Deluxe (DLX) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Document

Document - shares	6 Months Ended
	Jun. 30, 2021	Jul. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-7945
Entity Registrant Name	DELUXE CORPORATION
Entity Central Index Key	0000027996
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0216800
Entity Address, Address Line One	3680 Victoria St. N.
Entity Address, City or Town	Shoreview
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55126-2966
City Area Code	651
Local Phone Number	483-7111
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	DLX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,544,770

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 163,338	$ 123,122
Trade accounts receivable, net of allowances for uncollectible accounts	172,901	161,959
Inventories and supplies	33,267	40,130
Funds held for customers, including securities carried at fair value of $25,112 and $28,462, respectively	135,604	119,749
Revenue in excess of billings	32,057	17,617
Other current assets	66,191	44,054
Total current assets	603,358	506,631
Deferred income taxes	3,387	6,642
Long-term investments	46,493	45,919
Property, plant and equipment, net of accumulated depreciation of $356,350 and $360,907, respectively	96,354	88,680
Operating lease assets	62,362	35,906
Intangibles, net of accumulated amortization of $639,316 and $587,273, respectively	521,452	246,760
Goodwill	1,439,303	702,958
Other non-current assets	244,767	208,679
Total assets	3,017,476	1,842,175
Current liabilities:
Accounts payable	137,303	116,990
Funds held for customers	134,911	117,647
Accrued liabilities	197,891	177,183
Current portion of long-term debt	57,130	0
Total current liabilities	527,235	411,820
Long-term debt	1,776,281	840,000
Operating lease liabilities	52,919	28,344
Deferred income taxes	64,723	5,401
Other non-current liabilities	44,047	43,218
Commitments and contingencies (Notes 14 and 17)
Shareholders' equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: June 30, 2021 - 42,537; December 31, 2020 - 41,973)	42,537	41,973
Additional paid-in capital	41,607	17,558
Retained earnings	505,753	495,153
Accumulated other comprehensive loss	(37,829)	(41,433)
Non-controlling interest	203	141
Total shareholders' equity	552,271	513,392
Total liabilities and shareholders' equity	$ 3,017,476	$ 1,842,175

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Funds held for customers, securities carried at fair value	$ 25,112	$ 28,462
Accumulated depreciation	356,350	360,907
Accumulated amortization	$ 639,316	$ 587,273
Common stock, par value (per share)	$ 1	$ 1
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	42,537	41,973

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Total revenue	$ 478,216	$ 410,405	$ 919,481	$ 896,828
Total cost of revenue	(206,575)	(162,283)	(385,085)	(364,332)
Gross profit	271,641	248,122	534,396	532,496
Selling, general and administrative expense	(233,908)	(198,570)	(446,344)	(435,774)
Restructuring and integration expense	(11,364)	(20,354)	(25,677)	(38,008)
Asset impairment charges	0	(4,883)	0	(98,989)
Operating income (loss)	26,369	24,315	62,375	(40,275)
Interest expense	(9,530)	(6,171)	(14,054)	(13,171)
Other income	2,129	1,808	4,162	6,281
Income (loss) before income taxes	18,968	19,952	52,483	(47,165)
Income tax provision	(6,839)	(5,074)	(16,030)	(1,652)
Net income (loss)	12,129	14,878	36,453	(48,817)
Net income attributable to non-controlling interest	(29)	(19)	(62)	(19)
Net income (loss) attributable to Deluxe	12,100	14,859	36,391	(48,836)
Total comprehensive loss	14,124	19,053	40,057	(56,649)
Comprehensive income (loss) attributable to Deluxe	$ 14,095	$ 19,034	$ 39,995	$ (56,668)
Basic earnings (loss) per share	$ 0.29	$ 0.36	$ 0.86	$ (1.17)
Diluted earnings (loss) per share	$ 0.28	$ 0.35	$ 0.85	$ (1.18)
Product [Member]
Total revenue	$ 306,223	$ 278,709	$ 605,277	$ 609,396
Total cost of revenue	(112,561)	(102,861)	(219,887)	(224,450)
Service [Member]
Total revenue	171,993	131,696	314,204	287,432
Total cost of revenue	$ (94,014)	$ (59,422)	$ (165,198)	$ (139,882)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Adoption of Accounting Standards Update [Member]	Common shares par value [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Retained earnings [Member]Adoption of Accounting Standards Update [Member]	Accumulated other comprehensive loss [Member]	Non-controlling interest [Member]
Balance, beginning of year at Dec. 31, 2019	$ 546,979	$ (3,640)	$ 42,126	$ 4,086	$ 548,714	$ (3,640)	$ (47,947)	$ 0
Balance (in shares) at Dec. 31, 2019	42,126
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Balance, end of period at Mar. 31, 2020	$ 446,521		41,691	0	464,784		(59,954)	0
Balance (in shares) at Mar. 31, 2020	41,691
Balance, beginning of year at Dec. 31, 2019	$ 546,979	(3,640)	42,126	4,086	548,714	(3,640)	(47,947)	0
Balance (in shares) at Dec. 31, 2019	42,126
Net income (loss) attributable to Deluxe	$ (48,836)				(48,836)
Net income attributable to non-controlling interest	19							19
Net income (loss)	(48,817)
Cash dividends ($0.30 per share for the quarters ended June 30, 2021 and 2020; $0.60 per share for the six months ended June 30, 2021 and 2020)	(25,707)				(25,707)
Common shares issued	$ 2,557		290	2,267
Common shares issued (in shares)	290
Common shares repurchased	$ (14,000)		(499)	(9,767)	(3,734)
Common shares repurchased (in shares)	(499)
Other common shares retired	$ (1,928)		(62)	(1,866)
Other common shares retired (in shares)	(62)
Employee share-based compensation	$ 10,230			10,230
Other comprehensive income (loss)	(7,832)						(7,832)
Non-controlling interest, net	50							50
Balance, end of period at Jun. 30, 2020	$ 457,892		41,855	4,950	466,797		(55,779)	69
Balance (in shares) at Jun. 30, 2020	41,855
Balance, beginning of year at Dec. 31, 2019	$ 546,979	$ (3,640)	42,126	4,086	548,714	$ (3,640)	(47,947)	0
Balance (in shares) at Dec. 31, 2019	42,126
Balance, end of period at Dec. 31, 2020	$ 513,392		41,973	17,558	495,153		(41,433)	141
Balance (in shares) at Dec. 31, 2020	41,973
Balance, beginning of year at Mar. 31, 2020	$ 446,521		41,691	0	464,784		(59,954)	0
Balance (in shares) at Mar. 31, 2020	41,691
Net income (loss) attributable to Deluxe	$ 14,859				14,859
Net income attributable to non-controlling interest	19							19
Net income (loss)	14,878
Cash dividends ($0.30 per share for the quarters ended June 30, 2021 and 2020; $0.60 per share for the six months ended June 30, 2021 and 2020)	(12,846)				(12,846)
Common shares issued	$ 674		209	465
Common shares issued (in shares)	209
Other common shares retired	$ (1,132)		(45)	(1,087)
Other common shares retired (in shares)	(45)
Employee share-based compensation	$ 5,572			5,572
Other comprehensive income (loss)	4,175						4,175
Non-controlling interest, net	50							50
Balance, end of period at Jun. 30, 2020	$ 457,892		41,855	4,950	466,797		(55,779)	69
Balance (in shares) at Jun. 30, 2020	41,855
Balance, beginning of year at Dec. 31, 2020	$ 513,392		41,973	17,558	495,153		(41,433)	141
Balance (in shares) at Dec. 31, 2020	41,973
Net income (loss) attributable to Deluxe	$ 36,391				36,391
Net income attributable to non-controlling interest	62							62
Net income (loss)	36,453
Cash dividends ($0.30 per share for the quarters ended June 30, 2021 and 2020; $0.60 per share for the six months ended June 30, 2021 and 2020)	(25,791)				(25,791)
Common shares issued	$ 15,220		669	14,551
Common shares issued (in shares)	669
Common shares repurchased (in shares)	0
Other common shares retired	$ (4,171)		(105)	(4,066)
Other common shares retired (in shares)	(105)
Employee share-based compensation	$ 13,564			13,564
Other comprehensive income (loss)	3,604						3,604
Balance, end of period at Jun. 30, 2021	$ 552,271		42,537	41,607	505,753		(37,829)	203
Balance (in shares) at Jun. 30, 2021	42,537
Balance, beginning of year at Mar. 31, 2021	$ 531,373		42,104	22,306	506,613		(39,824)	174
Balance (in shares) at Mar. 31, 2021	42,104
Net income (loss) attributable to Deluxe	$ 12,100				12,100
Net income attributable to non-controlling interest	29							29
Net income (loss)	12,129
Cash dividends ($0.30 per share for the quarters ended June 30, 2021 and 2020; $0.60 per share for the six months ended June 30, 2021 and 2020)	(12,960)				(12,960)
Common shares issued	$ 14,179		475	13,704
Common shares issued (in shares)	475
Other common shares retired	$ (1,810)		(42)	(1,768)
Other common shares retired (in shares)	(42)
Employee share-based compensation	$ 7,365			7,365
Other comprehensive income (loss)	1,995						1,995
Balance, end of period at Jun. 30, 2021	$ 552,271		$ 42,537	$ 41,607	$ 505,753		$ (37,829)	$ 203
Balance (in shares) at Jun. 30, 2021	42,537

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends per share	$ 0.30	$ 0.30	$ 0.60	$ 0.60

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 36,453	$ (48,817)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	9,201	10,053
Amortization of intangibles	51,823	45,040
Operating lease expense	8,400	10,038
Asset impairment charges	0	98,989
Amortization of prepaid product discounts	15,137	14,174
Deferred income taxes	10,977	(11,098)
Employee share-based compensation expense	14,367	9,095
Other non-cash items, net	5,015	14,383
Changes in assets and liabilities, net of effect of acquisition:
Trade accounts receivable	18,260	20,054
Inventories and supplies	6,781	(8,719)
Other current assets	(23,295)	2,073
Non-current assets	(21,633)	(6,646)
Accounts payable	2,706	(16,023)
Prepaid product discount payments	(19,077)	(15,806)
Other accrued and non-current liabilities	(31,304)	(7,141)
Net cash provided by operating activities	83,811	109,649
Cash flows from investing activities:
Payment for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired	(956,717)	0
Purchases of capital assets	(46,615)	(27,085)
Purchases of customer funds marketable securities	(53)	(3,701)
Proceeds from customer funds marketable securities	53	3,701
Other	(1,358)	1,837
Net cash used by investing activities	(1,004,690)	(25,248)
Cash flows from financing activities:
Proceeds from issuing long-term debt, net of discount	1,852,850	309,000
Payments on long-term debt	(845,000)	(52,500)
Payments for debt issuance costs	(17,911)	0
Net change in customer funds obligations	5,559	(31,351)
Proceeds from issuing shares	14,852	2,411
Employee taxes paid for shares withheld	(4,171)	(1,889)
Payments for common shares repurchased	0	(14,000)
Cash dividends paid to shareholders	(25,852)	(25,464)
Other	(4,170)	(597)
Net cash provided by financing activities	976,157	185,610
Effect of exchange rate change on cash, cash equivalents, restricted cash and restricted cash equivalents	3,387	(6,490)
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	58,665	263,521
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of year	229,409	174,811
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$ 288,074	$ 438,332

Consolidated financial statemen

Consolidated financial statements	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated financial statements	The consolidated balance sheet as of June 30, 2021, the consolidated statements of comprehensive income (loss) for the quarters and six months ended June 30, 2021 and 2020, the consolidated statements of shareholders’ equity for the quarters and six months ended June 30, 2021 and 2020 and the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The consolidated balance sheet as of December 31, 2020 was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles (GAAP). 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 items 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, 2020 (the 2020 Form 10-K). The preparation of our consolidated financial statements requires us to make certain estimates and assumptions affecting the amounts reported in the consolidated financial statements and related notes. We base our estimates on historical experience and on various other factors and assumptions that we believe are reasonable under the circumstances, including the estimated impact of extraordinary events, such as the novel coronavirus (COVID-19) pandemic, the results of which form the basis for making judgments about the carrying values of our assets, liabilities, revenues and expenses and the related disclosure of contingent assets and liabilities. Actual results may differ significantly from our estimates and assumptions, including our estimates of the severity and duration of the COVID-19 pandemic. Further information can be found in Note 17. Revision – During the second quarter of 2021, we identified errors in the calculations of the goodwill impairment charges recorded during the third quarter of 2019 and the first quarter of 2020, resulting in an understatement of the goodwill impairment charges and net losses and an overstatement of goodwill. The errors in our calculations resulted from the erroneous application of the simultaneous equation method, which effectively grosses up the goodwill impairment charge to account for the related income tax benefit, so that the resulting carrying value does not exceed the calculated fair value. We assessed the materiality of the errors on prior period financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality , codified in Accounting Standards Codification (ASC) 250, Presentation of Financial Statements . We concluded that the errors were not material to our prior period consolidated financial statements and therefore, amendments of previously filed consolidated financial statements are not required. In accordance with ASC 250, we have corrected the errors by revising the consolidated financial statements presented herein. Prior periods not presented herein will be revised, as applicable, in future filings. The adjustments for the third quarter of 2019 resulted in an increase of $30,110 in the pretax asset impairment charges. Net of the related tax benefit of $6,228, this resulted in an increase in net loss of $23,882 for the third quarter of 2019 and the year ended December 31, 2019. Revised basic and diluted loss per share for the year ended December 31, 2019 increased from $4.65, as previously reported, to $5.20. The adjustments for the first quarter of 2020 resulted in an increase of $3,776 in the pretax asset impairment charges. Net of the related tax benefit of $212, this resulted in an increase in net loss of $3,564 for the first quarter of 2020 and a decrease in net income of $3,564 for the year ended December 31, 2020. Revised basic earnings per share for the year ended December 31, 2020 decreased from $0.21, as previously reported, to $0.12. Revised diluted earnings per share for the year ended December 31, 2020 decreased from $0.19, as previously reported, to $0.11. The impacts of the revisions on the periods presented herein are provided in the following tables. The impact of the revision on the consolidated statement of comprehensive loss for the six months ended June 30, 2020 was as follows: (in thousands, except per share amounts) As previously reported Adjustments As revised Asset impairment charges $ (95,213) $ (3,776) $ (98,989) Operating loss (36,499) (3,776) (40,275) Loss before income taxes (43,389) (3,776) (47,165) Income tax provision (1,864) 212 (1,652) Net loss (45,253) (3,564) (48,817) Net loss attributable to Deluxe (45,272) (3,564) (48,836) Total comprehensive loss (53,085) (3,564) (56,649) Comprehensive loss attributable to Deluxe (53,104) (3,564) (56,668) Basic loss per share (1.08) (0.09) (1.17) Diluted loss per share (1.10) (0.08) (1.18) The impact of the revision on the consolidated balance sheet as of December 31, 2020 was as follows: (in thousands) As previously reported Adjustments As revised ASSETS Deferred income taxes $ 5,444 $ 1,198 $ 6,642 Goodwill 736,844 (33,886) 702,958 Total assets 1,874,863 (32,688) 1,842,175 LIABILITIES AND SHAREHOLDERS' EQUITY Deferred income taxes $ 10,643 $ (5,242) $ 5,401 Retained earnings 522,599 (27,446) 495,153 Total shareholders' equity 540,838 (27,446) 513,392 Total liabilities and shareholders' equity 1,874,863 (32,688) 1,842,175 The impact of the revision on the consolidated statement of cash flows for the six months ended June 30, 2020 was as follows: (in thousands) As previously reported Adjustments As revised Cash flows from operating activities: Net loss $ (45,253) $ (3,564) $ (48,817) Asset impairment charges 95,213 3,776 98,989 Deferred income taxes (10,886) (212) (11,098)

New accounting pronouncements

New accounting pronouncements	6 Months Ended
	Jun. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting pronouncements	In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update No. 2019-12, Simplifying the Accounting for Income Taxes . This standard addressed several specific areas of accounting for income taxes. We adopted this standard on January 1, 2021. Portions of the standard were adopted prospectively and certain aspects were required to be adopted using the modified retrospective approach. Adoption of this standard did not require an adjustment to retained earnings and did not have a significant impact on our results of operations or financial position.

