Deluxe (DLX) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Document

Document - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0216800
Entity Address, Address Line One	801 S. Marquette Ave.
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402-2807
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		42,990,561

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 44,059	$ 41,231
Trade accounts receivable, net of allowance for credit losses	184,335	197,947
Inventories and supplies	34,527	34,928
Funds held for customers, including securities carried at fair value of $13,027 and $13,307, respectively	156,752	254,795
Prepaid expenses	47,964	37,643
Revenue in excess of billings	33,689	30,393
Other current assets	16,858	23,536
Total current assets	518,184	620,473
Deferred income taxes	1,957	2,180
Long-term investments	47,380	47,201
Property, plant and equipment, net of accumulated depreciation of $341,046 and $338,617, respectively	124,270	125,966
Operating lease assets	53,375	58,236
Intangibles, net of accumulated amortization of $718,169 and $698,764, respectively	499,531	510,724
Goodwill	1,430,156	1,430,141
Other non-current assets	279,456	279,463
Total assets	2,954,309	3,074,384
Current liabilities:
Accounts payable	146,267	153,072
Funds held for customers	155,955	256,257
Accrued liabilities	201,913	216,832
Current portion of long-term debt	57,227	57,197
Total current liabilities	561,362	683,358
Long-term debt	1,635,191	1,625,752
Operating lease liabilities	53,418	56,444
Deferred income taxes	68,324	75,121
Other non-current liabilities	56,999	59,111
Commitments and contingencies (Note 13)
Shareholders' equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: March 31, 2022 - 42,923; December 31, 2021 - 42,679)	42,923	42,679
Additional paid-in capital	62,676	57,368
Retained earnings	502,125	505,763
Accumulated other comprehensive loss	(29,025)	(31,492)
Non-controlling interest	316	280
Total shareholders' equity	579,015	574,598
Total liabilities and shareholders' equity	$ 2,954,309	$ 3,074,384

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Funds held for customers, securities carried at fair value	$ 13,027	$ 13,307
Accumulated depreciation	341,046	338,617
Accumulated amortization	$ 718,169	$ 698,764
Common stock, par value (per share)	$ 1	$ 1
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	42,923	42,679

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total revenue	$ 556,015	$ 441,264
Total cost of revenue	(249,194)	(178,509)
Gross profit	306,821	262,755
Selling, general and administrative expense	(259,699)	(212,436)
Restructuring and integration expense	(16,244)	(14,313)
Operating income	30,878	36,006
Interest expense	(20,324)	(4,524)
Other income	2,004	2,033
Income before income taxes	12,558	33,515
Income tax provision	(2,878)	(9,190)
Net income	9,680	24,325
Net income attributable to non-controlling interest	(36)	(33)
Net income attributable to Deluxe	9,644	24,292
Total comprehensive income	12,147	25,934
Comprehensive income attributable to Deluxe	$ 12,111	$ 25,901
Basic earnings per share	$ 0.23	$ 0.58
Diluted earnings per share	$ 0.22	$ 0.57
Product [Member]
Total revenue	$ 317,303	$ 299,053
Total cost of revenue	(114,361)	(107,325)
Service [Member]
Total revenue	238,712	142,211
Total cost of revenue	$ (134,833)	$ (71,184)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common shares par value [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive loss [Member]	Non-controlling interest [Member]
Balance, beginning of period at Dec. 31, 2020	$ 540,838	$ 41,973	$ 17,558	$ 522,599	$ (41,433)	$ 141
Balance (in shares) at Dec. 31, 2020	41,973
Net income attributable to Deluxe	$ 24,292			24,292
Net income attributable to non-controlling interest	33					33
Net income	24,325
Cash dividends ($0.30 per share for the quarters ended March 31, 2022 and 2021)	(12,832)			(12,832)
Common shares issued	$ 1,041	194	847
Common shares issued (in shares)	194
Common shares retired	$ (2,361)	(63)	(2,298)
Common shares retired (in shares)	(63)
Employee share-based compensation	$ 6,199		6,199
Other comprehensive income	1,609				1,609
Balance, end of period at Mar. 31, 2021	$ 558,819	42,104	22,306	534,059	(39,824)	174
Balance (in shares) at Mar. 31, 2021	42,104
Balance, beginning of period at Dec. 31, 2021	$ 574,598	42,679	57,368	505,763	(31,492)	280
Balance (in shares) at Dec. 31, 2021	42,679
Net income attributable to Deluxe	$ 9,644			9,644
Net income attributable to non-controlling interest	36					36
Net income	9,680
Cash dividends ($0.30 per share for the quarters ended March 31, 2022 and 2021)	(13,282)			(13,282)
Common shares issued	$ 1,531	379	1,152
Common shares issued (in shares)	379
Common shares retired	$ (4,161)	(135)	(4,026)
Common shares retired (in shares)	(135)
Employee share-based compensation	$ 8,182		8,182
Other comprehensive income	2,467				2,467
Balance, end of period at Mar. 31, 2022	$ 579,015	$ 42,923	$ 62,676	$ 502,125	$ (29,025)	$ 316
Balance (in shares) at Mar. 31, 2022	42,923

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends per share	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 9,680	$ 24,325
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,438	4,516
Amortization of intangibles	36,159	23,264
Operating lease expense	5,570	4,576
Amortization of prepaid product discounts	8,924	7,440
Deferred income taxes	(7,524)	5,245
Employee share-based compensation expense	8,142	6,742
Other non-cash items, net	8,213	2,418
Changes in assets and liabilities:
Trade accounts receivable	12,248	23,122
Inventories and supplies	(893)	1,042
Other current assets	(12,731)	(19,711)
Payments for cloud computing arrangement implementation costs	(6,391)	(8,915)
Other non-current assets	(3,082)	(953)
Accounts payable	(5,003)	(3,543)
Prepaid product discount payments	(7,859)	(9,590)
Other accrued and non-current liabilities	(16,626)	(20,397)
Net cash provided by operating activities	34,265	39,581
Cash flows from investing activities:
Purchases of capital assets	(20,844)	(21,670)
Other	515	(180)
Net cash used by investing activities	(20,329)	(21,850)
Cash flows from financing activities:
Proceeds from issuing long-term debt and swingline loans	146,500	5,000
Payments on long-term debt and swingline loans	(137,938)	(5,000)
Net change in customer funds obligations	(99,240)	1,659
Proceeds from issuing shares	798	673
Employee taxes paid for shares withheld	(4,161)	(2,360)
Cash dividends paid to shareholders	(13,317)	(12,932)
Other	(2,610)	(1,271)
Net cash used by financing activities	(109,968)	(14,231)
Effect of exchange rate change on cash, cash equivalents, restricted cash and restricted cash equivalents	1,320	1,606
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	(94,712)	5,106
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of year	285,491	229,409
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$ 190,779	$ 234,515

Consolidated financial statemen

Consolidated financial statements	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated financial statements	The consolidated balance sheet as of March 31, 2022, the consolidated statements of comprehensive income for the quarters ended March 31, 2022 and 2021, the consolidated statements of shareholders’ equity for the quarters ended March 31, 2022 and 2021 and the consolidated statements of cash flows for the quarters ended March 31, 2022 and 2021 are unaudited. The consolidated balance sheet as of December 31, 2021 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, 2021 (the 2021 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, 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. Comparability – The consolidated statement of cash flows for the quarter ended March 31, 2021 has been modified to confirm to the current year presentation. We presented payments for cloud computing arrangement implementation costs separately within cash flows from operating activities. Previously, this amount was included in other non-current assets. Also, we included purchases of and proceeds from customer funds marketable securities within other investing activities. Previously, these amounts were presented separately. During the quarter ended March 31, 2022, we recorded out-of-period correcting adjustments that decreased net income attributable to Deluxe by $2,197. These adjustments were not material to any historical interim or annual period.

New accounting pronouncements

New accounting pronouncements	3 Months Ended
	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting pronouncements	In March 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-02, Troubled Debt Restructurings and Vintage Disclosures . The standard modifies the accounting for troubled debt restructurings by creditors and modifies certain disclosure requirements. The guidance will be applied prospectively, with the exception of the recognition and measurement of troubled debt restructurings, for which we may elect to apply a modified retrospective transition method. The standard is effective for us on January 1, 2023, and we do not expect its adoption to have a significant impact on our financial position or results of operations.

