Deluxe (DLX) 10-Q 5 Aug 22 2022 Q2 Quarterly report Financial data

Document

Document - shares	6 Months Ended
	Jun. 30, 2022	Jul. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
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		43,085,310

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 43,262	$ 41,231
Trade accounts receivable, net of allowance for credit losses	186,591	197,947
Inventories and supplies	37,505	34,928
Funds held for customers, including securities carried at fair value of $8,501 and $13,307, respectively	152,203	254,795
Prepaid expenses	41,060	37,643
Revenue in excess of billings	36,495	30,393
Other current assets	29,086	23,536
Total current assets	526,202	620,473
Deferred income taxes	2,047	2,180
Long-term investments	47,220	47,201
Property, plant and equipment, net of accumulated depreciation of $368,760 and $338,617, respectively	127,786	125,966
Operating lease assets	52,836	58,236
Intangibles, net of accumulated amortization of $754,600 and $698,764, respectively	480,494	510,724
Goodwill	1,431,457	1,430,141
Other non-current assets	272,347	279,463
Total assets	2,940,389	3,074,384
Current liabilities:
Accounts payable	147,957	153,072
Funds held for customers	152,100	256,257
Accrued liabilities	195,775	216,832
Current portion of long-term debt	57,257	57,197
Total current liabilities	553,089	683,358
Long-term debt	1,618,357	1,625,752
Operating lease liabilities	53,825	56,444
Deferred income taxes	63,198	75,121
Other non-current liabilities	55,129	59,111
Commitments and contingencies (Note 13)
Shareholders' equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: June 30, 2022 - 43,080; December 31, 2021 - 42,679)	43,080	42,679
Additional paid-in capital	67,417	57,368
Retained earnings	510,897	505,763
Accumulated other comprehensive loss	(24,954)	(31,492)
Non-controlling interest	351	280
Total shareholders' equity	596,791	574,598
Total liabilities and shareholders' equity	$ 2,940,389	$ 3,074,384

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Funds held for customers, securities carried at fair value	$ 8,501	$ 13,307
Accumulated depreciation	368,760	338,617
Accumulated amortization	$ 754,601	$ 698,764
Common stock, par value (per share)	$ 1	$ 1
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	43,080	42,679

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total revenue	$ 562,953	$ 478,216	$ 1,118,968	$ 919,481
Total cost of revenue	(264,112)	(206,575)	(513,306)	(385,085)
Gross profit	298,841	271,641	605,662	534,396
Selling, general and administrative expense	(249,626)	(233,908)	(509,325)	(446,344)
Restructuring and integration expense	(15,182)	(11,364)	(31,426)	(25,677)
Gain on sale of businesses and facility	17,527	0	17,527	0
Operating income	51,560	26,369	82,438	62,375
Interest expense	(21,349)	(9,530)	(41,672)	(14,054)
Other income	2,414	2,129	4,417	4,162
Income before income taxes	32,625	18,968	45,183	52,483
Income tax provision	(10,528)	(6,839)	(13,407)	(16,030)
Net income	22,097	12,129	31,776	36,453
Net income attributable to non-controlling interest	(35)	(29)	(71)	(62)
Net income attributable to Deluxe	22,062	12,100	31,705	36,391
Total comprehensive income	26,168	14,124	38,314	40,057
Comprehensive income attributable to Deluxe	$ 26,133	$ 14,095	$ 38,243	$ 39,995
Basic earnings per share	$ 0.51	$ 0.29	$ 0.74	$ 0.86
Diluted earnings per share	$ 0.50	$ 0.28	$ 0.72	$ 0.85
Product [Member]
Total revenue	$ 322,109	$ 306,223	$ 639,412	$ 605,277
Total cost of revenue	(117,519)	(112,561)	(231,879)	(219,887)
Service [Member]
Total revenue	240,844	171,993	479,556	314,204
Total cost of revenue	$ (146,593)	$ (94,014)	$ (281,427)	$ (165,198)

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	$ 513,392	$ 41,973	$ 17,558	$ 495,153	$ (41,433)	$ 141
Balance (in shares) at Dec. 31, 2020	41,973
Net income attributable to Deluxe	$ 36,391			36,391
Net income attributable to non-controlling interest	62					62
Net income	36,453
Cash dividends ($0.30 per share for the quarters ended June 30, 2022 and 2021 and $0.60 per share for the six months ended June 30, 2022 and 2021)	(25,791)			(25,791)
Common shares issued	$ 15,220	669	14,551
Common shares issued (in shares)	669
Common shares retired	$ (4,171)	(105)	(4,066)
Common shares retired (in shares)	(105)
Employee share-based compensation	$ 13,564		13,564
Other comprehensive income	3,604				3,604
Balance, end of period at Jun. 30, 2021	$ 552,271	42,537	41,607	505,753	(37,829)	203
Balance (in shares) at Jun. 30, 2021	42,537
Balance, beginning of period at Mar. 31, 2021	$ 531,373	42,104	22,306	506,613	(39,824)	174
Balance (in shares) at Mar. 31, 2021	42,104
Net income attributable to Deluxe	$ 12,100			12,100
Net income attributable to non-controlling interest	29					29
Net income	12,129
Cash dividends ($0.30 per share for the quarters ended June 30, 2022 and 2021 and $0.60 per share for the six months ended June 30, 2022 and 2021)	(12,960)			(12,960)
Common shares issued	$ 14,179	475	13,704
Common shares issued (in shares)	475
Common shares retired	$ (1,810)	(42)	(1,768)
Common shares retired (in shares)	(42)
Employee share-based compensation	$ 7,365		7,365
Other comprehensive income	1,995				1,995
Balance, end of period at Jun. 30, 2021	$ 552,271	42,537	41,607	505,753	(37,829)	203
Balance (in shares) at Jun. 30, 2021	42,537
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	$ 31,705			31,705
Net income attributable to non-controlling interest	71					71
Net income	31,776
Cash dividends ($0.30 per share for the quarters ended June 30, 2022 and 2021 and $0.60 per share for the six months ended June 30, 2022 and 2021)	(26,571)			(26,571)
Common shares issued	$ 2,337	580	1,757
Common shares issued (in shares)	580
Common shares retired	$ (5,374)	(179)	(5,195)
Common shares retired (in shares)	(179)
Employee share-based compensation	$ 13,487		13,487
Other comprehensive income	6,538				6,538
Balance, end of period at Jun. 30, 2022	$ 596,791	43,080	67,417	510,897	(24,954)	351
Balance (in shares) at Jun. 30, 2022	43,080
Balance, beginning 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
Net income attributable to Deluxe	$ 22,062			22,062
Net income attributable to non-controlling interest	35					35
Net income	22,097
Cash dividends ($0.30 per share for the quarters ended June 30, 2022 and 2021 and $0.60 per share for the six months ended June 30, 2022 and 2021)	(13,290)			(13,290)
Common shares issued	$ 807	201	606
Common shares issued (in shares)	201
Common shares retired	$ (1,214)	(44)	(1,170)
Common shares retired (in shares)	(44)
Employee share-based compensation	$ 5,305		5,305
Other comprehensive income	4,071				4,071
Balance, end of period at Jun. 30, 2022	$ 596,791	$ 43,080	$ 67,417	$ 510,897	$ (24,954)	$ 351
Balance (in shares) at Jun. 30, 2022	43,080

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends per share	$ 0.30	$ 0.30	$ 0.60	$ 0.60

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 31,776	$ 36,453
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	12,146	9,201
Amortization of intangibles	74,498	51,823
Operating lease expense	9,756	8,400
Amortization of prepaid product discounts	17,171	15,137
Deferred income taxes	(14,482)	10,977
Employee share-based compensation expense	13,038	14,367
Gain on sale of businesses and facility	(17,527)	0
Other non-cash items, net	15,546	5,015
Changes in assets and liabilities, net of effect of acquisition:
Trade accounts receivable	8,976	18,260
Inventories and supplies	(5,713)	6,781
Other current assets	(8,229)	(23,295)
Payments for cloud computing arrangement implementation costs	(11,340)	(16,252)
Other non-current assets	(8,157)	(5,381)
Accounts payable	(4,345)	2,706
Prepaid product discount payments	(12,285)	(19,077)
Other accrued and non-current liabilities	(28,642)	(31,304)
Net cash provided by operating activities	72,187	83,811
Cash flows from investing activities:
Purchases of capital assets	(45,246)	(46,615)
Payment for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired	0	(956,717)
Proceeds from sale of businesses and facility	23,875	0
Other	895	(1,358)
Net cash used by investing activities	(20,476)	(1,004,690)
Cash flows from financing activities:
Proceeds from issuing long-term debt and swingline loans	314,000	1,852,850
Payments on long-term debt and swingline loans	(323,376)	(845,000)
Payments for debt issuance costs	0	(17,911)
Net change in customer funds obligations	(100,067)	5,559
Proceeds from issuing shares	1,604	14,852
Employee taxes paid for shares withheld	(5,374)	(4,171)
Cash dividends paid to shareholders	(26,591)	(25,852)
Other	(4,474)	(4,170)
Net cash (used) provided by financing activities	(144,278)	976,157
Effect of exchange rate change on cash, cash equivalents, restricted cash and restricted cash equivalents	(3,336)	3,387
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	(95,903)	58,665
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	$ 189,588	$ 288,074

Consolidated financial statemen

Consolidated financial statements	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated financial statements	The consolidated balance sheet as of June 30, 2022, the consolidated statements of comprehensive income for the quarters and six months ended June 30, 2022 and 2021, the consolidated statements of shareholders’ equity for the quarters and six months ended June 30, 2022 and 2021 and the consolidated statements of cash flows for the six months ended June 30, 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 six months ended June 30, 2021 has been modified to conform 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.