Supplemental balance sheet and

Supplemental balance sheet and cash flow information	6 Months Ended
	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Supplemental balance sheet and cash flow information	Trade accounts receivable – Changes in the allowances for uncollectible accounts included within trade accounts receivable were as follows for the six months ended June 30, 2021 and 2020: Six Months Ended (in thousands) 2021 2020 Balance, beginning of year $ 6,428 $ 4,985 Bad debt (benefit) expense (1,696) 3,374 Write-offs and other (1,704) (1,633) Balance, end of period $ 3,028 $ 6,726 Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) June 30, December 31, Raw materials $ 5,189 $ 5,412 Semi-finished goods 7,522 7,943 Finished goods 20,481 33,513 Supplies 5,531 5,010 Reserve for excess and obsolete items (5,456) (11,748) Inventories and supplies $ 33,267 $ 40,130 Changes in the reserve for excess and obsolete items were as follows for the six months ended June 30, 2021 and 2020: Six Months Ended (in thousands) 2021 2020 Balance, beginning of year $ 11,748 $ 6,600 Amounts charged to expense 2,151 861 Write-offs and sales (8,443) (343) Balance, end of period $ 5,456 $ 7,118 Available-for-sale debt securities – Available-for-sale debt securities included within funds held for customers were comprised of the following: June 30, 2021 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Domestic money market fund $ 11,500 $ — $ — $ 11,500 Canadian and provincial government securities 9,874 — (295) 9,579 Canadian guaranteed investment certificate 4,033 — — 4,033 Available-for-sale debt securities $ 25,407 $ — $ (295) $ 25,112 (1) Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2021, also included cash of $110,492. December 31, 2020 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Domestic money market fund $ 15,000 $ — $ — $ 15,000 Canadian and provincial government securities 9,566 — (33) 9,533 Canadian guaranteed investment certificate 3,929 — — 3,929 Available-for-sale debt securities $ 28,495 $ — $ (33) $ 28,462 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2020, also included cash of $91,287. Expected maturities of available-for-sale debt securities as of June 30, 2021 were as follows: (in thousands) Fair value Due in one year or less $ 18,282 Due in two to five years 3,956 Due in six to ten years 2,874 Available-for-sale debt securities $ 25,112 Further information regarding the fair value of available-for-sale debt securities can be found in Note 8. Revenue in excess of billings – Revenue in excess of billings was comprised of the following: (in thousands) June 30, December 31, Conditional right to receive consideration $ 23,364 $ 13,950 Unconditional right to receive consideration (1) 8,693 3,667 Revenue in excess of billings $ 32,057 $ 17,617 (1) Represents revenues that are earned but not currently billable under the related contract terms. Trade accounts receivable on the consolidated balance sheets included unbilled receivables of $31,350 as of June 30, 2021 and $21,319 as of December 31, 2020. Intangibles – Intangibles were comprised of the following: June 30, 2021 December 31, 2020 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Amortizable intangibles: Customer lists/relationships $ 487,974 $ (225,342) $ 262,632 $ 352,895 $ (202,428) $ 150,467 Internal-use software 416,904 (325,844) 91,060 380,144 (303,422) 76,722 Technology-based intangibles 99,813 (31,401) 68,412 33,813 (27,613) 6,200 Partner relationships 67,000 (372) 66,628 — — — Trade names 52,177 (30,360) 21,817 30,281 (29,926) 355 Software to be sold 36,900 (25,997) 10,903 36,900 (23,884) 13,016 Intangibles $ 1,160,768 $ (639,316) $ 521,452 $ 834,033 $ (587,273) $ 246,760 During the second quarter of 2021, we acquired amortizable intangible assets in conjunction with the acquisition of First American Payment Systems, L.P. (First American). Further information can be found in Note 6. Amortization of intangibles was $28,559 for the quarter ended June 30, 2021, $21,529 for the quarter ended June 30, 2020, $51,823 for the six months ended June 30, 2021 and $45,040 for the six months ended June 30, 2020. Based on the intangibles in service as of June 30, 2021, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2021 $ 69,227 2022 114,718 2023 84,510 2024 56,265 2025 44,747 The following intangibles were acquired during the six months ended June 30, 2021, including assets acquired in conjunction with the acquisition of First American (Note 6): (in thousands) Amount Weighted-average amortization period Customer lists/relationships (1) $ 134,992 8 Partner relationships 67,000 15 Technology-based intangibles 66,000 8 Internal-use software 36,413 4 Trade names 22,000 10 Acquired intangibles $ 326,405 9 (1) Included $118,000 acquired via the First American acquisition (Note 6) with a weighted-average useful life of 8 years. Goodwill – Changes in goodwill by reportable segment and in total for the six months ended June 30, 2021 were as follows: (in thousands) Payments Cloud Solutions Promotional Solutions Checks Total Balance, December 31, 2020: Goodwill, gross $ 168,165 $ 432,984 $ 252,864 $ 434,812 $ 1,288,825 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges 168,165 40,816 59,165 434,812 702,958 Goodwill resulting from acquisition (Note 6) 736,308 — — — 736,308 Currency translation adjustment — — 37 — 37 Balance, June 30, 2021 $ 904,473 $ 40,816 $ 59,202 $ 434,812 $ 1,439,303 Balance, June 30, 2021: Goodwill, gross $ 904,473 $ 432,984 $ 252,901 $ 434,812 $ 2,025,170 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges $ 904,473 $ 40,816 $ 59,202 $ 434,812 $ 1,439,303 Other non-current assets – Other non-current assets were comprised of the following: (in thousands) June 30, December 31, Postretirement benefit plan asset $ 74,727 $ 71,208 Prepaid product discounts 54,109 50,602 Cloud computing arrangements 47,508 29,242 Loans and notes receivable from distributors, net of allowances for uncollectible accounts (1) 26,858 35,068 Deferred contract acquisition costs (2) 16,171 9,199 Other 25,394 13,360 Other non-current assets $ 244,767 $ 208,679 (1) Amount Includes the non-current portion of loans and notes receivable. The current portion of these receivables is included in other current assets on the consolidated balance sheets and was $1,723 as of June 30, 2021 and $2,008 as of December 31, 2020. (2) Amortization of deferred contract acquisition costs was $2,276 for the six months ended June 30, 2021 and $1,817 for the six months ended June 30, 2020. Changes in the allowances for uncollectible accounts related to loans and notes receivable from distributors were as follows for the six months ended June 30, 2021 and 2020: Six Months Ended (in thousands) 2021 2020 Balance, beginning of year $ 3,995 $ 284 Adoption of ASU No. 2016-13 — 4,749 Bad debt (benefit) expense (658) 6,623 Balance, end of period $ 3,337 $ 11,656 Bad debt expense for the six months ended June 30, 2020 included loan-specific allowances primarily related to Promotional Solutions distributors that were underperforming. In calculating these reserves, we utilized various valuation techniques to determine the value of the underlying collateral. Past due receivables and those on non-accrual status were not significant as of June 30, 2021 or December 31, 2020. We categorize loans and notes receivable into risk categories based on information about the ability of borrowers to service their debt, including current financial information, historical payment experience, current economic trends and other factors. The highest quality receivables are assigned a 1-2 internal grade. Those that have a potential weakness requiring management's attention are assigned a 3-4 internal grade. The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of June 30, 2021. There were no write-offs or recoveries recorded during the six months ended June 30, 2021. Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2020 2019 2018 2017 Prior Total Risk rating: 1-2 internal grade $ 1,283 $ 569 $ 14,359 $ 11,708 $ 1,400 $ 29,319 3-4 internal grade — 2,599 — — — 2,599 Loans and notes receivable $ 1,283 $ 3,168 $ 14,359 $ 11,708 $ 1,400 $ 31,918 Changes in prepaid product discounts during the six months ended June 30, 2021 and 2020 were as follows: Six Months Ended (in thousands) 2021 2020 Balance, beginning of year $ 50,602 $ 51,145 Additions (1) 18,689 7,195 Amortization (15,137) (14,174) Other (45) (625) Balance, end of period $ 54,109 $ 43,541 (1) Prepaid product discounts are generally accrued upon contract execution. Cash payments for prepaid product discounts were $19,077 for the six months ended June 30, 2021 and $15,806 for the six months ended June 30, 2020. Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) June 30, December 31, Deferred revenue (1) $ 46,424 $ 42,104 Employee cash bonuses, including sales incentives 29,688 21,090 Prepaid product discounts due within one year 14,199 14,365 Operating lease liabilities 12,859 11,589 Customer rebates 7,442 8,179 Other 87,279 79,856 Accrued liabilities $ 197,891 $ 177,183 (1) $25,010 of the December 31, 2020 amount was recognized as revenue during the six months ended June 30, 2021. Supplemental cash flow information – The reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets was as follows: (in thousands) June 30, June 30, Cash and cash equivalents $ 163,338 $ 371,951 Restricted cash and restricted cash equivalents included in funds held for customers 121,992 66,381 Non-current restricted cash included in other non-current assets 2,744 — Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 288,074 $ 438,332

Earnings (loss) per share

Earnings (loss) per share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings (loss) per share	The following table reflects the calculation of basic and diluted earnings (loss) per share. During each period, certain stock options, as noted below, were excluded from the calculation of diluted earnings (loss) per share because their effect would have been antidilutive. Quarter Ended Six Months Ended (in thousands, except per share amounts) 2021 2020 2021 2020 Earnings (loss) per share – basic: Net income (loss) $ 12,129 $ 14,878 $ 36,453 $ (48,817) Net income attributable to non-controlling interest (29) (19) (62) (19) Net income (loss) attributable to Deluxe 12,100 14,859 36,391 (48,836) Income allocated to participating securities (10) (13) (27) (32) Income (loss) attributable to Deluxe available to common shareholders $ 12,090 $ 14,846 $ 36,364 $ (48,868) Weighted-average shares outstanding 42,275 41,797 42,169 41,946 Earnings (loss) per share – basic $ 0.29 $ 0.36 $ 0.86 $ (1.17) Earnings (loss) per share – diluted: Net income (loss) $ 12,129 $ 14,878 $ 36,453 $ (48,817) Net income attributable to non-controlling interest (29) (19) (62) (19) Net income (loss) attributable to Deluxe 12,100 14,859 36,391 (48,836) Income allocated to participating securities (10) — (9) (32) Re-measurement of share-based awards classified as liabilities — (79) — (853) Income (loss) attributable to Deluxe available to common shareholders $ 12,090 $ 14,780 $ 36,382 $ (49,721) Weighted-average shares outstanding 42,275 41,797 42,169 41,946 Dilutive impact of potential common shares 444 151 451 40 Weighted-average shares and potential common shares outstanding 42,719 41,948 42,620 41,986 Earnings (loss) per share – diluted $ 0.28 $ 0.35 $ 0.85 $ (1.18) Antidilutive options excluded from calculation 1,530 2,133 1,530 2,199

Other comprehensive income (los

Other comprehensive income (loss)	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other comprehensive income (loss)	Reclassification adjustments – Information regarding amounts reclassified from accumulated other comprehensive loss to net income (loss) was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of comprehensive income (loss) Quarter Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Realized loss on interest rate swap $ (330) $ (281) $ (664) $ (188) Interest expense Tax benefit 87 73 174 49 Income tax provision Realized loss on interest rate swap, net of tax (243) (208) (490) (139) Net income (loss) Amortization of postretirement benefit plan items: Prior service credit 355 355 711 711 Other income Net actuarial loss (407) (575) (814) (1,150) Other income Total amortization (52) (220) (103) (439) Other income Tax (expense) benefit (31) 12 (63) 23 Income tax provision Amortization of postretirement benefit plan items, net of tax (83) (208) (166) (416) Net income (loss) Total reclassifications, net of tax $ (326) $ (416) $ (656) $ (555) Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the six months ended June 30, 2021 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on available-for-sale debt securities (1) Net unrealized loss on cash flow hedge (2) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2020 $ (21,956) $ (90) $ (5,351) $ (14,036) $ (41,433) Other comprehensive (loss) income before reclassifications — (189) 799 2,338 2,948 Amounts reclassified from accumulated other comprehensive loss 166 — 490 — 656 Net current-period other comprehensive income (loss) 166 (189) 1,289 2,338 3,604 Balance, June 30, 2021 $ (21,790) $ (279) $ (4,062) $ (11,698) $ (37,829) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $66. (2) Other comprehensive income before reclassifications is net of income tax expense of $283.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisition	On June 1, 2021, we acquired all of the equity of First American in a cash transaction for $956,717, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired, subject to customary adjustments under the terms of the acquisition agreement. First American is a large-scale payments technology company that provides partners and merchants with comprehensive in-store, online and mobile payment solutions. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed resulted in non-tax deductible goodwill of $736,308. The transaction resulted in goodwill as First American provides an end-to-end payments technology platform, which we believe will provide significant leverage to accelerate organic growth. The acquisition was funded with cash on hand and proceeds from new debt. Information regarding our debt can be found in Note 12. The goodwill and results of operations of First American from the date of acquisition are included in the Payments segment. The acquisition was accounted for as a business combination and the preliminary allocation of the purchase price to the assets acquired and liabilities assumed was based upon preliminary valuations performed to determine the fair values of the acquired items as of the acquisition date. As these valuations, particularly as they relate to intangible assets, were preliminary, they may be adjusted for up to one year after the closing date to reflect final valuations. The following illustrates the preliminary allocation of the purchase price, as of June 30, 2021, to the assets acquired and liabilities assumed: (in thousands) Purchase price allocation Accounts receivable $ 27,296 Other current assets 8,533 Property, plant and equipment 9,873 Operating lease assets 24,506 Intangible assets: Customer relationships 118,000 Partner relationships 67,000 Technology-based intangibles 66,000 Trade names 22,000 Internal-use software 2,417 Total intangible assets 275,417 Goodwill 736,308 Other non-current assets 350 Accounts payable (18,475) Funds held for customers (9,428) Accrued liabilities (20,645) Operating lease liabilities, non-current (21,426) Deferred income taxes (51,216) Other non-current liabilities (4,376) Payment for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired of $15,841 $ 956,717 Information regarding the useful lives of the 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 8. Our results of operations for the quarter and six months ended June 30, 2021 included revenue of $27,343 and net loss of $66 from the operations of First American. In addition, we incurred acquisition transaction costs of $15,843 for the quarter ended June 30, 2021 and $18,608 for the six months ended June 30, 2021, which were included in SG&A expense in the consolidated statements of comprehensive income. The following unaudited pro forma financial information summarizes our consolidated results of operations as though the acquisition occurred on January 1, 2020: Pro Forma Statements of Comprehensive Income (Loss) Quarter Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Revenue $ 563,088 $ 476,490 $ 1,081,192 $ 1,036,288 Net income (loss) 16,943 4,851 37,712 (80,259) The unaudited pro forma financial information was prepared in accordance with our accounting policies, which can be found under the caption "Note 1: Significant Accounting Policies" in the Notes to Consolidated Financial Statements appearing in the 2020 Form 10-K. The pro forma information includes adjustments to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from January 1, 2020, with the consequential tax effects. The pro forma information also includes adjustments to reflect the additional interest expense on the debt we issued to fund the acquisition (Note 12). The acquisition transaction costs we incurred are reflected in the pro forma results for the six months ended June 30, 2020.

Derivative financial instrument

Derivative financial instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	As part of our interest rate risk management strategy, we entered into an interest rate swap in July 2019, which we designated as a cash flow hedge, to mitigate variability in interest payments on a portion of our variable-rate debt (Note 12). The interest rate swap, which terminates in March 2023, effectively converts $200,000 of variable rate debt to a fixed rate of 1.798%. Changes in the fair value of the interest rate swap are recorded in accumulated other comprehensive loss on the consolidated balance sheets and are subsequently reclassified to interest expense as interest payments are made on the variable-rate debt. The fair value of the interest rate swap was $5,464 as of June 30, 2021 and $7,210 as of December 31, 2020 and was included in other non-current liabilities on the consolidated balance sheets. The fair value of this derivative is calculated based on the prevailing LIBOR rate curve on the date of measurement. The cash flow hedge was fully effective as of June 30, 2021 and December 31, 2020 and its impact on consolidated net income (loss) and our consolidated statements of cash flows was not significant. We also do not expect the amount to be reclassified to interest expense over the next 12 months to be significant.

