Deluxe (DLX) 10-K 24 Feb 23 2022 FY Annual report Financial data

Document

Document - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 08, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-7945
Entity Registrant Name	DELUXE CORPORATION
Entity Central Index Key	0000027996
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 924,918,940
Common Stock, Shares Outstanding		43,266,924
Documents Incorporated by Reference	Portions of our definitive proxy statement to be filed within 120 days after our fiscal year-end are incorporated by reference in Part III.
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents, including securities carried at fair value of $5,000 as of December 31, 2022		$ 40,435	$ 41,231
Trade accounts receivable, net of allowance for credit losses	[1]	206,617	197,947
Inventories and supplies, net of reserves		52,267	34,928
Funds held for customers, including securities carried at fair value of $8,126 and $13,307, respectively		302,291	254,795
Prepaid expenses		36,642	37,643
Revenue in excess of billings		38,761	30,393
Other current assets		27,024	23,536
Total current assets		704,037	620,473
Deferred income taxes		1,956	2,180
Long-term investments		47,783	47,201
Property, plant and equipment, net of accumulated depreciation		124,894	125,966
Operating lease assets		47,132	58,236
Intangibles, net of accumulated amortization		458,979	510,724
Goodwill		1,431,385	1,430,141
Other non-current assets		260,354	279,463
Total assets		3,076,520	3,074,384
Current liabilities:
Accounts payable		157,055	153,072
Funds held for customers		305,138	256,257
Accrued liabilities		218,404	216,832
Current portion of long-term debt		71,748	57,197
Total current liabilities		752,345	683,358
Long-term debt		1,572,528	1,625,752
Operating lease liabilities		48,925	56,444
Deferred income taxes		45,510	75,121
Other non-current liabilities		52,988	59,111
Commitments and contingencies (Notes 10, 14 and 15)
Shareholders' equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: December 31, 2022 - 43,204; December 31, 2021 - 42,679)		43,204	42,679
Additional paid-in capital		79,234	57,368
Retained earnings		518,635	505,763
Accumulated other comprehensive loss		(37,264)	(31,492)
Non-controlling Interest		415	280
Total shareholders' equity		604,224	574,598
Total liabilities and shareholders' equity		$ 3,076,520	$ 3,074,384
[1]Includes unbilled receivables of $43,902 as of December 31, 2022 and $47,420 as of December 31, 2021.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Cash and cash equivalents, fair value	$ 5,000
Funds held for customers, securities carried at fair value	$ 8,126	$ 13,307
Common stock, par value (per share)	$ 1	$ 1
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	43,204	42,679

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total revenue	$ 2,238,010	$ 2,022,197	$ 1,790,781
Total cost of revenue	(1,032,116)	(884,270)	(730,771)
Gross profit	1,205,894	1,137,927	1,060,010
Selling, general and administrative expense	(993,250)	(941,023)	(839,812)
Restructuring and integration expense	(62,529)	(54,750)	(75,874)
Gain (loss) gain on sale of businesses and facility	19,331	0	(1,846)
Asset impairment charges	0	0	(101,749)
Operating income	169,446	142,154	40,729
Interest expense	(94,454)	(55,554)	(23,140)
Other income	9,386	7,203	9,214
Income before income taxes	84,378	93,803	26,803
Income tax provision	(18,848)	(31,031)	(21,468)
Net income	65,530	62,772	5,335
Net income attributable to non-controlling interest	(135)	(139)	(91)
Net income attributable to Deluxe	$ 65,395	$ 62,633	$ 5,244
Basic earnings per share	$ 1.52	$ 1.48	$ 0.12
Diluted earnings per share	$ 1.50	$ 1.45	$ 0.11
Product [Member]
Total revenue	$ 1,286,197	$ 1,244,529	$ 1,230,638
Total cost of revenue	(470,237)	(450,880)	(458,637)
Service [Member]
Total revenue	951,813	777,668	560,143
Total cost of revenue	$ (561,879)	$ (433,390)	$ (272,134)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 65,530	$ 62,772	$ 5,335
Postretirement benefit plans:
Net actuarial (loss) gain arising during the year	(11,235)	6,194	5,616
Less reclassification of amounts to net income:
Amortization of prior service credit	(1,042)	(1,050)	(1,055)
Amortization of net actuarial loss	836	1,381	1,889
Postretirement benefit plans	(11,441)	6,525	6,450
Interest rate swaps:
Unrealized gain (loss) arising during the year	4,869	2,067	(4,973)
Reclassification of realized (gain) loss to net income	(15)	1,023	719
Interest rate swaps	4,854	3,090	(4,254)
Debt securities:
Unrealized holding (loss) gain arising during the year	(571)	(254)	338
Reclassification of realized loss (gain) to net income	6	0	(153)