New accounting pronouncement

New accounting pronouncement	6 Months Ended
	Jun. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting pronouncement	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	6 Months Ended
	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Supplemental balance sheet and cash flow information	Trade accounts receivable – Net trade accounts receivable was comprised of the following: (in thousands) June 30, December 31, Trade accounts receivable – gross $ 190,844 $ 202,077 Allowance for credit losses (4,253) (4,130) Trade accounts receivable – net (1) $ 186,591 $ 197,947 (1) Includes unbilled receivables of $52,647 as of June 30, 2022 and $47,420 as of December 31, 2021. Changes in the allowance for credit losses for the six months ended June 30, 2022 and 2021 were as follows: Six Months Ended (in thousands) 2022 2021 Balance, beginning of year $ 4,130 $ 6,428 Bad debt expense (benefit) 1,449 (1,696) Write-offs and other (1,326) (1,704) Balance, end of period $ 4,253 $ 3,028 Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) June 30, December 31, Raw materials $ 6,736 $ 5,316 Semi-finished goods 7,004 6,708 Finished goods 22,677 21,995 Supplies 6,525 6,041 Reserves for excess and obsolete items (5,437) (5,132) Inventories and supplies, net of reserves $ 37,505 $ 34,928 Changes in the reserves for excess and obsolete items were as follows for the six months ended June 30, 2022 and 2021: Six Months Ended (in thousands) 2022 2021 Balance, beginning of year $ 5,132 $ 11,748 Amounts charged to expense 1,516 2,151 Write-offs and other (1,211) (8,443) Balance, end of period $ 5,437 $ 5,456 Available-for-sale debt securities – Available-for-sale debt securities included within funds held for customers were comprised of the following: June 30, 2022 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Canadian and provincial government securities $ 9,606 $ — $ (1,105) $ 8,501 Available-for-sale debt securities $ 9,606 $ — $ (1,105) $ 8,501 (1) Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2022, also included cash of $143,702. 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 June 30, 2022 were as follows: (in thousands) Fair value Due in one year or less $ 3,260 Due in two to five years 2,516 Due in six to ten years 2,725 Available-for-sale debt securities $ 8,501 Further information regarding the fair value of available-for-sale debt securities can be found in Note 8. Revenue in excess of billings – Revenue in excess of billings was comprised of the following: (in thousands) June 30, December 31, Conditional right to receive consideration $ 22,418 $ 22,780 Unconditional right to receive consideration (1) 14,077 7,613 Revenue in excess of billings $ 36,495 $ 30,393 (1) Represents revenues that are earned but not currently billable under the related contract terms. Intangibles – Intangibles were comprised of the following: June 30, 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 $ 495,266 $ (282,533) $ 212,733 $ 493,495 $ (255,178) $ 238,317 Internal-use software 485,726 (368,129) 117,597 456,133 (342,656) 113,477 Technology-based intangibles 98,813 (42,615) 56,198 98,813 (38,553) 60,260 Partner relationships 74,205 (5,750) 68,455 73,095 (2,990) 70,105 Trade names 44,185 (25,460) 18,725 51,052 (31,277) 19,775 Software to be sold 36,900 (30,114) 6,786 36,900 (28,110) 8,790 Intangibles $ 1,235,095 $ (754,601) $ 480,494 $ 1,209,488 $ (698,764) $ 510,724 Amortization of intangibles was $38,339 for the quarter ended June 30, 2022, $28,559 for the quarter ended June 30, 2021, $74,498 for the six months ended June 30, 2022 and $51,823 for the six months ended June 30, 2021. Based on the intangibles in service as of June 30, 2022, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2022 $ 71,410 2023 117,095 2024 77,822 2025 48,273 2026 42,398 We purchased the following intangibles during the six months ended June 30, 2022: (in thousands) Amount Weighted-average amortization period Internal-use software $ 31,800 3 Customer lists/relationships 12,480 6 Partner relationships 1,110 3 Acquired intangibles $ 45,390 4 Goodwill – Changes in goodwill by reportable segment and in total were as follows for the six months ended June 30, 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 Measurement-period adjustment (Note 6) 1,343 — — — 1,343 Currency translation adjustment — — (27) — (27) Balance, June 30, 2022 $ 896,681 $ 40,816 $ 59,148 $ 434,812 $ 1,431,457 Balance, June 30, 2022: Goodwill, gross $ 896,681 $ 432,984 $ 252,847 $ 434,812 $ 2,017,324 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges $ 896,681 $ 40,816 $ 59,148 $ 434,812 $ 1,431,457 Other non-current assets – Other non-current assets were comprised of the following: (in thousands) June 30, December 31, Postretirement benefit plan asset $ 90,639 $ 87,019 Cloud computing arrangement implementation costs 69,008 63,806 Prepaid product discounts 48,683 56,527 Deferred contract acquisition costs (1) 21,018 17,975 Loans and notes receivable from distributors, net of allowance for credit losses (2) 14,602 20,201 Other 28,397 33,935 Other non-current assets $ 272,347 $ 279,463 (1) Amortization of deferred contract acquisition costs was $3,767 for the six months ended June 30, 2022 and $2,276 for the six months ended June 30, 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 $1,059 as of June 30, 2022 and $1,317 as of December 31, 2021. Changes in the allowance for credit losses related to loans and notes receivable from distributors were as follows for the six months ended June 30, 2022 and 2021: Six Months Ended (in thousands) 2022 2021 Balance, beginning of year $ 2,830 $ 3,995 Bad debt expense (benefit) 264 (658) Exchange for customer lists (402) — Balance, end of period $ 2,692 $ 3,337 Past due receivables and those on non-accrual status were not significant as of June 30, 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 June 30, 2022. There were no write-offs or recoveries recorded during the six months ended June 30, 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 $ 1,203 $ 457 $ 4,394 $ 8,649 $ 1,051 $ 15,754 3-4 internal grade — 2,599 — — — 2,599 Loans and notes receivable $ 1,203 $ 3,056 $ 4,394 $ 8,649 $ 1,051 $ 18,353 Changes in prepaid product discounts during the six months ended June 30, 2022 and 2021 were as follows: Six Months Ended (in thousands) 2022 2021 Balance, beginning of year $ 56,527 $ 50,602 Additions (1) 9,413 18,689 Amortization (17,171) (15,137) Other (86) (45) Balance, end of period $ 48,683 $ 54,109 (1) Prepaid product discounts are generally accrued upon contract execution. Cash payments for prepaid product discounts were $12,285 for the six months ended June 30, 2022 and $19,077 for the six months ended June 30, 2021. Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) June 30, December 31, Deferred revenue (1) $ 39,960 $ 52,645 Wages and payroll liabilities, including vacation 31,621 24,951 Employee cash bonuses, including sales incentives 26,102 45,006 Operating lease liabilities 13,278 14,852 Customer rebates 10,638 9,036 Prepaid product discounts due within one year 8,895 11,866 Other 65,281 58,476 Accrued liabilities $ 195,775 $ 216,832 (1) $20,238 of the December 31, 2021 amount was recognized as revenue during the six months ended June 30, 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) June 30, June 30, Cash and cash equivalents $ 43,262 $ 163,338 Restricted cash and restricted cash equivalents included in funds held for customers 143,702 121,992 Non-current restricted cash included in other non-current assets 2,624 2,744 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 189,588 $ 288,074

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands, except per share amounts) 2022 2021 2022 2021 Earnings per share – basic: Net income $ 22,097 $ 12,129 $ 31,776 $ 36,453 Net income attributable to non-controlling interest (35) (29) (71) (62) Net income attributable to Deluxe 22,062 12,100 31,705 36,391 Income allocated to participating securities (16) (10) (23) (27) Income attributable to Deluxe available to common shareholders $ 22,046 $ 12,090 $ 31,682 $ 36,364 Weighted-average shares outstanding 43,016 42,275 42,907 42,169 Earnings per share – basic $ 0.51 $ 0.29 $ 0.74 $ 0.86 Earnings per share – diluted: Net income $ 22,097 $ 12,129 $ 31,776 $ 36,453 Net income attributable to non-controlling interest (35) (29) (71) (62) Net income attributable to Deluxe 22,062 12,100 31,705 36,391 Income allocated to participating securities (16) (10) (23) (9) Re-measurement of share-based awards classified as liabilities (307) — (345) — Income attributable to Deluxe available to common shareholders $ 21,739 $ 12,090 $ 31,337 $ 36,382 Weighted-average shares outstanding 43,016 42,275 42,907 42,169 Dilutive impact of potential common shares 269 444 349 451 Weighted-average shares and potential common shares outstanding 43,285 42,719 43,256 42,620 Earnings per share – diluted $ 0.50 $ 0.28 $ 0.72 $ 0.85 Antidilutive options excluded from calculation 1,891 1,530 1,891 1,530

Other comprehensive income

Other comprehensive income	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands) 2022 2021 2022 2021 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 $ 711 $ 711 Other income Net actuarial loss (225) (407) (450) (814) Other income Total amortization 130 (52) 261 (103) Other income Tax expense (79) (31) (157) (63) Income tax provision Amortization of postretirement benefit plan items, net of tax 51 (83) 104 (166) Net income Realized loss on debt securities (8) — (8) — Revenue Tax benefit 2 — 2 — Income tax provision Realized loss on debt securities, net of tax (6) — (6) — Net income Realized loss on interest rate swap (144) (330) (464) (664) Interest expense Tax benefit 38 87 123 174 Income tax provision Realized loss on interest rate swap, net of tax (106) (243) (341) (490) Net income Foreign currency translation adjustment (1) (5,550) — (5,550) — Gain on sale of businesses and facility Total reclassifications, net of tax $ (5,611) $ (326) $ (5,793) $ (656) (1) Relates to the sale of our Australian web hosting business during the quarter ended June 30, 2022. Further information can be found in Note 6. Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the six months ended June 30, 2022 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on 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 — (562) 3,075 (1,768) 745 Amounts reclassified from accumulated other comprehensive loss (104) 6 341 5,550 5,793 Net current-period other comprehensive (loss) income (104) (556) 3,416 3,782 6,538 Balance, June 30, 2022 $ (15,535) $ (900) $ 1,155 $ (9,674) $ (24,954) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $195. (2) Other comprehensive income before reclassifications is net of income tax expense of $1,111.