Supplemental balance sheet and

Supplemental balance sheet and cash flow information	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Supplemental Balance Sheet Disclosures [Text Block]	Trade accounts receivable – Net trade accounts receivable were comprised of the following: (in thousands) March 31, December 31, Trade accounts receivable – gross $ 188,534 $ 202,077 Allowance for credit losses (4,199) (4,130) Trade accounts receivable – net (1) $ 184,335 $ 197,947 (1) Includes unbilled receivables of $50,106 as of March 31, 2022 and $47,420 as of December 31, 2021. Changes in the allowance for credit losses for the quarters ended March 31, 2022 and 2021 were as follows: Quarter Ended (in thousands) 2022 2021 Balance, beginning of year $ 4,130 $ 6,428 Bad debt expense (benefit) 625 (649) Write-offs and other (556) (900) Balance, end of period $ 4,199 $ 4,879 Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) March 31, December 31, Raw materials $ 5,587 $ 5,316 Semi-finished goods 6,742 6,708 Finished goods 21,555 21,995 Supplies 6,022 6,041 Reserves for excess and obsolete items (5,379) (5,132) Inventories and supplies, net of reserves $ 34,527 $ 34,928 Changes in the reserves for excess and obsolete items were as follows for the quarters ended March 31, 2022 and 2021: Quarter Ended (in thousands) 2022 2021 Balance, beginning of year $ 5,132 $ 11,748 Amounts charged to expense 773 2,013 Write-offs and other (526) (822) Balance, end of period $ 5,379 $ 12,939 Available-for-sale debt securities – Available-for-sale debt securities included within funds held for customers were comprised of the following: March 31, 2022 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Canadian and provincial government securities $ 9,865 $ — $ (836) $ 9,029 Canadian guaranteed investment certificate 3,998 — — 3,998 Available-for-sale debt securities $ 13,863 $ — $ (836) $ 13,027 (1) Funds held for customers, as reported on the consolidated balance sheet as of March 31, 2022, also included cash of $143,725. December 31, 2021 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Canadian and provincial government securities $ 9,724 $ — $ (374) $ 9,350 Canadian guaranteed investment certificate 3,957 — — 3,957 Available-for-sale debt securities $ 13,681 $ — $ (374) $ 13,307 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2021, also included cash of $241,488. Expected maturities of available-for-sale debt securities as of March 31, 2022 were as follows: (in thousands) Fair value Due in one year or less $ 6,572 Due in two to five years 2,708 Due in six to ten years 3,747 Available-for-sale debt securities $ 13,027 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) March 31, December 31, Conditional right to receive consideration $ 22,657 $ 22,780 Unconditional right to receive consideration (1) 11,032 7,613 Revenue in excess of billings $ 33,689 $ 30,393 (1) Represents revenues that are earned but not currently billable under the related contract terms. Intangibles – Intangibles were comprised of the following: March 31, 2022 December 31, 2021 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer lists/relationships $ 493,510 $ (264,822) $ 228,688 $ 493,495 $ (255,178) $ 238,317 Internal-use software 471,035 (354,338) 116,697 456,133 (342,656) 113,477 Technology-based intangibles 98,813 (40,584) 58,229 98,813 (38,553) 60,260 Partner relationships 73,257 (4,323) 68,934 73,095 (2,990) 70,105 Trade names 44,185 (24,935) 19,250 51,052 (31,277) 19,775 Software to be sold 36,900 (29,167) 7,733 36,900 (28,110) 8,790 Intangibles $ 1,217,700 $ (718,169) $ 499,531 $ 1,209,488 $ (698,764) $ 510,724 Amortization of intangibles was $36,159 for the quarter ended March 31, 2022 and $23,264 for the quarter ended March 31, 2021. Based on the intangibles in service as of March 31, 2022, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2022 $ 88,406 2023 117,562 2024 75,257 2025 50,306 2026 40,004 The following intangibles were acquired during the quarter ended March 31, 2022: (in thousands) Amount Weighted-average amortization period Internal-use software $ 15,931 3 Customer lists/relationships 10,280 6 Partner relationships 163 1 Acquired intangibles $ 26,374 4 Goodwill – Changes in goodwill by reportable segment and in total were as follows for the quarter ended March 31, 2022: (in thousands) Payments Cloud Solutions Promotional Solutions Checks Total Balance, December 31, 2021: Goodwill, gross $ 895,338 $ 432,984 $ 252,874 $ 434,812 $ 2,016,008 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges 895,338 40,816 59,175 434,812 1,430,141 Currency translation adjustment — — 15 — 15 Balance, March 31, 2022 $ 895,338 $ 40,816 $ 59,190 $ 434,812 $ 1,430,156 Balance, March 31, 2022: Goodwill, gross $ 895,338 $ 432,984 $ 252,889 $ 434,812 $ 2,016,023 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges $ 895,338 $ 40,816 $ 59,190 $ 434,812 $ 1,430,156 Other non-current assets – Other non-current assets were comprised of the following: (in thousands) March 31, December 31, Postretirement benefit plan asset $ 88,943 $ 87,019 Cloud computing arrangements implementation costs 66,408 63,806 Prepaid product discounts 51,885 56,527 Deferred contract acquisition costs (1) 20,200 17,975 Loans and notes receivable from distributors, net of allowance for credit losses (2) 15,970 20,201 Assets held for sale (3) 10,151 7,251 Other 25,899 26,684 Other non-current assets $ 279,456 $ 279,463 (1) Amortization of deferred contract acquisition costs was $1,756 for the quarter ended March 31, 2022 and $972 for the quarter ended March 31, 2021. (2) 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 $1,162 as of March 31, 2022 and $1,317 as of December 31, 2021. (3) Relates primarily to the continuing evaluation of our real estate footprint in both periods, as well as the assets of our Australian web hosting business as of March 31, 2022 (Note 6). Changes in the allowance for credit losses related to loans and notes receivable from distributors were as follows for the quarters ended March 31, 2022 and 2021: Quarter Ended (in thousands) 2022 2021 Balance, beginning of year $ 2,830 $ 3,995 Bad debt expense (benefit) 81 (634) Exchange for customer lists (402) — Balance, end of period $ 2,509 $ 3,361 Past due receivables and those on non-accrual status were not significant as of March 31, 2022 or December 31, 2021. 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 March 31, 2022. There were no write-offs or recoveries recorded during the quarter ended March 31, 2022. 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 $ 1,201 $ 471 $ 5,283 $ 8,942 $ 1,145 $ 17,042 3-4 internal grade — 2,599 — — — 2,599 Loans and notes receivable $ 1,201 $ 3,070 $ 5,283 $ 8,942 $ 1,145 $ 19,641 Changes in prepaid product discounts during the quarters ended March 31, 2022 and 2021 were as follows: Quarter Ended (in thousands) 2022 2021 Balance, beginning of year $ 56,527 $ 50,602 Additions (1) 4,229 7,890 Amortization (8,924) (7,440) Other 53 (8) Balance, end of period $ 51,885 $ 51,044 (1) Prepaid product discounts are generally accrued upon contract execution. Cash payments for prepaid product discounts were $7,859 for the quarter ended March 31, 2022 and $9,590 for the quarter ended March 31, 2021. Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) March 31, December 31, Deferred revenue (1) $ 46,908 $ 52,645 Employee cash bonuses, including sales incentives 16,216 45,006 Interest 15,451 4,597 Operating lease liabilities 14,243 14,852 Customer rebates 9,316 9,036 Prepaid product discounts due within one year 8,319 11,866 Other 91,460 78,830 Accrued liabilities $ 201,913 $ 216,832 (1) $20,238 of the December 31, 2021 amount was recognized as revenue during the quarter ended March 31, 2022. 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) March 31, March 31, Cash and cash equivalents $ 44,059 $ 125,440 Restricted cash and restricted cash equivalents included in funds held for customers 143,725 109,075 Cash and cash equivalents included in other current assets (1) 400 — Non-current restricted cash included in other non-current assets 2,595 — Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 190,779 $ 234,515 (1)

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per share	The following table reflects the calculation of basic and diluted earnings per share. During each period, certain stock options, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. Quarter Ended (in thousands, except per share amounts) 2022 2021 Earnings per share – basic: Net income $ 9,680 $ 24,325 Net income attributable to non-controlling interest (36) (33) Net income attributable to Deluxe 9,644 24,292 Income allocated to participating securities (10) (19) Income attributable to Deluxe available to common shareholders $ 9,634 $ 24,273 Weighted-average shares outstanding 42,803 42,046 Earnings per share – basic $ 0.23 $ 0.58 Earnings per share – diluted: Net income $ 9,680 $ 24,325 Net income attributable to non-controlling interest (36) (33) Net income attributable to Deluxe 9,644 24,292 Income allocated to participating securities (10) — Re-measurement of share-based awards classified as liabilities (39) — Income attributable to Deluxe available to common shareholders $ 9,595 $ 24,292 Weighted-average shares outstanding 42,803 42,046 Dilutive impact of potential common shares 429 458 Weighted-average shares and potential common shares outstanding 43,232 42,504 Earnings per share – diluted $ 0.22 $ 0.57 Antidilutive options excluded from calculation 2,063 2,423

Other comprehensive income

Other comprehensive income	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other comprehensive income	Reclassification adjustments – Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of comprehensive income Quarter Ended (in thousands) 2022 2021 Realized loss on interest rate swap $ (318) $ (334) Interest expense Tax benefit 83 87 Income tax provision Realized loss on interest rate swap, net of tax (235) (247) Net income Amortization of postretirement benefit plan items: Prior service credit 355 355 Other income Net actuarial loss (225) (407) Other income Total amortization 130 (52) Other income Tax expense (77) (31) Income tax provision Amortization of postretirement benefit plan items, net of tax 53 (83) Net income Total reclassifications, net of tax $ (182) $ (330) Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the quarter ended March 31, 2022 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, 2021 $ (15,431) $ (344) $ (2,261) $ (13,456) $ (31,492) Other comprehensive (loss) income before reclassifications — (335) 1,924 696 2,285 Amounts reclassified from accumulated other comprehensive loss (53) — 235 — 182 Net current-period other comprehensive (loss) income (53) (335) 2,159 696 2,467 Balance, March 31, 2022 $ (15,484) $ (679) $ (102) $ (12,760) $ (29,025) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $116. (2) Other comprehensive income before reclassifications is net of income tax expense of $679.