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair value measurements	Our policies on impairment of goodwill and indefinite-lived intangible assets and impairment of long-lived assets and amortizable intangibles explain our methodology for assessing impairment of these assets and can be found under the caption "Note 1: Significant Accounting Policies" in the Notes to Consolidated Financial Statements appearing in the 2020 Form 10-K. 2021 goodwill impairment analyses – As a result of changes in our financial management reporting process during the second quarter of 2021, we concluded that a realignment of our reporting units was required. We analyzed goodwill for impairment immediately prior to this realignment by performing a qualitative analysis for the reporting units with goodwill. The qualitative analyses evaluated factors, including, but not limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. We also considered the last quantitative analyses we completed. In completing these assessments, we noted no changes in events or circumstances that indicated that it was more likely than not that the fair value of any reporting unit was less than its carrying amount. The realignment of our reporting units, effective April 1, 2021, did not change the reporting units within our Cloud Solutions or Checks segments. Within our Payments segment, the number of reporting units increased from 1 to 4, and within our Promotional Solutions segment, the number of reporting units increased from 1 to 2. Upon completing the realignment, we reallocated the carrying value of goodwill to our new reporting units based on their relative fair values. Immediately subsequent to the realignment, we completed qualitative analyses for the reporting units that changed and to which goodwill was assigned. We determined that it was appropriate to perform qualitative assessments, given that our analysis indicated that the change in reporting units did not mask or prevent an impairment that existed at the time of the change. In completing the qualitative assessments, we noted no changes in events or circumstances that indicated that it was more likely than not that the fair value of any reporting unit was less than its carrying amount. As such, no goodwill impairment charges were recorded during the quarter ended June 30, 2021. 2020 asset impairment charges – During the quarter ended March 31, 2020, we concluded that a triggering event had occurred for 2 of our reporting units as a result of the COVID-19 pandemic. As such, we completed goodwill impairment analyses for these reporting units as of March 31, 2020. Our analyses indicated that the goodwill of our Promotional Solutions reporting unit was partially impaired and the goodwill of our Cloud Solutions Web Hosting reporting unit was fully impaired. As such, we recorded goodwill impairment charges of $67,132 and $4,317, respectively. The impairment charges were measured as the amount by which the reporting units' carrying values exceeded their estimated fair values, limited to the carrying amount of goodwill. After the impairment charges, $59,009 of goodwill remained in the Promotional Solutions reporting unit as of the measurement date. Also as a result of the impacts of the COVID-19 pandemic, we assessed for impairment certain long-lived assets of our Cloud Solutions Web Hosting reporting unit as of March 31, 2020. As a result of these assessments, we recorded asset impairment charges of $17,678, primarily related to customer list, software and trade name intangible assets. With the exception of certain internal-use software assets, we determined that the assets were fully impaired. We utilized the discounted value of estimated future cash flows to estimate the fair value of the asset group. In our analysis, we assumed a revenue decline of 31% and a gross margin decline of 5.2 points in 2020, as well as a discount rate of 9%. During the first quarter of 2020, we assessed for impairment the carrying value of an asset group related to a small business distributor that we previously purchased. Our assessment was the result of customer attrition during the quarter that impacted our projections of future cash flows. Based on our estimate of discounted future cash flows, we determined that the asset group was partially impaired as of February 29, 2020, and we recorded an asset impairment charge of $2,752, reducing the carrying value of the related customer list intangible asset. In calculating the estimated fair value of the asset group, we assumed no revenue growth, a 1.9 point improvement in gross margin and a discount rate of 11%. Also during the six months ended June 30, 2020, we recorded asset impairment charges of $7,110 related to the rationalization of our real estate footprint, as well as internal-use software and a small business customer list. These assets were written down to their estimated fair values less costs to sell. Information regarding the asset impairment analyses completed during the six months ended June 30, 2020 was as follows: Fair value measurements using Fair value as of measurement date Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Impairment charge (in thousands) (Level 1) (Level 2) (Level 3) Intangible assets (Cloud Solutions Web Hosting reporting unit) (1) $ 2,172 $ — $ — $ 2,172 $ 17,678 Small business distributor 7,622 — — 7,622 2,752 Other assets 11,210 — — 11,210 7,110 Goodwill (2) 71,449 Total $ 98,989 (1) The impairment charge consisted of $8,397 related to customer lists, $6,932 related to internal-use software and $2,349 related to other intangible assets. (2) Amount presented here has been revised from what was previously reported to correct the error described in Note 1. Business combination – On June 1, 2021, we acquired all of the equity of First American (Note 6). For all acquisitions, we are required to measure the fair value of the net identifiable tangible and intangible assets and liabilities acquired. The identifiable net assets acquired were comprised primarily of intangible assets, accounts receivable and operating lease assets and liabilities. The fair value of the customer relationship and partner relationship intangibles was estimated 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 trade name or technology, that contributed to the generation of the cash flows. The resulting cash flow, which is attributable solely to the customer relationship or partner relationship asset, is then discounted at a rate of return commensurate with the risk of the asset to calculate a present value. Key assumptions used in the calculations included same-customer revenue and partner growth rates, estimated earnings, estimated customer and partner retention rates based on First American's historical information and the discount rate. The estimated fair values of the acquired trade names and technology-based intangibles were estimated using the relief from royalty method, which calculates the cost savings associated with owning rather than licensing the assets. Assumed royalty rates were applied to projected revenue for the estimated remaining useful lives of the assets to estimate the royalty savings. Royalty rates are selected based on the attributes of the asset, including its recognition and reputation in the industry, and in the case of trade names, with consideration of the specific profitability of the products sold under a trade name and supporting assets. The fair value of acquired accounts receivable approximates the gross contractual amounts receivable and we expect to collect all acquired receivables. The fair value of the acquired operating lease liabilities was estimated as if the leases were new. As such, we reassessed the lease term, the discount rate and the lease payments. The fair value of the related operating lease assets was measured at the same amount as the lease liability, adjusted to reflect favorable or unfavorable terms of the lease as compared to market terms. Recurring fair value measurements – Funds held for customers included available-for-sale debt securities (Note 3). These securities included a money market fund that is traded in an active market, a mutual fund investment that invests in Canadian and provincial government securities, and an investment in a Canadian guaranteed investment certificate (GIC) with a maturity of 2 years. The cost of the money market fund approximates its fair value because of the short-term nature of the investment. The cost of the GIC approximates its fair value, based on estimates using current market rates offered for deposits with similar remaining maturities. The mutual fund investment 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. Unrealized gains and losses, net of tax, are included in accumulated other comprehensive loss on the consolidated balance sheets. The cost of securities sold is determined using the average cost method. Realized gains and losses are included in revenue on the consolidated statements of comprehensive income (loss) and were not significant during the quarters or six months ended June 30, 2021 and 2020. Information regarding the fair values of our financial instruments was as follows: Fair value measurements using June 30, 2021 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income (loss): Cash equivalents Funds held for customers $ 11,500 $ 11,500 $ 11,500 $ — $ — Available-for-sale debt securities Funds held for customers 13,612 13,612 — 13,612 — Derivative liability (Note 7) Other non-current liabilities (5,464) (5,464) — (5,464) — Amortized cost: Cash Cash and cash equivalents 163,338 163,338 163,338 — — Cash Funds held for customers 110,492 110,492 110,492 — — Loans and notes receivable from distributors Other current and non-current assets 28,581 28,614 — — 28,614 Long-term debt Current portion of long-term debt and long-term debt 1,833,411 1,897,500 — 1,897,500 — Fair value measurements using December 31, 2020 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income (loss): Cash equivalents Funds held for customers $ 15,000 $ 15,000 $ 15,000 $ — $ — Available-for-sale debt securities Funds held for customers 13,462 13,462 — 13,462 — Derivative liability (Note 7) Other non-current liabilities (7,210) (7,210) — (7,210) — Amortized cost: Cash Cash and cash equivalents 123,122 123,122 123,122 — — Cash Funds held for customers 91,287 91,287 91,287 — — Loans and notes receivable from distributors Other current and non-current assets 37,076 36,950 — — 36,950 Long-term debt Long-term debt 840,000 840,000 — 840,000 —

Restructuring and integration e

Restructuring and integration expense	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and integration expense	Restructuring and integration expense consists of costs related to the consolidation and migration of certain applications and processes, including our financial and sales management systems. It also includes costs related to the integration of acquired businesses into our systems and processes. These costs consist primarily of information technology consulting, project management services and internal labor, as well as other costs associated with our initiatives, such as training, travel and relocation and costs associated with facility closures. In addition, we recorded employee severance costs related to these initiatives, as well as our ongoing cost reduction initiatives across functional areas. We are currently pursuing several initiatives designed to focus on our growth strategy and to increase our efficiency. Restructuring and integration expense is not allocated to our reportable business segments. Restructuring and integration expense is reflected on the consolidated statements of comprehensive income (loss) as follows: Quarter Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Total cost of revenue $ 615 $ 28 $ 1,514 $ 857 Operating expenses 11,364 20,354 25,677 38,008 Restructuring and integration expense $ 11,979 $ 20,382 $ 27,191 $ 38,865 Restructuring and integration expense for each period was comprised of the following: Quarter Ended Six Months Ended (in thousands) 2021 2020 2021 2020 External consulting fees $ 5,540 $ 11,337 $ 12,923 $ 22,238 Internal labor 2,480 1,128 4,520 2,981 Employee severance benefits 1,018 5,035 1,875 10,118 Other 2,941 2,882 7,873 3,528 Restructuring and integration expense $ 11,979 $ 20,382 $ 27,191 $ 38,865 Our restructuring and integration accruals are included in accrued liabilities on the consolidated balance sheets and represent expected cash payments required to satisfy the remaining severance obligations to those employees already terminated and those expected to be terminated under our various initiatives. The majority of the employee reductions are expected to be completed in the third quarter of 2021, and we expect most of the related severance payments to be paid by the end of 2021, utilizing cash from operations. Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2020 $ 6,798 Charges 3,127 Reversals (1,252) Payments (6,193) Balance, June 30, 2021 $ 2,480 The charges and reversals presented in the rollforward of our restructuring and integration accruals do not include items charged directly to expense as incurred, as those items are not reflected in accrued liabilities on the consolidated balance sheets.

Income tax provision

Income tax provision	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax provision	The effective tax rate on pretax income (loss) reconciles to the U.S. federal statutory tax rate as follows: Six Months Ended June 30, 2021 Year Ended December 31, 2020 (1) Income tax at federal statutory rate 21.0 % 21.0 % Goodwill impairment charges (Note 8) — 46.8 % Non-deductible acquisition costs 3.7 % — State income tax expense, net of federal income tax benefit 3.6 % 2.1 % Non-deductible executive compensation 1.5 % 2.2 % Tax impact of share-based compensation 1.2 % 8.5 % Foreign tax rate differences 0.9 % 4.3 % Change in unrecognized tax benefits, including interest and penalties 0.4 % (3.3 %) Research and development tax credit (0.9 %) (3.7 %) Payables and receivables for prior year tax returns (0.6 %) 3.2 % Non-taxable income from employee life insurance policies (0.3 %) (1.1 %) Return to provision adjustments — (2.6 %) Change in valuation allowances — 0.9 % Other — 1.8 % Effective tax rate 30.5 % 80.1 %

Postretirement benefits

Postretirement benefits	6 Months Ended
	Jun. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Postretirement benefits	We have historically provided certain health care benefits for a large number of retired U.S. employees. In addition to our retiree health care plan, we also have a U.S. supplemental executive retirement plan. Further information regarding our postretirement benefit plans can be found under the caption “Note 14: Postretirement Benefits” in the Notes to Consolidated Financial Statements appearing in the 2020 Form 10-K. Postretirement benefit income is included in other income on the consolidated statements of comprehensive income (loss) and consisted of the following components: Quarter Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Interest cost $ 242 $ 478 $ 484 $ 956 Expected return on plan assets (1,875) (1,905) (3,748) (3,809) Amortization of prior service credit (355) (355) (711) (711) Amortization of net actuarial losses 407 575 814 1,150 Net periodic benefit income $ (1,581) $ (1,207) $ (3,161) $ (2,414)

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt outstanding was comprised of the following: (in thousands) June 30, December 31, 2020 Senior, secured term loan facility $ 1,155,000 $ — Senior, unsecured notes 500,000 — Amounts drawn on senior, secured revolving credit facility 200,000 840,000 Total principal amount 1,855,000 840,000 Less: unamortized discount and debt issuance costs (21,589) — Total debt, net of discount and debt issuance costs 1,833,411 840,000 Less: current portion of long-term debt, net of debt issuance costs (57,130) — Long-term debt $ 1,776,281 $ 840,000 Maturities of long-term debt were as follows as of June 30, 2021: (in thousands) Debt obligations Remainder of 2021 $ 28,875 2022 57,750 2023 72,188 2024 86,625 2025 101,062 Thereafter 1,508,500 Total principal amount $ 1,855,000 Credit facility – Debt outstanding as of December 31, 2020 consisted of amounts drawn on our previous revolving credit facility. In June 2021, we executed a new credit agreement that provides for a 5-year revolving credit facility with commitments of $500,000 and a term loan facility in the amount of $1,155,000. The revolving credit facility includes a $40,000 swingline sub-facility and a $25,000 letter of credit sub-facility. Our previous credit facility agreement was terminated contemporaneously with our entry into the new credit agreement and was repaid utilizing proceeds from the new credit facility. We also utilized the proceeds from the new credit facility to complete the acquisition of First American in June 2021 (Note 6) and to pay related debt issuance costs. Loans under the revolving credit facility may be borrowed, repaid and re-borrowed until June 1, 2026, at which time all amounts borrowed must be repaid. The term loan facility will be repaid in equal quarterly installments of $14,438 from September 30, 2021 through June 30, 2023, $21,656 from September 30, 2023 through June 30, 2025, and $28,875 from September 30, 2025 through March 31, 2026. The remaining balance is due on June 1, 2026. The term loan facility also includes mandatory prepayment requirements related to asset sales, new debt (other than permitted debt) and excess cash flow, subject to certain limitations. No premium or penalty is payable in connection with any mandatory or voluntary prepayment of the term loan facility. Interest is payable on the senior, secured credit facility at a fluctuating rate of interest determined by reference to the eurodollar rate plus an applicable margin ranging from 1.5% to 2.5%, depending on our consolidated total leverage ratio, as defined in the credit agreement. A commitment fee is payable on the unused portion of the revolving credit facility at a rate ranging from 0.25% to 0.35%, depending on our consolidated total leverage ratio. Amounts outstanding under our credit facilities had a weighted-average interest rate of 2.62% as of June 30, 2021 and 2.01% as of December 31, 2020, including the impact of an interest rate swap that effectively converts $200,000 of our variable-rate debt to fixed rate debt. Further information on the interest rate swap can be found in Note 7. Borrowings under the credit facility are collateralized by substantially all of the present and future tangible and intangible personal property held by us and our subsidiaries that have guaranteed our obligations under the credit facility, subject to certain exceptions. The credit agreement contains customary covenants regarding limits on levels of indebtedness, liens, mergers, certain asset dispositions, changes in business, advances, investments, loans and restricted payments. The covenants are subject to a number of limitations and exceptions set forth in the credit agreement. The credit agreement also includes requirements regarding our consolidated total leverage ratio and our consolidated secured leverage ratio, as defined in the credit agreement. These ratios may not equal or exceed the following amounts during the periods indicated: Fiscal Quarter Ending Consolidated total leverage ratio Consolidated secured leverage ratio September 30, 2021 through March 31, 2022 5.00 to 1:00 4.00 to 1:00 June 30, 2022 through March 31, 2023 4.75 to 1:00 3.75 to 1:00 June 30, 2023 through March 31, 2024 4.50 to 1:00 3.50 to 1:00 June 30, 2024 and each fiscal quarter thereafter 4.25 to 1:00 3.50 to 1:00 In addition, we must maintain a minimum interest coverage ratio of at least 2.75 to 1.00 through March 31, 2022 and 3.00 to 1.00 thereafter. The credit agreement contains customary representations and warranties and, as a condition to borrowing, requires that all such representations and warranties be true and correct in all material respects on the date of each borrowing, including representations as to no material adverse change in our business, assets, operations or financial condition. If our consolidated total leverage ratio exceeds 2.75 to 1.00, the aggregate annual amount of permitted dividends and share repurchases is limited to $60,000. Daily average amounts outstanding under our current and previous credit facility agreements were as follows: (in thousands) Six Months Ended June 30, 2021 Year Ended Daily average amount outstanding $ 925,359 $ 1,016,896 Weighted-average interest rate 2.15 % 2.12 % As of June 30, 2021, amounts were available for borrowing under our revolving credit facility as follows: (in thousands) Total available Revolving credit facility commitment $ 500,000 Amounts drawn on revolving credit facility (200,000) Outstanding letters of credit (1) (7,533) Net available for borrowing as of June 30, 2021 $ 292,467 (1) We use standby letters of credit primarily to collateralize certain obligations related 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. Senior unsecured notes

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	In conjunction with the acquisition of First American in June 2021 (Note 6), we acquired operating lease assets and related liabilities of $24,506. Information regarding our operating leases was as follows: (in thousands) June 30, December 31, Operating lease assets $ 62,362 $ 35,906 Accrued liabilities $ 12,859 $ 11,589 Operating lease liabilities 52,919 28,344 Total operating lease liabilities $ 65,778 $ 39,933 Weighted-average remaining lease term (in years) 5.6 4.7 Weighted-average discount rate 4.4 % 3.1 % Maturities of operating lease liabilities were as follows as of June 30, 2021: (in thousands) Operating lease obligations Remainder of 2021 $ 7,785 2022 18,587 2023 13,861 2024 12,697 2025 10,711 Thereafter 23,854 Total lease payments 87,495 Less lease incentives receivable (10,250) Less imputed interest (11,467) Present value of lease payments $ 65,778 During the third quarter of 2020, we executed a lease on a facility located in Minnesota with a term of 16 years. As this lease has not yet commenced, it was not reflected on the consolidated balance sheets as of June 30, 2021 or December 31, 2020. The total obligation under this lease is approximately $43,000, with approximately $4,000 due in 2022 through 2023, approximately $5,000 due in 2024 through 2025, and the remainder due through 2037.

