008 ) 177,825 Other income 1,304 1,008 2,312 Net income $ 116,645 $ — $ 116,645 ASU No. 2017-09 – In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting . The standard provides guidance about which changes to the terms or conditions of a share-based payment award require modification accounting, which may result in a different fair value for the award. We adopted this standard on January 1, 2018, and it is being applied prospectively to awards modified on or after this date. Historically, modifications to our share-based payment awards have been infrequent. As such, we do not expect the application of this standard to have a significant impact on our results of operations or financial position. ASU No. 2018-02 – In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The standard allows companies to make an election to reclassify from accumulated other comprehensive income to retained earnings the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (the "2017 Act"). We elected to early adopt this standard on January 1, 2018, applying it in the period of adoption. As such, a reclassification from accumulated other comprehensive loss to retained earnings of $6,867 was recorded during the quarter ended March 31, 2018. This represents the effect of the change in the United States federal corporate income tax rate on the gross deferred tax amount at the date of enactment of the 2017 Act related to items remaining in accumulated other comprehensive loss. Our policy is to release stranded income tax effects from accumulated other comprehensive loss when the circumstances upon which they are premised cease to exist. In March 2018, the FASB issued ASU No. 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 118 . The standard added to the FASB Codification the guidance provided by the SEC in December 2017 regarding the accounting for the 2017 Act. We complied with SAB No. 118 when preparing our annual consolidated financial statements for the year ended December 31, 2017. Reasonable estimates were used in determining several of the components of the impact of the 2017 Act, including our 2017 deferred income tax activity and the amount of post-1986 foreign deferred earnings subject to the repatriation toll charge. We are still analyzing certain aspects of the 2017 Act and refining our calculations, which could potentially affect the measurement of our deferred tax balances and the amount of the repatriation toll charge liability, and ultimately cause us to revise our initial estimates in future periods. In addition, changes in interpretations, assumptions and guidance regarding the 2017 Act, as well as the potential for technical corrections, could have a material impact on our effective tax rate in future periods. During the quarter ended June 30, 2018, we recorded an increase in income tax expense of $441 as we refined our accounting for the 2017 Act, and during the six months ended June 30, 2018 , we recorded an increase in income tax expense of $131 . In order to complete our accounting for the 2017 Act, which we expect to finalize by the fourth quarter of 2018, the following specific items need to be completed or addressed: • issuance of state-by-state guidance regarding conformity with or decoupling from the 2017 Act; • finalize the calculation of post-1986 foreign deferred earnings, which are subject to the repatriation toll charge, and determine our ability to beneficially claim a foreign tax credit resulting from the income inclusion; and • where pertinent, adjust to clarifications and guidance regarding other aspects of the 2017 Act, including those related to the deductibility of executive compensation. Accounting pronouncements not yet adopted – 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. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases , which amends narrow aspects of the guidance in ASU No. 2016-02. Both standards are effective for us on January 1, 2019 and require adoption using a modified retrospective approach. We have established an implementation team to evaluate and identify the impact of the standard on our financial position, results of operations and cash flows. We are currently assessing our leasing arrangements, evaluating the impact of practical expedients and accounting policy elections, and implementing software to meet the reporting requirements of the standard. We are not able to quantify the impact of the standard at this time. 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.

Fair value measurements (Polici

Fair value measurements (Policies)	6 Months Ended
	Jun. 30, 2018
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.

New accounting pronouncements23

New accounting pronouncements (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Standards Update No. 2014-09 [Member]
New accounting pronouncements [Line Items]
Impact of new accounting pronouncement	The cumulative effect of the changes made to our unaudited consolidated balance sheet as of January 1, 2018 for the adoption of the new revenue guidance was as follows: (in thousands) Balance as of December 31, 2017 Adjustments due to ASU No. 2014-09 Balance as of January 1, 2018 Other current assets $ 55,441 $ 960 $ 56,401 Total current assets 392,966 960 393,926 Other non-current assets 159,756 5,733 165,489 Total assets $ 2,208,827 $ 6,693 $ 2,215,520 Deferred income taxes $ 50,543 $ 1,727 $ 52,270 Retained earnings 1,004,657 4,966 1,009,623 Total liabilities and shareholders' equity $ 2,208,827 $ 6,693 $ 2,215,520 The impact of adoption of the new revenue guidance on our unaudited consolidated statements of comprehensive income for the quarter and six months ended June 30, 2018 and on our unaudited consolidated balance sheet as of June 30, 2018 was as follows: (in thousands) As reported Effect of adoption Balance without adoption of ASU No. 2014-09 Quarter Ended June 30, 2018 Service revenue $ 128,309 $ (33 ) $ 128,276 Total revenue 488,244 (33 ) 488,211 Cost of services (55,869 ) 129 (55,740 ) Total cost of revenue (190,201 ) 129 (190,072 ) Gross profit 298,043 96 298,139 Selling, general and administrative expense (209,585 ) (1,567 ) (211,152 ) Operating income 82,823 (1,471 ) 81,352 Income before income taxes 79,129 (1,471 ) 77,658 Income tax provision (18,922 ) 380 (18,542 ) Net income $ 60,207 $ (1,091 ) $ 59,116 Six Months Ended June 30, 2018 Service revenue $ 256,816 $ (568 ) $ 256,248 Total revenue 980,158 (568 ) 979,590 Cost of services (111,256 ) 384 (110,872 ) Total cost of revenue (378,959 ) 384 (378,575 ) Gross profit 601,199 (184 ) 601,015 Selling, general and administrative expense (420,739 ) (1,051 ) (421,790 ) Operating income 170,531 (1,235 ) 169,296 Income before income taxes 162,547 (1,235 ) 161,312 Income tax provision (39,003 ) 319 (38,684 ) Net income $ 123,544 $ (916 ) $ 122,628
Accounting Standards Update No. 2017-07 [Member]
New accounting pronouncements [Line Items]
Impact of new accounting pronouncement	The impact of the revision on our unaudited consolidated statements of comprehensive income for the quarter and six months ended June 30, 2017 was as follows: (in thousands) As previously reported Effect of adoption As revised Quarter Ended June 30, 2017 Cost of products $ (130,591 ) $ (137 ) $ (130,728 ) Cost of services (48,623 ) (17 ) (48,640 ) Total cost of revenue (179,214 ) (154 ) (179,368 ) Selling, general and administrative expense (208,306 ) (350 ) (208,656 ) Operating income 93,331 (504 ) 92,827 Other income 746 504 1,250 Net income $ 59,579 $ — $ 59,579 Six Months Ended June 30, 2017 Cost of products $ (262,986 ) $ (274 ) $ (263,260 ) Cost of services (95,388 ) (34 ) (95,422 ) Total cost of revenue (358,374 ) (308 ) (358,682 ) Selling, general and administrative expense (425,100 ) (700 ) (425,800 ) Operating income 178,833 (1,008 ) 177,825 Other income 1,304 1,008 2,312 Net income $ 116,645 $ — $ 116,645