Acquisition and divestiture

Acquisition and divestiture	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Acquisition and divestiture	Acquisition – On June 1, 2021, we acquired all of the equity of First American Payment Systems, L.P. (First American). Further information regarding this acquisition, including the preliminary allocation of the purchase price, can be found under the caption "Note 6: Acquisitions" in the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K. We expect to finalize the purchase price allocation in the second quarter of 2022, when we complete the tax returns for the pre-acquisition period. Our results of operations for the quarter ended March 31, 2022 included revenue of $83,284 and net loss of $510 from the operations of First American, including restructuring and integration costs of $2,222 related primarily to real estate rationalization. Our results of operations for the quarter ended March 31, 2021 included related acquisition transaction costs of $2,765, which are included in selling, general and administrative expense in the consolidated statement of comprehensive income. Revised pro forma financial information – During the first quarter of 2022, we identified errors in the previously reported pro forma results of operations related to the First American acquisition. These errors related to the amount of historical First American revenue and net income (loss) included for the pre-acquisition periods, as well as errors in the adjustments related to the amortization of acquired intangibles, interest expense on the acquisition financing and transaction costs. For the quarter and six months ended June 30, 2021 and the nine months ended September 30, 2021, these corrections decreased pro forma revenue by $27,595 from the amounts previously reported. For the years ended December 31, 2021 and 2020, these corrections decreased pro forma revenue by $26,335 and $3,027, respectively, from the amounts previously reported. The corrections adjusted pro forma net income (loss) attributable to Deluxe as follows from the amounts previously reported: (in thousands) Increase in pro forma net income (loss) attributable to Deluxe Quarter ended June 30, 2021 $ 7,636 Six Months ended June 30, 2021 5,911 Quarter ended September 30, 2021 2,231 Nine Months ended September 30, 2021 8,142 Year Ended December 31, 2021 10,138 Year Ended December 31, 2020 (9,082) The following unaudited pro forma financial information summarizes our consolidated results of operations as though the acquisition occurred on January 1, 2020: As Revised (in thousands) Quarter Ended Quarter Ended Six Months Ended Quarter Ended Sept. 30, 2021 (1) Nine Months Ended Year Ended December 31, 2021 Year Ended December 31, 2020 Revenue $ 518,104 $ 535,493 $ 1,053,597 $ 532,141 $ 1,585,738 $ 2,156,313 $ 2,079,103 Net income (loss) attributable to Deluxe 19,044 24,579 43,623 14,695 58,318 74,843 (54,489) (1) Only net income attributable to Deluxe was revised for the quarter ended September 30, 2021. 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 2021 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. The pro forma information also includes adjustments to reflect the additional interest expense on the debt we issued to fund the acquisition, and the acquisition transaction costs we incurred during 2021 are reflected in the 2020 pro forma results. This pro forma financial information is for informational purposes only. It does not reflect the integration of the businesses or any synergies that may result from the acquisition. As such, it is not indicative of the results of operations that would have been achieved had the acquisition been consummated on January 1, 2020. In addition, the pro forma amounts are not indicative of future operating results. Divestiture – In May 2022, we completed the sale of our Australian web hosting business for cash proceeds of $20,000. We determined that the sale of this business would give us more flexibility to further refine our offerings in the North American market, allowing us to better manage our portfolio of businesses and to maximize our cross-sell capabilities. This business generated annual revenue in our Cloud Solutions segment of $23,766 for 2021. We anticipate that we will recognize a gain on the sale of this business in the second quarter of 2022. The assets and liabilities of the business were classified as held for sale in the consolidated balance sheet as of March 31, 2022 within other current assets, other non-current assets and accrued liabilities. The amounts of these assets and liabilities were not significant to our consolidated balance sheet.

Derivative financial instrument

Derivative financial instruments	3 Months Ended
	Mar. 31, 2022
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 $107 as of March 31, 2022 and was included in accrued liabilities on the consolidated balance sheet. The fair value of the swap was $3,028 as of December 31, 2021 and was included in other non-current liabilities on the consolidated balance sheet. 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 March 31, 2022 and December 31, 2021, and its impact on consolidated net income 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	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair value measurements	Funds held for customers included available-for-sale debt securities (Note 3). These securities included 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 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. The cost of the GIC approximates its fair value, based on estimates using current market rates offered for deposits with similar remaining maturities. 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 and were not significant during the quarters ended March 31, 2022 and 2021. Information regarding the fair values of our financial instruments was as follows: Fair value measurements using March 31, 2022 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: Available-for-sale debt securities Funds held for customers $ 13,027 $ 13,027 $ — $ 13,027 $ — Derivative liability (Note 7) Accrued liabilities (107) (107) — (107) — Amortized cost: Cash Cash and cash equivalents 44,059 44,059 44,059 — — Cash Funds held for customers 143,725 143,725 143,725 — — Cash Other current assets 400 400 400 — — Cash Other non-current assets 2,595 2,595 2,595 — — Loans and notes receivable from distributors Other current and non-current assets 17,132 16,973 — — 16,973 Long-term debt Current portion of long-term debt and long-term debt 1,692,418 1,719,732 — 1,719,732 — Fair value measurements using December 31, 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: Available-for-sale debt securities Funds held for customers $ 13,307 $ 13,307 $ — $ 13,307 $ — Derivative liability (Note 7) Other non-current liabilities (3,028) (3,028) — (3,028) — Amortized cost: Cash Cash and cash equivalents 41,231 41,231 41,231 — — Cash Funds held for customers 241,488 241,488 241,488 — — Cash Other non-current assets 2,772 2,772 2,772 — — Loans and notes receivable from distributors Other current and non-current assets 21,518 22,344 — — 22,344 Long-term debt Current portion of long-term debt and long-term debt 1,682,949 1,728,515 — 1,728,515 —

Restructuring and integration e

Restructuring and integration expense	3 Months Ended
	Mar. 31, 2022
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, 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 support 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 as follows: Quarter Ended (in thousands) 2022 2021 Total cost of revenue $ 59 $ 899 Operating expenses 16,244 14,313 Restructuring and integration expense $ 16,303 $ 15,212 Restructuring and integration expense for each period was comprised of the following: Quarter Ended (in thousands) 2022 2021 External consulting fees $ 7,859 $ 7,383 Internal labor 1,696 2,041 Employee severance benefits 1,125 857 Other 5,623 4,931 Restructuring and integration expense $ 16,303 $ 15,212 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 and the related severance payments are expected to be completed by mid-2022. Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2021 $ 5,672 Charges 1,629 Reversals (504) Payments (3,759) Balance, March 31, 2022 $ 3,038 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	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision	The effective tax rate on pretax income reconciles to the U.S. federal statutory tax rate as follows: Quarter Ended March 31, 2022 Year Ended December 31, 2021 Income tax at federal statutory rate 21.0 % 21.0 % Change in valuation allowance 100.4 % 0.1 % Tax impact of share-based compensation 11.7 % 0.9 % State income tax expense, net of federal income tax benefit 2.5 % 2.4 % Non-deductible executive compensation 2.5 % 1.7 % Foreign tax rate differences 1.7 % 1.7 % Tax on repatriation of foreign earnings 1.4 % 4.9 % Non-deductible acquisition costs 0.1 % 1.5 % Basis difference in Australian web hosting business (117.6 %) — Research and development tax credit (1.1 %) (0.9 %) Other 0.3 % (0.2 %) Effective tax rate 22.9 % 33.1 % During the quarter ended March 31, 2022, we executed an agreement for the sale of our Australian web hosting business, and we completed the sale in May 2022. The assets and liabilities of this business were classified as held for sale in the consolidated balance sheet as of March 31, 2022, and we recognized a deferred tax asset of $14,764 for the difference between the book and tax basis of our investment in this business. We also recorded a valuation allowance of $12,601 against this deferred tax asset for the portion that we do not currently expect to realize.

Postretirement benefits

Postretirement benefits	3 Months Ended
	Mar. 31, 2022
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 13: Postretirement Benefits” in the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K. Postretirement benefit income is included in other income on the consolidated statements of comprehensive income and consisted of the following components: Quarter Ended (in thousands) 2022 2021 Interest cost $ 280 $ 242 Expected return on plan assets (1,866) (1,875) Amortization of prior service credit (355) (355) Amortization of net actuarial losses 225 407 Net periodic benefit income $ (1,716) $ (1,581)

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt outstanding was comprised of the following: (in thousands) March 31, December 31, 2021 Senior, secured term loan facility $ 1,057,687 $ 1,072,125 Senior, unsecured notes 500,000 500,000 Amounts drawn on senior, secured revolving credit facility 153,000 130,000 Total principal amount 1,710,687 1,702,125 Less: unamortized discount and debt issuance costs (18,269) (19,176) Total debt, net of discount and debt issuance costs 1,692,418 1,682,949 Less: current portion of long-term debt, net of debt issuance costs (57,227) (57,197) Long-term debt $ 1,635,191 $ 1,625,752 Maturities of long-term debt were as follows as of March 31, 2022: (in thousands) Debt obligations Remainder of 2022 $ 43,312 2023 72,188 2024 86,625 2025 101,062 2026 907,500 Thereafter 500,000 Total principal amount $ 1,710,687 Credit facility – In June 2021, we executed a senior, secured credit facility consisting of a revolving credit facility with commitments of $500,000 and a $1,155,000 term loan facility. The revolving credit facility includes a $40,000 swingline sub-facility and a $25,000 letter of credit sub-facility. Proceeds from the credit facility were used to terminate our previous credit facility agreement and to fund the acquisition of First American (Note 6). 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 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 under the 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 the credit facility had a weighted-average interest rate of 2.99% as of March 31, 2022 and 2.67% as of December 31, 2021, including the impact of an interest rate swap that effectively converts $200,000 of our variable-rate debt to fixed rate debt. Further information regarding 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 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 are required to 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. Failure to meet any of the above requirements would result in an event of default that would allow lenders to declare amounts outstanding immediately due and payable and would allow the lenders to enforce their interests against collateral pledged if we are unable to settle the amounts outstanding. We were in compliance with all debt covenants as of March 31, 2022. 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 agreements were as follows: (in thousands) Quarter Ended March 31, 2022 Year Ended Daily average amount outstanding $ 1,196,720 $ 1,109,819 Weighted-average interest rate 2.73 % 2.43 % As of March 31, 2022, 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 (153,000) Outstanding letters of credit (1) (7,806) Net available for borrowing as of March 31, 2022 $ 339,194 (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

Other commitments and contingen

Other commitments and contingencies	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 or December 31, 2021. First American indemnification – Pursuant to the First American acquisition 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 any fines nor any asset for the related holdback are expected to have a material impact on our consolidated financial statements. 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 $8,376 as of March 31, 2022 and $7,401 as of December 31, 2021. 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 March 31, 2022 or December 31, 2021. 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	3 Months Ended
	Mar. 31, 2022
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 quarters ended March 31, 2022 or March 31, 2021, and $287,452 remained available for repurchase under this authorization as of March 31, 2022.