Acquisition and divestitures

Acquisition and divestitures	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Acquisition and divestitures	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 can be found under the caption "Note 6: Acquisitions" in the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K. During the quarter ended June 30, 2022, we finalized the purchase price allocation for this acquisition and we recorded measurement-period adjustments that increased deferred income tax liabilities by $1,343, with the offset to goodwill. The final allocation of the First American purchase price to the assets acquired and liabilities was as follows: (in thousands) Purchase price allocation Trade accounts receivable $ 27,296 Other current assets 8,533 Property, plant and equipment 9,873 Operating lease assets 24,396 Intangible assets: Customer relationships 127,000 Partner relationships 72,000 Technology-based intangibles 65,000 Trade names 21,000 Internal-use software 6,111 Total intangible assets 291,111 Goodwill 728,516 Other-non-current assets 350 Accounts payable (18,475) Funds held for customers (9,428) Accrued liabilities (23,460) Operating lease liabilities, non-current (21,316) Deferred income taxes (54,506) Other non-current liabilities (4,376) Payments for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired of $15,841 $ 958,514 Further information regarding the acquired First American intangibles can be found under the caption "Note 3: Supplemental Balance Sheet and Cash Flow Information" and "Note 8: Fair Value Measurements," both of which are included in the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K. First American acquisition transaction costs are included in selling, general and administrative (SG&A) expense in the consolidated statements of comprehensive income and were $15,843 for the quarter ended June 30, 2021 and $18,608 for the six months ended June 30, 2021. Operating results for First American were as follows: Quarter Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Revenue $ 90,266 $ 27,343 $ 173,550 $ 27,343 Net loss attributable to Deluxe (238) (66) (748) (66) The above results include restructuring and integration costs of $2,787 for the quarter ended June 30, 2022 and $5,000 for the six months ended June 30, 2022. 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 to adjusted pro forma net income (loss) attributable to Deluxe from the amounts previously reported were as follows: (in thousands) Increase (decrease) in pro forma net income 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 First American 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 recorded 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. Divestitures – In May 2022, we completed the sale of our Australian web hosting business for cash proceeds of $17,620, net of costs of the sale. This business generated annual revenue in our Cloud Solutions segment of $23,766 for 2021. During the quarter ended June 30, 2022, we recognized a pretax gain of $15,166 on this sale. The assets and liabilities sold were not significant to our consolidated balance sheet. In April 2022, we sold substantially all of the assets of our Promotional Solutions strategic sourcing business, and in August 2022, we sold substantially all of our Promotional Solutions retail packaging business.These businesses generated annual revenue of approximately $30,000 during 2021. The impact of the sale of the strategic sourcing business was not significant to our consolidated financial statements for the quarter ended June 30, 2022, and we do not expect that the impact of the retail packaging sales transaction will be significant to our consolidated financial statements. We believe that the sale of these businesses will allow us to focus our resources on the key growth areas of payments and data, while allowing us to optimize our operations. Facility sale – In May 2022, we sold our former facility located in Lancaster, California for cash proceeds of $6,929, net of costs of the sale, and we recognized a pretax gain on the sale of $2,361 during the quarter ended June 30, 2022. The sale was a result of our continued real estate rationalization process.

Derivative financial instrument

Derivative financial instruments	6 Months Ended
	Jun. 30, 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 $1,622 as of June 30, 2022 and was included in other current assets 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 June 30, 2022 and December 31, 2021, and its impact on consolidated net income and our consolidated statements of cash flows was not significant. We also expect that the amount that will be reclassified to interest expense during the remaining term of the swap will not be significant.

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 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 as of December 31, 2021, also included an investment in a Canadian guaranteed investment certificate (GIC) with an original maturity of 2 years. The GIC investment matured during the quarter ended June 30, 2022. 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 approximated 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 and six months ended June 30, 2022 and 2021. Information regarding the fair values of our financial instruments was as follows: Fair value measurements using June 30, 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 $ 8,501 $ 8,501 $ — $ 8,501 $ — Derivative asset (Note 7) Other current assets 1,622 1,622 — 1,622 — Amortized cost: Cash Cash and cash equivalents 43,262 43,262 43,262 — — Cash Funds held for customers 143,702 143,702 143,702 — — Cash Other non-current assets 2,624 2,624 2,624 — — Loans and notes receivable from distributors Other current and non-current assets 15,661 14,262 — — 14,262 Long-term debt Current portion of long-term debt and long-term debt 1,675,614 1,600,250 — 1,600,250 — 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	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands) 2022 2021 2022 2021 Total cost of revenue $ 26 $ 615 $ 85 $ 1,514 Operating expenses 15,182 11,364 31,426 25,677 Restructuring and integration expense $ 15,208 $ 11,979 $ 31,511 $ 27,191 Restructuring and integration expense for each period was comprised of the following: Quarter Ended Six Months Ended (in thousands) 2022 2021 2022 2021 External consulting fees $ 9,141 $ 5,540 $ 17,000 $ 12,923 Internal labor 2,604 2,480 4,300 4,520 Employee severance benefits 3,281 1,018 4,406 1,875 Other 182 2,941 5,805 7,873 Restructuring and integration expense $ 15,208 $ 11,979 $ 31,511 $ 27,191 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 the end of 2022. Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2021 $ 5,672 Charges 5,102 Reversals (696) Payments (5,667) Balance, June 30, 2022 $ 4,411 The charges and reversals presented in the rollforward of our restructuring and integration accruals do not include items charged directly to expense as incurred, as those items are not reflected in accrued liabilities on the consolidated balance sheets.

Income tax provision

Income tax provision	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2022 Year Ended December 31, 2021 Income tax at federal statutory rate 21.0 % 21.0 % Change in valuation allowance 14.9 % 0.1 % Tax impact of share-based compensation 5.3 % 0.9 % State income tax expense, net of federal income tax benefit 2.6 % 2.4 % Non-deductible executive compensation 2.4 % 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 % Sale of business (Note 6) (18.3 %) — Research and development tax credit (1.1 %) (0.9 %) Other (0.3 %) (0.2 %) Effective tax rate 29.7 % 33.1 %

Postretirement benefits

Postretirement benefits	6 Months Ended
	Jun. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Postretirement benefits	We have historically provided certain health care benefits for eligible 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 Six Months Ended (in thousands) 2022 2021 2022 2021 Interest cost $ 280 $ 242 $ 561 $ 484 Expected return on plan assets (1,866) (1,875) (3,731) (3,748) Amortization of prior service credit (355) (355) (711) (711) Amortization of net actuarial losses 225 407 450 814 Net periodic benefit income $ (1,716) $ (1,581) $ (3,431) $ (3,161)

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt outstanding was comprised of the following: (in thousands) June 30, December 31, 2021 Senior, secured term loan facility $ 1,016,250 $ 1,072,125 Senior, unsecured notes 500,000 500,000 Amounts drawn on senior, secured revolving credit facility 176,500 130,000 Total principal amount 1,692,750 1,702,125 Less: unamortized discount and debt issuance costs (17,136) (19,176) Total debt, net of discount and debt issuance costs 1,675,614 1,682,949 Less: current portion of long-term debt, net of debt issuance costs (57,257) (57,197) Long-term debt $ 1,618,357 $ 1,625,752 Maturities of long-term debt were as follows as of June 30, 2022: (in thousands) Debt obligations Remainder of 2022 $ 28,875 2023 72,188 2024 86,625 2025 101,062 2026 904,000 Thereafter 500,000 Total principal amount $ 1,692,750 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 5.13% as of June 30, 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 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 3.00 to 1.00 throughout the remaining term of the credit facility. 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 June 30, 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) Six Months Ended June 30, 2022 Year Ended Daily average amount outstanding $ 1,189,469 $ 1,109,819 Weighted-average interest rate 2.99 % 2.43 % As of June 30, 2022, amounts available for borrowing under our revolving credit facility were as follows: (in thousands) Available borrowings Revolving credit facility commitment $ 500,000 Amounts drawn on revolving credit facility (176,500) Outstanding letters of credit (1) (7,823) Net available for borrowing as of June 30, 2022 $ 315,677 (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	6 Months Ended
	Jun. 30, 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 June 30, 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 (FTC) 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 is our sole recourse for any such losses. The First American subsidiaries entered into a Stipulated Order for Permanent Injunction, Monetary Judgment, and Other Relief (the “Order”) with the FTC, which was approved by the FTC on July 29, 2022. Pursuant to the Order, among other things, the First American defendants are required to pay $4,900 to the FTC within 7 days of the entry of the Order. The First American defendants also agreed to certain injunctive relief. The above description is qualified in its entirety to the terms of the Order, which was filed as Exhibit 10.1 to the Current Report on Form 8-K that we filed on July 29, 2022. The payment of the above-referenced amount, together with post-closing expenses that we and First American incurred in connection with this matter, will be withdrawn from the holdback referenced above. As such, the payment of such amount will not 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 $8,623 as of June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 under this authorization during the six months ended June 30, 2022 or June 30, 2021, and $287,452 remained available for repurchase as of June 30, 2022. During the quarter ended June 30, 2021, we issued 294 thousand shares to employees of First American in conjunction with the acquisition (Note 6), resulting in cash proceeds of $13,000 during the quarter.