Debt securities	(565)	(254)	185
Foreign currency translation adjustment:
Unrealized foreign currency translation (loss) gain arising during the year	(4,170)	580	4,133
Reclassification of foreign currency translation loss to net income	5,550	0	0
Foreign currency translation adjustment	1,380	580	4,133
Other comprehensive (loss) income	(5,772)	9,941	6,514
Comprehensive income	59,758	72,713	11,849
Comprehensive income attributable to non-controlling Interest	(135)	(139)	(91)
Comprehensive income attributable to Deluxe	59,623	72,574	11,758
Postretirement benefit plans:
Net actuarial (loss) gain arising during the year	4,090	(2,186)	(1,948)
Less reclassification of amounts to net income:
Amortization of prior service credit	379	371	366
Amortization of net actuarial loss	(64)	(248)	(412)
Postretirement benefit plans	4,405	(2,063)	(1,994)
Interest rate swaps:
Unrealized gain (loss) arising during the year	(1,771)	(731)	1,725
Reclassification of realized (gain) loss to net income	5	(361)	(249)
Interest rate swaps	(1,766)	(1,092)	1,476
Debt securities:
Unrealized holding (loss) gain arising during the year	197	88	(117)
Reclassification of realized loss (gain) to net income	(2)	0	53
Debt securities	195	88	(64)
Total net tax benefit (expense)	$ 2,834	$ (3,067)	$ (582)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Adoption of Accounting Standards Update [Member]	Common shares par value [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Retained earnings [Member] Adoption of Accounting Standards Update [Member]	Accumulated other comprehensive loss [Member]	Non-controlling interest [Member]
Accumulated other comprehensive loss	$ (47,947)
Balance, beginning of year at Dec. 31, 2019	$ 546,979		$ 42,126	$ 4,086	$ 548,714		$ (47,947)	$ 0
Balance, beginning of year (ASU No. 2016-13 [Member]) at Dec. 31, 2019		$ (3,640)				$ (3,640)
Balance, shares at Dec. 31, 2019	42,126
Net income attributable to Deluxe	$ 5,244				5,244
Net income attributable to non-controlling Interest	91							91
Net income	5,335
Cash dividends ($1.20 per share)	(51,431)				(51,431)
Common shares issued	$ 3,892		446	3,446
Common shares issued, shares	446
Common shares repurchased	$ (14,000)		(499)	(9,767)	(3,734)
Other common shares retired	$ (2,994)		(100)	(2,894)
Other common shares retired, shares	(100)
Employee share-based compensation	$ 22,687			22,687
Other comprehensive income (loss)	6,514						6,514
Investment in non-controlling interest	50							50
Balance, end of year at Dec. 31, 2020	$ 513,392		41,973	17,558	495,153		(41,433)	141
Balance, shares at Dec. 31, 2020	41,973
Accumulated other comprehensive loss	$ (41,433)
Net income attributable to Deluxe	62,633				62,633
Net income attributable to non-controlling Interest	139							139
Net income	62,772
Cash dividends ($1.20 per share)	(52,023)				(52,023)
Common shares issued	$ 17,211		861	16,350
Common shares issued, shares	861
Other common shares retired	$ (5,969)		(155)	(5,814)
Other common shares retired, shares	(155)
Employee share-based compensation	$ 29,274			29,274
Other comprehensive income (loss)	9,941						9,941
Balance, end of year at Dec. 31, 2021	$ 574,598		42,679	57,368	505,763		(31,492)	280
Balance, shares at Dec. 31, 2021	42,679
Retained earnings	$ 505,763
Accumulated other comprehensive loss	(31,492)
Net income attributable to Deluxe	65,395				65,395
Net income attributable to non-controlling Interest	135							135
Net income	65,530
Cash dividends ($1.20 per share)	(52,523)				(52,523)
Common shares issued	$ 3,845		723	3,122
Common shares issued, shares	723
Other common shares retired	$ (5,762)		(198)	(5,564)
Other common shares retired, shares	(198)
Employee share-based compensation	$ 24,308			24,308
Other comprehensive income (loss)	(5,772)						(5,772)
Balance, end of year at Dec. 31, 2022	$ 604,224		$ 43,204	$ 79,234	$ 518,635		$ (37,264)	$ 415
Balance, shares at Dec. 31, 2022	43,204
Retained earnings	$ 518,635
Accumulated other comprehensive loss	$ (37,264)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends per share	$ 1.20	$ 1.20	$ 1.20

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 65,530	$ 62,772	$ 5,335
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	25,997	25,625	20,242
Amortization of intangibles	146,555	123,142	90,550
Operating lease expense	20,480	17,485	20,928
Asset impairment charges	0	0	101,749
Amortization of prepaid product discounts	34,400	31,784	29,235
Deferred income taxes	(28,529)	17,758	(5,456)
Employee share-based compensation expense	23,676	29,477	21,824
(Gain) loss on sale of businesses and facility	(19,331)	0	1,846