Business segment information

Business segment information	3 Months Ended
	Mar. 31, 2022
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 and retail packaging. • Checks – This segment includes printed business and personal checks. The accounting policies of the segments are the same as those described in the Notes to Consolidated Financial Statements included in the 2021 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; 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 ended March 31, 2022 and 2021 was as follows: Quarter Ended March 31, (in thousands) 2022 2021 Payments: Revenue $ 166,208 $ 79,438 Adjusted EBITDA 36,435 18,329 Cloud Solutions: Revenue 69,497 62,220 Adjusted EBITDA 17,326 17,209 Promotional Solutions: Revenue 133,243 124,507 Adjusted EBITDA 16,945 17,714 Checks: Revenue 187,067 175,099 Adjusted EBITDA 82,797 83,534 Total segment: Revenue $ 556,015 $ 441,264 Adjusted EBITDA 153,503 136,786 The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes: Quarter Ended March 31, (in thousands) 2022 2021 Total segment adjusted EBITDA $ 153,503 $ 136,786 Corporate operations (53,883) (46,281) Depreciation and amortization expense (41,597) (27,780) Interest expense (20,324) (4,524) Net income attributable to non-controlling interest 36 33 Restructuring, integration and other costs (16,303) (15,212) Share-based compensation expense (8,142) (6,742) Acquisition transaction costs (49) (2,765) Certain legal-related expense (683) — Income before income taxes $ 12,558 $ 33,515 The following tables present revenue disaggregated by our product and service offerings: Quarter Ended March 31, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 187,067 $ 187,067 Merchant services and other payment solutions 108,270 — — — 108,270 Forms and other products — — 70,316 — 70,316 Marketing and promotional solutions — — 62,927 — 62,927 Treasury management solutions 57,938 — — — 57,938 Data-driven marketing solutions — 41,843 — — 41,843 Web and hosted solutions — 27,654 — — 27,654 Total revenue $ 166,208 $ 69,497 $ 133,243 $ 187,067 $ 556,015 Quarter Ended March 31, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 175,099 $ 175,099 Merchant services and other payment solutions 20,302 — — — 20,302 Forms and other products — — 71,781 — 71,781 Marketing and promotional solutions — — 52,726 — 52,726 Treasury management solutions 59,136 — — — 59,136 Data-driven marketing solutions — 33,646 — — 33,646 Web and hosted solutions — 28,574 — — 28,574 Total revenue $ 79,438 $ 62,220 $ 124,507 $ 175,099 $ 441,264 The following tables present revenue disaggregated by geography, based on where items are shipped from or where services are performed: Quarter Ended March 31, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 156,268 $ 60,624 $ 127,242 $ 179,088 $ 523,222 Foreign, primarily Canada and Australia 9,940 8,873 6,001 7,979 32,793 Total revenue $ 166,208 $ 69,497 $ 133,243 $ 187,067 $ 556,015 Quarter Ended March 31, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 68,484 $ 53,512 $ 119,148 $ 169,014 $ 410,158 Foreign, primarily Canada and Australia 10,954 8,708 5,359 6,085 31,106 Total revenue $ 79,438 $ 62,220 $ 124,507 $ 175,099 $ 441,264

Supplemental balance sheet an_2

Supplemental balance sheet and cash flow information (Tables)	3 Months Ended
	Mar. 31, 2022
Inventories and supplies	Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) March 31, December 31, Raw materials $ 5,587 $ 5,316 Semi-finished goods 6,742 6,708 Finished goods 21,555 21,995 Supplies 6,022 6,041 Reserves for excess and obsolete items (5,379) (5,132) Inventories and supplies, net of reserves $ 34,527 $ 34,928 Changes in the reserves for excess and obsolete items were as follows for the quarters ended March 31, 2022 and 2021: Quarter Ended (in thousands) 2022 2021 Balance, beginning of year $ 5,132 $ 11,748 Amounts charged to expense 773 2,013 Write-offs and other (526) (822) Balance, end of period $ 5,379 $ 12,939
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: March 31, 2022 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Canadian and provincial government securities $ 9,865 $ — $ (836) $ 9,029 Canadian guaranteed investment certificate 3,998 — — 3,998 Available-for-sale debt securities $ 13,863 $ — $ (836) $ 13,027 (1) Funds held for customers, as reported on the consolidated balance sheet as of March 31, 2022, also included cash of $143,725. December 31, 2021 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Canadian and provincial government securities $ 9,724 $ — $ (374) $ 9,350 Canadian guaranteed investment certificate 3,957 — — 3,957 Available-for-sale debt securities $ 13,681 $ — $ (374) $ 13,307 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2021, also included cash of $241,488.
Expected maturities of available-for-sale debt securities	Expected maturities of available-for-sale debt securities as of March 31, 2022 were as follows: (in thousands) Fair value Due in one year or less $ 6,572 Due in two to five years 2,708 Due in six to ten years 3,747 Available-for-sale debt securities $ 13,027
Revenue in excess of billings	Revenue in excess of billings – Revenue in excess of billings was comprised of the following: (in thousands) March 31, December 31, Conditional right to receive consideration $ 22,657 $ 22,780 Unconditional right to receive consideration (1) 11,032 7,613 Revenue in excess of billings $ 33,689 $ 30,393 (1) Represents revenues that are earned but not currently billable under the related contract terms.
Intangibles	Intangibles – Intangibles were comprised of the following: March 31, 2022 December 31, 2021 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer lists/relationships $ 493,510 $ (264,822) $ 228,688 $ 493,495 $ (255,178) $ 238,317 Internal-use software 471,035 (354,338) 116,697 456,133 (342,656) 113,477 Technology-based intangibles 98,813 (40,584) 58,229 98,813 (38,553) 60,260 Partner relationships 73,257 (4,323) 68,934 73,095 (2,990) 70,105 Trade names 44,185 (24,935) 19,250 51,052 (31,277) 19,775 Software to be sold 36,900 (29,167) 7,733 36,900 (28,110) 8,790 Intangibles $ 1,217,700 $ (718,169) $ 499,531 $ 1,209,488 $ (698,764) $ 510,724
Estimated future amortization expense	Based on the intangibles in service as of March 31, 2022, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2022 $ 88,406 2023 117,562 2024 75,257 2025 50,306 2026 40,004
Acquired intangibles	The following intangibles were acquired during the quarter ended March 31, 2022: (in thousands) Amount Weighted-average amortization period Internal-use software $ 15,931 3 Customer lists/relationships 10,280 6 Partner relationships 163 1 Acquired intangibles $ 26,374 4
Goodwill	Goodwill – Changes in goodwill by reportable segment and in total were as follows for the quarter ended March 31, 2022: (in thousands) Payments Cloud Solutions Promotional Solutions Checks Total Balance, December 31, 2021: Goodwill, gross $ 895,338 $ 432,984 $ 252,874 $ 434,812 $ 2,016,008 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges 895,338 40,816 59,175 434,812 1,430,141 Currency translation adjustment — — 15 — 15 Balance, March 31, 2022 $ 895,338 $ 40,816 $ 59,190 $ 434,812 $ 1,430,156 Balance, March 31, 2022: Goodwill, gross $ 895,338 $ 432,984 $ 252,889 $ 434,812 $ 2,016,023 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges $ 895,338 $ 40,816 $ 59,190 $ 434,812 $ 1,430,156
Other non-current assets	Other non-current assets – Other non-current assets were comprised of the following: (in thousands) March 31, December 31, Postretirement benefit plan asset $ 88,943 $ 87,019 Cloud computing arrangements implementation costs 66,408 63,806 Prepaid product discounts 51,885 56,527 Deferred contract acquisition costs (1) 20,200 17,975 Loans and notes receivable from distributors, net of allowance for credit losses (2) 15,970 20,201 Assets held for sale (3) 10,151 7,251 Other 25,899 26,684 Other non-current assets $ 279,456 $ 279,463 (1) Amortization of deferred contract acquisition costs was $1,756 for the quarter ended March 31, 2022 and $972 for the quarter ended March 31, 2021. (2) 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 $1,162 as of March 31, 2022 and $1,317 as of December 31, 2021. (3) Relates primarily to the continuing evaluation of our real estate footprint in both periods, as well as the assets of our Australian web hosting business as of March 31, 2022 (Note 6).
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 March 31, 2022. There were no write-offs or recoveries recorded during the quarter ended March 31, 2022. 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 $ 1,201 $ 471 $ 5,283 $ 8,942 $ 1,145 $ 17,042 3-4 internal grade — 2,599 — — — 2,599 Loans and notes receivable $ 1,201 $ 3,070 $ 5,283 $ 8,942 $ 1,145 $ 19,641
Changes in prepaid product discounts	Changes in prepaid product discounts during the quarters ended March 31, 2022 and 2021 were as follows: Quarter Ended (in thousands) 2022 2021 Balance, beginning of year $ 56,527 $ 50,602 Additions (1) 4,229 7,890 Amortization (8,924) (7,440) Other 53 (8) Balance, end of period $ 51,885 $ 51,044 (1) Prepaid product discounts are generally accrued upon contract execution. Cash payments for prepaid product discounts were $7,859 for the quarter ended March 31, 2022 and $9,590 for the quarter ended March 31, 2021.
Accrued liabilities	Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) March 31, December 31, Deferred revenue (1) $ 46,908 $ 52,645 Employee cash bonuses, including sales incentives 16,216 45,006 Interest 15,451 4,597 Operating lease liabilities 14,243 14,852 Customer rebates 9,316 9,036 Prepaid product discounts due within one year 8,319 11,866 Other 91,460 78,830 Accrued liabilities $ 201,913 $ 216,832 (1) $20,238 of the December 31, 2021 amount was recognized as revenue during the quarter ended March 31, 2022.
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) March 31, March 31, Cash and cash equivalents $ 44,059 $ 125,440 Restricted cash and restricted cash equivalents included in funds held for customers 143,725 109,075 Cash and cash equivalents included in other current assets (1) 400 — Non-current restricted cash included in other non-current assets 2,595 — Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 190,779 $ 234,515 (1)
Trade accounts receivable [Member]
Allowance for credit losses	Trade accounts receivable – Net trade accounts receivable were comprised of the following: (in thousands) March 31, December 31, Trade accounts receivable – gross $ 188,534 $ 202,077 Allowance for credit losses (4,199) (4,130) Trade accounts receivable – net (1) $ 184,335 $ 197,947 (1) Includes unbilled receivables of $50,106 as of March 31, 2022 and $47,420 as of December 31, 2021. Changes in the allowance for credit losses for the quarters ended March 31, 2022 and 2021 were as follows: Quarter Ended (in thousands) 2022 2021 Balance, beginning of year $ 4,130 $ 6,428 Bad debt expense (benefit) 625 (649) Write-offs and other (556) (900) Balance, end of period $ 4,199 $ 4,879
Loans and notes receivable [Member]
Allowance for credit losses	Changes in the allowance for credit losses related to loans and notes receivable from distributors were as follows for the quarters ended March 31, 2022 and 2021: Quarter Ended (in thousands) 2022 2021 Balance, beginning of year $ 2,830 $ 3,995 Bad debt expense (benefit) 81 (634) Exchange for customer lists (402) — Balance, end of period $ 2,509 $ 3,361