Business segment information

Business segment information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Business segment information	We operate 4 reportable segments, generally organized by product type, as follows: • Payments – This segment includes our merchant in-store, online and mobile payment solutions; treasury management solutions, including remittance and lockbox processing, remote deposit capture, receivables management, payment processing and paperless treasury management; payroll and disbursement services, including Deluxe Payment Exchange; and fraud and security services. • Cloud Solutions – This segment includes data-driven marketing solutions; hosted solutions, including digital engagement, logo design, financial institution profitability reporting and business incorporation services; and web hosting and design 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 portions of Europe, as well as partners in Central and South America, and had operations in Australia until May 2022 when this business was sold (Note 6). 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 long-lived assets. Our Chief Executive Officer does not review segment asset information when making investment or operating decisions regarding our reportable business segments. Segment information for the quarters and six months ended June 30, 2022 and 2021 was as follows: Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Payments: Revenue $ 171,154 $ 103,339 $ 337,362 $ 182,777 Adjusted EBITDA 34,986 21,199 71,421 39,528 Cloud Solutions: Revenue 68,587 68,067 138,084 130,287 Adjusted EBITDA 17,509 18,803 34,836 36,011 Promotional Solutions: Revenue 139,276 134,987 272,519 259,494 Adjusted EBITDA 14,596 21,416 31,540 39,131 Checks: Revenue 183,936 171,823 371,003 346,923 Adjusted EBITDA 82,564 80,191 165,360 163,725 Total segment: Revenue $ 562,953 $ 478,216 $ 1,118,968 $ 919,481 Adjusted EBITDA 149,655 141,609 303,157 278,395 The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes: Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Total segment adjusted EBITDA $ 149,655 $ 141,609 $ 303,157 $ 278,395 Corporate operations (47,918) (44,147) (101,801) (90,428) Depreciation and amortization expense (45,047) (33,244) (86,644) (61,024) Interest expense (21,349) (9,530) (41,672) (14,054) Net income attributable to non-controlling interest 35 29 71 62 Restructuring, integration and other costs (15,208) (11,979) (31,511) (27,191) Share-based compensation expense (4,896) (7,625) (13,038) (14,367) Acquisition transaction costs (12) (15,843) (61) (18,608) Certain legal-related expense (162) (302) (845) (302) Gain on sale of businesses and facility 17,527 — 17,527 — Income before income taxes $ 32,625 $ 18,968 $ 45,183 $ 52,483 The following tables present revenue disaggregated by our product and service offerings: Quarter Ended June 30, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 183,936 $ 183,936 Merchant services and other payment solutions 111,619 — — — 111,619 Forms and other products — — 69,404 — 69,404 Marketing and promotional solutions — — 69,872 — 69,872 Treasury management solutions 59,535 — — — 59,535 Data-driven marketing solutions — 45,470 — — 45,470 Web and hosted solutions — 23,117 — — 23,117 Total revenue $ 171,154 $ 68,587 $ 139,276 $ 183,936 $ 562,953 Quarter Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 171,823 $ 171,823 Merchant services and other payment solutions 47,115 — — — 47,115 Forms and other products — — 78,194 — 78,194 Marketing and promotional solutions — — 56,793 — 56,793 Treasury management solutions 56,224 — — — 56,224 Data-driven marketing solutions — 39,518 — — 39,518 Web and hosted solutions — 28,549 — — 28,549 Total revenue $ 103,339 $ 68,067 $ 134,987 $ 171,823 $ 478,216 Six Months Ended June 30, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 371,003 $ 371,003 Merchant services and other payment solutions 219,889 — — — 219,889 Forms and other products — — 139,720 — 139,720 Marketing and promotional solutions — — 132,799 — 132,799 Treasury management solutions 117,473 — — — 117,473 Data-driven marketing solutions — 87,313 — — 87,313 Web and hosted solutions — 50,771 — — 50,771 Total revenue $ 337,362 $ 138,084 $ 272,519 $ 371,003 $ 1,118,968 Six Months Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 346,923 $ 346,923 Merchant services and other payment solutions 67,417 — — — 67,417 Forms and other products — — 149,975 — 149,975 Marketing and promotional solutions — — 109,519 — 109,519 Treasury management solutions 115,360 — — — 115,360 Data-driven marketing solutions — 73,164 — — 73,164 Web and hosted solutions — 57,123 — — 57,123 Total revenue $ 182,777 $ 130,287 $ 259,494 $ 346,923 $ 919,481 The following tables present revenue disaggregated by geography, based on where items are shipped from or where services are performed: Quarter Ended June 30, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 159,939 $ 63,758 $ 132,886 $ 176,692 $ 533,275 Foreign, primarily Canada and Australia 11,215 4,829 6,390 7,244 29,678 Total revenue $ 171,154 $ 68,587 $ 139,276 $ 183,936 $ 562,953 Quarter Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 93,796 $ 59,265 $ 129,321 $ 165,799 $ 448,181 Foreign, primarily Canada and Australia 9,543 8,802 5,666 6,024 30,035 Total revenue $ 103,339 $ 68,067 $ 134,987 $ 171,823 $ 478,216 Six Months Ended June 30, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 316,207 $ 124,382 $ 260,128 $ 355,780 $ 1,056,497 Foreign, primarily Canada and Australia 21,155 13,702 12,391 15,223 62,471 Total revenue $ 337,362 $ 138,084 $ 272,519 $ 371,003 $ 1,118,968 Six Months Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 162,280 $ 112,777 $ 248,469 $ 334,813 $ 858,339 Foreign, primarily Canada and Australia 20,497 17,510 11,025 12,110 61,142 Total revenue $ 182,777 $ 130,287 $ 259,494 $ 346,923 $ 919,481

Consolidated financial statem_2

Consolidated financial statements (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Comparability	Comparability – The consolidated statement of cash flows for the six months ended June 30, 2021 has been modified to conform 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.

Supplemental balance sheet an_2

Supplemental balance sheet and cash flow information (Tables)	6 Months Ended
	Jun. 30, 2022
Inventories and supplies	Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) June 30, December 31, Raw materials $ 6,736 $ 5,316 Semi-finished goods 7,004 6,708 Finished goods 22,677 21,995 Supplies 6,525 6,041 Reserves for excess and obsolete items (5,437) (5,132) Inventories and supplies, net of reserves $ 37,505 $ 34,928 Changes in the reserves for excess and obsolete items were as follows for the six months ended June 30, 2022 and 2021: Six Months Ended (in thousands) 2022 2021 Balance, beginning of year $ 5,132 $ 11,748 Amounts charged to expense 1,516 2,151 Write-offs and other (1,211) (8,443) Balance, end of period $ 5,437 $ 5,456
Available-for-sale debt securities	Available-for-sale debt securities – Available-for-sale debt securities included within funds held for customers were comprised of the following: June 30, 2022 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Funds held for customers: (1) Canadian and provincial government securities $ 9,606 $ — $ (1,105) $ 8,501 Available-for-sale debt securities $ 9,606 $ — $ (1,105) $ 8,501 (1) Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2022, also included cash of $143,702. 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 June 30, 2022 were as follows: (in thousands) Fair value Due in one year or less $ 3,260 Due in two to five years 2,516 Due in six to ten years 2,725 Available-for-sale debt securities $ 8,501
Revenue in excess of billings	Revenue in excess of billings – Revenue in excess of billings was comprised of the following: (in thousands) June 30, December 31, Conditional right to receive consideration $ 22,418 $ 22,780 Unconditional right to receive consideration (1) 14,077 7,613 Revenue in excess of billings $ 36,495 $ 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: June 30, 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 $ 495,266 $ (282,533) $ 212,733 $ 493,495 $ (255,178) $ 238,317 Internal-use software 485,726 (368,129) 117,597 456,133 (342,656) 113,477 Technology-based intangibles 98,813 (42,615) 56,198 98,813 (38,553) 60,260 Partner relationships 74,205 (5,750) 68,455 73,095 (2,990) 70,105 Trade names 44,185 (25,460) 18,725 51,052 (31,277) 19,775 Software to be sold 36,900 (30,114) 6,786 36,900 (28,110) 8,790 Intangibles $ 1,235,095 $ (754,601) $ 480,494 $ 1,209,488 $ (698,764) $ 510,724
Estimated future amortization expense	Based on the intangibles in service as of June 30, 2022, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2022 $ 71,410 2023 117,095 2024 77,822 2025 48,273 2026 42,398
Acquired intangibles	We purchased the following intangibles during the six months ended June 30, 2022: (in thousands) Amount Weighted-average amortization period Internal-use software $ 31,800 3 Customer lists/relationships 12,480 6 Partner relationships 1,110 3 Acquired intangibles $ 45,390 4
Goodwill	Goodwill – Changes in goodwill by reportable segment and in total were as follows for the six months ended June 30, 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 Measurement-period adjustment (Note 6) 1,343 — — — 1,343 Currency translation adjustment — — (27) — (27) Balance, June 30, 2022 $ 896,681 $ 40,816 $ 59,148 $ 434,812 $ 1,431,457 Balance, June 30, 2022: Goodwill, gross $ 896,681 $ 432,984 $ 252,847 $ 434,812 $ 2,017,324 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges $ 896,681 $ 40,816 $ 59,148 $ 434,812 $ 1,431,457
Other non-current assets	Other non-current assets – Other non-current assets were comprised of the following: (in thousands) June 30, December 31, Postretirement benefit plan asset $ 90,639 $ 87,019 Cloud computing arrangement implementation costs 69,008 63,806 Prepaid product discounts 48,683 56,527 Deferred contract acquisition costs (1) 21,018 17,975 Loans and notes receivable from distributors, net of allowance for credit losses (2) 14,602 20,201 Other 28,397 33,935 Other non-current assets $ 272,347 $ 279,463 (1) Amortization of deferred contract acquisition costs was $3,767 for the six months ended June 30, 2022 and $2,276 for the six months ended June 30, 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 $1,059 as of June 30, 2022 and $1,317 as of December 31, 2021.
Loans and notes receivable by credit quality Indicator	The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of June 30, 2022. There were no write-offs or recoveries recorded during the six months ended June 30, 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 $ 1,203 $ 457 $ 4,394 $ 8,649 $ 1,051 $ 15,754 3-4 internal grade — 2,599 — — — 2,599 Loans and notes receivable $ 1,203 $ 3,056 $ 4,394 $ 8,649 $ 1,051 $ 18,353
Changes in prepaid product discounts	Changes in prepaid product discounts during the six months ended June 30, 2022 and 2021 were as follows: Six Months Ended (in thousands) 2022 2021 Balance, beginning of year $ 56,527 $ 50,602 Additions (1) 9,413 18,689 Amortization (17,171) (15,137) Other (86) (45) Balance, end of period $ 48,683 $ 54,109 (1) Prepaid product discounts are generally accrued upon contract execution. Cash payments for prepaid product discounts were $12,285 for the six months ended June 30, 2022 and $19,077 for the six months ended June 30, 2021.
Accrued liabilities	Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) June 30, December 31, Deferred revenue (1) $ 39,960 $ 52,645 Wages and payroll liabilities, including vacation 31,621 24,951 Employee cash bonuses, including sales incentives 26,102 45,006 Operating lease liabilities 13,278 14,852 Customer rebates 10,638 9,036 Prepaid product discounts due within one year 8,895 11,866 Other 65,281 58,476 Accrued liabilities $ 195,775 $ 216,832 (1) $20,238 of the December 31, 2021 amount was recognized as revenue during the six months ended June 30, 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) June 30, June 30, Cash and cash equivalents $ 43,262 $ 163,338 Restricted cash and restricted cash equivalents included in funds held for customers 143,702 121,992 Non-current restricted cash included in other non-current assets 2,624 2,744 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 189,588 $ 288,074
Trade accounts receivable [Member]
Allowance for credit losses	Trade accounts receivable – Net trade accounts receivable was comprised of the following: (in thousands) June 30, December 31, Trade accounts receivable – gross $ 190,844 $ 202,077 Allowance for credit losses (4,253) (4,130) Trade accounts receivable – net (1) $ 186,591 $ 197,947 (1) Includes unbilled receivables of $52,647 as of June 30, 2022 and $47,420 as of December 31, 2021. Changes in the allowance for credit losses for the six months ended June 30, 2022 and 2021 were as follows: Six Months Ended (in thousands) 2022 2021 Balance, beginning of year $ 4,130 $ 6,428 Bad debt expense (benefit) 1,449 (1,696) Write-offs and other (1,326) (1,704) Balance, end of period $ 4,253 $ 3,028
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 six months ended June 30, 2022 and 2021: Six Months Ended (in thousands) 2022 2021 Balance, beginning of year $ 2,830 $ 3,995 Bad debt expense (benefit) 264 (658) Exchange for customer lists (402) — Balance, end of period $ 2,692 $ 3,337