Other non-cash items, net	31,398	17,196	23,846
Changes in assets and liabilities, net of effect of acquisition:
Trade accounts receivable	(13,672)	(8,857)	(2,709)
Inventories and supplies	(19,062)	(1,842)	(11,281)
Other current assets	(8,721)	(15,574)	15,344
Payments for cloud computing arrangement implementation costs	(18,649)	(41,547)	(19,426)
Other non-current assets	(17,537)	(11,467)	(6,367)
Accounts payable	6,015	22,794	(9,518)
Prepaid product discount payments	(30,603)	(40,920)	(33,613)
Other accrued and non-current liabilities	(6,416)	(17,005)	(24,976)
Net cash provided by operating activities	191,531	210,821	217,553
Cash flows from investing activities:
Purchases of capital assets	(104,598)	(109,140)	(62,638)
Payments for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired	0	(958,514)	0
Purchases of customer lists	(4,347)	(2,759)	(11,082)
Proceeds from sale of businesses and facility	25,248	2,648	9,713
Purchases of customer funds debt securities	(123)	(93)	(3,918)
Proceeds from customer funds debt securities	4,077	93	7,764
Other	(582)	1,164	4,068
Net cash used by investing activities	(80,325)	(1,066,601)	(56,093)
Cash flows from financing activities:
Proceeds from issuing long-term debt	640,000	1,884,850	309,000
Payments on long-term debt	(680,613)	(1,029,876)	(352,500)
Payments for debt issuance costs	0	(18,153)	0
Net change in customer funds obligations	56,426	126,703	(168)
Proceeds from issuing shares	3,112	16,843	3,747
Payments for common shares repurchased	0	0	(14,000)
Cash dividends paid to shareholders	(52,647)	(51,654)	(50,746)
Other	(14,879)	(15,752)	(5,888)
Net cash provided (used) by financing activities	(48,601)	912,961	(110,555)
Effect of exchange rate change on cash, cash equivalents, restricted cash and restricted cash equivalents	(10,681)	(1,099)	3,693
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	51,924	56,082	54,598
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of year	285,491	229,409	174,811
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of year (Note 3)	$ 337,415	$ 285,491	$ 229,409

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	Nature of operations – We help enterprises, small businesses and financial institutions deepen customer relationships through trusted, technology-enabled solutions, including marketing services and data analytics, treasury management solutions, merchant services, promotional products and fraud solutions, as well as customized checks and forms. We are also a leading provider of checks and accessories sold directly to consumers. Consolidation – The consolidated financial statements include the accounts of Deluxe Corporation and its wholly-owned subsidiaries. All intercompany accounts, transactions and profits have been eliminated. On April 1, 2020, we executed an agreement to form MedPayExchange LLC (MPX), doing business as Medical Payment Exchange, which delivers payments to healthcare providers from insurance companies and other payers. This entity is a variable interest entity (VIE), as defined in Accounting Standards Codification (ASC) Topic 810, Consolidation . As we are the primary beneficiary of the VIE, we are required to consolidate MPX in our consolidated financial statements. Our partner's interest in MPX is reported as non-controlling interest in the consolidated balance sheets within equity, separate from our equity. Net income and comprehensive income are attributed to us and the non-controlling interest. The amounts attributable to the non-controlling interest were not significant to our consolidated financial statements. Comparability – The consolidated statement of income and the consolidated statement of cash flows for the year ended December 31, 2020 has been modified to conform to the current year presentation. Loss on sale of businesses and facility is presented separately in each of these statements. Previously, this amount was included in selling, general and administrative (SG&A) expense in the consolidated statement of income and in other non-cash items, net, within cash flows from operating activities in the consolidated statement of cash flows. In addition, the consolidated statements of cash flows for the years ended December 31, 2021 and 2020 have been modified to include employee taxes paid for shares withheld in other within cash flows from financing activities. Previously, these amounts were presented separately. Use of estimates – We have prepared the accompanying consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP). In this process, it is necessary for us to make certain estimates and