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per share	The following table reflects the calculation of basic and diluted earnings per share. During each period, certain stock options, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. Quarter Ended (in thousands, except per share amounts) 2022 2021 Earnings per share – basic: Net income $ 9,680 $ 24,325 Net income attributable to non-controlling interest (36) (33) Net income attributable to Deluxe 9,644 24,292 Income allocated to participating securities (10) (19) Income attributable to Deluxe available to common shareholders $ 9,634 $ 24,273 Weighted-average shares outstanding 42,803 42,046 Earnings per share – basic $ 0.23 $ 0.58 Earnings per share – diluted: Net income $ 9,680 $ 24,325 Net income attributable to non-controlling interest (36) (33) Net income attributable to Deluxe 9,644 24,292 Income allocated to participating securities (10) — Re-measurement of share-based awards classified as liabilities (39) — Income attributable to Deluxe available to common shareholders $ 9,595 $ 24,292 Weighted-average shares outstanding 42,803 42,046 Dilutive impact of potential common shares 429 458 Weighted-average shares and potential common shares outstanding 43,232 42,504 Earnings per share – diluted $ 0.22 $ 0.57 Antidilutive options excluded from calculation 2,063 2,423

Other comprehensive income (Tab

Other comprehensive income (Tables)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassification adjustments	Reclassification adjustments – Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of comprehensive income Quarter Ended (in thousands) 2022 2021 Realized loss on interest rate swap $ (318) $ (334) Interest expense Tax benefit 83 87 Income tax provision Realized loss on interest rate swap, net of tax (235) (247) Net income Amortization of postretirement benefit plan items: Prior service credit 355 355 Other income Net actuarial loss (225) (407) Other income Total amortization 130 (52) Other income Tax expense (77) (31) Income tax provision Amortization of postretirement benefit plan items, net of tax 53 (83) Net income Total reclassifications, net of tax $ (182) $ (330)
Accumulated other comprehensive loss	Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the quarter ended March 31, 2022 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, 2021 $ (15,431) $ (344) $ (2,261) $ (13,456) $ (31,492) Other comprehensive (loss) income before reclassifications — (335) 1,924 696 2,285 Amounts reclassified from accumulated other comprehensive loss (53) — 235 — 182 Net current-period other comprehensive (loss) income (53) (335) 2,159 696 2,467 Balance, March 31, 2022 $ (15,484) $ (679) $ (102) $ (12,760) $ (29,025) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $116. (2) Other comprehensive income before reclassifications is net of income tax expense of $679.

Acquisition and divestiture (Ta

Acquisition and divestiture (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Impact of revision on unaudited pro forma financial information	The corrections adjusted pro forma net income (loss) attributable to Deluxe as follows from the amounts previously reported: (in thousands) Increase in pro forma net income (loss) attributable to Deluxe Quarter ended June 30, 2021 $ 7,636 Six Months ended June 30, 2021 5,911 Quarter ended September 30, 2021 2,231 Nine Months ended September 30, 2021 8,142 Year Ended December 31, 2021 10,138 Year Ended December 31, 2020 (9,082)
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: As Revised (in thousands) Quarter Ended Quarter Ended Six Months Ended Quarter Ended Sept. 30, 2021 (1) Nine Months Ended Year Ended December 31, 2021 Year Ended December 31, 2020 Revenue $ 518,104 $ 535,493 $ 1,053,597 $ 532,141 $ 1,585,738 $ 2,156,313 $ 2,079,103 Net income (loss) attributable to Deluxe 19,044 24,579 43,623 14,695 58,318 74,843 (54,489) (1) Only net income attributable to Deluxe was revised for the quarter ended September 30, 2021.

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair value of financial instruments	Information regarding the fair values of our financial instruments was as follows: Fair value measurements using March 31, 2022 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: Available-for-sale debt securities Funds held for customers $ 13,027 $ 13,027 $ — $ 13,027 $ — Derivative liability (Note 7) Accrued liabilities (107) (107) — (107) — Amortized cost: Cash Cash and cash equivalents 44,059 44,059 44,059 — — Cash Funds held for customers 143,725 143,725 143,725 — — Cash Other current assets 400 400 400 — — Cash Other non-current assets 2,595 2,595 2,595 — — Loans and notes receivable from distributors Other current and non-current assets 17,132 16,973 — — 16,973 Long-term debt Current portion of long-term debt and long-term debt 1,692,418 1,719,732 — 1,719,732 — Fair value measurements using December 31, 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: Available-for-sale debt securities Funds held for customers $ 13,307 $ 13,307 $ — $ 13,307 $ — Derivative liability (Note 7) Other non-current liabilities (3,028) (3,028) — (3,028) — Amortized cost: Cash Cash and cash equivalents 41,231 41,231 41,231 — — Cash Funds held for customers 241,488 241,488 241,488 — — Cash Other non-current assets 2,772 2,772 2,772 — — Loans and notes receivable from distributors Other current and non-current assets 21,518 22,344 — — 22,344 Long-term debt Current portion of long-term debt and long-term debt 1,682,949 1,728,515 — 1,728,515 —

Restructuring and integration_2

Restructuring and integration expense (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and integration expense	Restructuring and integration expense is reflected on the consolidated statements of comprehensive income as follows: Quarter Ended (in thousands) 2022 2021 Total cost of revenue $ 59 $ 899 Operating expenses 16,244 14,313 Restructuring and integration expense $ 16,303 $ 15,212 Restructuring and integration expense for each period was comprised of the following: Quarter Ended (in thousands) 2022 2021 External consulting fees $ 7,859 $ 7,383 Internal labor 1,696 2,041 Employee severance benefits 1,125 857 Other 5,623 4,931 Restructuring and integration expense $ 16,303 $ 15,212
Changes in restructuring and integration accruals	Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2021 $ 5,672 Charges 1,629 Reversals (504) Payments (3,759) Balance, March 31, 2022 $ 3,038

Income tax provision (Tables)

Income tax provision (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation	The effective tax rate on pretax income reconciles to the U.S. federal statutory tax rate as follows: Quarter Ended March 31, 2022 Year Ended December 31, 2021 Income tax at federal statutory rate 21.0 % 21.0 % Change in valuation allowance 100.4 % 0.1 % Tax impact of share-based compensation 11.7 % 0.9 % State income tax expense, net of federal income tax benefit 2.5 % 2.4 % Non-deductible executive compensation 2.5 % 1.7 % Foreign tax rate differences 1.7 % 1.7 % Tax on repatriation of foreign earnings 1.4 % 4.9 % Non-deductible acquisition costs 0.1 % 1.5 % Basis difference in Australian web hosting business (117.6 %) — Research and development tax credit (1.1 %) (0.9 %) Other 0.3 % (0.2 %) Effective tax rate 22.9 % 33.1 %

Postretirement benefits (Tables

Postretirement benefits (Tables)	3 Months Ended
	Mar. 31, 2022
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 and consisted of the following components: Quarter Ended (in thousands) 2022 2021 Interest cost $ 280 $ 242 Expected return on plan assets (1,866) (1,875) Amortization of prior service credit (355) (355) Amortization of net actuarial losses 225 407 Net periodic benefit income $ (1,716) $ (1,581)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt outstanding	Debt outstanding was comprised of the following: (in thousands) March 31, December 31, 2021 Senior, secured term loan facility $ 1,057,687 $ 1,072,125 Senior, unsecured notes 500,000 500,000 Amounts drawn on senior, secured revolving credit facility 153,000 130,000 Total principal amount 1,710,687 1,702,125 Less: unamortized discount and debt issuance costs (18,269) (19,176) Total debt, net of discount and debt issuance costs 1,692,418 1,682,949 Less: current portion of long-term debt, net of debt issuance costs (57,227) (57,197) Long-term debt $ 1,635,191 $ 1,625,752
Maturities of long-term debt	Maturities of long-term debt were as follows as of March 31, 2022: (in thousands) Debt obligations Remainder of 2022 $ 43,312 2023 72,188 2024 86,625 2025 101,062 2026 907,500 Thereafter 500,000 Total principal amount $ 1,710,687
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 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 agreements were as follows: (in thousands) Quarter Ended March 31, 2022 Year Ended Daily average amount outstanding $ 1,196,720 $ 1,109,819 Weighted-average interest rate 2.73 % 2.43 % As of March 31, 2022, 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 (153,000) Outstanding letters of credit (1) (7,806) Net available for borrowing as of March 31, 2022 $ 339,194 (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.