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands, except per share amounts) 2022 2021 2022 2021 Earnings per share – basic: Net income $ 22,097 $ 12,129 $ 31,776 $ 36,453 Net income attributable to non-controlling interest (35) (29) (71) (62) Net income attributable to Deluxe 22,062 12,100 31,705 36,391 Income allocated to participating securities (16) (10) (23) (27) Income attributable to Deluxe available to common shareholders $ 22,046 $ 12,090 $ 31,682 $ 36,364 Weighted-average shares outstanding 43,016 42,275 42,907 42,169 Earnings per share – basic $ 0.51 $ 0.29 $ 0.74 $ 0.86 Earnings per share – diluted: Net income $ 22,097 $ 12,129 $ 31,776 $ 36,453 Net income attributable to non-controlling interest (35) (29) (71) (62) Net income attributable to Deluxe 22,062 12,100 31,705 36,391 Income allocated to participating securities (16) (10) (23) (9) Re-measurement of share-based awards classified as liabilities (307) — (345) — Income attributable to Deluxe available to common shareholders $ 21,739 $ 12,090 $ 31,337 $ 36,382 Weighted-average shares outstanding 43,016 42,275 42,907 42,169 Dilutive impact of potential common shares 269 444 349 451 Weighted-average shares and potential common shares outstanding 43,285 42,719 43,256 42,620 Earnings per share – diluted $ 0.50 $ 0.28 $ 0.72 $ 0.85 Antidilutive options excluded from calculation 1,891 1,530 1,891 1,530

Other comprehensive income (Tab

Other comprehensive income (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands) 2022 2021 2022 2021 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 $ 711 $ 711 Other income Net actuarial loss (225) (407) (450) (814) Other income Total amortization 130 (52) 261 (103) Other income Tax expense (79) (31) (157) (63) Income tax provision Amortization of postretirement benefit plan items, net of tax 51 (83) 104 (166) Net income Realized loss on debt securities (8) — (8) — Revenue Tax benefit 2 — 2 — Income tax provision Realized loss on debt securities, net of tax (6) — (6) — Net income Realized loss on interest rate swap (144) (330) (464) (664) Interest expense Tax benefit 38 87 123 174 Income tax provision Realized loss on interest rate swap, net of tax (106) (243) (341) (490) Net income Foreign currency translation adjustment (1) (5,550) — (5,550) — Gain on sale of businesses and facility Total reclassifications, net of tax $ (5,611) $ (326) $ (5,793) $ (656) (1) Relates to the sale of our Australian web hosting business during the quarter ended June 30, 2022. Further information can be found in Note 6.
Accumulated other comprehensive loss	Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss during the six months ended June 30, 2022 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on 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 — (562) 3,075 (1,768) 745 Amounts reclassified from accumulated other comprehensive loss (104) 6 341 5,550 5,793 Net current-period other comprehensive (loss) income (104) (556) 3,416 3,782 6,538 Balance, June 30, 2022 $ (15,535) $ (900) $ 1,155 $ (9,674) $ (24,954) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $195. (2) Other comprehensive income before reclassifications is net of income tax expense of $1,111.

Acquisition and divestitures (T

Acquisition and divestitures (Tables)	6 Months Ended
	Jun. 30, 2022
Impact of revision on unaudited pro forma financial information	The corrections to adjusted pro forma net income (loss) attributable to Deluxe from the amounts previously reported were as follows: (in thousands) Increase (decrease) in pro forma net income 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 First American 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.
First American Payment Systems, L.P. [Member]
Purchase price allocation and results of acquired business	The final allocation of the First American purchase price to the assets acquired and liabilities was as follows: (in thousands) Purchase price allocation Trade accounts receivable $ 27,296 Other current assets 8,533 Property, plant and equipment 9,873 Operating lease assets 24,396 Intangible assets: Customer relationships 127,000 Partner relationships 72,000 Technology-based intangibles 65,000 Trade names 21,000 Internal-use software 6,111 Total intangible assets 291,111 Goodwill 728,516 Other-non-current assets 350 Accounts payable (18,475) Funds held for customers (9,428) Accrued liabilities (23,460) Operating lease liabilities, non-current (21,316) Deferred income taxes (54,506) Other non-current liabilities (4,376) Payments for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired of $15,841 $ 958,514 Further information regarding the acquired First American intangibles can be found under the caption "Note 3: Supplemental Balance Sheet and Cash Flow Information" and "Note 8: Fair Value Measurements," both of which are included in the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K. First American acquisition transaction costs are included in selling, general and administrative (SG&A) expense in the consolidated statements of comprehensive income and were $15,843 for the quarter ended June 30, 2021 and $18,608 for the six months ended June 30, 2021. Operating results for First American were as follows: Quarter Ended Six Months Ended (in thousands) 2022 2021 2022 2021 Revenue $ 90,266 $ 27,343 $ 173,550 $ 27,343 Net loss attributable to Deluxe (238) (66) (748) (66)

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 8,501 $ 8,501 $ — $ 8,501 $ — Derivative asset (Note 7) Other current assets 1,622 1,622 — 1,622 — Amortized cost: Cash Cash and cash equivalents 43,262 43,262 43,262 — — Cash Funds held for customers 143,702 143,702 143,702 — — Cash Other non-current assets 2,624 2,624 2,624 — — Loans and notes receivable from distributors Other current and non-current assets 15,661 14,262 — — 14,262 Long-term debt Current portion of long-term debt and long-term debt 1,675,614 1,600,250 — 1,600,250 — 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)	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands) 2022 2021 2022 2021 Total cost of revenue $ 26 $ 615 $ 85 $ 1,514 Operating expenses 15,182 11,364 31,426 25,677 Restructuring and integration expense $ 15,208 $ 11,979 $ 31,511 $ 27,191 Restructuring and integration expense for each period was comprised of the following: Quarter Ended Six Months Ended (in thousands) 2022 2021 2022 2021 External consulting fees $ 9,141 $ 5,540 $ 17,000 $ 12,923 Internal labor 2,604 2,480 4,300 4,520 Employee severance benefits 3,281 1,018 4,406 1,875 Other 182 2,941 5,805 7,873 Restructuring and integration expense $ 15,208 $ 11,979 $ 31,511 $ 27,191
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 5,102 Reversals (696) Payments (5,667) Balance, June 30, 2022 $ 4,411

Income tax provision (Tables)

Income tax provision (Tables)	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2022 Year Ended December 31, 2021 Income tax at federal statutory rate 21.0 % 21.0 % Change in valuation allowance 14.9 % 0.1 % Tax impact of share-based compensation 5.3 % 0.9 % State income tax expense, net of federal income tax benefit 2.6 % 2.4 % Non-deductible executive compensation 2.4 % 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 % Sale of business (Note 6) (18.3 %) — Research and development tax credit (1.1 %) (0.9 %) Other (0.3 %) (0.2 %) Effective tax rate 29.7 % 33.1 %

Postretirement benefits (Tables

Postretirement benefits (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended (in thousands) 2022 2021 2022 2021 Interest cost $ 280 $ 242 $ 561 $ 484 Expected return on plan assets (1,866) (1,875) (3,731) (3,748) Amortization of prior service credit (355) (355) (711) (711) Amortization of net actuarial losses 225 407 450 814 Net periodic benefit income $ (1,716) $ (1,581) $ (3,431) $ (3,161)

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt outstanding	Debt outstanding was comprised of the following: (in thousands) June 30, December 31, 2021 Senior, secured term loan facility $ 1,016,250 $ 1,072,125 Senior, unsecured notes 500,000 500,000 Amounts drawn on senior, secured revolving credit facility 176,500 130,000 Total principal amount 1,692,750 1,702,125 Less: unamortized discount and debt issuance costs (17,136) (19,176) Total debt, net of discount and debt issuance costs 1,675,614 1,682,949 Less: current portion of long-term debt, net of debt issuance costs (57,257) (57,197) Long-term debt $ 1,618,357 $ 1,625,752
Maturities of long-term debt	Maturities of long-term debt were as follows as of June 30, 2022: (in thousands) Debt obligations Remainder of 2022 $ 28,875 2023 72,188 2024 86,625 2025 101,062 2026 904,000 Thereafter 500,000 Total principal amount $ 1,692,750
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 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) Six Months Ended June 30, 2022 Year Ended Daily average amount outstanding $ 1,189,469 $ 1,109,819 Weighted-average interest rate 2.99 % 2.43 % As of June 30, 2022, amounts available for borrowing under our revolving credit facility were as follows: (in thousands) Available borrowings Revolving credit facility commitment $ 500,000 Amounts drawn on revolving credit facility (176,500) Outstanding letters of credit (1) (7,823) Net available for borrowing as of June 30, 2022 $ 315,677 (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)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Business segment information	Segment information for the quarters and six months ended June 30, 2022 and 2021 was as follows: Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Payments: Revenue $ 171,154 $ 103,339 $ 337,362 $ 182,777 Adjusted EBITDA 34,986 21,199 71,421 39,528 Cloud Solutions: Revenue 68,587 68,067 138,084 130,287 Adjusted EBITDA 17,509 18,803 34,836 36,011 Promotional Solutions: Revenue 139,276 134,987 272,519 259,494 Adjusted EBITDA 14,596 21,416 31,540 39,131 Checks: Revenue 183,936 171,823 371,003 346,923 Adjusted EBITDA 82,564 80,191 165,360 163,725 Total segment: Revenue $ 562,953 $ 478,216 $ 1,118,968 $ 919,481 Adjusted EBITDA 149,655 141,609 303,157 278,395
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 June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Total segment adjusted EBITDA $ 149,655 $ 141,609 $ 303,157 $ 278,395 Corporate operations (47,918) (44,147) (101,801) (90,428) Depreciation and amortization expense (45,047) (33,244) (86,644) (61,024) Interest expense (21,349) (9,530) (41,672) (14,054) Net income attributable to non-controlling interest 35 29 71 62 Restructuring, integration and other costs (15,208) (11,979) (31,511) (27,191) Share-based compensation expense (4,896) (7,625) (13,038) (14,367) Acquisition transaction costs (12) (15,843) (61) (18,608) Certain legal-related expense (162) (302) (845) (302) Gain on sale of businesses and facility 17,527 — 17,527 — Income before income taxes $ 32,625 $ 18,968 $ 45,183 $ 52,483
Revenue disaggregated by product and service offerings	The following tables present revenue disaggregated by our product and service offerings: Quarter Ended June 30, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 183,936 $ 183,936 Merchant services and other payment solutions 111,619 — — — 111,619 Forms and other products — — 69,404 — 69,404 Marketing and promotional solutions — — 69,872 — 69,872 Treasury management solutions 59,535 — — — 59,535 Data-driven marketing solutions — 45,470 — — 45,470 Web and hosted solutions — 23,117 — — 23,117 Total revenue $ 171,154 $ 68,587 $ 139,276 $ 183,936 $ 562,953 Quarter Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 171,823 $ 171,823 Merchant services and other payment solutions 47,115 — — — 47,115 Forms and other products — — 78,194 — 78,194 Marketing and promotional solutions — — 56,793 — 56,793 Treasury management solutions 56,224 — — — 56,224 Data-driven marketing solutions — 39,518 — — 39,518 Web and hosted solutions — 28,549 — — 28,549 Total revenue $ 103,339 $ 68,067 $ 134,987 $ 171,823 $ 478,216 Six Months Ended June 30, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 371,003 $ 371,003 Merchant services and other payment solutions 219,889 — — — 219,889 Forms and other products — — 139,720 — 139,720 Marketing and promotional solutions — — 132,799 — 132,799 Treasury management solutions 117,473 — — — 117,473 Data-driven marketing solutions — 87,313 — — 87,313 Web and hosted solutions — 50,771 — — 50,771 Total revenue $ 337,362 $ 138,084 $ 272,519 $ 371,003 $ 1,118,968 Six Months Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 346,923 $ 346,923 Merchant services and other payment solutions 67,417 — — — 67,417 Forms and other products — — 149,975 — 149,975 Marketing and promotional solutions — — 109,519 — 109,519 Treasury management solutions 115,360 — — — 115,360 Data-driven marketing solutions — 73,164 — — 73,164 Web and hosted solutions — 57,123 — — 57,123 Total revenue $ 182,777 $ 130,287 $ 259,494 $ 346,923 $ 919,481
Revenue disaggregated by geography	The following tables present revenue disaggregated by geography, based on where items are shipped from or where services are performed: Quarter Ended June 30, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 159,939 $ 63,758 $ 132,886 $ 176,692 $ 533,275 Foreign, primarily Canada and Australia 11,215 4,829 6,390 7,244 29,678 Total revenue $ 171,154 $ 68,587 $ 139,276 $ 183,936 $ 562,953 Quarter Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 93,796 $ 59,265 $ 129,321 $ 165,799 $ 448,181 Foreign, primarily Canada and Australia 9,543 8,802 5,666 6,024 30,035 Total revenue $ 103,339 $ 68,067 $ 134,987 $ 171,823 $ 478,216 Six Months Ended June 30, 2022 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 316,207 $ 124,382 $ 260,128 $ 355,780 $ 1,056,497 Foreign, primarily Canada and Australia 21,155 13,702 12,391 15,223 62,471 Total revenue $ 337,362 $ 138,084 $ 272,519 $ 371,003 $ 1,118,968 Six Months Ended June 30, 2021 (in thousands) Payments Cloud Solutions Promotional Solutions Checks Consolidated United States $ 162,280 $ 112,777 $ 248,469 $ 334,813 $ 858,339 Foreign, primarily Canada and Australia 20,497 17,510 11,025 12,110 61,142 Total revenue $ 182,777 $ 130,287 $ 259,494 $ 346,923 $ 919,481