Other commitments and contingen

Other commitments and contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
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. These liabilities were not significant as of June 30, 2021 or December 31, 2020. First American indemnification – Pursuant to the First American merger agreement, we are entitled to limited indemnification for certain expenses and losses, if any, that may be incurred after the consummation of the transaction that arise out of certain matters, including a Federal Trade Commission investigation initiated in December 2019 seeking information to determine whether certain subsidiaries of First American may have engaged in conduct prohibited by the Federal Trade Commission Act, the Fair Credit Reporting Act or the Duties of Furnishers of Information. As fully set forth in the merger agreement, our rights to indemnification for any such expenses and losses are limited to the amount of an indemnity holdback, which will be our sole recourse for any such losses. Neither a liability for any fines nor any asset for the related holdback have been recorded in our consolidated financial statements as of June 30, 2021, as the amount cannot be reasonably estimated. 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 $9,346 as of June 30, 2021 and $9,046 as of December 31, 2020. These accruals are included in accrued liabilities and other non-current liabilities on 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, 2021 or December 31, 2020. 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, as well as related charges recorded in each period, were not material to our financial position, results of operations or liquidity during the periods presented, 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, 2021
Stockholders' Equity Note [Abstract]
Shareholders' equity	In October 2018, our board of directors authorized the repurchase of up to $500,000 of our common stock. This authorization has no expiration date. No shares were repurchased during the first six months of 2021 and $287,452 remained available for repurchase under the authorization as of June 30, 2021. During the quarter ended June 30, 2021, we issued 294 thousand shares to employees of First American in conjunction with the acquisition (Note 6), resulting in cash proceeds of $13,000 during the quarter.

Business segment information

Business segment information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Business segment information	We operate 4 reportable segments, generally organized by product type, as follows: • Payments – This segment includes our treasury management solutions, including remittance and lockbox processing, remote deposit capture, receivables management, payment processing and paperless treasury management; merchant in-store, online and mobile payment solutions; payroll and disbursement services, including Deluxe Payment Exchange; and fraud and security services. • Cloud Solutions – This segment includes web hosting and design services, data-driven marketing solutions and hosted solutions, including digital engagement, logo design, financial institution profitability reporting and business incorporation services. • Promotional Solutions – This segment includes business forms, accessories, advertising specialties, promotional apparel, retail packaging and strategic sourcing services. • Checks – This segment includes printed personal and business checks. The accounting policies of the segments are the same as those described in the Notes to Consolidated Financial Statements included in the 2020 Form 10-K. We allocate corporate costs for our shared services functions to our business segments when the costs are directly attributable to a segment. This includes certain sales and marketing, human resources, supply chain, real estate, finance, information technology and legal costs. Costs that are not directly attributable to a business segment are reported as Corporate operations and consist primarily of marketing, accounting, information technology, facilities, executive management and legal, tax and treasury costs that support the corporate function. Corporate operations also includes other income. All of our segments operate primarily in the U.S., with some operations in Canada. In addition, Cloud Solutions has operations in Australia and portions of Europe, as well as partners in Central and South America. Our chief operating decision maker (i.e., our Chief Executive Officer) reviews earnings before interest, taxes, depreciation and amortization (EBITDA) on an adjusted basis for each segment when deciding how to allocate resources and to assess segment operating performance. Adjusted EBITDA for each segment excludes depreciation and amortization expense, interest expense, income tax expense and certain other amounts, which may include, from time to time: asset impairment charges; restructuring, integration and other costs; CEO transition costs; share-based compensation expense; acquisition transaction costs; certain legal-related expense; and gains or losses on sales of businesses and customer lists. Our Chief Executive Officer does not review segment asset information when making investment or operating decisions regarding our reportable business segments. Segment information for the quarters and six months ended June 30, 2021 and 2020 was as follows: Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Payments: Revenue $ 103,339 $ 72,171 $ 182,777 $ 149,211 Adjusted EBITDA 21,199 15,583 39,528 33,606 Cloud Solutions: Revenue 68,067 53,897 130,287 129,842 Adjusted EBITDA 18,803 14,159 36,011 29,069 Promotional Solutions: Revenue 134,987 117,946 259,494 260,739 Adjusted EBITDA 21,416 13,854 39,131 25,051 Checks: Revenue 171,823 166,391 346,923 357,036 Adjusted EBITDA 80,191 82,724 163,725 173,438 Total segment: Revenue $ 478,216 $ 410,405 $ 919,481 $ 896,828 Adjusted EBITDA 141,609 126,320 278,395 261,164 The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income (loss) before income taxes: Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Total segment adjusted EBITDA $ 141,609 $ 126,320 $ 278,395 $ 261,164 Corporate operations (44,147) (42,502) (90,428) (94,011) Depreciation and amortization expense (33,244) (26,663) (61,024) (55,093) Interest expense (9,530) (6,171) (14,054) (13,171) Pretax income attributable to non-controlling interest 29 26 62 26 Asset impairment charges — (4,883) — (98,989) Restructuring, integration and other costs (11,979) (20,490) (27,191) (40,123) CEO transition costs — (190) — (10) Share-based compensation expense (7,625) (5,477) (14,367) (9,095) Acquisition transaction costs (15,843) — (18,608) (9) Certain legal-related (expense) benefit (302) — (302) 2,164 Loss on sales of customer lists — (18) — (18) Income (loss) before income taxes $ 18,968 $ 19,952 $ 52,483 $ (47,165) The following tables present revenue disaggregated by our product and service offerings: Quarter Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 171,823 $ 171,823 Forms and other products — — 78,194 — 78,194 Marketing and promotional solutions — — 56,793 — 56,793 Treasury management solutions 56,224 — — — 56,224 Merchant services and other payments solutions 47,115 — — — 47,115 Data-driven marketing solutions — 39,518 — — 39,518 Web and hosted solutions — 28,549 — — 28,549 Total revenue $ 103,339 $ 68,067 $ 134,987 $ 171,823 $ 478,216 Quarter Ended June 30, 2020 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 166,391 $ 166,391 Forms and other products — — 75,431 — 75,431 Marketing and promotional solutions — — 42,515 — 42,515 Treasury management solutions 54,793 — — — 54,793 Merchant services and other payments solutions 17,378 — — — 17,378 Data-driven marketing solutions — 19,422 — — 19,422 Web and hosted solutions — 34,475 — — 34,475 Total revenue $ 72,171 $ 53,897 $ 117,946 $ 166,391 $ 410,405 Six Months Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 346,923 $ 346,923 Forms and other products — — 149,975 — 149,975 Marketing and promotional solutions — — 109,519 — 109,519 Treasury management solutions 115,360 — — — 115,360 Merchant services and other payments solutions 67,417 — — — 67,417 Data-driven marketing solutions — 73,164 — — 73,164 Web and hosted solutions — 57,123 — — 57,123 Total revenue $ 182,777 $ 130,287 $ 259,494 $ 346,923 $ 919,481 Six Months Ended June 30, 2020 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 357,036 $ 357,036 Forms and other products — — 157,243 — 157,243 Marketing and promotional solutions — — 103,496 — 103,496 Treasury management solutions 111,660 — — — 111,660 Merchant services and other payments solutions 37,551 — — — 37,551 Data-driven marketing solutions — 58,419 — — 58,419 Web and hosted solutions — 71,423 — — 71,423 Total revenue $ 149,211 $ 129,842 $ 260,739 $ 357,036 $ 896,828 The following tables present revenue disaggregated by geography, based on where items are shipped from or where services are performed: Quarter Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 93,796 $ 59,265 $ 129,321 $ 165,799 $ 448,181 Foreign, primarily Canada and Australia 9,543 8,802 5,666 6,024 30,035 Total revenue $ 103,339 $ 68,067 $ 134,987 $ 171,823 $ 478,216 Quarter Ended June 30, 2020 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 64,230 $ 46,091 $ 113,757 $ 161,801 $ 385,879 Foreign, primarily Canada and Australia 7,941 7,806 4,189 4,590 24,526 Total revenue $ 72,171 $ 53,897 $ 117,946 $ 166,391 $ 410,405 Six Months Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 162,280 $ 112,777 $ 248,469 $ 334,813 $ 858,339 Foreign, primarily Canada and Australia 20,497 17,510 11,025 12,110 61,142 Total revenue $ 182,777 $ 130,287 $ 259,494 $ 346,923 $ 919,481 Six Months Ended June 30, 2020 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 132,588 $ 114,161 $ 250,570 $ 346,096 $ 843,415 Foreign, primarily Canada and Australia 16,623 15,681 10,169 10,940 53,413 Total revenue $ 149,211 $ 129,842 $ 260,739 $ 357,036 $ 896,828

Risks and uncertainties

Risks and uncertainties	6 Months Ended
	Jun. 30, 2021
Risks and Uncertainties [Abstract]
Risks and uncertainties	The impact on our business of the COVID-19 pandemic continues to evolve. As such, we are uncertain of the impact on our future financial condition, liquidity and/or results of operations. This uncertainty affected several of the assumptions made and estimates used in the preparation of these consolidated financial statements. As discussed in Note 8, the COVID-19 pandemic resulted in a goodwill impairment triggering event during the first quarter of 2020, as the adverse economic effects of the pandemic materially decreased demand for the products and services we provide to our customers. The extent to which the pandemic will continue to impact our business depends on future developments, including the severity and duration of the pandemic, the impact of variants of the virus, the distribution and effectiveness of vaccines, business and workforce disruptions and the ultimate number of businesses that fail. Our evaluation of asset impairment required us to make assumptions about these future events over the life of the assets being evaluated. This required significant judgment and actual results may differ significantly from our estimates. As a result of the continuing impact of COVID-19, we may be required to record additional goodwill or other asset impairment charges in the future.We held loans and notes receivable from our Promotional Solutions distributors of $28,581 as of June 30, 2021. These distributors sell our products and services primarily to small businesses, which have been significantly impacted by the COVID-19 pandemic. As of June 30, 2021, our allowance for expected credit losses on these receivables was $3,337. We utilized all information known to us in determining this allowance, as well as allowances related to our trade accounts receivable and unbilled receivables. If our assumptions prove to be incorrect, we may be required to record additional bad debt expense in the future. Additionally, uncertainty surrounding the impact of COVID-19 could affect estimates we made regarding inventory obsolescence and workers' compensation liabilities and thus, could result in additional expense in the future.

Consolidated financial statem_2

Consolidated financial statements (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impact of revision on consolidated financial statements	The impact of the revision on the consolidated statement of comprehensive loss for the six months ended June 30, 2020 was as follows: (in thousands, except per share amounts) As previously reported Adjustments As revised Asset impairment charges $ (95,213) $ (3,776) $ (98,989) Operating loss (36,499) (3,776) (40,275) Loss before income taxes (43,389) (3,776) (47,165) Income tax provision (1,864) 212 (1,652) Net loss (45,253) (3,564) (48,817) Net loss attributable to Deluxe (45,272) (3,564) (48,836) Total comprehensive loss (53,085) (3,564) (56,649) Comprehensive loss attributable to Deluxe (53,104) (3,564) (56,668) Basic loss per share (1.08) (0.09) (1.17) Diluted loss per share (1.10) (0.08) (1.18) The impact of the revision on the consolidated balance sheet as of December 31, 2020 was as follows: (in thousands) As previously reported Adjustments As revised ASSETS Deferred income taxes $ 5,444 $ 1,198 $ 6,642 Goodwill 736,844 (33,886) 702,958 Total assets 1,874,863 (32,688) 1,842,175 LIABILITIES AND SHAREHOLDERS' EQUITY Deferred income taxes $ 10,643 $ (5,242) $ 5,401 Retained earnings 522,599 (27,446) 495,153 Total shareholders' equity 540,838 (27,446) 513,392 Total liabilities and shareholders' equity 1,874,863 (32,688) 1,842,175 The impact of the revision on the consolidated statement of cash flows for the six months ended June 30, 2020 was as follows: (in thousands) As previously reported Adjustments As revised Cash flows from operating activities: Net loss $ (45,253) $ (3,564) $ (48,817) Asset impairment charges 95,213 3,776 98,989 Deferred income taxes (10,886) (212) (11,098)