Supplemental balance sheet in24

Supplemental balance sheet information (Tables)	6 Months Ended
	Jun. 30, 2018
Balance Sheet Related Disclosures [Abstract]
Allowance for uncollectible accounts	Allowance for uncollectible accounts – Changes in the allowance for uncollectible accounts for the six months ended June 30, 2018 and 2017 was as follows: Six Months Ended (in thousands) 2018 2017 Balance, beginning of year $ 2,884 $ 2,828 Bad debt expense 1,470 1,635 Write-offs, net of recoveries (1,383 ) (1,346 ) Balance, end of period $ 2,971 $ 3,117
Inventories and supplies	Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) June 30, December 31, Raw materials $ 7,131 $ 7,357 Semi-finished goods 7,787 7,635 Finished goods 25,348 24,146 Supplies 2,967 3,111 Inventories and supplies $ 43,233 $ 42,249
Available-for-sale debt securities	Available-for-sale debt securities – Available-for-sale debt securities included within funds held for customers were comprised of the following: June 30, 2018 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Domestic money market fund $ 10,000 $ — $ — $ 10,000 Canadian and provincial government securities 8,747 — (464 ) 8,283 Canadian guaranteed investment certificates 7,614 — — 7,614 Available-for-sale debt securities $ 26,361 $ — $ (464 ) $ 25,897 (1) Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2018 , also included cash of $66,709 . December 31, 2017 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Domestic money market fund $ 17,300 $ — $ — $ 17,300 Canadian and provincial government securities 9,051 — (393 ) 8,658 Canadian guaranteed investment certificates 7,955 — — 7,955 Available-for-sale debt securities $ 34,306 $ — $ (393 ) $ 33,913 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2017 , also included cash of $52,279
Expected maturities of available-for-sale debt securities	Expected maturities of available-for-sale debt securities as of June 30, 2018 were as follows: (in thousands) Fair value Due in one year or less $ 20,588 Due in two to five years 3,578 Due in six to ten years 1,731 Available-for-sale debt securities $ 25,897
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 Other current assets Intangibles 3,390 8,459 Assets held for sale Goodwill 416 3,566 Assets held for sale Other non-current assets 16 207 Assets held for sale Net assets held for sale $ 3,822 $ 12,236
Intangibles	Intangibles – Intangibles were comprised of the following: June 30, 2018 December 31, 2017 (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 380,969 (303,099 ) 77,870 359,079 (284,074 ) 75,005 Customer lists/relationships (1) 355,384 (146,115 ) 209,269 343,589 (121,729 ) 221,860 Trade names 50,107 (22,833 ) 27,274 36,931 (19,936 ) 16,995 Technology-based intangibles 39,000 (10,053 ) 28,947 31,800 (6,400 ) 25,400 Software to be sold 36,900 (13,317 ) 23,583 36,900 (11,204 ) 25,696 Other 1,800 (1,700 ) 100 1,800 (1,590 ) 210 Amortizable intangibles 864,160 (497,117 ) 367,043 810,099 (444,933 ) 365,166 Intangibles $ 883,260 $ (497,117 ) $ 386,143 $ 829,199 $ (444,933 ) $ 384,266 (1) During the first quarter of 2018, we recorded a pre-tax asset impairment charge of $2,149
Estimated future amortization expense	Based on the intangibles in service as of June 30, 2018 , estimated future amortization expense is as follows: (in thousands) Estimated amortization expense Remainder of 2018 $ 47,873 2019 84,662 2020 65,171 2021 50,832 2022 36,379
Acquired intangibles	The following intangible assets were acquired during the six months ended June 30, 2018 : (in thousands) Amount Weighted-average amortization period (in years) Customer lists/relationships (1) $ 21,887 4 Internal-use software 21,573 3 Trade names 13,700 7 Technology-based intangibles 7,200 5 Acquired intangibles $ 64,360 4 (1) Includes the purchase of a customer list for $650
Goodwill	Goodwill – Changes in goodwill during the six months ended June 30, 2018 were as follows: (in thousands) Small Business Services Financial Services Direct Checks Total Balance, December 31, 2017: Goodwill, gross $ 706,568 $ 324,239 $ 148,506 $ 1,179,313 Accumulated impairment charges (48,379 ) — — (48,379 ) Goodwill, net of accumulated impairment charges 658,189 324,239 148,506 1,130,934 Goodwill resulting from acquisitions 40,209 — — 40,209 Measurement-period adjustments for prior year acquisitions (Note 6) 853 2,763 — 3,616 Adjustment of assets held for sale 218 — — 218 Currency translation adjustment (1,502 ) — — (1,502 ) Balance, June 30, 2018: Goodwill, gross 746,346 327,002 148,506 1,221,854 Accumulated impairment charges (48,379 ) — — (48,379 ) Goodwill, net of accumulated impairment charges $ 697,967 $ 327,002 $ 148,506 $ 1,173,475
Other non-current assets	Other non-current assets – Other non-current assets were comprised of the following: (in thousands) June 30, December 31, Loans and notes receivable from Safeguard distributors $ 67,430 $ 44,276 Prepaid product discounts (1) 63,017 63,895 Postretirement benefit plan asset 43,535 39,849 Deferred advertising costs 5,240 6,135 Deferred sales commissions (2) 6,783 — Other 7,694 5,601 Other non-current assets $ 193,699 $ 159,756 (1) In our prior year financial statements, we referred to this asset as contract acquisition costs. (2) Amortization of deferred sales commissions was $1,350 for the six months ended June 30, 2018
Changes in prepaid product discounts	Changes in prepaid product discounts during the six months ended June 30, 2018 and 2017 were as follows: Quarter Ended (in thousands) 2018 2017 Balance, beginning of year $ 63,895 $ 65,792 Additions (1) 10,296 8,310 Amortization (11,124 ) (9,588 ) Other (50 ) (101 ) Balance, end of period $ 63,017 $ 64,413 (1) Prepaid product discounts are generally accrued upon contract execution. Cash payments made for prepaid product discounts were $13,282 for the six months ended June 30, 2018 and $10,937 for the six months ended June 30, 2017 .
Accrued liabilities	Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) June 30, December 31, Funds held for customers $ 91,556 $ 85,091 Deferred revenue 43,939 47,021 Employee profit sharing/cash bonus 20,462 31,312 Prepaid product discounts due within one year (1) 12,915 11,670 Acquisition-related liabilities (2) 11,080 23,878 Customer rebates 10,895 11,508 Restructuring due within one year (Note 8) 4,686 4,380 Income tax 1,555 17,827 Other 48,631 44,566 Accrued liabilities $ 245,719 $ 277,253 (1) In our prior year financial statements, we referred to this liability as contract acquisition costs due within one year. (2) Consists of holdback payments due at future dates and liabilities for contingent consideration. Further information regarding liabilities for contingent consideration can be found in Note 7.
Other non-current liabilities	Other non-current liabilities – Other non-current liabilities were comprised of the following: (in thousands) June 30, December 31, Prepaid product discounts (1) $ 17,379 $ 21,658 Other 27,097 30,583 Other non-current liabilities $ 44,476 $ 52,241 (1)

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2018
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 (in thousands, except per share amounts) 2018 2017 2018 2017 Earnings per share – basic: Net income $ 60,207 $ 59,579 $ 123,544 $ 116,645 Income allocated to participating securities (228 ) (379 ) (515 ) (785 ) Income available to common shareholders $ 59,979 $ 59,200 $ 123,029 $ 115,860 Weighted-average shares outstanding 47,594 48,255 47,675 48,287 Earnings per share – basic $ 1.26 $ 1.23 $ 2.58 $ 2.40 Earnings per share – diluted: Net income $ 60,207 $ 59,579 $ 123,544 $ 116,645 Income allocated to participating securities (228 ) (378 ) (514 ) (781 ) Re-measurement of share-based awards classified as liabilities (90 ) (41 ) (176 ) (46 ) Income available to common shareholders $ 59,889 $ 59,160 $ 122,854 $ 115,818 Weighted-average shares outstanding 47,594 48,255 47,675 48,287 Dilutive impact of potential common shares 183 325 222 349 Weighted-average shares and potential common shares outstanding 47,777 48,580 47,897 48,636 Earnings per share – diluted $ 1.25 $ 1.22 $ 2.56 $ 2.38 Antidilutive options excluded from calculation 529 451 529 451

Other comprehensive income (Tab

Other comprehensive income (Tables)	6 Months Ended
	Jun. 30, 2018
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) 2018 2017 2018 2017 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 $ 711 $ 711 Other income Net actuarial loss (721 ) (909 ) (1,442 ) (1,819 ) Other income Total amortization (366 ) (554 ) (731 ) (1,108 ) Other income Tax benefit 45 165 400 330 Income tax provision Total reclassifications, net of tax $ (321 ) $ (389 ) $ (331 ) $ (778 ) Net income
Accumulated other comprehensive loss	Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the six months ended June 30, 2018 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on marketable debt securities, net of tax (1) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2017 $ (26,829 ) $ (322 ) $ (10,446 ) $ (37,597 ) Other comprehensive loss before reclassifications — (69 ) (4,968 ) (5,037 ) Amounts reclassified from accumulated other comprehensive loss 331 — — 331 Net current-period other comprehensive income (loss) 331 (69 ) (4,968 ) (4,706 ) Adoption of ASU No. 2018-02 (6,867 ) — — (6,867 ) Balance, June 30, 2018 $ (33,365 ) $ (391 ) $ (15,414 ) $ (49,170 ) (1) Other comprehensive loss before reclassifications is net of income tax benefit of $24

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 , of the aggregate purchase price for the above acquisitions to the assets acquired and liabilities assumed: (in thousands) 2018 acquisitions Net tangible assets acquired and liabilities assumed (1) $ (4,791 ) Identifiable intangible assets: Customer lists/relationships 21,237 Trade names 13,700 Technology-based intangible 7,200 Total intangible assets 42,137 Goodwill 40,209 Total aggregate purchase price 77,555 Liabilities for holdback payments and contingent consideration (4,015 ) Net cash paid for 2018 acquisitions 73,540 Holdback payments for prior year acquisitions 16,665 Payments for acquisitions, net of cash acquired of $1,645 $ 90,205 (1) Net liabilities acquired consisted primarily of Logomix deferred income taxes.

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Changes in accrued contingent consideration	Changes in accrued contingent consideration during the six months ended June 30, 2018 were as follows: (in thousands) Six Months Ended June 30, 2018 Balance, December 31, 2017 $ 3,623 Acquisition date fair value 100 Change in fair value 457 Payments (863 ) Balance, June 30, 2018 $ 3,317
Fair value of financial instruments	Information regarding the fair values of our financial instruments was as follows: Fair value measurements using June 30, 2018 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) Measured at fair value through net income: Accrued contingent consideration $ (3,317 ) $ (3,317 ) $ — $ — $ (3,317 ) Measured at fair value through comprehensive income: Cash equivalents (funds held for customers) 10,000 10,000 10,000 — — Available-for-sale debt securities (funds held for customers) 15,897 15,897 — 15,897 — Amortized cost: Cash 68,594 68,594 68,594 — — Cash (funds held for customers) 66,709 66,709 66,709 — — Loans and notes receivable from Safeguard distributors 69,879 60,397 — — 60,397 Long-term debt (1) 765,000 765,000 — 765,000 — (1) Amounts exclude capital lease obligations. Fair value measurements using December 31, 2017 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) Measured at fair value through net income: Accrued contingent consideration $ (3,623 ) $ (3,623 ) $ — $ — $ (3,623 ) Measured at fair value through comprehensive income: Cash equivalents (funds held for customers) 17,300 17,300 17,300 — — Available-for-sale debt securities (funds held for customers) 16,613 16,613 — 16,613 — Amortized cost: Cash 59,240 59,240 59,240 — — Cash (funds held for customers) 52,279 52,279 52,279 — — Loans and notes receivable from Safeguard distributors 46,409 44,650 — — 44,650 Long-term debt (1) 707,386 707,938 — 707,938 — (1)

Restructuring and Chief Execu29

Restructuring and Chief Executive Officer transition costs (Tables)	6 Months Ended
	Jun. 30, 2018
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) 2018 2017 2018 2017 Severance accruals $ 3,804 $ 1,240 $ 4,648 $ 2,348 Severance reversals (95 ) (119 ) (230 ) (518 ) Operating lease obligations — 23 — 23 Net restructuring accruals 3,709 1,144 4,418 1,853 Other costs 2,662 313 4,275 597 Net restructuring charges $ 6,371 $ 1,457 $ 8,693 $ 2,450 Number of employees included in severance accruals 80 20 105 50 The net restructuring charges are reflected in the consolidated statements of comprehensive income as follows: Quarter Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Total cost of revenue $ 736 $ 30 $ 913 $ 9 Operating expenses 5,635 1,427 7,780 2,441 Net restructuring charges $ 6,371 $ 1,457 $ 8,693 $ 2,450
Restructuring accruals, initiatives summarized by year	Accruals for our restructuring initiatives, summarized by year, were as follows: (in thousands) 2018 initiatives 2017 initiatives 2016 initiatives Total Balance, December 31, 2017 $ — $ 4,348 $ 32 $ 4,380 Restructuring charges 4,530 118 — 4,648 Restructuring reversals (5 ) (220 ) (5 ) (230 ) Payments (555 ) (3,530 ) (27 ) (4,112 ) Balance, June 30, 2018 $ 3,970 $ 716 $ — $ 4,686 Cumulative amounts: Restructuring charges $ 4,530 $ 7,340 $ 7,801 $ 19,671 Restructuring reversals (5 ) (381 ) (750 ) (1,136 ) Payments (555 ) (6,243 ) (7,051 ) (13,849 ) Balance, June 30, 2018 $ 3,970 $ 716 $ — $ 4,686
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 (1) Small Business Services Total Balance, December 31, 2017 $ 789 $ 1,398 $ 140 $ 2,049 $ 4 $ 4,380 Restructuring charges 697 3,680 — 271 — 4,648 Restructuring reversals (48 ) (39 ) (3 ) (140 ) — (230 ) Payments (810 ) (1,250 ) (134 ) (1,914 ) (4 ) (4,112 ) Balance, June 30, 2018 $ 628 $ 3,789 $ 3 $ 266 $ — $ 4,686 Cumulative amounts: (2) Restructuring charges $ 5,333 $ 7,782 $ 286 $ 6,188 $ 82 $ 19,671 Restructuring reversals (402 ) (114 ) (9 ) (611 ) — (1,136 ) Payments (4,303 ) (3,879 ) (274 ) (5,311 ) (82 ) (13,849 ) Balance, June 30, 2018 $ 628 $ 3,789 $ 3 $ 266 $ — $ 4,686 (1) As discussed in Note 14, corporate costs are allocated to our business segments. As such, the net corporate restructuring charges are reflected in the business segment operating income presented in Note 14 in accordance with our allocation methodology. (2)