Business segment information (T

Business segment information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Business segment information	Segment information for the quarters ended March 31, 2022 and 2021 was as follows: Quarter Ended March 31, (in thousands) 2022 2021 Payments: Revenue $ 166,208 $ 79,438 Adjusted EBITDA 36,435 18,329 Cloud Solutions: Revenue 69,497 62,220 Adjusted EBITDA 17,326 17,209 Promotional Solutions: Revenue 133,243 124,507 Adjusted EBITDA 16,945 17,714 Checks: Revenue 187,067 175,099 Adjusted EBITDA 82,797 83,534 Total segment: Revenue $ 556,015 $ 441,264 Adjusted EBITDA 153,503 136,786
Reconciliation of adjusted EBITDA to pretax income	The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes: Quarter Ended March 31, (in thousands) 2022 2021 Total segment adjusted EBITDA $ 153,503 $ 136,786 Corporate operations (53,883) (46,281) Depreciation and amortization expense (41,597) (27,780) Interest expense (20,324) (4,524) Net income attributable to non-controlling interest 36 33 Restructuring, integration and other costs (16,303) (15,212) Share-based compensation expense (8,142) (6,742) Acquisition transaction costs (49) (2,765) Certain legal-related expense (683) — Income before income taxes $ 12,558 $ 33,515
Revenue disaggregated by product and service offerings	e following tables present revenue disaggregated by our product and service offerings: Quarter Ended March 31, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 187,067 $ 187,067 Merchant services and other payment solutions 108,270 — — — 108,270 Forms and other products — — 70,316 — 70,316 Marketing and promotional solutions — — 62,927 — 62,927 Treasury management solutions 57,938 — — — 57,938 Data-driven marketing solutions — 41,843 — — 41,843 Web and hosted solutions — 27,654 — — 27,654 Total revenue $ 166,208 $ 69,497 $ 133,243 $ 187,067 $ 556,015 Quarter Ended March 31, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 175,099 $ 175,099 Merchant services and other payment solutions 20,302 — — — 20,302 Forms and other products — — 71,781 — 71,781 Marketing and promotional solutions — — 52,726 — 52,726 Treasury management solutions 59,136 — — — 59,136 Data-driven marketing solutions — 33,646 — — 33,646 Web and hosted solutions — 28,574 — — 28,574 Total revenue $ 79,438 $ 62,220 $ 124,507 $ 175,099 $ 441,264
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 March 31, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 156,268 $ 60,624 $ 127,242 $ 179,088 $ 523,222 Foreign, primarily Canada and Australia 9,940 8,873 6,001 7,979 32,793 Total revenue $ 166,208 $ 69,497 $ 133,243 $ 187,067 $ 556,015 Quarter Ended March 31, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 68,484 $ 53,512 $ 119,148 $ 169,014 $ 410,158 Foreign, primarily Canada and Australia 10,954 8,708 5,359 6,085 31,106 Total revenue $ 79,438 $ 62,220 $ 124,507 $ 175,099 $ 441,264

Consolidated financial statem_2

Consolidated financial statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income attributable to Deluxe	$ 9,644	$ 24,292
Decrease in earnings [Member]
Net income attributable to Deluxe	$ (2,197)

Supplemental balance sheet an_3

Supplemental balance sheet and cash flow information (trade accounts receivable, allowance for credit losses) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Trade accounts receivable
Trade accounts receivable - gross		$ 188,534		$ 202,077
Allowance for credit losses		(4,199)		(4,130)
Trade accounts receivable - net	[1]	184,335		197,947
Unbilled receivables		50,106		$ 47,420
Accounts receivable, allowance for credit losses [Roll Forward]
Balance, beginning of year		4,130	$ 6,428
Bad debt expense (benefit)		625	(649)
Write-offs and other		(556)	(900)
Balance, end of period		$ 4,199	$ 4,879
[1]	Includes unbilled receivables of $50,106 as of March 31, 2022 and $47,420 as of December 31, 2021.

Supplemental balance sheet an_4

Supplemental balance sheet and cash flow information (inventories and supplies) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Inventories and supplies
Raw materials	$ 5,587		$ 5,316
Semi-finished goods	6,742		6,708
Finished goods	21,555		21,995
Supplies	6,022		6,041
Reserves for excess and obsolete items	(5,379)	$ (12,939)	(5,132)
Inventories and supplies	34,527		$ 34,928
Change in reserves for excess and obsolete items
Balance, beginning of year	5,132	11,748
Amounts charged to expense	773	2,013
Write-offs and other	(526)	(822)
Balance, end of period	$ 5,379	$ 12,939

Supplemental balance sheet an_5

Supplemental balance sheet and cash flow information (available-for-sale debt securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022		Dec. 31, 2021
Available-for-sale debt securities [Line Items]
Cost	$ 13,863		$ 13,681
Gross unrealized gains	0		0
Gross unrealized losses	(836)		(374)
Fair value	13,027		13,307
Expected maturities of available-for-sale debt securities
Due in one year or less	6,572
Due in two to five years	2,708
Due in six to ten years	3,747
Fair value	13,027		13,307
Funds held for customers [Member]
Available-for-sale debt securities [Line Items]
Cost	13,863	[1]	13,681	[2]
Gross unrealized gains	0	[1]	0	[2]
Gross unrealized losses	(836)	[1]	(374)	[2]
Fair value	13,027	[1]	13,307	[2]
Cash	143,725		241,488
Expected maturities of available-for-sale debt securities
Fair value	13,027	[1]	13,307	[2]
Funds held for customers [Member] | Canadian and provincial government securities [Member]
Available-for-sale debt securities [Line Items]
Cost	9,865		9,724
Gross unrealized gains	0		0
Gross unrealized losses	(836)		(374)
Fair value	9,029		9,350
Expected maturities of available-for-sale debt securities
Fair value	9,029		9,350
Funds held for customers [Member] | Canadian guaranteed investment certificates [Member]
Available-for-sale debt securities [Line Items]
Cost	3,998		3,957
Gross unrealized gains	0		0
Gross unrealized losses	0		0
Fair value	3,998		3,957
Expected maturities of available-for-sale debt securities
Fair value	$ 3,998		$ 3,957
[1]	Funds held for customers, as reported on the consolidated balance sheet as of March 31, 2022, also included cash of $143,725.
[2]	Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2021, also included cash of $241,488.

Supplemental balance sheet an_6

Supplemental balance sheet and cash flow information (revenue in excess of billings) (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Revenue in excess of billings
Conditional right to receive consideration		$ 22,657	$ 22,780
Unconditional right to receive consideration	[1]	11,032	7,613
Revenue in excess of billings		$ 33,689	$ 30,393
[1]	Represents revenues that are earned but not currently billable under the related contract terms.

Supplemental balance sheet an_7

Supplemental balance sheet and cash flow information (intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Amortizable intangibles [Line Items]
Gross carrying amount	$ 1,217,700		$ 1,209,488
Accumulated amortization	(718,169)		(698,764)
Net carrying amount	499,531		510,724
Acquired intangibles	$ 26,374
Acquired intangibles, weighted-average amortization period (in years)	4 years
Amortization of intangibles	$ 36,159	$ 23,264
Estimated future amortization expense
Remainder of 2022	88,406
2023	117,562
2024	75,257
2025	50,306
2026	40,004
Customer lists/relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	493,510		493,495
Accumulated amortization	(264,822)		(255,178)
Net carrying amount	228,688		238,317
Acquired intangibles	$ 10,280
Acquired intangibles, weighted-average amortization period (in years)	6 years
Internal-use software [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	$ 471,035		456,133
Accumulated amortization	(354,338)		(342,656)
Net carrying amount	116,697		113,477
Acquired intangibles	$ 15,931
Acquired intangibles, weighted-average amortization period (in years)	3 years
Technology-based intangibles [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	$ 98,813		98,813
Accumulated amortization	(40,584)		(38,553)
Net carrying amount	58,229		60,260
Partner relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	73,257		73,095
Accumulated amortization	(4,323)		(2,990)
Net carrying amount	68,934		70,105
Acquired intangibles	$ 163
Acquired intangibles, weighted-average amortization period (in years)	1 year
Trade names [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	$ 44,185		51,052
Accumulated amortization	(24,935)		(31,277)
Net carrying amount	19,250		19,775
Software to be sold [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	36,900		36,900
Accumulated amortization	(29,167)		(28,110)
Net carrying amount	$ 7,733		$ 8,790

Supplemental balance sheet an_8

Supplemental balance sheet and cash flow information (goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	$ 2,016,008
Accumulated impairment charges, beginning of year	(585,867)
Goodwill, net of accumulated impairment charges, beginning of year	1,430,141
Currency translation adjustment	15
Goodwill, gross, end of period	2,016,023
Accumulated impairment charges, end of period	(585,867)
Goodwill, net of accumulated impairment charges, end of period	1,430,156
Reportable business segments [Member] | Payments [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	895,338
Accumulated impairment charges, beginning of year	0
Goodwill, net of accumulated impairment charges, beginning of year	895,338
Goodwill, gross, end of period	895,338
Accumulated impairment charges, end of period	0
Goodwill, net of accumulated impairment charges, end of period	895,338
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
Accumulated impairment charges, end of period	(392,168)
Goodwill, net of accumulated impairment charges, end of period	40,816
Reportable business segments [Member] | Promotional Solutions [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year	252,874
Accumulated impairment charges, beginning of year	(193,699)
Goodwill, net of accumulated impairment charges, beginning of year	59,175
Currency translation adjustment	15
Goodwill, gross, end of period	252,889
Accumulated impairment charges, end of period	(193,699)
Goodwill, net of accumulated impairment charges, end of period	59,190
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
Accumulated impairment charges, end of period	0
Goodwill, net of accumulated impairment charges, end of period	$ 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
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Other non-current assets
Postretirement benefit plan asset		$ 88,943		$ 87,019
Cloud computing arrangements implementation costs		66,408		63,806
Prepaid product discounts		51,885	$ 51,044	56,527	$ 50,602
Deferred contract acquisition costs	[1]	20,200		17,975
Loans and notes receivable from distributors, net of allowance for credit losses	[2]	15,970		20,201
Assets held for sale	[3]	10,151		7,251
Other		25,899		26,684
Other non-current assets		279,456		279,463
Amortization of deferred contract acquisition costs		1,756	972
Loans and notes receivable, current		1,162		$ 1,317
Loans and notes receivable from distributors [Member]
Loans and notes receivable from distributors, allowance for credit losses [Line Items]
Balance, beginning of year		2,830	3,995
Bad debt expense (benefit)		81	(634)
Exchange for customer lists		(402)	0
Balance, end of period		2,509	$ 3,361
Write-offs		0
Recoveries		0
Loans and notes receivable from distributors, credit quality information
2020		1,201
2019		3,070
2018		5,283
2017		8,942
Prior		1,145
Total		19,641
Loans and notes receivable from distributors [Member] | 1-2 internal grade member [Member]
Loans and notes receivable from distributors, credit quality information
2020		1,201
2019		471
2018		5,283
2017		8,942
Prior		1,145
Total		17,042
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
[1]	Amortization of deferred contract acquisition costs was $1,756 for the quarter ended March 31, 2022 and $972 for the quarter ended March 31, 2021.
[2]	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 $1,162 as of March 31, 2022 and $1,317 as of December 31, 2021.
[3]	Relates primarily to the continuing evaluation of our real estate footprint in both periods, as well as the assets of our Australian web hosting business as of March 31, 2022 (Note 6).