Supplemental balance sheet an_3

Supplemental balance sheet and cash flow information (trade accounts receivable, allowance for credit losses) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Trade accounts receivable
Trade accounts receivable - gross		$ 190,844		$ 202,077
Allowance for credit losses		(4,253)		(4,130)
Trade accounts receivable - net	[1]	186,591		197,947
Unbilled receivables		52,647		$ 47,420
Changes in allowance for credit losses
Balance, beginning of year		4,130	$ 6,428
Bad debt expense (benefit)		1,449	(1,696)
Write-offs and other		(1,326)	(1,704)
Balance, end of period		$ 4,253	$ 3,028
[1]Includes unbilled receivables of $52,647 as of June 30, 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	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Inventories and supplies
Raw materials	$ 6,736		$ 5,316
Semi-finished goods	7,004		6,708
Finished goods	22,677		21,995
Supplies	6,525		6,041
Reserves for excess and obsolete items	(5,437)	$ (5,456)	(5,132)
Inventories and supplies	37,505		$ 34,928
Changes in reserves for excess and obsolete items
Balance, beginning of year	5,132	11,748
Balance, end of period	5,437	5,456
Reserves for excess and obsolete items
Changes in reserves for excess and obsolete items
Amounts charged to expense	1,516	2,151
Write-offs and other	$ (1,211)	$ (8,443)

Supplemental balance sheet an_5

Supplemental balance sheet and cash flow information (available-for-sale debt securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2022		Dec. 31, 2021
Available-for-sale debt securities [Line Items]
Cost	$ 9,606		$ 13,681
Gross unrealized gains	0		0
Gross unrealized losses	(1,105)		(374)
Fair value	8,501		13,307
Expected maturities of available-for-sale debt securities
Due in one year or less	3,260
Due in two to five years	2,516
Due in six to ten years	2,725
Fair value	8,501		13,307
Funds held for customers [Member]
Available-for-sale debt securities [Line Items]
Cost	9,606	[1]	13,681	[2]
Gross unrealized gains	0	[1]	0	[2]
Gross unrealized losses	(1,105)	[1]	(374)	[2]
Fair value	8,501	[1]	13,307	[2]
Cash	143,702		241,488
Expected maturities of available-for-sale debt securities
Fair value	8,501	[1]	13,307	[2]
Funds held for customers [Member] | Canadian and provincial government securities [Member]
Available-for-sale debt securities [Line Items]
Cost	9,606		9,724
Gross unrealized gains	0		0
Gross unrealized losses	(1,105)		(374)
Fair value	8,501		9,350
Expected maturities of available-for-sale debt securities
Fair value	$ 8,501		9,350
Funds held for customers [Member] | Canadian guaranteed investment certificates [Member]
Available-for-sale debt securities [Line Items]
Cost			3,957
Gross unrealized gains			0
Gross unrealized losses			0
Fair value			3,957
Expected maturities of available-for-sale debt securities
Fair value			$ 3,957
[1]Funds held for customers, as reported on the consolidated balance sheet as of June 30, 2022, also included cash of $143,702.[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		Jun. 30, 2022	Dec. 31, 2021
Revenue in excess of billings
Conditional right to receive consideration		$ 22,418	$ 22,780
Unconditional right to receive consideration	[1]	14,077	7,613
Revenue in excess of billings		$ 36,495	$ 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Amortizable intangibles [Line Items]
Gross carrying amount	$ 1,235,095		$ 1,235,095		$ 1,209,488
Accumulated amortization	(754,601)		(754,601)		(698,764)
Net carrying amount	480,494		480,494		510,724
Acquired intangibles			$ 45,390
Acquired intangibles, weighted-average amortization period (in years)			4 years
Amortization of intangibles	38,339	$ 28,559	$ 74,498	$ 51,823
Estimated future amortization expense
Remainder of 2022	71,410		71,410
2023	117,095		117,095
2024	77,822		77,822
2025	48,273		48,273
2026	42,398		42,398
Customer lists/relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	495,266		495,266		493,495
Accumulated amortization	(282,533)		(282,533)		(255,178)
Net carrying amount	212,733		212,733		238,317
Acquired intangibles			$ 12,480
Acquired intangibles, weighted-average amortization period (in years)			6 years
Internal-use software [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	485,726		$ 485,726		456,133
Accumulated amortization	(368,129)		(368,129)		(342,656)
Net carrying amount	117,597		117,597		113,477
Acquired intangibles			$ 31,800
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		98,813
Accumulated amortization	(42,615)		(42,615)		(38,553)
Net carrying amount	56,198		56,198		60,260
Partner relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	74,205		74,205		73,095
Accumulated amortization	(5,750)		(5,750)		(2,990)
Net carrying amount	68,455		68,455		70,105
Acquired intangibles			$ 1,110
Acquired intangibles, weighted-average amortization period (in years)			3 years
Trade names [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	44,185		$ 44,185		51,052
Accumulated amortization	(25,460)		(25,460)		(31,277)
Net carrying amount	18,725		18,725		19,775
Software to be sold [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	36,900		36,900		36,900
Accumulated amortization	(30,114)		(30,114)		(28,110)
Net carrying amount	$ 6,786		$ 6,786		$ 8,790

Supplemental balance sheet an_8

Supplemental balance sheet and cash flow information (goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
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
Measurement-period adjustment (Note 6)	$ 1,343
Currency translation adjustment		(27)
Goodwill, gross, end of period	2,017,324	2,017,324
Accumulated impairment charges, end of period	(585,867)	(585,867)
Goodwill, net of accumulated impairment charges, end of period	1,431,457	1,431,457
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
Measurement-period adjustment (Note 6)	1,343
Goodwill, gross, end of period	896,681	896,681
Accumulated impairment charges, end of period	0	0
Goodwill, net of accumulated impairment charges, end of period	896,681	896,681
Reportable business segments [Member] | Cloud Solutions [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year		432,984
Accumulated impairment charges, beginning of year		(392,168)
Goodwill, net of accumulated impairment charges, beginning of year		40,816
Goodwill, gross, end of period	432,984	432,984
Accumulated impairment charges, end of period	(392,168)	(392,168)
Goodwill, net of accumulated impairment charges, end of period	40,816	40,816
Reportable business segments [Member] | Promotional Solutions [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year		252,874
Accumulated impairment charges, beginning of year		(193,699)
Goodwill, net of accumulated impairment charges, beginning of year		59,175
Currency translation adjustment		(27)
Goodwill, gross, end of period	252,847	252,847
Accumulated impairment charges, end of period	(193,699)	(193,699)
Goodwill, net of accumulated impairment charges, end of period	59,148	59,148
Reportable business segments [Member] | Checks [Member]
Goodwill [Roll Forward]
Goodwill, gross, beginning of year		434,812
Accumulated impairment charges, beginning of year		0
Goodwill, net of accumulated impairment charges, beginning of year		434,812
Goodwill, gross, end of period	434,812	434,812
Accumulated impairment charges, end of period	0	0
Goodwill, net of accumulated impairment charges, end of period	$ 434,812	$ 434,812

Supplemental balance sheet an_9

Supplemental balance sheet and cash flow information (other non-current assets) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Other non-current assets
Postretirement benefit plan asset		$ 90,639		$ 87,019
Cloud computing arrangements implementation costs		69,008		63,806
Prepaid product discounts		48,683	$ 54,109	56,527	$ 50,602
Deferred contract acquisition costs	[1]	21,018		17,975
Loans and notes receivable from distributors, net of allowance for credit losses	[2]	14,602		20,201
Other		28,397		33,935
Other non-current assets		272,347		279,463
Amortization of deferred contract acquisition costs		3,767	2,276
Loans and notes receivable, current		1,059		$ 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)		264	(658)
Exchange for customer lists		(402)	0
Balance, end of period		2,692	$ 3,337
Write-offs		0
Recoveries		0
Loans and notes receivable from distributors, credit quality information
2020		1,203
2019		3,056
2018		4,394
2017		8,649
Prior		1,051
Total		18,353
Loans and notes receivable from distributors [Member] | 1-2 internal grade member [Member]
Loans and notes receivable from distributors, credit quality information
2020		1,203
2019		457
2018		4,394
2017		8,649
Prior		1,051
Total		15,754
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 $3,767 for the six months ended June 30, 2022 and $2,276 for the six months ended June 30, 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 $1,059 as of June 30, 2022 and $1,317 as of December 31, 2021.