assumptions affecting the amounts reported in the consolidated financial statements and related notes. We base our estimates on historical experience and on various other factors and assumptions that we believe are reasonable under the circumstances, including the estimated impact of extraordinary events, such as the coronavirus (COVID-19) pandemic, the results of which form the basis for making judgments about the carrying values of our assets, liabilities, revenues and expenses and the related disclosure of contingent assets and liabilities. Actual results may differ significantly from our estimates and assumptions. Foreign currency translation – The financial statements of our foreign subsidiaries are measured in the respective subsidiaries' functional currencies, primarily Canadian dollars, and are translated into U.S. dollars. Assets and liabilities are translated using the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average exchange rates during the year. The resulting translation gains and losses are reflected in accumulated other comprehensive loss in the shareholders' equity section of the consolidated balance sheets. Foreign currency transaction gains and losses are recorded in other income on the consolidated statements of income. Cash and cash equivalents – We consider all cash on hand and other highly liquid investments with original maturities of 3 months or less to be cash and cash equivalents. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents approximate fair value. Checks issued by us but not presented to the banks for payment may create negative book cash balances. These book overdrafts are included in accounts payable on the consolidated balance sheets and were not significant as of December 31, 2022 or December 31, 2021. Trade accounts receivable – Trade accounts receivable are initially recorded at the invoiced amount upon the sale of goods or services to customers, and also include amounts due for products shipped and services rendered, but for which invoices have not yet been issued due to timing. Our trade accounts receivable are not interest-bearing. They are stated net of allowance for credit losses, a valuation account that is deducted from an asset's amortized cost basis to present the net amount expected to be collected. Amounts are charged off against the allowance when we believe the uncollectibility of an account is confirmed. The point at which uncollected accounts are written off varies by type of customer, but generally does not exceed 1 year from the due date of the receivable. In calculating the allowances, we utilize a combination of aging schedules with reserve rates applied to both current and aged receivables and roll-rate reserves using historical loss rates and changes in current or projected conditions. Changes in the allowance for credit losses are included in SG&A expense on the consolidated statements of income. Further information regarding our allowance for credit losses can be found in Note 3. Inventories and supplies – Inventories are stated at the lower of cost or net realizable value. Cost is calculated using moving average and standard costs, which approximates the first-in, first-out basis. We periodically review our inventory quantities and record a provision for excess and/or obsolete inventory based on our historical usage and forecasts of future demand. It is possible that additional reserves above those already established may be required if there is a significant change in the timing or level of demand for our products compared to forecasted amounts. This would require a change in the reserve for excess or obsolete inventory, resulting in a charge to net income during the period of the change. Charges for inventory write-downs are included in cost of revenue on the consolidated statements of income. Once written down, inventories are carried at this lower cost basis until sold or scrapped. Supplies consist of items not used directly in the production of goods, such as maintenance and other supplies utilized in the production area. Funds held for customers – Our payroll services business collects funds from clients to pay their payroll and related taxes. We hold these funds temporarily until payments are remitted to the clients' employees and the appropriate taxing authorities. Our merchant services business temporarily holds funds collected from credit card networks and internet transaction processing on behalf of certain merchants, and our treasury management cash receipt processing business remits a portion of cash receipts to our clients