Supplemental balance sheet a_10

Supplemental balance sheet and cash flow information (other) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022		Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Prepaid product discounts [Roll Forward]
Balance, beginning of year		$ 56,527		$ 50,602
Additions	[1]	4,229		7,890
Amortization		(8,924)		(7,440)
Other		53		(8)
Balance, end of period		51,885		51,044
Prepaid product discount payments		7,859		9,590
Accrued liabilities
Deferred revenue	[2]	46,908			$ 52,645
Employee cash bonuses, including sales incentives		16,216			45,006
Interest		15,451			4,597
Operating lease liabilities		14,243			14,852
Customer rebates		9,316			9,036
Prepaid product discounts due within one year		8,319			11,866
Other		91,460			78,830
Accrued liabilities		201,913			216,832
Deferred revenue recognized		20,238
Supplemental cash flow information
Cash and cash equivalents		44,059		125,440	41,231
Total cash, cash equivalents, restricted cash and restricted cash equivalents		190,779		234,515	285,491	$ 229,409
Funds held for customers [Member]
Supplemental cash flow information
Restricted cash and restricted cash equivalents included in funds held for customers		143,725		109,075
Other current assets [Member]
Supplemental cash flow information
Cash and cash equivalents		400	[3]	0
Other non-current assets [Member]
Supplemental cash flow information
Non-current restricted cash included in other non-current assets		$ 2,595		$ 0	$ 2,772
[1]	Prepaid product discounts are generally accrued upon contract execution. Cash payments for prepaid product discounts were $7,859 for the quarter ended March 31, 2022 and $9,590 for the quarter ended March 31, 2021.
[2]	$20,238 of the December 31, 2021 amount was recognized as revenue during the quarter ended March 31, 2022.
[3]	Represents cash and cash equivalents of our Australian web hosting business that was classified as held for sale as of March 31, 2022 (Note 6).

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings per share - basic:
Net income	$ 9,680	$ 24,325
Net income attributable to non-controlling interest	(36)	(33)
Net income attributable to Deluxe	9,644	24,292
Income allocated to participating securities	(10)	(19)
Income attributable to Deluxe available to common shareholders	$ 9,634	$ 24,273
Weighted-average shares outstanding	42,803	42,046
Earnings per share - basic	$ 0.23	$ 0.58
Earnings per share - diluted:
Net income	$ 9,680	$ 24,325
Net income attributable to non-controlling interest	(36)	(33)
Net income attributable to Deluxe	9,644	24,292
Income allocated to participating securities	(10)	0
Re-measurement of share-based awards classified as liabilities	(39)	0
Income attributable to Deluxe available to common shareholders	$ 9,595	$ 24,292
Weighted-average shares outstanding	42,803	42,046
Dilutive impact of potential common shares	429	458
Weighted-average shares and potential common shares outstanding	43,232	42,504
Earnings per share - diluted	$ 0.22	$ 0.57
Antidilutive options excluded from calculation	2,063	2,423

Other comprehensive income (rec

Other comprehensive income (reclassification adjustments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification adjustments [Line Items]
Total reclassifications, net of tax	$ (182)	$ (330)
Prior service credit [Member]
Reclassification adjustments [Line Items]
Amounts reclassified from accumulated other comprehensive loss	355	355
Net actuarial loss [Member]
Reclassification adjustments [Line Items]
Amounts reclassified from accumulated other comprehensive loss	(225)	(407)
Postretirement benefit plans [Member]
Reclassification adjustments [Line Items]
Amounts reclassified from accumulated other comprehensive loss	130	(52)
Tax benefit (expense)	(77)	(31)
Total reclassifications, net of tax	53	(83)
Realized loss on interest rate swap [Member]
Reclassification adjustments [Line Items]
Amounts reclassified from accumulated other comprehensive loss	(318)	(334)
Tax benefit (expense)	83	87
Total reclassifications, net of tax	$ (235)	$ (247)

Other comprehensive income (acc

Other comprehensive income (accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Accumulated other comprehensive loss [Line Items]
Amounts reclassified from accumulated other comprehensive loss		$ 182	$ 330
Postretirement benefit plans [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2021		(15,431)
Other comprehensive (loss) income before reclassifications		0
Amounts reclassified from accumulated other comprehensive loss		(53)	83
Net current-period other comprehensive (loss) income		(53)
Balance, March 31, 2022		(15,484)
Net unrealized loss on available-for-sale debt securities [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2021		(344)
Other comprehensive (loss) income before reclassifications	[1]	(335)
Amounts reclassified from accumulated other comprehensive loss		0
Net current-period other comprehensive (loss) income		(335)
Balance, March 31, 2022		(679)
Unrealized loss on securities arising during the period, tax		(116)
Net unrealized loss on cash flow hedge [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2021		(2,261)
Other comprehensive (loss) income before reclassifications	[2]	1,924
Amounts reclassified from accumulated other comprehensive loss		235	$ 247
Net current-period other comprehensive (loss) income		2,159
Balance, March 31, 2022		(102)
Unrealized gain on cash flow hedge arising during the period, tax expense		679
Currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2021		(13,456)
Other comprehensive (loss) income before reclassifications		696
Amounts reclassified from accumulated other comprehensive loss		0
Net current-period other comprehensive (loss) income		696
Balance, March 31, 2022		(12,760)
Accumulated other comprehensive loss [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2021		(31,492)
Other comprehensive (loss) income before reclassifications		2,285
Amounts reclassified from accumulated other comprehensive loss		182
Net current-period other comprehensive (loss) income		2,467
Balance, March 31, 2022		$ (29,025)
[1]	Other comprehensive loss before reclassifications is net of an income tax benefit of $116.
[2]	Other comprehensive income before reclassifications is net of income tax expense of $679.

Acquisition and divestiture (De

Acquisition and divestiture (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021		Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Acquisition and divestiture [Line Items]
Total revenue		$ 556,015				$ 441,264
Net income attributable to Deluxe		9,644				24,292
Restructuring and integration expense		16,303				15,212
Acquisition transaction costs		49				2,765
Pro forma revenue			$ 532,141	[1]	$ 535,493	518,104	$ 1,053,597	$ 1,585,738	$ 2,156,313	$ 2,079,103
Pro forma net income (loss) attributable to Deluxe			14,695	[1]	24,579	19,044	43,623	58,318	74,843	(54,489)
Australian web hosting business [Member] | Forecast [Member]
Acquisition and divestiture [Line Items]
Cash proceeds	$ 20,000
Reportable business segments [Member]
Acquisition and divestiture [Line Items]
Total revenue		556,015				441,264
Reportable business segments [Member] | Cloud Solutions [Member]
Acquisition and divestiture [Line Items]
Total revenue		69,497				$ 62,220
Reportable business segments [Member] | Cloud Solutions [Member] | Australian web hosting business [Member]
Acquisition and divestiture [Line Items]
Total revenue									23,766
Adjustment [Member]
Acquisition and divestiture [Line Items]
Pro forma revenue					(27,595)		(27,595)	(27,595)	(26,335)	(3,027)
Pro forma net income (loss) attributable to Deluxe			$ 2,231		$ 7,636		$ 5,911	$ 8,142	$ 10,138	$ (9,082)
First American Payment Systems, L.P. [Member]
Acquisition and divestiture [Line Items]
Total revenue		83,284
Net income attributable to Deluxe		(510)
Restructuring and integration expense		$ 2,222
[1]	Only net income attributable to Deluxe was revised for the quarter ended September 30, 2021.