Supplemental balance sheet an_2

Supplemental balance sheet and cash flow information (Tables)	6 Months Ended
	Jun. 30, 2021
Inventories and supplies	Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) June 30, December 31, Raw materials $ 5,189 $ 5,412 Semi-finished goods 7,522 7,943 Finished goods 20,481 33,513 Supplies 5,531 5,010 Reserve for excess and obsolete items (5,456) (11,748) Inventories and supplies $ 33,267 $ 40,130 Changes in the reserve for excess and obsolete items were as follows for the six months ended June 30, 2021 and 2020: Six Months Ended (in thousands) 2021 2020 Balance, beginning of year $ 11,748 $ 6,600 Amounts charged to expense 2,151 861 Write-offs and sales (8,443) (343) Balance, end of period $ 5,456 $ 7,118
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, 2021 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Domestic money market fund $ 11,500 $ — $ — $ 11,500 Canadian and provincial government securities 9,874 — (295) 9,579 Canadian guaranteed investment certificate 4,033 — — 4,033 Available-for-sale debt securities $ 25,407 $ — $ (295) $ 25,112 (1) Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2021, also included cash of $110,492. December 31, 2020 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Domestic money market fund $ 15,000 $ — $ — $ 15,000 Canadian and provincial government securities 9,566 — (33) 9,533 Canadian guaranteed investment certificate 3,929 — — 3,929 Available-for-sale debt securities $ 28,495 $ — $ (33) $ 28,462 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2020, also included cash of $91,287.
Expected maturities of available-for-sale debt securities	Expected maturities of available-for-sale debt securities as of June 30, 2021 were as follows: (in thousands) Fair value Due in one year or less $ 18,282 Due in two to five years 3,956 Due in six to ten years 2,874 Available-for-sale debt securities $ 25,112
Revenue in excess of billings	Revenue in excess of billings – Revenue in excess of billings was comprised of the following: (in thousands) June 30, December 31, Conditional right to receive consideration $ 23,364 $ 13,950 Unconditional right to receive consideration (1) 8,693 3,667 Revenue in excess of billings $ 32,057 $ 17,617
Intangibles	Intangibles – Intangibles were comprised of the following: June 30, 2021 December 31, 2020 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Amortizable intangibles: Customer lists/relationships $ 487,974 $ (225,342) $ 262,632 $ 352,895 $ (202,428) $ 150,467 Internal-use software 416,904 (325,844) 91,060 380,144 (303,422) 76,722 Technology-based intangibles 99,813 (31,401) 68,412 33,813 (27,613) 6,200 Partner relationships 67,000 (372) 66,628 — — — Trade names 52,177 (30,360) 21,817 30,281 (29,926) 355 Software to be sold 36,900 (25,997) 10,903 36,900 (23,884) 13,016 Intangibles $ 1,160,768 $ (639,316) $ 521,452 $ 834,033 $ (587,273) $ 246,760
Estimated future amortization expense	Based on the intangibles in service as of June 30, 2021, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2021 $ 69,227 2022 114,718 2023 84,510 2024 56,265 2025 44,747
Acquired intangibles	The following intangibles were acquired during the six months ended June 30, 2021, including assets acquired in conjunction with the acquisition of First American (Note 6): (in thousands) Amount Weighted-average amortization period Customer lists/relationships (1) $ 134,992 8 Partner relationships 67,000 15 Technology-based intangibles 66,000 8 Internal-use software 36,413 4 Trade names 22,000 10 Acquired intangibles $ 326,405 9 (1) Included $118,000 acquired via the First American acquisition (Note 6) with a weighted-average useful life of 8 years.
Goodwill	Goodwill – Changes in goodwill by reportable segment and in total for the six months ended June 30, 2021 were as follows: (in thousands) Payments Cloud Solutions Promotional Solutions Checks Total Balance, December 31, 2020: Goodwill, gross $ 168,165 $ 432,984 $ 252,864 $ 434,812 $ 1,288,825 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges 168,165 40,816 59,165 434,812 702,958 Goodwill resulting from acquisition (Note 6) 736,308 — — — 736,308 Currency translation adjustment — — 37 — 37 Balance, June 30, 2021 $ 904,473 $ 40,816 $ 59,202 $ 434,812 $ 1,439,303 Balance, June 30, 2021: Goodwill, gross $ 904,473 $ 432,984 $ 252,901 $ 434,812 $ 2,025,170 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges $ 904,473 $ 40,816 $ 59,202 $ 434,812 $ 1,439,303
Other non-current assets	Other non-current assets – Other non-current assets were comprised of the following: (in thousands) June 30, December 31, Postretirement benefit plan asset $ 74,727 $ 71,208 Prepaid product discounts 54,109 50,602 Cloud computing arrangements 47,508 29,242 Loans and notes receivable from distributors, net of allowances for uncollectible accounts (1) 26,858 35,068 Deferred contract acquisition costs (2) 16,171 9,199 Other 25,394 13,360 Other non-current assets $ 244,767 $ 208,679 (1) Amount Includes the non-current portion of loans and notes receivable. The current portion of these receivables is included in other current assets on the consolidated balance sheets and was $1,723 as of June 30, 2021 and $2,008 as of December 31, 2020. (2) Amortization of deferred contract acquisition costs was $2,276 for the six months ended June 30, 2021 and $1,817 for the six months ended June 30, 2020.
Loans and notes receivable by credit quality Indicator	The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of June 30, 2021. There were no write-offs or recoveries recorded during the six months ended June 30, 2021. Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2020 2019 2018 2017 Prior Total Risk rating: 1-2 internal grade $ 1,283 $ 569 $ 14,359 $ 11,708 $ 1,400 $ 29,319 3-4 internal grade — 2,599 — — — 2,599 Loans and notes receivable $ 1,283 $ 3,168 $ 14,359 $ 11,708 $ 1,400 $ 31,918
Changes in prepaid product discounts	Changes in prepaid product discounts during the six months ended June 30, 2021 and 2020 were as follows: Six Months Ended (in thousands) 2021 2020 Balance, beginning of year $ 50,602 $ 51,145 Additions (1) 18,689 7,195 Amortization (15,137) (14,174) Other (45) (625) Balance, end of period $ 54,109 $ 43,541 (1) Prepaid product discounts are generally accrued upon contract execution. Cash payments for prepaid product discounts were $19,077 for the six months ended June 30, 2021 and $15,806 for the six months ended June 30, 2020.
Accrued liabilities	Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) June 30, December 31, Deferred revenue (1) $ 46,424 $ 42,104 Employee cash bonuses, including sales incentives 29,688 21,090 Prepaid product discounts due within one year 14,199 14,365 Operating lease liabilities 12,859 11,589 Customer rebates 7,442 8,179 Other 87,279 79,856 Accrued liabilities $ 197,891 $ 177,183 (1) $25,010 of the December 31, 2020 amount was recognized as revenue during the six months ended June 30, 2021.
Supplemental cash flow information	Supplemental cash flow information – The reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets was as follows: (in thousands) June 30, June 30, Cash and cash equivalents $ 163,338 $ 371,951 Restricted cash and restricted cash equivalents included in funds held for customers 121,992 66,381 Non-current restricted cash included in other non-current assets 2,744 — Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 288,074 $ 438,332
Trade accounts receivable [Member]
Allowances for uncollectible accounts	Trade accounts receivable – Changes in the allowances for uncollectible accounts included within trade accounts receivable were as follows for the six months ended June 30, 2021 and 2020: Six Months Ended (in thousands) 2021 2020 Balance, beginning of year $ 6,428 $ 4,985 Bad debt (benefit) expense (1,696) 3,374 Write-offs and other (1,704) (1,633) Balance, end of period $ 3,028 $ 6,726
Loans and notes receivable [Member]
Allowances for uncollectible accounts	Changes in the allowances for uncollectible accounts related to loans and notes receivable from distributors were as follows for the six months ended June 30, 2021 and 2020: Six Months Ended (in thousands) 2021 2020 Balance, beginning of year $ 3,995 $ 284 Adoption of ASU No. 2016-13 — 4,749 Bad debt (benefit) expense (658) 6,623 Balance, end of period $ 3,337 $ 11,656

Earnings (loss) per share (Tabl

Earnings (loss) per share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings (loss) per share	The following table reflects the calculation of basic and diluted earnings (loss) per share. During each period, certain stock options, as noted below, were excluded from the calculation of diluted earnings (loss) per share because their effect would have been antidilutive. Quarter Ended Six Months Ended (in thousands, except per share amounts) 2021 2020 2021 2020 Earnings (loss) per share – basic: Net income (loss) $ 12,129 $ 14,878 $ 36,453 $ (48,817) Net income attributable to non-controlling interest (29) (19) (62) (19) Net income (loss) attributable to Deluxe 12,100 14,859 36,391 (48,836) Income allocated to participating securities (10) (13) (27) (32) Income (loss) attributable to Deluxe available to common shareholders $ 12,090 $ 14,846 $ 36,364 $ (48,868) Weighted-average shares outstanding 42,275 41,797 42,169 41,946 Earnings (loss) per share – basic $ 0.29 $ 0.36 $ 0.86 $ (1.17) Earnings (loss) per share – diluted: Net income (loss) $ 12,129 $ 14,878 $ 36,453 $ (48,817) Net income attributable to non-controlling interest (29) (19) (62) (19) Net income (loss) attributable to Deluxe 12,100 14,859 36,391 (48,836) Income allocated to participating securities (10) — (9) (32) Re-measurement of share-based awards classified as liabilities — (79) — (853) Income (loss) attributable to Deluxe available to common shareholders $ 12,090 $ 14,780 $ 36,382 $ (49,721) Weighted-average shares outstanding 42,275 41,797 42,169 41,946 Dilutive impact of potential common shares 444 151 451 40 Weighted-average shares and potential common shares outstanding 42,719 41,948 42,620 41,986 Earnings (loss) per share – diluted $ 0.28 $ 0.35 $ 0.85 $ (1.18) Antidilutive options excluded from calculation 1,530 2,133 1,530 2,199

Other comprehensive income (l_2

Other comprehensive income (loss) (Tables)	6 Months Ended
	Jun. 30, 2021
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 (loss) was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of comprehensive income (loss) Quarter Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Realized loss on interest rate swap $ (330) $ (281) $ (664) $ (188) Interest expense Tax benefit 87 73 174 49 Income tax provision Realized loss on interest rate swap, net of tax (243) (208) (490) (139) Net income (loss) Amortization of postretirement benefit plan items: Prior service credit 355 355 711 711 Other income Net actuarial loss (407) (575) (814) (1,150) Other income Total amortization (52) (220) (103) (439) Other income Tax (expense) benefit (31) 12 (63) 23 Income tax provision Amortization of postretirement benefit plan items, net of tax (83) (208) (166) (416) Net income (loss) Total reclassifications, net of tax $ (326) $ (416) $ (656) $ (555)
Accumulated other comprehensive loss	Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the six months ended June 30, 2021 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on available-for-sale debt securities (1) Net unrealized loss on cash flow hedge (2) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2020 $ (21,956) $ (90) $ (5,351) $ (14,036) $ (41,433) Other comprehensive (loss) income before reclassifications — (189) 799 2,338 2,948 Amounts reclassified from accumulated other comprehensive loss 166 — 490 — 656 Net current-period other comprehensive income (loss) 166 (189) 1,289 2,338 3,604 Balance, June 30, 2021 $ (21,790) $ (279) $ (4,062) $ (11,698) $ (37,829) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $66. (2) Other comprehensive income before reclassifications is net of income tax expense of $283.

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Preliminary allocation of the purchase price to the assets acquired and liabilities assumed	The following illustrates the preliminary allocation of the purchase price, as of June 30, 2021, to the assets acquired and liabilities assumed: (in thousands) Purchase price allocation Accounts receivable $ 27,296 Other current assets 8,533 Property, plant and equipment 9,873 Operating lease assets 24,506 Intangible assets: Customer relationships 118,000 Partner relationships 67,000 Technology-based intangibles 66,000 Trade names 22,000 Internal-use software 2,417 Total intangible assets 275,417 Goodwill 736,308 Other non-current assets 350 Accounts payable (18,475) Funds held for customers (9,428) Accrued liabilities (20,645) Operating lease liabilities, non-current (21,426) Deferred income taxes (51,216) Other non-current liabilities (4,376) Payment for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired of $15,841 $ 956,717
Unaudited pro forma financial information	The following unaudited pro forma financial information summarizes our consolidated results of operations as though the acquisition occurred on January 1, 2020: Pro Forma Statements of Comprehensive Income (Loss) Quarter Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Revenue $ 563,088 $ 476,490 $ 1,081,192 $ 1,036,288 Net income (loss) 16,943 4,851 37,712 (80,259)

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair value measurements	Information regarding the asset impairment analyses completed during the six months ended June 30, 2020 was as follows: Fair value measurements using Fair value as of measurement date Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Impairment charge (in thousands) (Level 1) (Level 2) (Level 3) Intangible assets (Cloud Solutions Web Hosting reporting unit) (1) $ 2,172 $ — $ — $ 2,172 $ 17,678 Small business distributor 7,622 — — 7,622 2,752 Other assets 11,210 — — 11,210 7,110 Goodwill (2) 71,449 Total $ 98,989 (1) The impairment charge consisted of $8,397 related to customer lists, $6,932 related to internal-use software and $2,349 related to other intangible assets. (2) Amount presented here has been revised from what was previously reported to correct the error described in Note 1.
Fair value of financial instruments	Information regarding the fair values of our financial instruments was as follows: Fair value measurements using June 30, 2021 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income (loss): Cash equivalents Funds held for customers $ 11,500 $ 11,500 $ 11,500 $ — $ — Available-for-sale debt securities Funds held for customers 13,612 13,612 — 13,612 — Derivative liability (Note 7) Other non-current liabilities (5,464) (5,464) — (5,464) — Amortized cost: Cash Cash and cash equivalents 163,338 163,338 163,338 — — Cash Funds held for customers 110,492 110,492 110,492 — — Loans and notes receivable from distributors Other current and non-current assets 28,581 28,614 — — 28,614 Long-term debt Current portion of long-term debt and long-term debt 1,833,411 1,897,500 — 1,897,500 — Fair value measurements using December 31, 2020 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income (loss): Cash equivalents Funds held for customers $ 15,000 $ 15,000 $ 15,000 $ — $ — Available-for-sale debt securities Funds held for customers 13,462 13,462 — 13,462 — Derivative liability (Note 7) Other non-current liabilities (7,210) (7,210) — (7,210) — Amortized cost: Cash Cash and cash equivalents 123,122 123,122 123,122 — — Cash Funds held for customers 91,287 91,287 91,287 — — Loans and notes receivable from distributors Other current and non-current assets 37,076 36,950 — — 36,950 Long-term debt Long-term debt 840,000 840,000 — 840,000 —

Restructuring and integration_2

Restructuring and integration expense (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and integration expense	Restructuring and integration expense is reflected on the consolidated statements of comprehensive income (loss) as follows: Quarter Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Total cost of revenue $ 615 $ 28 $ 1,514 $ 857 Operating expenses 11,364 20,354 25,677 38,008 Restructuring and integration expense $ 11,979 $ 20,382 $ 27,191 $ 38,865 Restructuring and integration expense for each period was comprised of the following: Quarter Ended Six Months Ended (in thousands) 2021 2020 2021 2020 External consulting fees $ 5,540 $ 11,337 $ 12,923 $ 22,238 Internal labor 2,480 1,128 4,520 2,981 Employee severance benefits 1,018 5,035 1,875 10,118 Other 2,941 2,882 7,873 3,528 Restructuring and integration expense $ 11,979 $ 20,382 $ 27,191 $ 38,865
Changes in restructuring and integration accruals	Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2020 $ 6,798 Charges 3,127 Reversals (1,252) Payments (6,193) Balance, June 30, 2021 $ 2,480

Income tax provision (Tables)

Income tax provision (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation	The effective tax rate on pretax income (loss) reconciles to the U.S. federal statutory tax rate as follows: Six Months Ended June 30, 2021 Year Ended December 31, 2020 (1) Income tax at federal statutory rate 21.0 % 21.0 % Goodwill impairment charges (Note 8) — 46.8 % Non-deductible acquisition costs 3.7 % — State income tax expense, net of federal income tax benefit 3.6 % 2.1 % Non-deductible executive compensation 1.5 % 2.2 % Tax impact of share-based compensation 1.2 % 8.5 % Foreign tax rate differences 0.9 % 4.3 % Change in unrecognized tax benefits, including interest and penalties 0.4 % (3.3 %) Research and development tax credit (0.9 %) (3.7 %) Payables and receivables for prior year tax returns (0.6 %) 3.2 % Non-taxable income from employee life insurance policies (0.3 %) (1.1 %) Return to provision adjustments — (2.6 %) Change in valuation allowances — 0.9 % Other — 1.8 % Effective tax rate 30.5 % 80.1 %

Postretirement benefits (Tables

Postretirement benefits (Tables)	6 Months Ended
	Jun. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Components of net periodic benefit income	Postretirement benefit income is included in other income on the consolidated statements of comprehensive income (loss) and consisted of the following components: Quarter Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Interest cost $ 242 $ 478 $ 484 $ 956 Expected return on plan assets (1,875) (1,905) (3,748) (3,809) Amortization of prior service credit (355) (355) (711) (711) Amortization of net actuarial losses 407 575 814 1,150 Net periodic benefit income $ (1,581) $ (1,207) $ (3,161) $ (2,414)

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt outstanding	Debt outstanding was comprised of the following: (in thousands) June 30, December 31, 2020 Senior, secured term loan facility $ 1,155,000 $ — Senior, unsecured notes 500,000 — Amounts drawn on senior, secured revolving credit facility 200,000 840,000 Total principal amount 1,855,000 840,000 Less: unamortized discount and debt issuance costs (21,589) — Total debt, net of discount and debt issuance costs 1,833,411 840,000 Less: current portion of long-term debt, net of debt issuance costs (57,130) — Long-term debt $ 1,776,281 $ 840,000
Maturities of long-term debt	Maturities of long-term debt were as follows as of June 30, 2021: (in thousands) Debt obligations Remainder of 2021 $ 28,875 2022 57,750 2023 72,188 2024 86,625 2025 101,062 Thereafter 1,508,500 Total principal amount $ 1,855,000
Leverage ratio requirements	The credit agreement also includes requirements regarding our consolidated total leverage ratio and our consolidated secured leverage ratio, as defined in the credit agreement. These ratios may not equal or exceed the following amounts during the periods indicated: Fiscal Quarter Ending Consolidated total leverage ratio Consolidated secured leverage ratio September 30, 2021 through March 31, 2022 5.00 to 1:00 4.00 to 1:00 June 30, 2022 through March 31, 2023 4.75 to 1:00 3.75 to 1:00 June 30, 2023 through March 31, 2024 4.50 to 1:00 3.50 to 1:00 June 30, 2024 and each fiscal quarter thereafter 4.25 to 1:00 3.50 to 1:00
Credit facility	Daily average amounts outstanding under our current and previous credit facility agreements were as follows: (in thousands) Six Months Ended June 30, 2021 Year Ended Daily average amount outstanding $ 925,359 $ 1,016,896 Weighted-average interest rate 2.15 % 2.12 % As of June 30, 2021, amounts were available for borrowing under our revolving credit facility as follows: (in thousands) Total available Revolving credit facility commitment $ 500,000 Amounts drawn on revolving credit facility (200,000) Outstanding letters of credit (1) (7,533) Net available for borrowing as of June 30, 2021 $ 292,467 (1) We use standby letters of credit primarily to collateralize certain obligations related 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.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Operating lease information	Information regarding our operating leases was as follows: (in thousands) June 30, December 31, Operating lease assets $ 62,362 $ 35,906 Accrued liabilities $ 12,859 $ 11,589 Operating lease liabilities 52,919 28,344 Total operating lease liabilities $ 65,778 $ 39,933 Weighted-average remaining lease term (in years) 5.6 4.7 Weighted-average discount rate 4.4 % 3.1 %
Maturities of operating lease liabilities	Maturities of operating lease liabilities were as follows as of June 30, 2021: (in thousands) Operating lease obligations Remainder of 2021 $ 7,785 2022 18,587 2023 13,861 2024 12,697 2025 10,711 Thereafter 23,854 Total lease payments 87,495 Less lease incentives receivable (10,250) Less imputed interest (11,467) Present value of lease payments $ 65,778