Income tax provision (Tables)

Income tax provision (Tables)	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation	The effective tax rate on pre-tax income reconciles to the United States federal statutory tax rate of 21% for 2018 and 35% for 2017 as follows: Six Months Ended June 30, 2018 Year Ended December 31, 2017 Income tax at federal statutory rate 21.0 % 35.0 % State income tax expense, net of federal benefit 3.3 % 2.7 % Goodwill impairment charge — 1.5 % Impact of the 2017 Act 0.1 % (6.6 %) Qualified production activities deduction — (3.2 %) Net tax benefit of share-based compensation (1.1 %) (1.6 %) Other 0.7 % (1.4 %) Effective tax rate 24.0 % 26.4 %

Postretirement benefits (Tables

Postretirement benefits (Tables)	6 Months Ended
	Jun. 30, 2018
Defined Benefit Plan [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) 2018 2017 2018 2017 Interest cost $ 656 $ 724 $ 1,313 $ 1,448 Expected return on plan assets (1,934 ) (1,782 ) (3,868 ) (3,564 ) Amortization of prior service credit (355 ) (355 ) (711 ) (711 ) Amortization of net actuarial losses 721 909 1,442 1,819 Net periodic benefit income $ (912 ) $ (504 ) $ (1,824 ) $ (1,008 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt outstanding	Debt outstanding was comprised of the following: (in thousands) June 30, December 31, Amount drawn on revolving credit facility $ 765,000 $ 413,000 Amount outstanding under term loan facility — 294,938 Capital lease obligations 1,804 1,914 Long-term debt, principal amount 766,804 709,852 Less unamortized debt issuance costs — (471 ) Less current portion of long-term debt (765 ) (44,121 ) Long-term debt 766,039 665,260 Current portion of amount drawn under term loan facility — 43,313 Current portion of capital lease obligations 765 808 Long-term debt due within one year, principal amount 765 44,121 Less unamortized debt issuance costs — (81 ) Long-term debt due within one year 765 44,040 Total debt $ 766,804 $ 709,300
Credit facility	Daily average amounts outstanding under our current and previous credit facility were as follows: (in thousands) Six Months Ended June 30, 2018 Year Ended December 31, 2017 Revolving credit facility: Daily average amount outstanding $ 599,182 $ 436,588 Weighted-average interest rate 3.01 % 2.55 % Term loan facility: Daily average amount outstanding $ 128,331 $ 315,862 Weighted-average interest rate 2.97 % 2.57 % As of June 30, 2018 , amounts were available for borrowing under our revolving credit facility as follows: (in thousands) Total available Revolving credit facility commitment $ 950,000 Amount drawn on revolving credit facility (765,000 ) Outstanding letters of credit (1) (10,128 ) Net available for borrowing as of June 30, 2018 $ 174,872 (1)

Business segment information (T

Business segment information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Revenue disaggregated by product and service offerings	The following tables present revenue disaggregated by our product and service offerings: Quarter Ended June 30, 2018 (in thousands) Small Business Services Financial Services Direct Checks Consolidated Checks $ 119,786 $ 57,591 $ 26,196 $ 203,573 Marketing solutions and other services: Small business marketing solutions 69,442 — — 69,442 Web services 40,850 — — 40,850 Data-driven marketing solutions — 37,327 — 37,327 Treasury management solutions — 28,558 — 28,558 Fraud, security, risk management and operational services 6,588 12,596 3,444 22,628 Total MOS 116,880 78,481 3,444 198,805 Forms, accessories and other products 81,076 3,243 1,547 85,866 Total revenue $ 317,742 $ 139,315 $ 31,187 $ 488,244 Six Months Ended June 30, 2018 (in thousands) Small Business Services Financial Services Direct Checks Consolidated Checks $ 242,719 $ 115,642 $ 55,550 $ 413,911 Marketing solutions and other services: Small business marketing solutions 136,204 — — 136,204 Web services 78,226 — — 78,226 Data-driven marketing solutions — 74,467 — 74,467 Treasury management solutions — 57,758 — 57,758 Fraud, security, risk management and operational services 13,104 24,903 7,301 45,308 Total MOS 227,534 157,128 7,301 391,963 Forms, accessories and other products 163,803 7,186 3,295 174,284 Total revenue $ 634,056 $ 279,956 $ 66,146 $ 980,158 Quarter Ended June 30, 2017 (in thousands) Small Business Services Financial Services Direct Checks Consolidated Checks $ 120,173 $ 62,351 $ 29,193 $ 211,717 Marketing solutions and other services: Small business marketing solutions 63,168 — — 63,168 Web services 30,090 — — 30,090 Data-driven marketing solutions — 36,157 — 36,157 Treasury management solutions — 29,045 — 29,045 Fraud, security, risk management and operational services 6,610 16,712 3,747 27,069 Total MOS 99,868 81,914 3,747 185,529 Forms, accessories and other products 82,834 3,480 1,672 87,986 Total revenue $ 302,875 $ 147,745 $ 34,612 $ 485,232 Six Months Ended June 30, 2017 (in thousands) Small Business Services Financial Services Direct Checks Consolidated Checks $ 244,310 $ 127,726 $ 61,854 $ 433,890 Marketing solutions and other services: Small business marketing solutions 122,677 — — 122,677 Web services 60,334 — — 60,334 Data-driven marketing solutions — 68,231 — 68,231 Treasury management solutions — 51,819 — 51,819 Fraud, security, risk management and operational services 13,243 33,323 8,003 54,569 Total MOS 196,254 153,373 8,003 357,630 Forms, accessories and other products 170,434 7,440 3,604 181,478 Total revenue $ 610,998 $ 288,539 $ 73,461 $ 972,998
Revenue disaggregated by geography	The following tables present our revenue disaggregated by geography, based on where items are shipped or services are performed. (in thousands) Small Business Services Financial Services Direct Checks Total Quarter Ended June 30, 2018: United States $ 290,863 $ 134,040 $ 31,187 $ 456,090 Foreign, primarily Canada and Australia 26,879 5,275 — 32,154 Total revenue $ 317,742 $ 139,315 $ 31,187 $ 488,244 Six Months Ended June 30, 2018: United States $ 580,822 $ 269,206 $ 66,146 $ 916,174 Foreign, primarily Canada and Australia 53,234 10,750 — 63,984 Total revenue $ 634,056 $ 279,956 $ 66,146 $ 980,158 (in thousands) Small Business Services Financial Services Direct Checks Total Quarter Ended June 30, 2017: United States $ 283,522 $ 142,540 $ 34,612 $ 460,674 Foreign, primarily Canada and Australia 19,353 5,205 — 24,558 Total revenue $ 302,875 $ 147,745 $ 34,612 $ 485,232 Six Months Ended June 30, 2017: United States $ 572,666 $ 283,334 $ 73,461 $ 929,461 Foreign, primarily Canada and Australia 38,332 5,205 — 43,537 Total revenue $ 610,998 $ 288,539 $ 73,461 $ 972,998
Business segment information	The following is our segment information as of and for the quarters ended June 30, 2018 and 2017 : Reportable Business Segments (in thousands) Small Business Services Financial Services Direct Checks Corporate Consolidated Total revenue from external customers: 2018 $ 317,742 $ 139,315 $ 31,187 $ — $ 488,244 2017 302,875 147,745 34,612 — 485,232 Operating income: 2018 58,642 13,980 10,201 — 82,823 2017 54,521 26,609 11,697 — 92,827 Depreciation and amortization expense: 2018 16,154 15,422 800 — 32,376 2017 13,439 16,161 814 — 30,414 Asset impairment charges: 2018 — — — — — 2017 2,954 — — — 2,954 Total assets: 2018 1,165,781 662,076 157,649 307,738 2,293,244 2017 1,042,694 697,900 159,246 268,915 2,168,755 Capital asset purchases: 2018 — — — 14,006 14,006 2017 — — — 11,767 11,767 The following is our segment information as of and for the six months ended June 30, 2018 and 2017: Reportable Business Segments (in thousands) Small Business Services Financial Services Direct Checks Corporate Consolidated Total revenue from external customers: 2018 $ 634,056 $ 279,956 $ 66,146 $ — $ 980,158 2017 610,998 288,539 73,461 — 972,998 Operating income: 2018 117,541 31,954 21,036 — 170,531 2017 106,782 46,854 24,189 — 177,825 Depreciation and amortization expense: 2018 31,592 30,316 1,609 — 63,517 2017 27,656 30,774 1,621 — 60,051 Asset impairment charges: 2018 2,149 — — — 2,149 2017 8,250 — — — 8,250 Total assets: 2018 1,165,781 662,076 157,649 307,738 2,293,244 2017 1,042,694 697,900 159,246 268,915 2,168,755 Capital asset purchases: 2018 — — — 28,040 28,040 2017 — — — 22,788 22,788