the business day following receipt. Certain of our customer contracts include legal restrictions regarding the use of these funds. All of these funds, consisting of cash and available-for-sale debt securities, are reported as funds held for customers on the consolidated balance sheets. The corresponding liability for these obligations is also reported as funds held for customers on the consolidated balance sheets. The available-for-sale debt securities are carried at fair value, with unrealized gains and losses included in accumulated other comprehensive loss on the consolidated balance sheets. Realized gains and losses are included in revenue on the consolidated statements of income and were not significant during the past 3 years. Long-term investments – Long-term investments consist primarily of cash surrender values of company-owned life insurance policies. Certain of these policies fund amounts due under our deferred compensation plan and our inactive supplemental executive retirement plan (Note 12). Property, plant and equipment – Property, plant and equipment, including leasehold and other improvements that extend an asset's useful life or productive capabilities, are stated at historical cost less accumulated depreciation. Buildings have been assigned useful lives of 40 years and machinery and equipment are generally assigned useful lives ranging from 1 year to 11 years, with a weighted-average useful life of 7 years as of December 31, 2022. Buildings are depreciated using the 150% declining balance method, and machinery and equipment is depreciated using the sum-of-the-years' digits method. Leasehold and building improvements are depreciated on the straight-line basis over the estimated useful life of the property or the life of the lease, whichever is shorter. Amortization of assets that are recorded under finance leases is included in depreciation expense. Maintenance and repairs are expensed as incurred. Fully depreciated assets are retained in property, plant and equipment until disposal. Any gains or losses resulting from the disposition of property, plant and equipment are included in SG&A expense on the consolidated statements of income. Leases – We determine if an arrangement is a lease at inception by considering whether a contract explicitly or implicitly identifies assets deployed in the arrangement and whether we have obtained substantially all of the economic benefits from the use of the underlying assets and direct how and for what purpose the assets are used during the term of the contract. Lease expense is recognized on the straight-line basis over the lease term and is included in total cost of revenue and in SG&A expense on the consolidated statements of income. Interest on finance leases is included in interest expense on the consolidated statements of income. Operating leases are included in operating lease assets, accrued liabilities and operating lease liabilities on the consolidated balance sheets. Finance leases are included in property, plant and equipment, accrued liabilities and other non-current liabilities on the consolidated balance sheets. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. We have elected to exclude leases with original terms of 1 year or less from lease assets and liabilities, and we separate nonlease components, such as common area maintenance charges and utilities, from the associated lease component for real estate leases, based on their estimated fair values. As our lease agreements typically do not provide an implicit rate, we use our incremental borrowing rate, based on information available at the lease commencement date, in determining the present value of lease payments. Certain of our lease agreements include options to extend or terminate the lease. The lease term takes into account these options to extend or terminate the lease when it is reasonably certain that we will exercise the option. Intangibles – Intangible assets are stated at historical cost less accumulated amortization. Amortization expense is generally determined on the straight-line basis, with the exception of customer lists, which are generally amortized using accelerated methods that reflect the pattern in which we receive the economic benefit of the asset. Intangibles have been assigned useful lives ranging from 1 year to 15 years, with a weighted-average useful life of 6 years as of December 31, 2022. Each reporting period, we evaluate the remaining useful lives of our amortizable intangibles to determine whether events or circumstances warrant a revision to the remaining period