Business segment information (T

Business segment information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Business segment information	Segment information for the quarters and six months ended June 30, 2021 and 2020 was as follows: Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Payments: Revenue $ 103,339 $ 72,171 $ 182,777 $ 149,211 Adjusted EBITDA 21,199 15,583 39,528 33,606 Cloud Solutions: Revenue 68,067 53,897 130,287 129,842 Adjusted EBITDA 18,803 14,159 36,011 29,069 Promotional Solutions: Revenue 134,987 117,946 259,494 260,739 Adjusted EBITDA 21,416 13,854 39,131 25,051 Checks: Revenue 171,823 166,391 346,923 357,036 Adjusted EBITDA 80,191 82,724 163,725 173,438 Total segment: Revenue $ 478,216 $ 410,405 $ 919,481 $ 896,828 Adjusted EBITDA 141,609 126,320 278,395 261,164
Reconciliation of adjusted EBITDA to pretax income (loss)	The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income (loss) before income taxes: Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Total segment adjusted EBITDA $ 141,609 $ 126,320 $ 278,395 $ 261,164 Corporate operations (44,147) (42,502) (90,428) (94,011) Depreciation and amortization expense (33,244) (26,663) (61,024) (55,093) Interest expense (9,530) (6,171) (14,054) (13,171) Pretax income attributable to non-controlling interest 29 26 62 26 Asset impairment charges — (4,883) — (98,989) Restructuring, integration and other costs (11,979) (20,490) (27,191) (40,123) CEO transition costs — (190) — (10) Share-based compensation expense (7,625) (5,477) (14,367) (9,095) Acquisition transaction costs (15,843) — (18,608) (9) Certain legal-related (expense) benefit (302) — (302) 2,164 Loss on sales of customer lists — (18) — (18) Income (loss) before income taxes $ 18,968 $ 19,952 $ 52,483 $ (47,165)
Revenue disaggregated by product and service offerings	The following tables present revenue disaggregated by our product and service offerings: Quarter Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 171,823 $ 171,823 Forms and other products — — 78,194 — 78,194 Marketing and promotional solutions — — 56,793 — 56,793 Treasury management solutions 56,224 — — — 56,224 Merchant services and other payments solutions 47,115 — — — 47,115 Data-driven marketing solutions — 39,518 — — 39,518 Web and hosted solutions — 28,549 — — 28,549 Total revenue $ 103,339 $ 68,067 $ 134,987 $ 171,823 $ 478,216 Quarter Ended June 30, 2020 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 166,391 $ 166,391 Forms and other products — — 75,431 — 75,431 Marketing and promotional solutions — — 42,515 — 42,515 Treasury management solutions 54,793 — — — 54,793 Merchant services and other payments solutions 17,378 — — — 17,378 Data-driven marketing solutions — 19,422 — — 19,422 Web and hosted solutions — 34,475 — — 34,475 Total revenue $ 72,171 $ 53,897 $ 117,946 $ 166,391 $ 410,405 Six Months Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 346,923 $ 346,923 Forms and other products — — 149,975 — 149,975 Marketing and promotional solutions — — 109,519 — 109,519 Treasury management solutions 115,360 — — — 115,360 Merchant services and other payments solutions 67,417 — — — 67,417 Data-driven marketing solutions — 73,164 — — 73,164 Web and hosted solutions — 57,123 — — 57,123 Total revenue $ 182,777 $ 130,287 $ 259,494 $ 346,923 $ 919,481 Six Months Ended June 30, 2020 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 357,036 $ 357,036 Forms and other products — — 157,243 — 157,243 Marketing and promotional solutions — — 103,496 — 103,496 Treasury management solutions 111,660 — — — 111,660 Merchant services and other payments solutions 37,551 — — — 37,551 Data-driven marketing solutions — 58,419 — — 58,419 Web and hosted solutions — 71,423 — — 71,423 Total revenue $ 149,211 $ 129,842 $ 260,739 $ 357,036 $ 896,828
Revenue disaggregated by geography	The following tables present revenue disaggregated by geography, based on where items are shipped from or where services are performed: Quarter Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 93,796 $ 59,265 $ 129,321 $ 165,799 $ 448,181 Foreign, primarily Canada and Australia 9,543 8,802 5,666 6,024 30,035 Total revenue $ 103,339 $ 68,067 $ 134,987 $ 171,823 $ 478,216 Quarter Ended June 30, 2020 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 64,230 $ 46,091 $ 113,757 $ 161,801 $ 385,879 Foreign, primarily Canada and Australia 7,941 7,806 4,189 4,590 24,526 Total revenue $ 72,171 $ 53,897 $ 117,946 $ 166,391 $ 410,405 Six Months Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 162,280 $ 112,777 $ 248,469 $ 334,813 $ 858,339 Foreign, primarily Canada and Australia 20,497 17,510 11,025 12,110 61,142 Total revenue $ 182,777 $ 130,287 $ 259,494 $ 346,923 $ 919,481 Six Months Ended June 30, 2020 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 132,588 $ 114,161 $ 250,570 $ 346,096 $ 843,415 Foreign, primarily Canada and Australia 16,623 15,681 10,169 10,940 53,413 Total revenue $ 149,211 $ 129,842 $ 260,739 $ 357,036 $ 896,828

Consolidated financial statem_3

Consolidated financial statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2021
Asset impairment charges	$ 0	$ (4,883)			$ 0	$ (98,989)
Operating income (loss)	26,369	24,315			62,375	(40,275)
Income (loss) before income taxes	18,968	19,952			52,483	(47,165)
Income tax provision	(6,839)	(5,074)			(16,030)	(1,652)
Net income (loss)	12,129	14,878			36,453	(48,817)
Net income (loss) attributable to Deluxe	12,100	14,859			36,391	(48,836)
Total comprehensive loss	14,124	19,053			40,057	(56,649)
Comprehensive loss attributable to Deluxe	$ 14,095	$ 19,034			$ 39,995	$ (56,668)
Basic earnings (loss) per share	$ 0.29	$ 0.36			$ 0.86	$ (1.17)	$ 0.12	$ (5.20)
Diluted earnings (loss) per share	$ 0.28	$ 0.35			$ 0.85	$ (1.18)	$ 0.11	$ (5.20)
ASSETS
Deferred income taxes	$ 3,387				$ 3,387		$ 6,642
Goodwill	1,439,303				1,439,303		702,958
Assets	3,017,476				3,017,476		1,842,175
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred income taxes	64,723				64,723		5,401
Retained earnings	505,753				505,753		495,153
Total shareholders' equity	552,271	$ 457,892	$ 446,521		552,271	$ 457,892	513,392	$ 546,979	$ 531,373
Total liabilities and shareholders' equity	3,017,476				3,017,476		$ 1,842,175
Cash flows from operating activities:
Net loss	12,129	14,878			36,453	(48,817)
Asset impairment charges	$ 0	$ 4,883			0	98,989
Deferred income taxes					$ 10,977	(11,098)
As previously reported [Member]
Asset impairment charges						(95,213)
Operating income (loss)						(36,499)
Income (loss) before income taxes						(43,389)
Income tax provision						(1,864)
Net income (loss)						(45,253)
Net income (loss) attributable to Deluxe						(45,272)
Total comprehensive loss						(53,085)
Comprehensive loss attributable to Deluxe						$ (53,104)
Basic earnings (loss) per share						$ (1.08)	$ 0.21	$ (4.65)
Diluted earnings (loss) per share						$ (1.10)	$ 0.19	$ (4.65)
ASSETS
Deferred income taxes							$ 5,444
Goodwill							736,844
Assets							1,874,863
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred income taxes							10,643
Retained earnings							522,599
Total shareholders' equity							540,838
Total liabilities and shareholders' equity							1,874,863
Cash flows from operating activities:
Net loss						$ (45,253)
Asset impairment charges						95,213
Deferred income taxes						(10,886)
Adjustment [Member]
Asset impairment charges			(3,776)	$ (30,110)		(3,776)
Operating income (loss)						(3,776)
Income (loss) before income taxes						(3,776)
Income tax provision			212	6,228		212
Net income (loss)			(3,564)	(23,882)		(3,564)		$ (23,882)
Net income (loss) attributable to Deluxe						(3,564)	(3,564)
Total comprehensive loss						(3,564)
Comprehensive loss attributable to Deluxe						$ (3,564)
Basic earnings (loss) per share						$ (0.09)
Diluted earnings (loss) per share						$ (0.08)
ASSETS
Deferred income taxes							1,198
Goodwill							(33,886)
Assets							(32,688)
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred income taxes							(5,242)
Retained earnings							(27,446)
Total shareholders' equity							(27,446)
Total liabilities and shareholders' equity							$ (32,688)
Cash flows from operating activities:
Net loss			(3,564)	(23,882)		$ (3,564)		$ (23,882)
Asset impairment charges			$ 3,776	$ 30,110		3,776
Deferred income taxes						$ (212)

Supplemental balance sheet an_3

Supplemental balance sheet and cash flow information (trade accounts receivable, allowances for uncollectible accounts) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Accounts receivable, allowances for uncollectible accounts [Roll Forward]
Balance, beginning of year	$ 6,428	$ 4,985
Bad debt (benefit) expense	(1,696)	3,374
Write-offs and other	(1,704)	(1,633)
Balance, end of period	$ 3,028	$ 6,726

Supplemental balance sheet an_4

Supplemental balance sheet and cash flow information (inventories and supplies) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Inventories and supplies
Raw materials	$ 5,189		$ 5,412
Semi-finished goods	7,522		7,943
Finished goods	20,481		33,513
Supplies	5,531		5,010
Reserve for excess and obsolete items	(5,456)	$ (7,118)	(11,748)
Inventories and supplies	33,267		$ 40,130
Change in reserve for excess and obsolete items
Balance, beginning of year	11,748	6,600
Amounts charged to expense	2,151	861
Write-offs and sales	(8,443)	(343)
Balance, end of period	$ 5,456	$ 7,118

Supplemental balance sheet an_5

Supplemental balance sheet and cash flow information (available-for-sale debt securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2021		Dec. 31, 2020
Available-for-sale debt securities [Line Items]
Cost	$ 25,407		$ 28,495
Gross unrealized gains	0		0
Gross unrealized losses	(295)		(33)
Fair value	25,112		28,462
Expected maturities of available-for-sale debt securities
Due in one year or less	18,282
Due in two to five years	3,956
Due in six to ten years	2,874
Fair value	25,112		28,462
Funds held for customers [Member]
Available-for-sale debt securities [Line Items]
Cost	25,407	[1]	28,495	[2]
Gross unrealized gains	0	[1]	0	[2]
Gross unrealized losses	(295)	[1]	(33)	[2]
Fair value	25,112	[1]	28,462	[2]
Cash	110,492		91,287
Expected maturities of available-for-sale debt securities
Fair value	25,112	[1]	28,462	[2]
Funds held for customers [Member] | Money market securities [Member] | Domestic [Member]
Available-for-sale debt securities [Line Items]
Cost	11,500		15,000
Gross unrealized gains	0		0
Gross unrealized losses	0		0
Fair value	11,500		15,000
Expected maturities of available-for-sale debt securities
Fair value	11,500		15,000
Funds held for customers [Member] | Canadian and provincial government securities [Member]
Available-for-sale debt securities [Line Items]
Cost	9,874		9,566
Gross unrealized gains	0		0
Gross unrealized losses	(295)		(33)
Fair value	9,579		9,533
Expected maturities of available-for-sale debt securities
Fair value	9,579		9,533
Funds held for customers [Member] | Canadian guaranteed investment certificates [Member]
Available-for-sale debt securities [Line Items]
Cost	4,033		3,929
Gross unrealized gains	0		0
Gross unrealized losses	0		0
Fair value	4,033		3,929
Expected maturities of available-for-sale debt securities
Fair value	$ 4,033		$ 3,929
[1]	Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2021, also included cash of $110,492.
[2]	Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2020, also included cash of $91,287.

Supplemental balance sheet an_6

Supplemental balance sheet and cash flow information (revenue in excess of billings) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Revenue in excess of billings
Conditional right to receive consideration		$ 23,364	$ 13,950
Unconditional right to receive consideration	[1]	8,693	3,667
Revenue in excess of billings		32,057	17,617
Unbilled receivables		$ 31,350	$ 21,319
[1]	Represents revenues that are earned but not currently billable under the related contract terms. Trade accounts receivable on the consolidated balance sheets included unbilled receivables of $31,350 as of June 30, 2021 and $21,319 as of December 31, 2020.

Supplemental balance sheet an_7

Supplemental balance sheet and cash flow information (intangibles) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 01, 2021	Dec. 31, 2020
Amortizable intangibles [Line Items]
Gross carrying amount		$ 1,160,768		$ 1,160,768			$ 834,033
Accumulated amortization		(639,316)		(639,316)			(587,273)
Net carrying amount		521,452		521,452			246,760
Acquired intangibles				$ 326,405
Acquired intangibles, weighted-average amortization period (in years)				9 years
Amortization of intangibles		28,559	$ 21,529	$ 51,823	$ 45,040
Estimated future amortization expense
Remainder of 2021		69,227		69,227
2022		114,718		114,718
2023		84,510		84,510
2024		56,265		56,265
2025		44,747		44,747
First American Payment Systems, L.P. [Member]
Amortizable intangibles [Line Items]
Acquired intangibles						$ 275,417
Customer lists/relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		487,974		487,974			352,895
Accumulated amortization		(225,342)		(225,342)			(202,428)
Net carrying amount		262,632		262,632			150,467
Acquired intangibles	[1]			$ 134,992
Acquired intangibles, weighted-average amortization period (in years)	[1]			8 years
Customer lists/relationships [Member] | First American Payment Systems, L.P. [Member]
Amortizable intangibles [Line Items]
Acquired intangibles						118,000
Acquired intangibles, weighted-average amortization period (in years)				8 years
Internal-use software [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		416,904		$ 416,904			380,144
Accumulated amortization		(325,844)		(325,844)			(303,422)
Net carrying amount		91,060		91,060			76,722
Acquired intangibles				$ 36,413
Acquired intangibles, weighted-average amortization period (in years)				4 years
Internal-use software [Member] | First American Payment Systems, L.P. [Member]
Amortizable intangibles [Line Items]
Acquired intangibles						2,417
Technology-based intangibles [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		99,813		$ 99,813			33,813
Accumulated amortization		(31,401)		(31,401)			(27,613)
Net carrying amount		68,412		68,412			6,200
Acquired intangibles				$ 66,000
Acquired intangibles						66,000
Acquired intangibles, weighted-average amortization period (in years)				8 years
Partner relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		67,000		$ 67,000			0
Accumulated amortization		(372)		(372)			0
Net carrying amount		66,628		66,628			0
Acquired intangibles				$ 67,000
Acquired intangibles						67,000
Acquired intangibles, weighted-average amortization period (in years)				15 years
Trade names [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		52,177		$ 52,177			30,281
Accumulated amortization		(30,360)		(30,360)			(29,926)
Net carrying amount		21,817		21,817			355
Acquired intangibles				$ 22,000
Acquired intangibles						$ 22,000
Acquired intangibles, weighted-average amortization period (in years)				10 years
Software to be sold [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		36,900		$ 36,900			36,900
Accumulated amortization		(25,997)		(25,997)			(23,884)
Net carrying amount		$ 10,903		$ 10,903			$ 13,016
[1]	Included $118,000 acquired via the First American acquisition (Note 6) with a weighted-average useful life of 8 years.