New accounting pronouncements34

New accounting pronouncements (ASU No. 2014-09) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Jan. 01, 2018
New accounting pronouncements [Line Items]
Total revenue	$ 488,244	$ 485,232	$ 980,158	$ 972,998
Revenue in excess of customer billings	31,955		31,955		$ 16,379
Billings in excess of revenue recognized	1,509		1,509		2,233
Change in deferred revenue			(4,308)
Deferred revenue recognized			32,221
Balance sheet
Other current assets	73,839		73,839		55,441
Total current assets	409,404		409,404		392,966
Other non-current assets	193,699		193,699		159,756
Total assets	2,293,244	$ 2,168,755	2,293,244	$ 2,168,755	2,208,827
Deferred income taxes	55,828		55,828		50,543
Retained earnings	1,076,683		1,076,683		1,004,657
Total liabilities and shareholders' equity	$ 2,293,244		$ 2,293,244		2,208,827
Minimum [Member]
New accounting pronouncements [Line Items]
Remaining performance obligations, expected timing of satisfaction	3 months		3 months
Capitalized contract costs amortization period			3 years
Maximum [Member]
New accounting pronouncements [Line Items]
Deferred revenue, period over which recognized			1 year
Remaining performance obligations, expected timing of satisfaction	1 year		1 year
Capitalized contract costs amortization period			6 years
Variable consideration [Member]
New accounting pronouncements [Line Items]
Total revenue					$ 100,000
Variable consideration, period over which finalized			3 months
Accounting Standards Update No. 2014-09 [Member]
New accounting pronouncements [Line Items]
Practical expedient, financing component			true
Practical expedient, costs of obtaining contracts			true
Balance sheet
Other current assets						$ 56,401
Total current assets						393,926
Other non-current assets						165,489
Total assets						2,215,520
Deferred income taxes						52,270
Retained earnings						1,009,623
Total liabilities and shareholders' equity						2,215,520
Accounting Standards Update No. 2014-09 [Member] | Other current assets [Member]
Balance sheet
New accounting pronouncement, cumulative effect of adoption						960
Accounting Standards Update No. 2014-09 [Member] | Total current assets [Member]
Balance sheet
New accounting pronouncement, cumulative effect of adoption						960
Accounting Standards Update No. 2014-09 [Member] | Other non-current assets [Member]
Balance sheet
New accounting pronouncement, cumulative effect of adoption						5,733
Accounting Standards Update No. 2014-09 [Member] | Total assets [Member]
Balance sheet
New accounting pronouncement, cumulative effect of adoption						6,693
Accounting Standards Update No. 2014-09 [Member] | Deferred income taxes [Member]
Balance sheet
New accounting pronouncement, cumulative effect of adoption						1,727
Accounting Standards Update No. 2014-09 [Member] | Retained earnings [Member]
Balance sheet
New accounting pronouncement, cumulative effect of adoption						4,966
Accounting Standards Update No. 2014-09 [Member] | Total liabilities and shareholders' equity [Member]
Balance sheet
New accounting pronouncement, cumulative effect of adoption						$ 6,693

New accounting pronouncements35

New accounting pronouncements (ASU No. 2014-09 impact of adoption) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
Income statement
Total revenue	$ 488,244	$ 485,232	$ 980,158	$ 972,998
Total cost of revenue	(190,201)	(179,368)	(378,959)	(358,682)
Gross profit	298,043	305,864	601,199	614,316
Selling, general and administrative expense	(209,585)	(208,656)	(420,739)	(425,800)
Operating income	82,823	92,827	170,531	177,825
Income before income taxes	79,129	88,819	162,547	170,050
Income tax provision	(18,922)	(29,240)	(39,003)	(53,405)
Net income	60,207	59,579	123,544	116,645
Balance sheet
Other current assets	73,839		73,839			$ 55,441
Total current assets	409,404		409,404			392,966
Other non-current assets	193,699		193,699			159,756
Total assets	2,293,244	2,168,755	2,293,244	2,168,755		2,208,827
Accrued liabilities	245,719		245,719			277,253
Total current liabilities	351,765		351,765			425,770
Deferred income taxes	55,828		55,828			50,543
Retained earnings	1,076,683		1,076,683			1,004,657
Total liabilities and shareholders' equity	2,293,244		2,293,244			$ 2,208,827
Service [Member]
Income statement
Total revenue	128,309	121,591	256,816	237,183
Total cost of revenue	(55,869)	$ (48,640)	(111,256)	$ (95,422)
Accounting Standards Update No. 2014-09 [Member]
Balance sheet
Other current assets					$ 56,401
Total current assets					393,926
Other non-current assets					165,489
Total assets					2,215,520
Deferred income taxes					52,270
Retained earnings					1,009,623
Total liabilities and shareholders' equity					$ 2,215,520
Effect of adoption [Member] | Accounting Standards Update No. 2014-09 [Member]
Income statement
Total revenue	(33)		(568)
Total cost of revenue	129		384
Gross profit	96		(184)
Selling, general and administrative expense	(1,567)		(1,051)
Operating income	(1,471)		(1,235)
Income before income taxes	(1,471)		(1,235)
Income tax provision	380		319
Net income	(1,091)		(916)
Balance sheet
Other current assets	(1,146)		(1,146)
Total current assets	(1,146)		(1,146)
Other non-current assets	(6,783)		(6,783)
Total assets	(7,929)		(7,929)
Accrued liabilities	(319)		(319)
Total current liabilities	(319)		(319)
Deferred income taxes	(1,727)		(1,727)
Retained earnings	(5,883)		(5,883)
Total liabilities and shareholders' equity	(7,929)		(7,929)
Effect of adoption [Member] | Accounting Standards Update No. 2014-09 [Member] | Service [Member]
Income statement
Total revenue	(33)		(568)
Total cost of revenue	129		384
Balance without adoption of ASU No. 2014-09 [Member] | Accounting Standards Update No. 2014-09 [Member]
Income statement
Total revenue	488,211		979,590
Total cost of revenue	(190,072)		(378,575)
Gross profit	298,139		601,015
Selling, general and administrative expense	(211,152)		(421,790)
Operating income	81,352		169,296
Income before income taxes	77,658		161,312
Income tax provision	(18,542)		(38,684)
Net income	59,116		122,628
Balance sheet
Other current assets	72,693		72,693
Total current assets	408,258		408,258
Other non-current assets	186,916		186,916
Total assets	2,285,315		2,285,315
Accrued liabilities	245,400		245,400
Total current liabilities	351,446		351,446
Deferred income taxes	54,101		54,101
Retained earnings	1,070,800		1,070,800
Total liabilities and shareholders' equity	2,285,315		2,285,315
Balance without adoption of ASU No. 2014-09 [Member] | Accounting Standards Update No. 2014-09 [Member] | Service [Member]
Income statement
Total revenue	128,276		256,248
Total cost of revenue	$ (55,740)		$ (110,872)

New accounting pronouncements36

New accounting pronouncements (impact of other adoptions) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018
Total cost of revenue	$ (190,201)	$ (179,368)	$ (378,959)	$ (358,682)
Selling, general and administrative expense	(209,585)	(208,656)	(420,739)	(425,800)
Operating income	82,823	92,827	170,531	177,825
Other income	2,436	1,250	3,724	2,312
Net income	60,207	59,579	123,544	116,645
Product [Member]
Total cost of revenue	(134,332)	(130,728)	(267,703)	(263,260)
Service [Member]
Total cost of revenue	(55,869)	(48,640)	(111,256)	(95,422)
Retained earnings [Member]
Net income			123,544
Accounting Standards Update No. 2016-01 [Member]
Adoption of new accounting pronouncement			0
Accounting Standards Update No. 2016-16 [Member] | Retained earnings [Member]
Adoption of new accounting pronouncement					$ 0
Adoption of Accounting Standards Update No. 2018-02 [Member]
Adoption of new accounting pronouncement	0		0
Adoption of Accounting Standards Update No. 2018-02 [Member] | Retained earnings [Member]
Adoption of new accounting pronouncement	6,867		6,867
Adoption of Accounting Standards Update No. 2018-02 [Member] | Accumulated other comprehensive loss [Member]
Adoption of new accounting pronouncement	(6,867)		(6,867)
Accounting Standards Update No. 2018-05 [Member]
Impact of Tax Cuts and Jobs Act of 2017	$ 441		$ 131
As previously reported [Member] | Accounting Standards Update No. 2017-07 [Member]
Total cost of revenue		(179,214)		(358,374)
Selling, general and administrative expense		(208,306)		(425,100)
Operating income		93,331		178,833
Other income		746		1,304
Net income		59,579		116,645
As previously reported [Member] | Accounting Standards Update No. 2017-07 [Member] | Product [Member]
Total cost of revenue		(130,591)		(262,986)
As previously reported [Member] | Accounting Standards Update No. 2017-07 [Member] | Service [Member]
Total cost of revenue		(48,623)		(95,388)
Effect of adoption [Member] | Accounting Standards Update No. 2017-07 [Member]
Total cost of revenue		(154)		(308)
Selling, general and administrative expense		(350)		(700)
Operating income		(504)		(1,008)
Other income		504		1,008
Net income		0		0
Effect of adoption [Member] | Accounting Standards Update No. 2017-07 [Member] | Product [Member]
Total cost of revenue		(137)		(274)
Effect of adoption [Member] | Accounting Standards Update No. 2017-07 [Member] | Service [Member]
Total cost of revenue		$ (17)		$ (34)

Supplemental balance sheet in37

Supplemental balance sheet information (allowances for uncollectible accounts, inventories and supplies) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Allowances for uncollectible accounts
Balance, beginning of year	$ 2,884	$ 2,828
Bad debt expense	1,470	1,635
Write-offs, net of recoveries	(1,383)	(1,346)
Balance, end of period	2,971	$ 3,117
Inventories and supplies
Raw materials	7,131		$ 7,357
Semi-finished goods	7,787		7,635
Finished goods	25,348		24,146
Supplies	2,967		3,111
Inventories and supplies	$ 43,233		$ 42,249