Supplemental balance sheet a_10

Supplemental balance sheet and cash flow information (other) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Prepaid product discounts [Roll Forward]
Balance, beginning of year		$ 56,527	$ 50,602
Additions	[1]	9,413	18,689
Amortization		(17,171)	(15,137)
Other		(86)	(45)
Balance, end of period		48,683	54,109
Prepaid product discount payments		12,285	19,077
Accrued liabilities
Deferred revenue	[2]	39,960		$ 52,645
Wages and payroll liabilities, including vacation		31,621		24,951
Employee cash bonuses, including sales incentives		26,102		45,006
Operating lease liabilities		13,278		14,852
Customer rebates		10,638		9,036
Prepaid product discounts due within one year		8,895		11,866
Other		65,281		58,476
Accrued liabilities		195,775		216,832
Deferred revenue recognized		20,238
Supplemental cash flow information
Cash and cash equivalents		43,262	163,338	41,231
Total cash, cash equivalents, restricted cash and restricted cash equivalents		189,588	288,074	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		143,702	121,992
Other non-current assets [Member]
Supplemental cash flow information
Non-current restricted cash included in other non-current assets		$ 2,624	$ 2,744	$ 2,772
[1]Prepaid product discounts are generally accrued upon contract execution. Cash payments for prepaid product discounts were $12,285 for the six months ended June 30, 2022 and $19,077 for the six months ended June 30, 2021.[2]$20,238 of the December 31, 2021 amount was recognized as revenue during the six months ended June 30, 2022.

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings per share - basic:
Net income	$ 22,097	$ 12,129	$ 31,776	$ 36,453
Net income attributable to non-controlling interest	(35)	(29)	(71)	(62)
Net income attributable to Deluxe	22,062	12,100	31,705	36,391
Income allocated to participating securities	(16)	(10)	(23)	(27)
Income attributable to Deluxe available to common shareholders	$ 22,046	$ 12,090	$ 31,682	$ 36,364
Weighted-average shares outstanding	43,016	42,275	42,907	42,169
Earnings per share - basic	$ 0.51	$ 0.29	$ 0.74	$ 0.86
Earnings per share - diluted:
Net income	$ 22,097	$ 12,129	$ 31,776	$ 36,453
Net income attributable to non-controlling interest	(35)	(29)	(71)	(62)
Net income attributable to Deluxe	22,062	12,100	31,705	36,391
Income allocated to participating securities	(16)	(10)	(23)	(9)
Re-measurement of share-based awards classified as liabilities	(307)	0	(345)	0
Income attributable to Deluxe available to common shareholders	$ 21,739	$ 12,090	$ 31,337	$ 36,382
Weighted-average shares outstanding	43,016	42,275	42,907	42,169
Dilutive impact of potential common shares	269	444	349	451
Weighted-average shares and potential common shares outstanding	43,285	42,719	43,256	42,620
Earnings per share - diluted	$ 0.50	$ 0.28	$ 0.72	$ 0.85
Antidilutive options excluded from calculation	1,891	1,530	1,891	1,530

Other comprehensive income (rec

Other comprehensive income (reclassification adjustments) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022		Jun. 30, 2021	Jun. 30, 2022		Jun. 30, 2021
Reclassifications from accumulated other comprehensive loss
Prior service credit	$ 355		$ 355	$ 711		$ 711
Net actuarial loss	(225)		(407)	(450)		(814)
Total amortization	130		(52)	261		(103)
Tax expense	(79)		(31)	(157)		(63)
Amortization of postretirement benefit plan items, net of tax	51		(83)	104		(166)
Realized loss on debt securities	(8)		0	(8)		0
Tax benefit	2		0	2		0
Realized loss on debt securities, net of tax	(6)		0	(6)		0
Realized loss on interest rate swap	(144)		(330)	(464)		(664)
Tax benefit	38		87	123		174
Realized loss on interest rate swap, net of tax	(106)		(243)	(341)		(490)
Foreign currency translation adjustment	(5,550)	[1]	0	(5,550)	[1]	0
Total reclassifications, net of tax	$ (5,611)		$ (326)	$ (5,793)		$ (656)
[1]Relates to the sale of our Australian web hosting business during the quarter ended June 30, 2022. Further information can be found in Note 6.

Other comprehensive income (acc

Other comprehensive income (accumulated other comprehensive loss) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
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	(104)
Net current-period other comprehensive (loss) income	(104)
Balance, June 30, 2022	(15,535)
Net unrealized loss on debt securities [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2021	(344)
Other comprehensive (loss) income before reclassifications	(562)	[1]
Amounts reclassified from accumulated other comprehensive loss	6
Net current-period other comprehensive (loss) income	(556)
Balance, June 30, 2022	(900)
Unrealized loss on debt securities arising during the period, tax benefit	195
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	3,075	[2]
Amounts reclassified from accumulated other comprehensive loss	341
Net current-period other comprehensive (loss) income	3,416
Balance, June 30, 2022	1,155
Unrealized gain on cash flow hedge arising during the period, tax expense	1,111
Currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2021	(13,456)
Other comprehensive (loss) income before reclassifications	(1,768)
Amounts reclassified from accumulated other comprehensive loss	5,550
Net current-period other comprehensive (loss) income	3,782
Balance, June 30, 2022	(9,674)
Accumulated other comprehensive loss [Member]
Accumulated other comprehensive loss [Line Items]
Balance, December 31, 2021	(31,492)
Other comprehensive (loss) income before reclassifications	745
Amounts reclassified from accumulated other comprehensive loss	5,793
Net current-period other comprehensive (loss) income	6,538
Balance, June 30, 2022	$ (24,954)
[1]Other comprehensive loss before reclassifications is net of an income tax benefit of $195.[2]Other comprehensive income before reclassifications is net of income tax expense of $1,111.

Acquisition and divestitures (D

Acquisition and divestitures (Details) - USD ($) $ in Thousands		3 Months Ended					6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 01, 2021	Jun. 30, 2022	Sep. 30, 2021		Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Acquisition and divestitures [Line Items]
Measurement-period adjustment, goodwill		$ 1,343
Purchase accounting adjustment, deferred income tax liabilities		1,343
Acquired intangibles							$ 45,390
Payment for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired							0	$ 956,717
Acquisition transaction costs		12			$ 15,843		61	18,608
Total revenue		562,953			478,216		1,118,968	919,481
Net income (loss) attributable to Deluxe		22,062			12,100		31,705	36,391
Restructuring and integration expense		15,208			11,979		31,511	27,191
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)
Proceeds from sale of businesses and facility							23,875	0
Gain on sale of businesses and facility		17,527			0		17,527	0
Customer lists/relationships [Member]
Acquisition and divestitures [Line Items]
Acquired intangibles							12,480
Partner relationships [Member]
Acquisition and divestitures [Line Items]
Acquired intangibles							1,110
Internal-use software [Member]
Acquisition and divestitures [Line Items]
Acquired intangibles							31,800
Australian web hosting business [Member]
Acquisition and divestitures [Line Items]
Proceeds from sale of businesses and facility		17,620
Gain on sale of businesses and facility		15,166
Lancaster, California facility [Member]
Acquisition and divestitures [Line Items]
Proceeds from sale of businesses and facility							6,929
Gain on sale of businesses and facility		2,361
Reportable business segments [Member]
Acquisition and divestitures [Line Items]
Total revenue		562,953			478,216		1,118,968	919,481
Reportable business segments [Member] | Cloud Solutions [Member]
Acquisition and divestitures [Line Items]
Total revenue		68,587			68,067		138,084	130,287
Reportable business segments [Member] | Cloud Solutions [Member] | Australian web hosting business [Member]
Acquisition and divestitures [Line Items]
Total revenue										23,766
Reportable business segments [Member] | Promotional Solutions [Member]
Acquisition and divestitures [Line Items]
Total revenue		139,276			134,987		272,519	259,494
Reportable business segments [Member] | Promotional Solutions [Member] | Promotional Solutions business exits [Member]
Acquisition and divestitures [Line Items]
Total revenue										30,000
Adjustment [Member]
Acquisition and divestitures [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 divestitures [Line Items]
Accounts receivable	$ 27,296
Other current assets	8,533
Property, plant and equipment	9,873
Operating lease assets	24,396
Acquired intangibles	291,111
Goodwill	728,516
Other non-current assets	350
Accounts payable	(18,475)
Funds held for customers	(9,428)
Accrued liabilities	(23,460)
Operating lease liabilities, non-current	(21,316)
Deferred income taxes	(54,506)
Other non-current liabilities	(4,376)
Payment for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired										$ 958,514
Cash, cash equivalents, restricted cash and restricted cash equivalents acquired	15,841
Total revenue		90,266			27,343		173,550	27,343
Net income (loss) attributable to Deluxe		(238)			$ (66)		(748)	$ (66)
Restructuring and integration expense		$ 2,787					$ 5,000
First American Payment Systems, L.P. [Member] | Customer lists/relationships [Member]
Acquisition and divestitures [Line Items]
Acquired intangibles	6,111
First American Payment Systems, L.P. [Member] | Partner relationships [Member]
Acquisition and divestitures [Line Items]
Acquired intangibles	127,000
First American Payment Systems, L.P. [Member] | Technology-based intangibles [Member]
Acquisition and divestitures [Line Items]
Acquired intangibles	72,000
First American Payment Systems, L.P. [Member] | Trade names [Member]
Acquisition and divestitures [Line Items]
Acquired intangibles	65,000
First American Payment Systems, L.P. [Member] | Internal-use software [Member]
Acquisition and divestitures [Line Items]
Acquired intangibles	$ 21,000
[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	Jun. 30, 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 asset	$ 1,622
Fair value of derivative liability		$ 3,028