Supplemental balance sheet an_8

Supplemental balance sheet and cash flow information (goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Goodwill [Roll Forward]
Goodwill, gross, beginning of year		$ 1,288,825
Accumulated impairment charges, beginning of year		(585,867)
Goodwill, net of accumulated impairment charges, beginning of year		702,958
Goodwill resulting from acquisition (Note 6)	$ 736,308	736,308
Currency translation adjustment		37
Goodwill, gross, end of period	2,025,170	2,025,170
Accumulated impairment charges, end of period	(585,867)	(585,867)
Goodwill, net of accumulated impairment charges, end of period	1,439,303	1,439,303
Reportable business segments [Member] | Payments [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year		168,165
Accumulated impairment charges, beginning of year		0
Goodwill, net of accumulated impairment charges, beginning of year		168,165
Goodwill resulting from acquisition (Note 6)		736,308
Goodwill, gross, end of period	904,473	904,473
Accumulated impairment charges, end of period	0	0
Goodwill, net of accumulated impairment charges, end of period	904,473	904,473
Reportable business segments [Member] | Cloud Solutions [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year		432,984
Accumulated impairment charges, beginning of year		(392,168)
Goodwill, net of accumulated impairment charges, beginning of year		40,816
Goodwill, gross, end of period	432,984	432,984
Accumulated impairment charges, end of period	(392,168)	(392,168)
Goodwill, net of accumulated impairment charges, end of period	40,816	40,816
Reportable business segments [Member] | Promotional Solutions [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year		252,864
Accumulated impairment charges, beginning of year		(193,699)
Goodwill, net of accumulated impairment charges, beginning of year		59,165
Currency translation adjustment		37
Goodwill, gross, end of period	252,901	252,901
Accumulated impairment charges, end of period	(193,699)	(193,699)
Goodwill, net of accumulated impairment charges, end of period	59,202	59,202
Reportable business segments [Member] | Checks [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year		434,812
Accumulated impairment charges, beginning of year		0
Goodwill, net of accumulated impairment charges, beginning of year		434,812
Goodwill, gross, end of period	434,812	434,812
Accumulated impairment charges, end of period	0	0
Goodwill, net of accumulated impairment charges, end of period	$ 434,812	$ 434,812

Supplemental balance sheet an_9

Supplemental balance sheet and cash flow information (other non-current assets) (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended		12 Months Ended
		Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2020
Other non-current assets
Postretirement benefit plan asset			$ 74,727			$ 71,208
Prepaid product discounts			54,109	$ 43,541	$ 51,145	50,602
Cloud computing arragements			47,508			29,242
Loans and notes receivable from distributors, net of allowances for uncollectible accounts	[1]		26,858			35,068
Deferred contract acquisition costs	[2]		16,171			9,199
Other			25,394			13,360
Other non-current assets			244,767			208,679
Loans and notes receivable, current			1,723			$ 2,008
Amortization of deferred sales commissions			2,276	1,817
Loans and notes receivable from distributors, allowances for uncollectible accounts [Line Items]
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member			us-gaap:AccountingStandardsUpdate201613Member
Loans and notes receivable from distributors [Member]
Loans and notes receivable from distributors, allowances for uncollectible accounts [Line Items]
Balance, beginning of year		$ 284	3,995	284
Bad debt (benefit) expense			(658)	6,623
Balance, end of period			3,337	11,656	$ 284
Write-offs			0
Recoveries			0
Loans and notes receivable from distributors, credit quality information
2020			1,283
2019			3,168
2018			14,359
2017			11,708
Prior			1,400
Total			31,918
Loans and notes receivable from distributors [Member] | 1-2 internal grade member [Member]
Loans and notes receivable from distributors, credit quality information
2020			1,283
2019			569
2018			14,359
2017			11,708
Prior			1,400
Total			29,319
Loans and notes receivable from distributors [Member] | 3-4 internal grade [Member]
Loans and notes receivable from distributors, credit quality information
2020			0
2019			2,599
2018			0
2017			0
Prior			0
Total			$ 2,599
Loans and notes receivable from distributors [Member] | Adoption of Accounting Standards Update [Member]
Loans and notes receivable from distributors, allowances for uncollectible accounts [Line Items]
Balance, beginning of year		$ 4,749		$ 4,749
Balance, end of period					$ 4,749
[1]	Amount Includes the non-current portion of loans and notes receivable. The current portion of these receivables is included in other current assets on the consolidated balance sheets and was $1,723 as of June 30, 2021 and $2,008 as of December 31, 2020.
[2]	Amortization of deferred contract acquisition costs was $2,276 for the six months ended June 30, 2021 and $1,817 for the six months ended June 30, 2020.

Supplemental balance sheet a_10

Supplemental balance sheet and cash flow information (other) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Prepaid product discounts [Roll Forward]
Balance, beginning of year		$ 50,602	$ 51,145
Additions	[1]	18,689	7,195
Amortization		(15,137)	(14,174)
Other		(45)	(625)
Balance, end of period		54,109	43,541
Prepaid product discount payments		19,077	15,806
Accrued liabilities
Deferred revenue	[2]	46,424		$ 42,104
Employee cash bonuses, including sales incentives		29,688		21,090
Prepaid product discounts due within one year		14,199		14,365
Operating lease liabilities		12,859		11,589
Customer rebates		7,442		8,179
Other		87,279		79,856
Accrued liabilities		197,891		177,183
Deferred revenue recognized		25,010
Supplemental cash flow information
Cash and cash equivalents		163,338	371,951	123,122
Total cash, cash equivalents, restricted cash and restricted cash equivalents		288,074	438,332	229,409	$ 174,811
Funds held for customers [Member]
Supplemental cash flow information
Restricted cash and restricted cash equivalents included in funds held for customers		121,992	$ 66,381
Other non-current assets [Member]
Supplemental cash flow information
Non-current restricted cash included in other non-current assets		$ 2,744		$ 0
[1]	Prepaid product discounts are generally accrued upon contract execution. Cash payments for prepaid product discounts were $19,077 for the six months ended June 30, 2021 and $15,806 for the six months ended June 30, 2020.
[2]	$25,010 of the December 31, 2020 amount was recognized as revenue during the six months ended June 30, 2021.

Earnings (loss) per share (Deta

Earnings (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Earnings (loss) per share - basic:
Net income (loss)	$ 12,129	$ 14,878	$ 36,453	$ (48,817)
Net income attributable to non-controlling interest	(29)	(19)	(62)	(19)
Net income (loss) attributable to Deluxe	12,100	14,859	36,391	(48,836)
Income allocated to participating securities	(10)	(13)	(27)	(32)
Income (loss) attributable to Deluxe available to common shareholders	$ 12,090	$ 14,846	$ 36,364	$ (48,868)
Weighted-average shares outstanding	42,275	41,797	42,169	41,946
Earnings (loss) per share - basic	$ 0.29	$ 0.36	$ 0.86	$ (1.17)	$ 0.12	$ (5.20)
Earnings (loss) per share - diluted:
Net income (loss)	$ 12,129	$ 14,878	$ 36,453	$ (48,817)
Net income attributable to non-controlling interest	(29)	(19)	(62)	(19)
Net income (loss) attributable to Deluxe	12,100	14,859	36,391	(48,836)
Income allocated to participating securities	(10)	0	(9)	(32)
Re-measurement of share-based awards classified as liabilities	0	(79)	0	(853)
Income (loss) attributable to Deluxe available to common shareholders	$ 12,090	$ 14,780	$ 36,382	$ (49,721)
Weighted-average shares outstanding	42,275	41,797	42,169	41,946
Dilutive impact of potential common shares	444	151	451	40
Weighted-average shares and potential common shares outstanding	42,719	41,948	42,620	41,986
Earnings (loss) per share - diluted	$ 0.28	$ 0.35	$ 0.85	$ (1.18)	$ 0.11	$ (5.20)
Antidilutive options excluded from calculation	1,530	2,133	1,530	2,199

Other comprehensive income (l_3

Other comprehensive income (loss) (reclassification adjustments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reclassification adjustments [Line Items]
Total reclassifications, net of tax	$ (326)	$ (416)	$ (656)	$ (555)
Prior service credit [Member]
Reclassification adjustments [Line Items]
Amounts reclassified from accumulated other comprehensive loss	355	355	711	711
Net actuarial loss [Member]
Reclassification adjustments [Line Items]
Amounts reclassified from accumulated other comprehensive loss	(407)	(575)	(814)	(1,150)
Postretirement benefit plans [Member]
Reclassification adjustments [Line Items]
Amounts reclassified from accumulated other comprehensive loss	(52)	(220)	(103)	(439)
Tax (expense) benefit	(31)	12	(63)	23
Total reclassifications, net of tax	(83)	(208)	(166)	(416)
Realized loss gain on interest rate swap [Member]
Reclassification adjustments [Line Items]
Amounts reclassified from accumulated other comprehensive loss	(330)	(281)	(664)	(188)
Tax (expense) benefit	87	73	174	49
Total reclassifications, net of tax	$ (243)	$ (208)	$ (490)	$ (139)

Other comprehensive income (l_4

Other comprehensive income (loss) (accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated other comprehensive loss [Line Items]
Amounts reclassified from accumulated other comprehensive loss		$ 326	$ 416	$ 656	$ 555
Postretirement benefit plans [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2020				(21,956)
Other comprehensive (loss) income before reclassifications				0
Amounts reclassified from accumulated other comprehensive loss		83	208	166	416
Net current-period other comprehensive income (loss)				166
Balance, June 30, 2021		(21,790)		(21,790)
Net unrealized loss on available-for-sale debt securities [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2020				(90)
Other comprehensive (loss) income before reclassifications	[1]			(189)
Amounts reclassified from accumulated other comprehensive loss				0
Net current-period other comprehensive income (loss)				(189)
Balance, June 30, 2021		(279)		(279)
Unrealized loss on securities arising during the period, tax				(66)
Net unrealized loss on cash flow hedge [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2020				(5,351)
Other comprehensive (loss) income before reclassifications	[2]			799
Amounts reclassified from accumulated other comprehensive loss		243	$ 208	490	$ 139
Net current-period other comprehensive income (loss)				1,289
Balance, June 30, 2021		(4,062)		(4,062)
Unrealized gain on cash flow hedge arising during the period, tax (benefit) expense				283
Currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2020				(14,036)
Other comprehensive (loss) income before reclassifications				2,338
Amounts reclassified from accumulated other comprehensive loss				0
Net current-period other comprehensive income (loss)				2,338
Balance, June 30, 2021		(11,698)		(11,698)
Accumulated other comprehensive loss [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2020				(41,433)
Other comprehensive (loss) income before reclassifications				2,948
Amounts reclassified from accumulated other comprehensive loss				656
Net current-period other comprehensive income (loss)				3,604
Balance, June 30, 2021		$ (37,829)		$ (37,829)
[1]	Other comprehensive loss before reclassifications is net of an income tax benefit of $66.
[2]	Other comprehensive income before reclassifications is net of income tax expense of $283.

Acquisition (Details)

Acquisition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 01, 2021
Acquisition [Line Items]
Accounts receivable					$ 27,296
Other current assets					8,533
Property, plant and equipment					9,873
Operating lease assets acquired					24,506
Goodwill	$ 736,308		$ 736,308
Other non-current assets					350
Accounts payable					(18,475)
Funds held for customers					(9,428)
Accrued liabilities					(20,645)
Operating lease liabilities, non-current					(21,426)
Deferred income taxes					(51,216)
Other non-current liabilities					(4,376)
Payment for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired	956,717		956,717	$ 0
Cash, cash equivalents, restricted cash, restricted cash equivalents					15,841
Total revenue	478,216	$ 410,405	919,481	896,828
Net loss	12,129	14,878	36,453	(48,817)
Acquisition transaction costs	15,843	0	18,608	9
Pro forma revenue	563,088	476,490	1,081,192	1,036,288
Pro forma net income (loss)	16,943	$ 4,851	37,712	$ (80,259)
Technology-based intangibles [Member]
Acquisition [Line Items]
Intangible assets:					66,000
Partner relationships [Member]
Acquisition [Line Items]
Intangible assets:					67,000
Trade names [Member]
Acquisition [Line Items]
Intangible assets:					22,000
First American Payment Systems, L.P. [Member]
Acquisition [Line Items]
Intangible assets:					275,417
Goodwill			736,308
Payment for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired			956,717
Total revenue	27,343		27,343
Net loss	$ (66)		$ (66)
First American Payment Systems, L.P. [Member] | Customer lists/relationships [Member]
Acquisition [Line Items]
Intangible assets:					118,000
First American Payment Systems, L.P. [Member] | Internal-use software [Member]
Acquisition [Line Items]
Intangible assets:					$ 2,417

Derivative financial instrume_2

Derivative financial instruments (Details) - Interest rate swap [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jul. 19, 2019
Derivative [Line Items]
Interest rate swap amount			$ 200,000
Derivative fixed interest rate			1.798%
Fair value of derivative liability	$ 5,464	$ 7,210

Fair value measurements (goodwi

Fair value measurements (goodwill and non-recurring asset impairment analyses) (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021USD ($)reporting_units	Mar. 31, 2021reporting_units	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)reporting_units	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Feb. 29, 2020USD ($)
Goodwill impairment and non-recurring fair value measurements [Line Items]
Goodwill impairment charges	$ 0			$ 71,449
Goodwill	1,439,303				$ 1,439,303		$ 702,958
Total impairment charge	$ 0		$ 4,883		0	$ 98,989
Reportable business segments [Member] | Payments [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Number of reporting units | reporting_units	4	1
Goodwill	$ 904,473				904,473		168,165
Reportable business segments [Member] | Promotional Solutions [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Number of reporting units | reporting_units	2	1
Goodwill	$ 59,202				$ 59,202		$ 59,165
Reporting units for which quantitative analysis completed [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Number of reporting units | reporting_units				2
Promotional Solutions reporting unit [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Goodwill impairment charges				$ 67,132
Goodwill				59,009
Cloud Solutions Web Hosting reporting unit [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Goodwill impairment charges				4,317
Non-recurring fair value measurement [Member] | Assets held for sale [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Asset impairment charges						7,110
Other assets			11,210			11,210
Non-recurring fair value measurement [Member] | Small business distributors [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Estimated fair value, intangibles								$ 7,622
Non-recurring fair value measurement [Member] | Small business distributors [Member] | Measurement input, revenue growth rate [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Intangibles fair value inputs								0.00%
Non-recurring fair value measurement [Member] | Small business distributors [Member] | Measurement input, gross margin growth rate [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Intangibles fair value inputs								1.90%
Non-recurring fair value measurement [Member] | Small business distributors [Member] | Measurement input, discount rate [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Intangibles fair value inputs								11.00%
Non-recurring fair value measurement [Member] | Amortizable intangibles [Member] | Cloud Solutions Web Hosting reporting unit [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Asset impairment charges				$ 17,678
Non-recurring fair value measurement [Member] | Amortizable intangibles [Member] | Cloud Solutions Web Hosting reporting unit [Member] | Measurement input, revenue growth rate [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Intangibles fair value inputs				(31.00%)
Non-recurring fair value measurement [Member] | Amortizable intangibles [Member] | Cloud Solutions Web Hosting reporting unit [Member] | Measurement input, gross margin growth rate [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Intangibles fair value inputs				(5.20%)
Non-recurring fair value measurement [Member] | Amortizable intangibles [Member] | Cloud Solutions Web Hosting reporting unit [Member] | Measurement input, discount rate [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Intangibles fair value inputs				9.00%
Non-recurring fair value measurement [Member] | Customer lists/relationships [Member] | Small business distributors [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Asset impairment charges				$ 2,752
Non-recurring fair value measurement [Member] | Customer lists/relationships [Member] | Cloud Solutions Web Hosting reporting unit [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Asset impairment charges				8,397
Non-recurring fair value measurement [Member] | Internal-use software [Member] | Cloud Solutions Web Hosting reporting unit [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Asset impairment charges				6,932
Estimated fair value, intangibles				2,172
Non-recurring fair value measurement [Member] | Other intangible assets [Member] | Cloud Solutions Web Hosting reporting unit [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Asset impairment charges				2,349
Non-recurring fair value measurement [Member] | Significant unobservable inputs (Level 3) [Member] | Assets held for sale [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Other assets			$ 11,210			$ 11,210
Non-recurring fair value measurement [Member] | Significant unobservable inputs (Level 3) [Member] | Small business distributors [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Estimated fair value, intangibles								$ 7,622
Non-recurring fair value measurement [Member] | Significant unobservable inputs (Level 3) [Member] | Internal-use software [Member] | Cloud Solutions Web Hosting reporting unit [Member]
Goodwill impairment and non-recurring fair value measurements [Line Items]
Estimated fair value, intangibles				$ 2,172