Derivative financial instrume_2

Derivative financial instruments (Details) - Interest rate swap [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jul. 19, 2019
Derivative [Line Items]
Interest rate swap amount			$ 200,000
Derivative fixed interest rate			1.798%
Fair value of derivative liability	$ 107	$ 3,028

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2021
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities (funds held for customers)	$ 13,027		$ 13,307
Funds held for customers [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities (funds held for customers)	13,027	[1]	13,307	[2]
Cash, carrying value	143,725		241,488
Cash, fair value	$ 143,725		241,488
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)	$ 3,998		3,957
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)	13,027		13,307
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)	13,027		13,307
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	143,725		241,488
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)	13,027		13,307
Accrued liabilities [Member]
Fair value measurements, financial instruments [Line Items]
Derivative liability (Note 7)	(107)
Accrued liabilities [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative liability (Note 7)	(107)
Accrued liabilities [Member] | Significant other observable inputs (Level 2) [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative liability (Note 7)	(107)
Cash and cash equivalents [Member]
Fair value measurements, financial instruments [Line Items]
Cash, carrying value	44,059		41,231
Cash, fair value	44,059		41,231
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	44,059		41,231
Other current assets [Member]
Fair value measurements, financial instruments [Line Items]
Cash, carrying value	400
Cash, fair value	400
Other current assets [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements, financial instruments [Line Items]
Cash, fair value	400
Other non-current assets [Member]
Fair value measurements, financial instruments [Line Items]
Cash, carrying value	2,595		2,772		$ 0
Cash, fair value	2,595		2,772
Other non-current assets [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements, financial instruments [Line Items]
Cash, fair value	2,595		2,772
Other current and noncurrent assets [Member]
Fair value measurements, financial instruments [Line Items]
Loans and notes receivable from distributors	17,132		21,518
Loans and notes receivable from distributors, fair value	16,973		22,344
Other current and noncurrent assets [Member] | Significant unobservable inputs (Level 3) [Member]
Fair value measurements, financial instruments [Line Items]
Loans and notes receivable from distributors, fair value	16,973		22,344
Current portion of long-term debt and long-term debt [Member]
Fair value measurements, financial instruments [Line Items]
Long-term debt	1,692,418		1,682,949
Long-term debt, fair value	1,719,732		1,728,515
Current portion of long-term debt and long-term debt [Member] | Significant other observable inputs (Level 2) [Member]
Fair value measurements, financial instruments [Line Items]
Long-term debt, fair value	$ 1,719,732		1,728,515
Other non-current liabilities [Member]
Fair value measurements, financial instruments [Line Items]
Derivative liability (Note 7)			(3,028)
Other non-current liabilities [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative liability (Note 7)			(3,028)
Other non-current liabilities [Member] | Significant other observable inputs (Level 2) [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative liability (Note 7)			$ (3,028)
[1]	Funds held for customers, as reported on the consolidated balance sheet as of March 31, 2022, also included cash of $143,725.
[2]	Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2021, also included cash of $241,488.

Restructuring and integration_3

Restructuring and integration expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 16,303	$ 15,212
Total cost of revenue [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	59	899
Operating expenses [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	16,244	14,313
External consulting fees [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	7,859	7,383
Internal labor [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	1,696	2,041
Employee severance benefits [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	1,629
Restructuring charges, net	1,125	857
Other [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 5,623	$ 4,931

Restructuring and integration_4

Restructuring and integration expense (accruals) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Charges	$ 16,303	$ 15,212
Employee severance benefits [Member]
Restructuring Cost and Reserve [Line Items]
Balance, December 31, 2021	5,672
Charges	1,629
Reversals	(504)
Payments	(3,759)
Balance, March 31, 2022	$ 3,038

Income tax provision (Details)

Income tax provision (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Reconciliation of effective tax rate
Income tax at federal statutory rate	21.00%	21.00%
Change in valuation allowances	100.40%	0.10%
Tax impact of share-based compensation	11.70%	0.90%
State income tax, net of federal income tax benefit	2.50%	2.40%
Non-deductible executive compensation	2.50%	1.70%
Foreign tax rate differences	1.70%	1.70%
Tax on repatriation of foreign earnings	1.40%	4.90%
Non-deductible acquisition costs	0.10%	1.50%
Basis difference in Australian web hosting business	(117.60%)	0.00%
Research and development tax credit	(1.10%)	(0.90%)
Other	0.30%	(0.20%)
Effective tax rate	22.90%	33.10%
Deferred tax asset, difference between book and tax basis of investment in Australian web hosting business	$ 14,764
Change in valuation allowance	$ 12,601

Postretirement benefits (Detail

Postretirement benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net periodic benefit income
Interest cost	$ 280	$ 242
Expected return on plan assets	(1,866)	(1,875)
Amortization of prior service credit	(355)	(355)
Amortization of net actuarial losses	225	407
Net periodic benefit income	$ (1,716)	$ (1,581)

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 ($)	Mar. 31, 2022USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021USD ($)	Mar. 31, 2026	Mar. 31, 2026	Jun. 01, 2026USD ($)	Jul. 19, 2019USD ($)
Debt instruments [Line Items]
Total principal amount																		$ 1,710,687			$ 1,702,125
Less: unamortized discount and debt issuance costs																		(18,269)			(19,176)
Total debt, net of discount and debt issuance costs																		1,692,418			1,682,949
Less: current portion of long-term debt, net of debt issuance costs																		(57,227)			(57,197)
Long-term debt																		1,635,191			$ 1,625,752
Maturities of long-term debt
Remainder of 2022																		43,312
2023																		72,188
2024																		86,625
2025																		101,062
2026																		907,500
Thereafter																		500,000
Credit facility
Revolving credit facility, current commitment	$ 500,000																	$ 500,000
Weighted-average interest rate at period end																		2.99%			2.67%
Maximum consolidated total leverage ratio																		5
Maximum consolidated secured leverage ratio																		4
Minimum interest coverage ratio																		2.75
Daily average amount outstanding																		$ 1,196,720			$ 1,109,819
Weighted-average interest rate																		2.73%			2.43%
Outstanding letters of credit																		$ (7,806)
Net available for borrowing as of March 31, 2022																		339,194
Forecast [Member]
Credit facility
Maximum consolidated total leverage ratio																			4.50	4.75		4.25
Maximum consolidated secured leverage ratio																			3.50	3.75		3.50
Minimum interest coverage ratio																							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																	1,057,687			$ 1,072,125
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
Senior, unsecured notes [Member]
Debt instruments [Line Items]
Total principal amount	$ 500,000																	500,000			500,000
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]
Debt instruments [Line Items]
Total principal amount																		$ 153,000			$ 130,000
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%

Other commitments and conting_2

Other commitments and contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Self-insurance liabilities	$ 8,376	$ 7,401

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Oct. 24, 2018
Share repurchase program, authorized amount			$ 500,000
Common shares repurchased (in shares)	0	0
Amount remaining under share repurchase authorization	$ 287,452

Business segment information (D

Business segment information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)segment
Business segment information [Line Items]
Number of reportable business segments | segment	4	4
Revenue	$ 556,015	$ 441,264
Depreciation and amortization	(41,597)	(27,780)
Interest expense	(20,324)	(4,524)
Net income attributable to non-controlling interest	36	33
Restructuring integration and other costs	(16,303)	(15,212)
Share-based compensation expense	(8,142)	(6,742)
Acquisition transaction costs	(49)	(2,765)
Certain legal-related expense	(683)	0
Income before income taxes	12,558	33,515
Reportable business segments [Member]
Business segment information [Line Items]
Revenue	556,015	441,264
Adjusted EBITDA	153,503	136,786
Reportable business segments [Member] | Payments [Member]
Business segment information [Line Items]
Revenue	166,208	79,438
Adjusted EBITDA	36,435	18,329
Reportable business segments [Member] | Cloud Solutions [Member]
Business segment information [Line Items]
Revenue	69,497	62,220
Adjusted EBITDA	17,326	17,209
Reportable business segments [Member] | Promotional Solutions [Member]
Business segment information [Line Items]
Revenue	133,243	124,507
Adjusted EBITDA	16,945	17,714
Reportable business segments [Member] | Checks [Member]
Business segment information [Line Items]
Revenue	187,067	175,099
Adjusted EBITDA	82,797	83,534
Corporate [Member]
Business segment information [Line Items]
Adjusted EBITDA	$ (53,883)	$ (46,281)

Business segment information _2

Business segment information (disaggregated revenue information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregated revenue information
Revenue	$ 556,015	$ 441,264
United States [Member]
Disaggregated revenue information
Revenue	523,222	410,158
Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	32,793	31,106
Reportable business segments [Member]
Disaggregated revenue information
Revenue	556,015	441,264
Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	166,208	79,438
Reportable business segments [Member] | Payments [Member] | United States [Member]
Disaggregated revenue information
Revenue	156,268	68,484
Reportable business segments [Member] | Payments [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	9,940	10,954
Reportable business segments [Member] | Cloud Solutions [Member]
Disaggregated revenue information
Revenue	69,497	62,220
Reportable business segments [Member] | Cloud Solutions [Member] | United States [Member]
Disaggregated revenue information
Revenue	60,624	53,512
Reportable business segments [Member] | Cloud Solutions [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	8,873	8,708
Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	133,243	124,507
Reportable business segments [Member] | Promotional Solutions [Member] | United States [Member]
Disaggregated revenue information
Revenue	127,242	119,148
Reportable business segments [Member] | Promotional Solutions [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	6,001	5,359
Reportable business segments [Member] | Checks [Member]
Disaggregated revenue information
Revenue	187,067	175,099
Reportable business segments [Member] | Checks [Member] | United States [Member]
Disaggregated revenue information
Revenue	179,088	169,014
Reportable business segments [Member] | Checks [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	7,979	6,085
Checks [Member]
Disaggregated revenue information
Revenue	187,067	175,099
Checks [Member] | Reportable business segments [Member] | Checks [Member]
Disaggregated revenue information
Revenue	187,067	175,099
Merchant services and other payments solutions [Member]
Disaggregated revenue information
Revenue	108,270	20,302
Merchant services and other payments solutions [Member] | Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	108,270	20,302
Forms and other products [Member]
Disaggregated revenue information
Revenue	70,316	71,781
Forms and other products [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	70,316	71,781
Marketing and promotional solutions [Member]
Disaggregated revenue information
Revenue	62,927	52,726
Marketing and promotional solutions [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	62,927	52,726
Treasury management solutions [Member]
Disaggregated revenue information
Revenue	57,938	59,136
Treasury management solutions [Member] | Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	57,938	59,136
Data-driven marketing solutions [Member]
Disaggregated revenue information
Revenue	41,843	33,646
Data-driven marketing solutions [Member] | Reportable business segments [Member] | Cloud Solutions [Member]
Disaggregated revenue information
Revenue	41,843	33,646
Web and hosted solutions [Member]
Disaggregated revenue information
Revenue	27,654	28,574
Web and hosted solutions [Member] | Reportable business segments [Member] | Cloud Solutions [Member]
Disaggregated revenue information
Revenue	$ 27,654	$ 28,574