Supplemental balance sheet in38

Supplemental balance sheet information (available-for-sale debt securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2018		Dec. 31, 2017
Available-for-sale debt securities [Line Items]
Cost	$ 26,361		$ 34,306
Gross unrealized gains	0		0
Gross unrealized losses	(464)		(393)
Fair value	25,897		33,913
Cash	68,594		59,240
Expected maturities of available-for-sale debt securities
Due in one year or less	20,588
Due in two to five years	3,578
Due in six to ten years	1,731
Fair value	25,897		33,913
Funds held for customers [Member]
Available-for-sale debt securities [Line Items]
Cost	26,361	[1]	34,306	[2]
Gross unrealized gains	0	[1]	0	[2]
Gross unrealized losses	(464)	[1]	(393)	[2]
Fair value	25,897	[1]	33,913	[2]
Cash	66,709		52,279
Expected maturities of available-for-sale debt securities
Fair value	25,897	[1]	33,913	[2]
Funds held for customers [Member] | Money market securities [Member] | Domestic [Member]
Available-for-sale debt securities [Line Items]
Cost	10,000		17,300
Gross unrealized gains	0		0
Gross unrealized losses	0		0
Fair value	10,000		17,300
Expected maturities of available-for-sale debt securities
Fair value	10,000		17,300
Funds held for customers [Member] | Canadian and provincial government securities [Member]
Available-for-sale debt securities [Line Items]
Cost	8,747		9,051
Gross unrealized gains	0		0
Gross unrealized losses	(464)		(393)
Fair value	8,283		8,658
Expected maturities of available-for-sale debt securities
Fair value	8,283		8,658
Funds held for customers [Member] | Canadian guaranteed investment certificates [Member]
Available-for-sale debt securities [Line Items]
Cost	7,614		7,955
Gross unrealized gains	0		0
Gross unrealized losses	0		0
Fair value	7,614		7,955
Expected maturities of available-for-sale debt securities
Fair value	$ 7,614		$ 7,955
[1]	Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2018 , also included cash of $66,709
[2]	Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2017 , also included cash of $52,279

Supplemental balance sheet in39

Supplemental balance sheet information (assets held for sale) (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2018USD ($)disposal_groupsbusiness	Mar. 31, 2018disposal_groups	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2018USD ($)disposal_groupsbusiness	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)disposal_groups
Assets held for sale [Line Items]
Consideration received for sales of businesses	$ 22,715				$ 22,715
Net gain on sales of assets	$ 3,862				$ 11,089	$ 6,779
Providers of printed and promotional products [Member]
Assets held for sale [Line Items]
Number of disposal groups held for sale	1				1		2
Small business distributors [Member]
Assets held for sale [Line Items]
Number of disposal groups held for sale | disposal_groups	1				1		2
Customer lists/relationships [Member]
Assets held for sale [Line Items]
Number of disposal groups held for sale | disposal_groups	1				1
Non-recurring fair value measurement [Member]
Assets held for sale [Line Items]
Asset impairment charges			$ 2,954	$ 5,296		$ 8,250
Assets held for sale [Member]
Assets held for sale [Line Items]
Current assets	$ 0				$ 0		$ 4
Intangibles	3,390				3,390		8,459
Goodwill	416				416		3,566
Other non-current assets	16				16		207
Net assets held for sale	$ 3,822				$ 3,822		$ 12,236
Assets held for sale [Member] | Providers of printed and promotional products [Member]
Assets held for sale [Line Items]
Number of businesses sold | disposal_groups	1
Assets held for sale [Member] | Small business distributors [Member]
Assets held for sale [Line Items]
Number of businesses sold | disposal_groups		1

Supplemental balance sheet in40

Supplemental balance sheet information (intangibles) (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount		$ 864,160			$ 864,160		$ 810,099
Accumulated amortization		(497,117)			(497,117)		(444,933)
Amortizable intangibles, net carrying amount		367,043			367,043		365,166
Gross carrying amount, total		883,260			883,260		829,199
Net carrying amount, total		386,143			386,143		384,266
Asset impairment charge		0		$ 2,954	2,149	$ 8,250
Amortization of intangibles		28,228		$ 26,273	55,694	$ 51,828
Acquired intangibles					$ 64,360
Acquired intangibles, weighted-average amortization period (in years)					4 years
Estimated future amortization expense
Remainder of 2018		47,873			$ 47,873
2,019		84,662			84,662
2,020		65,171			65,171
2,021		50,832			50,832
2,022		36,379			36,379
2018 acquisitions [Member]
Intangibles [Line Items]
Acquired intangibles					42,137
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		380,969			380,969		359,079
Accumulated amortization		(303,099)			(303,099)		(284,074)
Amortizable intangibles, net carrying amount		77,870			77,870		75,005
Acquired intangibles					$ 21,573
Acquired intangibles, weighted-average amortization period (in years)					3 years
Customer lists/relationships [Member]
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount	[1]	355,384			$ 355,384		343,589
Accumulated amortization	[1]	(146,115)			(146,115)		(121,729)
Amortizable intangibles, net carrying amount	[1]	209,269			209,269		221,860
Asset impairment charge			$ 2,149
Acquired intangibles	[2]				$ 21,887
Acquired intangibles, weighted-average amortization period (in years)					4 years
Customer lists/relationships [Member] | 2018 acquisitions [Member]
Intangibles [Line Items]
Acquired intangibles					$ 21,237
Customer lists/relationships [Member] | Asset purchase [Member]
Intangibles [Line Items]
Acquired intangibles					650
Trade names [Member]
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount		50,107			50,107		36,931
Accumulated amortization		(22,833)			(22,833)		(19,936)
Amortizable intangibles, net carrying amount		27,274			27,274		16,995
Trade names [Member] | 2018 acquisitions [Member]
Intangibles [Line Items]
Acquired intangibles					$ 13,700
Acquired intangibles, weighted-average amortization period (in years)					7 years
Technology-based intangible [Member]
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount		39,000			$ 39,000		31,800
Accumulated amortization		(10,053)			(10,053)		(6,400)
Amortizable intangibles, net carrying amount		28,947			28,947		25,400
Technology-based intangible [Member] | 2018 acquisitions [Member]
Intangibles [Line Items]
Acquired intangibles					$ 7,200
Acquired intangibles, weighted-average amortization period (in years)					5 years
Software to be sold [Member]
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount		36,900			$ 36,900		36,900
Accumulated amortization		(13,317)			(13,317)		(11,204)
Amortizable intangibles, net carrying amount		23,583			23,583		25,696
Other [Member]
Intangibles [Line Items]
Amortizable intangibles, gross carrying amount		1,800			1,800		1,800
Accumulated amortization		(1,700)			(1,700)		(1,590)
Amortizable intangibles, net carrying amount		$ 100			$ 100		$ 210
[1]	During the first quarter of 2018, we recorded a pre-tax asset impairment charge of $2,149
[2]	Includes the purchase of a customer list for $650 that did not qualify as a business combination.

Supplemental balance sheet in41

Supplemental balance sheet information (goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	$ 1,179,313
Accumulated impairment charges, beginning of year	(48,379)
Goodwill, net of accumulated impairment charges, beginning of year	1,130,934
Goodwill resulting from acquisitions	40,209
Measurement-period adjustments for prior year acquisitions (Note 6)	3,616
Adjustment of assets held for sale	218
Currency translation adjustment	(1,502)
Goodwill, gross, end of period	1,221,854
Accumulated impairment charges, end of period	(48,379)
Goodwill, net of accumulated impairment charges, end of period	1,173,475
2018 acquisitions [Member]
Goodwill [Roll Forward]
Goodwill resulting from acquisitions	40,209
2017 acquisitions [Member]
Goodwill [Roll Forward]
Measurement-period adjustments for prior year acquisitions (Note 6)	3,616
Reportable business segments [Member] | Small Business Services [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	706,568
Accumulated impairment charges, beginning of year	(48,379)
Goodwill, net of accumulated impairment charges, beginning of year	658,189
Adjustment of assets held for sale	218
Currency translation adjustment	(1,502)
Goodwill, gross, end of period	746,346
Accumulated impairment charges, end of period	(48,379)
Goodwill, net of accumulated impairment charges, end of period	697,967
Reportable business segments [Member] | Small Business Services [Member] | 2018 acquisitions [Member]
Goodwill [Roll Forward]
Goodwill resulting from acquisitions	40,209
Reportable business segments [Member] | Small Business Services [Member] | 2017 acquisitions [Member]
Goodwill [Roll Forward]
Measurement-period adjustments for prior year acquisitions (Note 6)	853
Reportable business segments [Member] | Financial Services [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	324,239
Accumulated impairment charges, beginning of year	0
Goodwill, net of accumulated impairment charges, beginning of year	324,239
Goodwill, gross, end of period	327,002
Accumulated impairment charges, end of period	0
Goodwill, net of accumulated impairment charges, end of period	327,002
Reportable business segments [Member] | Financial Services [Member] | 2017 acquisitions [Member]
Goodwill [Roll Forward]
Measurement-period adjustments for prior year acquisitions (Note 6)	2,763
Reportable business segments [Member] | 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
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 in42

Supplemental balance sheet information (other) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2018		Jun. 30, 2017	Jun. 30, 2018		Dec. 31, 2017
Other non-current assets
Loans and notes receivable from Safeguard distributors					$ 67,430		$ 44,276
Prepaid product discounts		$ 63,895	[1]	$ 65,792	63,017	[1]	63,895	[1]
Postretirement benefit plan asset					43,535		39,849
Deferred advertising costs					5,240		6,135
Deferred sales commissions	[2]				6,783		0
Other					7,694		5,601
Other non-current assets					193,699		159,756
Amortization of deferred sales commissions		1,350
Prepaid product discounts [Roll Forward]
Balance, beginning of year		63,895	[1]	65,792
Additions	[3]	10,296		8,310
Amortization		(11,124)		(9,588)
Other		(50)		(101)
Balance, end of period		63,017	[1]	64,413
Prepaid product discount payments		$ 13,282		$ 10,937
Accrued liabilities
Funds held for customers					91,556		85,091
Deferred revenue					43,939		47,021
Employee profit sharing/cash bonus					20,462		31,312
Prepaid product discounts due within one year	[4]				12,915		11,670
Acquisition-related liabilities	[5]				11,080		23,878
Customer rebates					10,895		11,508
Restructuring due within one year (Note 8)					4,686		4,380
Income tax					1,555		17,827
Other					48,631		44,566
Accrued liabilities					245,719		277,253
Other non-current liabilities
Prepaid product discounts	[6]				17,379		21,658
Other					27,097		30,583
Other non-current liabilities					$ 44,476		$ 52,241
[1]	In our prior year financial statements, we referred to this asset as contract acquisition costs.
[2]	Amortization of deferred sales commissions was $1,350 for the six months ended June 30, 2018
[3]	Prepaid product discounts are generally accrued upon contract execution. Cash payments made for prepaid product discounts were $13,282 for the six months ended June 30, 2018 and $10,937 for the six months ended June 30, 2017
[4]	In our prior year financial statements, we referred to this liability as contract acquisition costs due within one year.
[5]	Consists of holdback payments due at future dates and liabilities for contingent consideration. Further information regarding liabilities for contingent consideration can be found in Note 7.
[6]	In our prior year financial statements, we referred to this liability as contract acquisition costs.