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022		Dec. 31, 2021		Jun. 30, 2021
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities (funds held for customers)	$ 8,501		$ 13,307
Funds held for customers [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities (funds held for customers)	8,501	[1]	13,307	[2]
Cash, carrying value	143,702		241,488
Cash, fair value	$ 143,702		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)			3,957
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)	$ 8,501		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)	8,501		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	143,702		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)	8,501		13,307
Other current assets [Member]
Fair value measurements, financial instruments [Line Items]
Derivative asset (Note 7)	1,622
Other current assets [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative asset (Note 7)	1,622
Other current assets [Member] | Significant other observable inputs (Level 2) [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative asset (Note 7)	1,622
Cash and cash equivalents [Member]
Fair value measurements, financial instruments [Line Items]
Cash, carrying value	43,262		41,231
Cash, fair value	43,262		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	43,262		41,231
Other non-current assets [Member]
Fair value measurements, financial instruments [Line Items]
Cash, carrying value	2,624		2,772		$ 2,744
Cash, fair value	2,624		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	2,624		2,772
Other current and noncurrent assets [Member]
Fair value measurements, financial instruments [Line Items]
Loans and notes receivable from distributors	15,661		21,518
Loans and notes receivable from distributors, fair value	14,262		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	14,262		22,344
Current portion of long-term debt and long-term debt [Member]
Fair value measurements, financial instruments [Line Items]
Long-term debt	1,675,614		1,682,949
Long-term debt, fair value	1,600,250		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	$ 1,600,250		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 June 30, 2022, also included cash of $143,702.[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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 15,208	$ 11,979	$ 31,511	$ 27,191
Total cost of revenue [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	26	615	85	1,514
Operating expenses [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	15,182	11,364	31,426	25,677
External consulting fees [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	9,141	5,540	17,000	12,923
Internal labor [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	2,604	2,480	4,300	4,520
Employee severance benefits [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense			5,102
Restructuring charges, net	3,281	1,018	4,406	1,875
Other [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 182	$ 2,941	$ 5,805	$ 7,873

Restructuring and integration_4

Restructuring and integration expense (accruals) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Charges	$ 15,208	$ 11,979	$ 31,511	$ 27,191
Employee severance benefits [Member]
Restructuring Cost and Reserve [Line Items]
Balance, December 31, 2021			5,672
Charges			5,102
Reversals			(696)
Payments			(5,667)
Balance, June 30, 2022	$ 4,411		$ 4,411

Income tax provision (Details)

Income tax provision (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Reconciliation of effective income tax rate
Income tax at federal statutory rate	21%	21%
Change in valuation allowances	14.90%	0.10%
Tax impact of share-based compensation	5.30%	0.90%
State income tax, net of federal income tax benefit	2.60%	2.40%
Non-deductible executive compensation	2.40%	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%
Sale of business (Note 6)	(18.30%)	0%
Research and development tax credit	(1.10%)	(0.90%)
Other	(0.30%)	(0.20%)
Effective tax rate	29.70%	33.10%

Postretirement benefits (Detail

Postretirement benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net periodic benefit income
Interest cost	$ 280	$ 242	$ 561	$ 484
Expected return on plan assets	(1,866)	(1,875)	(3,731)	(3,748)
Amortization of prior service credit	(355)	(355)	(711)	(711)
Amortization of net actuarial losses	225	407	450	814
Net periodic benefit income	$ (1,716)	$ (1,581)	$ (3,431)	$ (3,161)

Debt (Details)

Debt (Details) $ in Thousands		3 Months Ended															6 Months Ended	12 Months Ended			24 Months Ended	48 Months Ended
	Jun. 01, 2021 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021 USD ($)	Mar. 31, 2026	Mar. 31, 2026 USD ($)	Jul. 19, 2019 USD ($)
Debt instruments [Line Items]
Total principal amount																	$ 1,692,750			$ 1,702,125
Less: unamortized discount and debt issuance costs																	(17,136)			(19,176)
Total debt, net of discount and debt issuance costs																	1,675,614			1,682,949
Less: current portion of long-term debt, net of debt issuance costs																	(57,257)			(57,197)
Long-term debt																	1,618,357			$ 1,625,752
Maturities of long-term debt
Remainder of 2022																	28,875
2023																	72,188
2024																	86,625
2025																	101,062
2026																	904,000
Thereafter																	500,000
Credit facility
Revolving credit facility, commitment	$ 500,000																$ 500,000
Weighted-average interest rate at period end																	5.13%			2.67%
Daily average amount outstanding																	$ 1,189,469			$ 1,109,819
Weighted-average interest rate																	2.99%			2.43%
Outstanding letters of credit																	$ (7,823)
Net available for borrowing as of June 30, 2022																	315,677
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																1,016,250			$ 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
Senior, unsecured notes [Member]
Debt instruments [Line Items]
Total principal amount	$ 500,000																500,000			500,000
Senior, unsecured notes
Stated interest rate	8%
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																	$ 176,500			$ 130,000
Swingline sub-facility [Member]
Credit facility
Revolving credit facility, commitment	$ 40,000
Letter of credit sub-facility [Member]
Credit facility
Revolving credit facility, 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	Jul. 29, 2022	Jun. 30, 2022	Dec. 31, 2021
Commitments and contingencies
Self-insurance liabilities		$ 8,623	$ 7,401
Subsequent event [Member]
Commitments and contingencies
Litigation settlement, amount awarded	$ 4,900
Litigation settlement, period	7 days

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 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
First American Payment Systems, L.P. [Member]
Common shares issued, shares	294
Proceeds from common shares	$ 13,000

Business segment information (D

Business segment information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($) segment
Business segment information [Line Items]
Number of reportable business segments | segment			4	4
Revenue	$ 562,953	$ 478,216	$ 1,118,968	$ 919,481
Depreciation and amortization	(45,047)	(33,244)	(86,644)	(61,024)
Interest expense	(21,349)	(9,530)	(41,672)	(14,054)
Net income attributable to non-controlling interest	35	29	71	62
Restructuring integration and other costs	(15,208)	(11,979)	(31,511)	(27,191)
Share-based compensation expense	(4,896)	(7,625)	(13,038)	(14,367)
Acquisition transaction costs	(12)	(15,843)	(61)	(18,608)
Certain legal-related expense	(162)	(302)	(845)	(302)
Gain on sale of businesses and facility	17,527	0	17,527	0
Income before income taxes	32,625	18,968	45,183	52,483
Reportable business segments [Member]
Business segment information [Line Items]
Revenue	562,953	478,216	1,118,968	919,481
Adjusted EBITDA	149,655	141,609	303,157	278,395
Reportable business segments [Member] | Payments [Member]
Business segment information [Line Items]
Revenue	171,154	103,339	337,362	182,777
Adjusted EBITDA	34,986	21,199	71,421	39,528
Reportable business segments [Member] | Cloud Solutions [Member]
Business segment information [Line Items]
Revenue	68,587	68,067	138,084	130,287
Adjusted EBITDA	17,509	18,803	34,836	36,011
Reportable business segments [Member] | Promotional Solutions [Member]
Business segment information [Line Items]
Revenue	139,276	134,987	272,519	259,494
Adjusted EBITDA	14,596	21,416	31,540	39,131
Reportable business segments [Member] | Checks [Member]
Business segment information [Line Items]
Revenue	183,936	171,823	371,003	346,923
Adjusted EBITDA	82,564	80,191	165,360	163,725
Corporate [Member]
Business segment information [Line Items]
Adjusted EBITDA	$ (47,918)	$ (44,147)	$ (101,801)	$ (90,428)

Business segment information _2

Business segment information (disaggregated revenue information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregated revenue information
Revenue	$ 562,953	$ 478,216	$ 1,118,968	$ 919,481
United States [Member]
Disaggregated revenue information
Revenue	533,275	448,181	1,056,497	858,339
Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	29,678	30,035	62,471	61,142
Reportable business segments [Member]
Disaggregated revenue information
Revenue	562,953	478,216	1,118,968	919,481
Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	171,154	103,339	337,362	182,777
Reportable business segments [Member] | Payments [Member] | United States [Member]
Disaggregated revenue information
Revenue	159,939	93,796	316,207	162,280
Reportable business segments [Member] | Payments [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	11,215	9,543	21,155	20,497
Reportable business segments [Member] | Cloud Solutions [Member]
Disaggregated revenue information
Revenue	68,587	68,067	138,084	130,287
Reportable business segments [Member] | Cloud Solutions [Member] | United States [Member]
Disaggregated revenue information
Revenue	63,758	59,265	124,382	112,777
Reportable business segments [Member] | Cloud Solutions [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	4,829	8,802	13,702	17,510
Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	139,276	134,987	272,519	259,494
Reportable business segments [Member] | Promotional Solutions [Member] | United States [Member]
Disaggregated revenue information
Revenue	132,886	129,321	260,128	248,469
Reportable business segments [Member] | Promotional Solutions [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	6,390	5,666	12,391	11,025
Reportable business segments [Member] | Checks [Member]
Disaggregated revenue information
Revenue	183,936	171,823	371,003	346,923
Reportable business segments [Member] | Checks [Member] | United States [Member]
Disaggregated revenue information
Revenue	176,692	165,799	355,780	334,813
Reportable business segments [Member] | Checks [Member] | Foreign, primarily Canada and Australia [Member]
Disaggregated revenue information
Revenue	7,244	6,024	15,223	12,110
Checks [Member]
Disaggregated revenue information
Revenue	183,936	171,823	371,003	346,923
Checks [Member] | Reportable business segments [Member] | Checks [Member]
Disaggregated revenue information
Revenue	183,936	171,823	371,003	346,923
Merchant services and other payments solutions [Member]
Disaggregated revenue information
Revenue	111,619	47,115	219,889	67,417
Merchant services and other payments solutions [Member] | Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	111,619	47,115	219,889	67,417
Forms and other products [Member]
Disaggregated revenue information
Revenue	69,404	78,194	139,720	149,975
Forms and other products [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	69,404	78,194	139,720	149,975
Marketing and promotional solutions [Member]
Disaggregated revenue information
Revenue	69,872	56,793	132,799	109,519
Marketing and promotional solutions [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Disaggregated revenue information
Revenue	69,872	56,793	132,799	109,519
Treasury management solutions [Member]
Disaggregated revenue information
Revenue	59,535	56,224	117,473	115,360
Treasury management solutions [Member] | Reportable business segments [Member] | Payments [Member]
Disaggregated revenue information
Revenue	59,535	56,224	117,473	115,360
Data-driven marketing solutions [Member]
Disaggregated revenue information
Revenue	45,470	39,518	87,313	73,164
Data-driven marketing solutions [Member] | Reportable business segments [Member] | Cloud Solutions [Member]
Disaggregated revenue information
Revenue	45,470	39,518	87,313	73,164
Web and hosted solutions [Member]
Disaggregated revenue information
Revenue	23,117	28,549	50,771	57,123
Web and hosted solutions [Member] | Reportable business segments [Member] | Cloud Solutions [Member]
Disaggregated revenue information
Revenue	$ 23,117	$ 28,549	$ 50,771	$ 57,123