Fair value measurements (financ

Fair value measurements (financial instruments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021		Dec. 31, 2020
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities (funds held for customers)	$ 25,112		$ 28,462
Derivative liability (Note 7)	(5,464)		(7,210)
Loans and notes receivable from distributors	28,581		37,076
Loans and notes receivable from distributors, fair value	28,614		36,950
Long-term debt	1,833,411		840,000
Long-term debt, fair value	1,897,500		840,000
Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative liability (Note 7)	(5,464)		(7,210)
Significant other observable inputs (Level 2) [Member]
Fair value measurements, financial instruments [Line Items]
Long-term debt, fair value	1,897,500		840,000
Significant other observable inputs (Level 2) [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative liability (Note 7)	(5,464)		(7,210)
Significant unobservable inputs (Level 3) [Member]
Fair value measurements, financial instruments [Line Items]
Loans and notes receivable from distributors, fair value	28,614		36,950
Cash and cash equivalents [Member]
Fair value measurements, financial instruments [Line Items]
Cash	163,338		123,122
Cash, fair value	163,338		123,122
Cash and cash equivalents [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements, financial instruments [Line Items]
Cash, fair value	163,338		123,122
Funds held for customers [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities (funds held for customers)	25,112	[1]	28,462	[2]
Cash	110,492		91,287
Cash, fair value	$ 110,492		91,287
Funds held for customers [Member] | Canadian guaranteed investment certificates [Member]
Fair value measurements, financial instruments [Line Items]
Maturity period, debt securities	2 years
Available-for-sale debt securities (funds held for customers)	$ 4,033		3,929
Funds held for customers [Member] | Money market securities [Member]
Fair value measurements, financial instruments [Line Items]
Cash equivalents	11,500		15,000
Funds held for customers [Member] | Money market securities [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Cash equivalents	11,500		15,000
Funds held for customers [Member] | Foreign debt securities [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities (funds held for customers)	13,612		13,462
Funds held for customers [Member] | Foreign debt securities [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities (funds held for customers)	13,612		13,462
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	110,492		91,287
Funds held for customers [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Money market securities [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Cash equivalents	11,500		15,000
Funds held for customers [Member] | Significant other observable inputs (Level 2) [Member] | Foreign debt securities [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities (funds held for customers)	$ 13,612		$ 13,462
[1]	Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2021, also included cash of $110,492.
[2]	Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2020, also included cash of $91,287.

Restructuring and integration_3

Restructuring and integration expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 11,979	$ 20,382	$ 27,191	$ 38,865
Total cost of revenue [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	615	28	1,514	857
Operating expenses [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	11,364	20,354	25,677	38,008
External consulting fees [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	5,540	11,337	12,923	22,238
Internal labor [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	2,480	1,128	4,520	2,981
Employee severance benefits [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense			3,127
Restructuring charges, net	1,018	5,035	1,875	10,118
Other [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 2,941	$ 2,882	$ 7,873	$ 3,528

Restructuring and integration_4

Restructuring and integration expense (accruals) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Charges	$ 11,979	$ 20,382	$ 27,191	$ 38,865
Employee severance benefits [Member]
Restructuring Cost and Reserve [Line Items]
Balance, December 31, 2020			6,798
Charges			3,127
Reversals			(1,252)
Payments			(6,193)
Balance, June 30, 2021	$ 2,480		$ 2,480

Income tax provision (Details)

Income tax provision (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Reconciliation of effective tax rate
Income tax at federal statutory rate	21.00%	21.00%
Goodwill impairment charges (Note 8)	0.00%	46.80%
Non-deductible acquisition costs	3.70%	0.00%
State income tax, net of federal income tax benefit	3.60%	2.10%
Non-deductible executive compensation	1.50%	2.20%
Tax impact of share-based compensation	1.20%	8.50%
Foreign tax rate differences	0.90%	4.30%
Change in unrecognized tax benefits, including interest and penalties	0.40%	(3.30%)
Research and development tax credit	(0.90%)	(3.70%)
Payables and receivables for prior year tax returns	(0.60%)	3.20%
Non-taxable income from employee life insurance policies	(0.30%)	(1.10%)
Return to provision adjustments	0.00%	(2.60%)
Change in valuation allowances	0.00%	0.90%
Other	0.00%	1.80%
Effective tax rate	30.50%	80.10%

Postretirement benefits (Detail

Postretirement benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net periodic benefit income
Interest cost	$ 242	$ 478	$ 484	$ 956
Expected return on plan assets	(1,875)	(1,905)	(3,748)	(3,809)
Amortization of prior service credit	(355)	(355)	(711)	(711)
Amortization of net actuarial losses	407	575	814	1,150
Net periodic benefit income	$ (1,581)	$ (1,207)	$ (3,161)	$ (2,414)

Debt (Details)

Debt (Details) $ in Thousands	Jun. 01, 2021USD ($)	Mar. 31, 2026USD ($)	Dec. 31, 2025USD ($)	Sep. 30, 2025USD ($)	Jun. 30, 2025USD ($)	Mar. 31, 2025USD ($)	Dec. 31, 2024USD ($)	Sep. 30, 2024USD ($)	Jun. 30, 2024USD ($)	Mar. 31, 2024USD ($)	Dec. 31, 2023USD ($)	Sep. 30, 2023USD ($)	Jun. 30, 2023USD ($)	Mar. 31, 2023USD ($)	Dec. 31, 2022USD ($)	Sep. 30, 2022USD ($)	Jun. 30, 2022USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2020USD ($)	Mar. 31, 2026	Mar. 31, 2026	Jun. 01, 2026USD ($)	Jul. 19, 2019USD ($)
Debt instruments [Line Items]
Total principal amount																					$ 1,855,000	$ 1,855,000				$ 840,000
Amounts drawn on senior, secured revolving credit facility																					200,000	200,000				840,000
Less: unamortized discount and debt issuance costs																					(21,589)	(21,589)				0
Total debt, net of discount and debt issuance costs																					1,833,411	1,833,411				840,000
Less: current portion of long-term debt, net of debt issuance costs																					(57,130)	(57,130)				0
Long-term debt																					1,776,281	1,776,281				$ 840,000
Maturities of long-term debt
Remainder of 2021																					28,875	28,875
2022																					57,750	57,750
2023																					72,188	72,188
2024																					86,625	86,625
2025																					101,062	101,062
Thereafter																					1,508,500	1,508,500
Credit facility
Revolving credit facility, current commitment																					$ 500,000	$ 500,000
Weighted-average interest rate at period end																					2.62%	2.62%				2.01%
Daily average amount outstanding																						$ 925,359				$ 1,016,896
Weighted-average interest rate																						2.15%				2.12%
Outstanding letters of credit																					$ (7,533)	$ (7,533)
Net available for borrowing as of June 30, 2021																					292,467	292,467
Forecast [Member]
Credit facility
Maximum consolidated total leverage ratio																							5	4.50	4.75		4.25
Maximum consolidated secured leverage ratio																							4	3.50	3.75		3.50
Minimum interest coverage ratio																							2.75					3
Consolidated total leverage ratio limiting permitted payments																													2.75
Permitted payments																													$ 60,000
Senior, secured term loan facility [Member]
Debt instruments [Line Items]
Total principal amount	$ 1,155,000																				1,155,000	1,155,000				$ 0
Senior, secured term loan facility [Member] | Forecast [Member]
Credit facility
Repayment amount		$ 28,875	$ 28,875	$ 28,875	$ 21,656	$ 21,656	$ 21,656	$ 21,656	$ 21,656	$ 21,656	$ 21,656	$ 21,656	$ 14,438	$ 14,438	$ 14,438	$ 14,438	$ 14,438	$ 14,438	$ 14,438	$ 14,438
Senior, unsecured notes [Member]
Debt instruments [Line Items]
Total principal amount	$ 500,000																				500,000	$ 500,000				$ 0
Senior, unsecured notes
Stated interest rate	8.00%
Proceeds from debt offering, net of discount and debt issuance costs																					$ 490,741
Effective interest rate	8.30%
Senior, secured revolving credit facility [Member]
Credit facility
Credit facility term	5 years
Swingline sub-facility [Member]
Credit facility
Revolving credit facility, current commitment	$ 40,000
Letter of credit sub-facility [Member]
Credit facility
Revolving credit facility, current commitment	$ 25,000
Interest rate swap [Member]
Credit facility
Interest rate swap amount																														$ 200,000
Minimum [Member]
Credit facility
Interest rate margin on variable-rate debt																						1.50%
Revolving credit facility, commitment fee																						0.25%
Maximum [Member]
Credit facility
Interest rate margin on variable-rate debt																						2.50%
Revolving credit facility, commitment fee																						0.35%

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 01, 2021	Dec. 31, 2020
Leases [Line Items]
Operating lease assets acquired		$ 24,506
Operating lease liabilities assumed		$ 24,506
Operating lease assets	$ 62,362		$ 35,906
Accrued liabilities	12,859		11,589
Operating lease liabilities	52,919		28,344
Total operating lease liabilities	$ 65,778		$ 39,933
Weighted-average remaining lease term (in years)	5 years 7 months 6 days		4 years 8 months 12 days
Weighted-average discount rate	4.40%		3.10%
Maturities of operating lease liabilities
Remainder of 2021	$ 7,785
2022	18,587
2023	13,861
2024	12,697
2025	10,711
Thereafter	23,854
Total lease payments	87,495
Lease incentives receivable	(10,250)
Less imputed interest	(11,467)
Total operating lease liabilities	$ 65,778		$ 39,933
Minnesota [Member]
Operating lease not yet commenced
Lease term	16 years
New lease obligation	$ 43,000
Lease obligation due in 2022 through 2023	4,000
Lease obligations due in 2024 through 2025	$ 5,000

Other commitments and conting_2

Other commitments and contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Self-insurance liabilities	$ 9,346	$ 9,046

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Oct. 24, 2018
Share repurchase program, authorized amount				$ 500,000
Common shares repurchased (in shares)		0	499
Amount remaining under share repurchase authorization	$ 287,452	$ 287,452
First American Payment Systems, L.P. [Member]
Stock issued, shares	294
Stock issued, value	$ 13,000

Business segment information (D

Business segment information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)segment
Business segment information [Line Items]
Number of reportable business segments | segment			4	4
Revenue	$ 478,216	$ 410,405	$ 919,481	$ 896,828
Depreciation and amortization	(33,244)	(26,663)	(61,024)	(55,093)
Interest expense	(9,530)	(6,171)	(14,054)	(13,171)
Net income attributable to non-controlling interest	29	26	62	26
Asset impairment charges	0	(4,883)	0	(98,989)
Restructuring integration and other costs	(11,979)	(20,490)	(27,191)	(40,123)
CEO transition costs	0	(190)	0	(10)
Share-based compensation expense	(7,625)	(5,477)	(14,367)	(9,095)
Acquisition transaction costs	(15,843)	0	(18,608)	(9)
Certain legal-related (expense) benefit	(302)	0	(302)	2,164
Loss on sales of customer lists	0	(18)	0	(18)
Income (loss) before income taxes	18,968	19,952	52,483	(47,165)
Reportable business segments [Member]
Business segment information [Line Items]
Revenue	478,216	410,405	919,481	896,828
Adjusted EBITDA	141,609	126,320	278,395	261,164
Reportable business segments [Member] | Payments [Member]
Business segment information [Line Items]
Revenue	103,339	72,171	182,777	149,211
Adjusted EBITDA	21,199	15,583	39,528	33,606
Reportable business segments [Member] | Cloud Solutions [Member]
Business segment information [Line Items]
Revenue	68,067	53,897	130,287	129,842
Adjusted EBITDA	18,803	14,159	36,011	29,069
Reportable business segments [Member] | Promotional Solutions [Member]
Business segment information [Line Items]
Revenue	134,987	117,946	259,494	260,739
Adjusted EBITDA	21,416	13,854	39,131	25,051
Reportable business segments [Member] | Checks [Member]
Business segment information [Line Items]
Revenue	171,823	166,391	346,923	357,036
Adjusted EBITDA	80,191	82,724	163,725	173,438
Corporate [Member]
Business segment information [Line Items]
Adjusted EBITDA	$ (44,147)	$ (42,502)	$ (90,428)	$ (94,011)

Business segment information _2

Business segment information (disaggregated revenue information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregated revenue information
Revenue	$ 478,216	$ 410,405	$ 919,481	$ 896,828
United States [Member]
Disaggregated revenue information
Revenue	448,181	385,879	858,339	843,415
Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	30,035	24,526	61,142	53,413
Reportable business segments [Member]
Disaggregated revenue information
Revenue	478,216	410,405	919,481	896,828
Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	103,339	72,171	182,777	149,211
Reportable business segments [Member] | Payments [Member] | United States [Member]
Disaggregated revenue information
Revenue	93,796	64,230	162,280	132,588
Reportable business segments [Member] | Payments [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	9,543	7,941	20,497	16,623
Reportable business segments [Member] | Cloud Solutions [Member]
Disaggregated revenue information
Revenue	68,067	53,897	130,287	129,842
Reportable business segments [Member] | Cloud Solutions [Member] | United States [Member]
Disaggregated revenue information
Revenue	59,265	46,091	112,777	114,161
Reportable business segments [Member] | Cloud Solutions [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	8,802	7,806	17,510	15,681
Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	134,987	117,946	259,494	260,739
Reportable business segments [Member] | Promotional Solutions [Member] | United States [Member]
Disaggregated revenue information
Revenue	129,321	113,757	248,469	250,570
Reportable business segments [Member] | Promotional Solutions [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	5,666	4,189	11,025	10,169
Reportable business segments [Member] | Checks [Member]
Disaggregated revenue information
Revenue	171,823	166,391	346,923	357,036
Reportable business segments [Member] | Checks [Member] | United States [Member]
Disaggregated revenue information
Revenue	165,799	161,801	334,813	346,096
Reportable business segments [Member] | Checks [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	6,024	4,590	12,110	10,940
Checks [Member]
Disaggregated revenue information
Revenue	171,823	166,391	346,923	357,036
Checks [Member] | Reportable business segments [Member] | Checks [Member]
Disaggregated revenue information
Revenue	171,823	166,391	346,923	357,036
Forms and other products [Member]
Disaggregated revenue information
Revenue	78,194	75,431	149,975	157,243
Forms and other products [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	78,194	75,431	149,975	157,243
Marketing and promotional solutions [Member]
Disaggregated revenue information
Revenue	56,793	42,515	109,519	103,496
Marketing and promotional solutions [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	56,793	42,515	109,519	103,496
Treasury management solutions [Member]
Disaggregated revenue information
Revenue	56,224	54,793	115,360	111,660
Treasury management solutions [Member] | Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	56,224	54,793	115,360	111,660
Merchant services and other payments solutions [Member]
Disaggregated revenue information
Revenue	47,115	17,378	67,417	37,551
Merchant services and other payments solutions [Member] | Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	47,115	17,378	67,417	37,551
Data-driven marketing solutions [Member]
Disaggregated revenue information
Revenue	39,518	19,422	73,164	58,419
Data-driven marketing solutions [Member] | Reportable business segments [Member] | Cloud Solutions [Member]
Disaggregated revenue information
Revenue	39,518	19,422	73,164	58,419
Web and hosted solutions [Member]
Disaggregated revenue information
Revenue	28,549	34,475	57,123	71,423
Web and hosted solutions [Member] | Reportable business segments [Member] | Cloud Solutions [Member]
Disaggregated revenue information
Revenue	$ 28,549	$ 34,475	$ 57,123	$ 71,423

Risks and uncertainties (Detail

Risks and uncertainties (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Loans and notes receivable from distributors, allowances for uncollectible accounts [Line Items]
Loans and notes receivable from distributors	$ 28,581	$ 37,076
Loans and notes receivable from distributors [Member]
Loans and notes receivable from distributors, allowances for uncollectible accounts [Line Items]
Allowance for uncollectible accounts	$ 3,337	$ 3,995	$ 11,656	$ 284