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings per share - basic:
Net income	$ 60,207	$ 59,579	$ 123,544	$ 116,645
Income allocated to participating securities	(228)	(379)	(515)	(785)
Income available to common shareholders	$ 59,979	$ 59,200	$ 123,029	$ 115,860
Weighted-average shares outstanding	47,594	48,255	47,675	48,287
Earnings per share - basic	$ 1.26	$ 1.23	$ 2.58	$ 2.40
Earnings per share - diluted:
Net income	$ 60,207	$ 59,579	$ 123,544	$ 116,645
Income allocated to participating securities	(228)	(378)	(514)	(781)
Re-measurement of share-based awards classified as liabilities	(90)	(41)	(176)	(46)
Income available to common shareholders	$ 59,889	$ 59,160	$ 122,854	$ 115,818
Weighted-average shares outstanding	47,594	48,255	47,675	48,287
Dilutive impact of potential common shares	183	325	222	349
Weighted-average shares and potential common shares outstanding	47,777	48,580	47,897	48,636
Earnings per share - diluted	$ 1.25	$ 1.22	$ 2.56	$ 2.38
Antidilutive options excluded from calculation	529	451	529	451

Other comprehensive income (rec

Other comprehensive income (reclassification adjustments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Prior service credit [Member]
Reclassification adjustments [Line Items]
Amortization of postretirement benefit plan items	$ 355	$ 355	$ 711	$ 711
Net actuarial loss [Member]
Reclassification adjustments [Line Items]
Amortization of postretirement benefit plan items	(721)	(909)	(1,442)	(1,819)
Postretirement benefit plans [Member]
Reclassification adjustments [Line Items]
Amortization of postretirement benefit plan items	(366)	(554)	(731)	(1,108)
Tax benefit	45	165	400	330
Total reclassifications, net of tax	$ (321)	$ (389)	$ (331)	$ (778)

Other comprehensive income (acc

Other comprehensive income (accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year				$ 1,015,013
Net current-period other comprehensive income (loss)				(4,706)
Balance, end of period		$ 1,075,136		1,075,136
Adoption of Accounting Standards Update No. 2018-02 [Member]
Accumulated other comprehensive loss [Line Items]
Adoption of ASU No. 2018-02		0		0
Postretirement benefit plans [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year				(26,829)
Other comprehensive loss before reclassifications				0
Amounts reclassified from accumulated other comprehensive loss		321	$ 389	331	$ 778
Net current-period other comprehensive income (loss)				331
Balance, end of period		(33,365)		(33,365)
Postretirement benefit plans [Member] | Adoption of Accounting Standards Update No. 2018-02 [Member]
Accumulated other comprehensive loss [Line Items]
Adoption of ASU No. 2018-02		(6,867)		(6,867)
Net unrealized loss on marketable securities, net of tax [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	[1]			(322)
Other comprehensive loss before reclassifications	[1]			(69)
Amounts reclassified from accumulated other comprehensive loss	[1]			0
Net current-period other comprehensive income (loss)	[1]			(69)
Balance, end of period	[1]	(391)		(391)
Unrealized holding loss on securities arising during the period, tax				24
Currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year				(10,446)
Other comprehensive loss before reclassifications				(4,968)
Amounts reclassified from accumulated other comprehensive loss				0
Net current-period other comprehensive income (loss)				(4,968)
Balance, end of period		(15,414)		(15,414)
Accumulated other comprehensive loss [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year				(37,597)
Other comprehensive loss before reclassifications				(5,037)
Amounts reclassified from accumulated other comprehensive loss				331
Balance, end of period		(49,170)		(49,170)
Accumulated other comprehensive loss [Member] | Adoption of Accounting Standards Update No. 2018-02 [Member]
Accumulated other comprehensive loss [Line Items]
Adoption of ASU No. 2018-02		$ (6,867)		$ (6,867)
[1]	Other comprehensive loss before reclassifications is net of income tax benefit of $24

Acquisitions (Details)

Acquisitions (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)business	Jun. 30, 2017USD ($)	Dec. 31, 2018USD ($)
Acquisitions [Line Items]
Total revenue		$ 488,244	$ 485,232	$ 980,158	$ 972,998
Identifiable intangible assets acquired				64,360
Goodwill				40,209
Payments for acquisitions, net of cash acquired				90,205	77,553
Holdback payments for prior year acquisitions				16,665	5,083
Measurement-period adjustments to goodwill				3,616
Customer lists/relationships [Member]
Acquisitions [Line Items]
Identifiable intangible assets acquired	[1]			21,887
Internal-use software [Member]
Acquisitions [Line Items]
Identifiable intangible assets acquired				21,573
Small Business Services [Member]
Acquisitions [Line Items]
Total revenue		317,742	$ 302,875	634,056	610,998
ColoCrossing [Member] | Small Business Services [Member]
Acquisitions [Line Items]
Goodwill				10,300
Logomix Inc. [Member] | Small Business Services [Member]
Acquisitions [Line Items]
Goodwill				$ 29,909
Small business distributors [Member] | Small Business Services [Member]
Acquisitions [Line Items]
Number of businesses acquired | business				2
Pending treasury management acquisition [Member] | Forecast [Member]
Acquisitions [Line Items]
Total revenue						$ 36,000
2018 acquisitions [Member]
Acquisitions [Line Items]
Net tangible assets acquired and liabilities assumed	[2]			$ (4,791)
Identifiable intangible assets acquired				42,137
Goodwill				40,209
Total aggregate purchase price				77,555
Liabilities for holdback payments and contingent consideration				(4,015)
Payments for acquisitions, net of cash acquired				73,540
Cash acquired		$ 1,645		1,645
2018 acquisitions [Member] | Customer lists/relationships [Member]
Acquisitions [Line Items]
Identifiable intangible assets acquired				21,237
2018 acquisitions [Member] | Trade names [Member]
Acquisitions [Line Items]
Identifiable intangible assets acquired				13,700
2018 acquisitions [Member] | Technology-based intangible [Member]
Acquisitions [Line Items]
Identifiable intangible assets acquired				7,200
2017 acquisitions [Member]
Acquisitions [Line Items]
Payments for acquisitions, net of cash acquired					$ 72,470
Measurement-period adjustments to goodwill				3,616
2017 acquisitions [Member] | Customer lists/relationships [Member]
Acquisitions [Line Items]
Measurement period adjustments to intangibles				(910)
2017 acquisitions [Member] | Internal-use software [Member]
Acquisitions [Line Items]
Measurement period adjustments to intangibles				$ 1,000
[1]	Includes the purchase of a customer list for $650 that did not qualify as a business combination.
[2]	Net liabilities acquired consisted primarily of Logomix deferred income taxes.

Fair value measurements (non-re

Fair value measurements (non-recurring fair value measurements) (Details) - Non-recurring fair value measurement [Member] - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Mar. 31, 2018	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2017
Non-recurring fair value measurements [Line Items]
Asset impairment charges, assets held for sale		$ 2,954	$ 5,296	$ 8,250
Customer lists/relationships [Member]
Non-recurring fair value measurements [Line Items]
Asset impairment charges, assets held-for-use	$ 2,149
Significant unobservable inputs (Level 3) [Member]
Non-recurring fair value measurements [Line Items]
Estimated fair value of disposal group		$ 3,500		$ 3,500
Significant unobservable inputs (Level 3) [Member] | Customer lists/relationships [Member]
Non-recurring fair value measurements [Line Items]
Estimated fair value, intangibles	$ 0

Fair value measurements (recurr

Fair value measurements (recurring fair value measurements) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Accrued contingent consideration [Member]
Change in accrued contingent consideration
Balance, beginning of year	$ 3,623
Acquisition date fair value	100
Change in fair value	457
Payments	(863)
Balance, end of period	$ 3,317
Funds held for customers [Member] | Canadian guaranteed investment certificates [Member]
Recurring fair value measurements [Line Items]
Maximum maturity period, debt securities	1 year

Fair value measurements (financ

Fair value measurements (financial instruments) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2018		Dec. 31, 2017
Fair value measurements, financial instruments [Line Items]
Accrued contingent consideration		$ (3,317)		$ (3,623)
Available-for-sale debt securities		25,897		33,913
Cash		68,594		59,240
Cash, fair value		68,594		59,240
Loans and notes receivable from Safeguard distributors		69,879		46,409
Loans and notes receivable from Safeguard distributors, fair value		60,397		44,650
Long-term debt	[1]	765,000		707,386
Long-term debt, fair value	[1]	765,000		707,938
Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Accrued contingent consideration		(3,317)		(3,623)
Transfers between fair value levels		0
Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements, financial instruments [Line Items]
Cash, fair value		68,594		59,240
Loans and notes receivable from Safeguard distributors, fair value		0		0
Long-term debt, fair value	[1]	0		0
Quoted prices in active markets for identical assets (Level 1) [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Accrued contingent consideration		0		0
Fair Value, Inputs, Level 2 [Member]
Fair value measurements, financial instruments [Line Items]
Cash, fair value		0		0
Loans and notes receivable from Safeguard distributors, fair value		0		0
Long-term debt, fair value	[1]	765,000		707,938
Fair Value, Inputs, Level 2 [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Accrued contingent consideration		0		0
Significant unobservable inputs (Level 3) [Member]
Fair value measurements, financial instruments [Line Items]
Cash, fair value		0		0
Loans and notes receivable from Safeguard distributors, fair value		60,397		44,650
Long-term debt, fair value	[1]	0		0
Significant unobservable inputs (Level 3) [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Accrued contingent consideration		(3,317)		(3,623)
Funds held for customers [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities		25,897	[2]	33,913	[3]
Cash		66,709		52,279
Cash, fair value		66,709		52,279
Funds held for customers [Member] | Money market securities [Member]
Fair value measurements, financial instruments [Line Items]
Cash equivalents		10,000		17,300
Funds held for customers [Member] | Foreign debt securities [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities		15,897		16,613
Funds held for customers [Member] | Recurring fair value measurements [Member] | Money market securities [Member]
Fair value measurements, financial instruments [Line Items]
Cash equivalents		10,000		17,300
Funds held for customers [Member] | Recurring fair value measurements [Member] | Foreign debt securities [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities		15,897		16,613
Funds held for customers [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements, financial instruments [Line Items]
Cash, fair value		66,709		52,279
Funds held for customers [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Recurring fair value measurements [Member] | Money market securities [Member]
Fair value measurements, financial instruments [Line Items]
Cash equivalents		10,000		17,300
Funds held for customers [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Recurring fair value measurements [Member] | Foreign debt securities [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities		0		0
Funds held for customers [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value measurements, financial instruments [Line Items]
Cash, fair value		0		0
Funds held for customers [Member] | Fair Value, Inputs, Level 2 [Member] | Recurring fair value measurements [Member] | Money market securities [Member]
Fair value measurements, financial instruments [Line Items]
Cash equivalents		0		0
Funds held for customers [Member] | Fair Value, Inputs, Level 2 [Member] | Recurring fair value measurements [Member] | Foreign debt securities [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities		15,897		16,613
Funds held for customers [Member] | Significant unobservable inputs (Level 3) [Member]
Fair value measurements, financial instruments [Line Items]
Cash, fair value		0		0
Funds held for customers [Member] | Significant unobservable inputs (Level 3) [Member] | Recurring fair value measurements [Member] | Money market securities [Member]
Fair value measurements, financial instruments [Line Items]
Cash equivalents		0		0
Funds held for customers [Member] | Significant unobservable inputs (Level 3) [Member] | Recurring fair value measurements [Member] | Foreign debt securities [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities		$ 0		$ 0
[1]	Amounts exclude capital lease obligations.
[2]	Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2018 , also included cash of $66,709
[3]	Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2017 , also included cash of $52,279

Restructuring and Chief Execu50

Restructuring and Chief Executive Officer transition costs (Details) $ in Thousands	3 Months Ended		6 Months Ended		30 Months Ended
	Jun. 30, 2018USD ($)Employees	Jun. 30, 2017USD ($)Employees	Jun. 30, 2018USD ($)Employees	Jun. 30, 2017USD ($)Employees	Jun. 30, 2018USD ($)Employees		Apr. 25, 2018USD ($)	Dec. 31, 2017USD ($)
Restructuring charges [Line Items]
Restructuring charges	$ 6,371	$ 1,457	$ 8,693	$ 2,450
Number of employees in severance accruals | Employees	80	20	105	50
Other disclosures
Restructuring accruals, total	$ 4,686		$ 4,686		$ 4,686			$ 4,380
Number of employees that have not started to receive severance benefits | Employees	70		70		70
CEO transition costs
Retention bonus, amount							$ 2,000
Impact of modification of share-based payment award							$ 2,088
CEO transition costs	$ 1,530		$ 1,530
Total cost of revenue [Member]
Restructuring charges [Line Items]
Restructuring charges	736	$ 30	913	$ 9
Operating expenses [Member]
Restructuring charges [Line Items]
Restructuring charges	5,635	1,427	7,780	2,441
Severance [Member]
Restructuring charges [Line Items]
Restructuring charges	3,804	1,240	4,648	2,348
Restructuring reversals	(95)	(119)	(230)	(518)
Operating lease obligations [Member]
Restructuring charges [Line Items]
Restructuring charges	0	23	0	23
Net restructuring accruals [Member]
Restructuring charges [Line Items]
Restructuring charges			4,648		$ 19,671	[1]
Net restructuring accruals	3,709	1,144	4,418	1,853
Restructuring reversals			(230)		(1,136)	[1]
Other disclosures
Restructuring accruals, total	4,686		4,686		$ 4,686			$ 4,380
Other costs [Member]
Restructuring charges [Line Items]
Restructuring charges	$ 2,662	$ 313	$ 4,275	$ 597
Maximum [Member]
CEO transition costs
Retention bonus, percentage							150.00%
[1]	Includes accruals related to our cost reduction initiatives for 2016 through 2018.

Restructuring and Chief Execu51

Restructuring and Chief Executive Officer transition costs (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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2018
Restructuring accruals [Line Items]
Balance, beginning of year				$ 4,380
Restructuring charges		$ 6,371	$ 1,457	8,693	$ 2,450
Balance, end of period		4,686		4,686		$ 4,686	$ 4,686
Employee severance benefits [Member]
Restructuring accruals [Line Items]
Restructuring charges		3,804	1,240	4,648	2,348
Restructuring reversals		(95)	(119)	(230)	(518)
Employee severance benefits [Member] | Reportable business segments [Member] | Small Business Services [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				789
Restructuring charges				697			5,333	[1]
Restructuring reversals				(48)			(402)	[1]
Payments				(810)			(4,303)	[1]
Balance, end of period		628		628		628	628
Employee severance benefits [Member] | Reportable business segments [Member] | Financial Services [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				1,398
Restructuring charges				3,680			7,782	[1]
Restructuring reversals				(39)			(114)	[1]
Payments				(1,250)			(3,879)	[1]
Balance, end of period		3,789		3,789		3,789	3,789
Employee severance benefits [Member] | Reportable business segments [Member] | Direct Checks [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				140
Restructuring charges				0			286	[1]
Restructuring reversals				(3)			(9)	[1]
Payments				(134)			(274)	[1]
Balance, end of period		3		3		3	3
Employee severance benefits [Member] | Corporate [Member]
Restructuring accruals [Line Items]
Balance, beginning of year	[2]			2,049
Restructuring charges	[2]			271			6,188	[1]
Restructuring reversals	[2]			(140)			(611)	[1]
Payments	[2]			(1,914)			(5,311)	[1]
Balance, end of period	[2]	266		266		266	266
Operating lease obligations [Member]
Restructuring accruals [Line Items]
Restructuring charges		0	$ 23	0	$ 23
Operating lease obligations [Member] | Reportable business segments [Member] | Small Business Services [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				4
Restructuring charges				0			82	[1]
Restructuring reversals				0			0	[1]
Payments				(4)			(82)	[1]
Balance, end of period		0		0		0	0
Employee severance and operating lease obligations [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				4,380
Restructuring charges				4,648			19,671	[1]
Restructuring reversals				(230)			(1,136)	[1]
Payments				(4,112)			(13,849)	[1]
Balance, end of period		4,686		4,686		4,686	4,686
Employee severance and operating lease obligations [Member] | 2018 initiatives [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				0
Restructuring charges				4,530
Restructuring reversals				(5)
Payments				(555)
Balance, end of period		3,970		3,970		3,970	3,970
Employee severance and operating lease obligations [Member] | 2017 initiatives [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				4,348
Restructuring charges				118		7,340
Restructuring reversals				(220)		(381)
Payments				(3,530)		(6,243)
Balance, end of period		716		716		716	716
Employee severance and operating lease obligations [Member] | 2016 initiatives [Member]
Restructuring accruals [Line Items]
Balance, beginning of year				32
Restructuring charges				0			7,801
Restructuring reversals				(5)			(750)
Payments				(27)			(7,051)
Balance, end of period		$ 0		$ 0		$ 0	$ 0
[1]	Includes accruals related to our cost reduction initiatives for 2016 through 2018.
[2]	As discussed in Note 14, corporate costs are allocated to our business segments. As such, the net corporate restructuring charges are reflected in the business segment operating income presented in Note 14 in accordance with our allocation methodology.

Income tax provision (Details)

Income tax provision (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Reconciliation of effective tax rate
Income at federal statutory rate	21.00%	35.00%
State income tax, net of federal benefit	3.30%	2.70%
Goodwill impairment charge	0.00%	1.50%
Impact of the 2017 Act	0.10%	(6.60%)
Qualified production activities deduction	0.00%	(3.20%)
Net tax benefit of share-based compensation	(1.10%)	(1.60%)
Other	0.70%	(1.40%)
Effective tax rate	24.00%	26.40%

Postretirement benefits (Detail

Postretirement benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net periodic benefit income
Interest cost	$ 656	$ 724	$ 1,313	$ 1,448
Expected return on plan assets	(1,934)	(1,782)	(3,868)	(3,564)
Amortization of prior service credit	(355)	(355)	(711)	(711)
Amortization of net actuarial losses	721	909	1,442	1,819
Net periodic benefit income	$ (912)	$ (504)	$ (1,824)	$ (1,008)

Debt (Details)

Debt (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2018	Dec. 31, 2017
Debt instruments [Line Items]
Capital lease obligations		$ 1,804	$ 1,914
Long-term debt, principal amount		766,804	709,852
Less unamortized debt issuance costs		0	(471)
Current portion of long-term debt		765	44,121
Long-term debt		766,039	665,260
Less unamortized debt issuance costs		0	(81)
Long-term debt due within one year		765	44,040
Total debt		$ 766,804	709,300
Revolving credit facility, maturity date		Mar. 21, 2023
Capital lease obligations, maturity date		Nov. 30, 2021
Revolving credit facility [Member]
Debt instruments [Line Items]
Debt, principal amount		$ 765,000	$ 413,000
Revolving credit facility, current commitment		950,000
Revolving credit facility, maximum commitment		$ 1,425,000
Ratio of total debt less unrestricted cash to EBITDA		2.75
Interest rate at period end		3.24%	2.98%
Maximum leverage ratio		3.5
Ratio of EBIT to interest expense		3
Daily average amount outstanding		$ 599,182	$ 436,588
Weighted-average interest rate		3.01%	2.55%
Outstanding letters of credit	[1]	$ (10,128)
Net available for borrowing as of June 30, 2018		$ 174,872
Revolving credit facility [Member] | Minimum [Member]
Debt instruments [Line Items]
Revolving credit facility, commitment fee		0.175%
Revolving credit facility [Member] | Maximum [Member]
Debt instruments [Line Items]
Revolving credit facility, commitment fee		0.35%
Term loan facility [Member]
Debt instruments [Line Items]
Debt, principal amount		$ 0	$ 294,938
Current portion of long-term debt		0	$ 43,313
Interest rate at period end			2.99%
Daily average amount outstanding		$ 128,331	$ 315,862
Weighted-average interest rate		2.97%	2.57%
Capital lease obligations [Member]
Debt instruments [Line Items]
Current portion of long-term debt		$ 765	$ 808
[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 revolving credit facility.

Other commitments and conting55

Other commitments and contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Environmental matters [Line Items]
Accruals for environmental matters	$ 2,383	$ 2,646
Self-insurance
Self-insurance liabilities	7,195	$ 7,679
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, 2018	Jun. 30, 2017	May 04, 2016
Stockholders' Equity Note [Abstract]
Common shares repurchased (in shares)	573
Payments for common shares repurchased	$ 39,996	$ 30,068
Share repurchase program, authorized amount			$ 300,000
Amount remaining under share repurchase authorization	$ 199,731

Business segment information (d

Business segment information (disaggregated revenue information) (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017
Disaggregated revenue information
Number of reportable business segments			3
Total revenue from external customers	$ 488,244	$ 485,232	$ 980,158	$ 972,998
United States [Member]
Disaggregated revenue information
Total revenue from external customers	456,090	460,674	916,174	929,461
Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Total revenue from external customers	32,154	24,558	63,984	43,537
Small Business Services [Member]
Disaggregated revenue information
Total revenue from external customers	317,742	302,875	634,056	610,998
Small Business Services [Member] | United States [Member]
Disaggregated revenue information
Total revenue from external customers	290,863	283,522	580,822	572,666
Small Business Services [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Total revenue from external customers	26,879	19,353	53,234	38,332
Financial Services [Member]
Disaggregated revenue information
Total revenue from external customers	139,315	147,745	279,956	288,539
Financial Services [Member] | United States [Member]
Disaggregated revenue information
Total revenue from external customers	134,040	142,540	269,206	283,334
Financial Services [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Total revenue from external customers	5,275	5,205	10,750	5,205
Direct Checks [Member]
Disaggregated revenue information
Total revenue from external customers	31,187	34,612	66,146	73,461
Direct Checks [Member] | United States [Member]
Disaggregated revenue information
Total revenue from external customers	31,187	34,612	66,146	73,461
Direct Checks [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Total revenue from external customers	0	0	0	0
Checks [Member]
Disaggregated revenue information
Total revenue from external customers	203,573	211,717	413,911	433,890
Checks [Member] | Small Business Services [Member]
Disaggregated revenue information
Total revenue from external customers	119,786	120,173	242,719	244,310
Checks [Member] | Financial Services [Member]
Disaggregated revenue information
Total revenue from external customers	57,591	62,351	115,642	127,726
Checks [Member] | Direct Checks [Member]
Disaggregated revenue information
Total revenue from external customers	26,196	29,193	55,550	61,854
Small business marketing solutions [Member]
Disaggregated revenue information
Total revenue from external customers	69,442	63,168	136,204	122,677
Small business marketing solutions [Member] | Small Business Services [Member]
Disaggregated revenue information
Total revenue from external customers	69,442	63,168	136,204	122,677
Small business marketing solutions [Member] | Financial Services [Member]
Disaggregated revenue information
Total revenue from external customers	0	0	0	0
Small business marketing solutions [Member] | Direct Checks [Member]
Disaggregated revenue information
Total revenue from external customers	0	0	0	0
Web services [Member]
Disaggregated revenue information
Total revenue from external customers	40,850	30,090	78,226	60,334
Web services [Member] | Small Business Services [Member]
Disaggregated revenue information
Total revenue from external customers	40,850	30,090	78,226	60,334
Web services [Member] | Financial Services [Member]
Disaggregated revenue information
Total revenue from external customers	0	0	0	0
Web services [Member] | Direct Checks [Member]
Disaggregated revenue information
Total revenue from external customers	0	0	0	0
Data-driven marketing solutions [Member]
Disaggregated revenue information
Total revenue from external customers	37,327	36,157	74,467	68,231
Data-driven marketing solutions [Member] | Small Business Services [Member]
Disaggregated revenue information
Total revenue from external customers	0	0	0	0
Data-driven marketing solutions [Member] | Financial Services [Member]
Disaggregated revenue information
Total revenue from external customers	37,327	36,157	74,467	68,231
Data-driven marketing solutions [Member] | Direct Checks [Member]
Disaggregated revenue information
Total revenue from external customers	0	0	0	0
Treasury management solutions [Member]
Disaggregated revenue information
Total revenue from external customers	28,558	29,045	57,758	51,819
Treasury management solutions [Member] | Small Business Services [Member]
Disaggregated revenue information
Total revenue from external customers	0	0	0	0
Treasury management solutions [Member] | Financial Services [Member]
Disaggregated revenue information
Total revenue from external customers	28,558	29,045	57,758	51,819
Treasury management solutions [Member] | Direct Checks [Member]
Disaggregated revenue information
Total revenue from external customers	0	0	0	0
Fraud, security, risk management and operational services [Member]
Disaggregated revenue information
Total revenue from external customers	22,628	27,069	45,308	54,569
Fraud, security, risk management and operational services [Member] | Small Business Services [Member]
Disaggregated revenue information
Total revenue from external customers	6,588	6,610	13,104	13,243
Fraud, security, risk management and operational services [Member] | Financial Services [Member]
Disaggregated revenue information
Total revenue from external customers	12,596	16,712	24,903	33,323
Fraud, security, risk management and operational services [Member] | Direct Checks [Member]
Disaggregated revenue information
Total revenue from external customers	3,444	3,747	7,301	8,003
Total MOS [Member]
Disaggregated revenue information
Total revenue from external customers	198,805	185,529	391,963	357,630
Total MOS [Member] | Recognized at point in time [Member]
Disaggregated revenue information
Total revenue from external customers	70,496		135,147
Total MOS [Member] | Recognized over time [Member]
Disaggregated revenue information
Total revenue from external customers	128,309		256,816
Total MOS [Member] | Small Business Services [Member]
Disaggregated revenue information
Total revenue from external customers	116,880	99,868	227,534	196,254
Total MOS [Member] | Financial Services [Member]
Disaggregated revenue information
Total revenue from external customers	78,481	81,914	157,128	153,373
Total MOS [Member] | Direct Checks [Member]
Disaggregated revenue information
Total revenue from external customers	3,444	3,747	7,301	8,003
Forms, accessories and other products [Member]
Disaggregated revenue information
Total revenue from external customers	85,866	87,986	174,284	181,478
Forms, accessories and other products [Member] | Small Business Services [Member]
Disaggregated revenue information
Total revenue from external customers	81,076	82,834	163,803	170,434
Forms, accessories and other products [Member] | Financial Services [Member]
Disaggregated revenue information
Total revenue from external customers	3,243	3,480	7,186	7,440
Forms, accessories and other products [Member] | Direct Checks [Member]
Disaggregated revenue information
Total revenue from external customers	$ 1,547	$ 1,672	$ 3,295	$ 3,604
Product concentration risk [Member] | Checks [Member] | Small Business Services [Member]
Disaggregated revenue information
Concentration risk, percentage					39.00%
Product concentration risk [Member] | Checks [Member] | Financial Services [Member]
Disaggregated revenue information
Concentration risk, percentage					43.00%
Product concentration risk [Member] | Checks [Member] | Direct Checks [Member]
Disaggregated revenue information
Concentration risk, percentage					84.00%
Product concentration risk [Member] | Total MOS [Member] | Small Business Services [Member]
Disaggregated revenue information
Concentration risk, percentage					34.00%
Product concentration risk [Member] | Total MOS [Member] | Financial Services [Member]
Disaggregated revenue information
Concentration risk, percentage					55.00%
Product concentration risk [Member] | Total MOS [Member] | Direct Checks [Member]
Disaggregated revenue information
Concentration risk, percentage					11.00%

Business segment information 58

Business segment information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Business segment information [Line Items]
Total revenue from external customers	$ 488,244	$ 485,232	$ 980,158	$ 972,998
Operating income:	82,823	92,827	170,531	177,825
Depreciation and amortization expense:	32,376	30,414	63,517	60,051
Asset impairment charges	0	2,954	2,149	8,250
Total assets:	2,293,244	2,168,755	2,293,244	2,168,755	$ 2,208,827
Capital asset purchases:	14,006	11,767	28,040	22,788
Small Business Services [Member]
Business segment information [Line Items]
Total revenue from external customers	317,742	302,875	634,056	610,998
Financial Services [Member]
Business segment information [Line Items]
Total revenue from external customers	139,315	147,745	279,956	288,539
Direct Checks [Member]
Business segment information [Line Items]
Total revenue from external customers	31,187	34,612	66,146	73,461
Reportable Business Segments [Member] | Small Business Services [Member]
Business segment information [Line Items]
Total revenue from external customers	317,742	302,875	634,056	610,998
Operating income:	58,642	54,521	117,541	106,782
Depreciation and amortization expense:	16,154	13,439	31,592	27,656
Asset impairment charges	0	2,954	2,149	8,250
Total assets:	1,165,781	1,042,694	1,165,781	1,042,694
Capital asset purchases:	0	0	0	0
Reportable Business Segments [Member] | Financial Services [Member]
Business segment information [Line Items]
Total revenue from external customers	139,315	147,745	279,956	288,539
Operating income:	13,980	26,609	31,954	46,854
Depreciation and amortization expense:	15,422	16,161	30,316	30,774
Asset impairment charges	0	0	0	0
Total assets:	662,076	697,900	662,076	697,900
Capital asset purchases:	0	0	0	0
Reportable Business Segments [Member] | Direct Checks [Member]
Business segment information [Line Items]
Total revenue from external customers	31,187	34,612	66,146	73,461
Operating income:	10,201	11,697	21,036	24,189
Depreciation and amortization expense:	800	814	1,609	1,621
Asset impairment charges	0	0	0	0
Total assets:	157,649	159,246	157,649	159,246
Capital asset purchases:	0	0	0	0
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
Asset impairment charges	0	0	0	0
Total assets:	307,738	268,915	307,738	268,915
Capital asset purchases:	$ 14,006	$ 11,767	$ 28,040	$ 22,788