of amortization. If our estimate of an asset's remaining useful life is revised, the remaining carrying amount of the asset is amortized prospectively over the revised remaining useful life. Any gains or losses resulting from the disposition of intangibles are included in SG&A expense on the consolidated statements of income. We capitalize costs of software developed or obtained for internal use, including website development costs, once the preliminary project stage has been completed, management commits to funding the project and it is probable that the project will be completed and the software will be used to perform the function intended. Capitalized costs include only (1) external direct costs of materials and services consumed in developing or obtaining internal-use software, (2) payroll and payroll-related costs for employees who are directly associated with and who devote time to the internal-use software project, and (3) interest costs incurred, when significant, while developing internal-use software. Costs incurred in populating websites with information about the company or products are expensed as incurred. Capitalization of costs ceases when the project is substantially complete and ready for its intended use. The carrying value of internal-use software is reviewed in accordance with our policy on impairment of long-lived assets and amortizable intangibles. We incur costs in connection with the development of certain software products that we sell to our customers. Costs for the development of software products to be sold are expensed as incurred until technological feasibility is established, at which time, such costs are capitalized until the product is available for general release to customers. Business combinations – We periodically complete business combinations that align with our business strategy. The identifiable assets acquired and liabilities assumed are recorded at their estimated fair values, and the results of operations of each acquired business are included in our consolidated statements of income from their acquisition dates. The purchase price for each acquisition is equivalent to the fair value of the consideration transferred, including any contingent consideration. Goodwill is recognized for the excess of the purchase price over the net fair value of the assets acquired and liabilities assumed. While we use our best estimates and assumptions in estimating the fair values of the assets acquired and liabilities assumed, our fair value estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to 1 year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Any adjustments required after the measurement period are recorded in the consolidated statements of income. Transaction costs related to acquisitions are expensed as incurred and are included in SG&A expense on the consolidated statements of income. Impairment of long-lived assets and amortizable intangibles – We evaluate the recoverability of property, plant, equipment and amortizable intangibles not held for sale whenever events or changes in circumstances indicate that an asset group's carrying amount may not be recoverable. Such circumstances could include, but are not limited to, (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used or in its physical condition, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of an asset. We compare the carrying amount of the asset group to the estimated undiscounted future cash flows associated with it. If the sum of the expected future net cash flows is less than the carrying value of the asset group being evaluated, an impairment loss is recognized. The impairment loss is calculated as the amount by which the carrying value of the asset group exceeds its estimated fair value. As quoted market prices are not available for the majority of our assets, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. During 2020, we recorded asset impairment charges related to certain intangible assets. Further information regarding these impairment charges can be found in Note 8. We evaluate the recoverability of property, plant, equipment and intangibles held for sale by comparing the asset group's carrying amount with its estimated fair value less costs to sell. If the estimated fair value less costs to sell is less than the carrying value of the asset group, an impairment loss is recognized. The impairment loss is calculated as the amount by which the carrying value of the asset group exceeds its estimated fair value less costs to sell. During 2020, we recorded asset impairment charges related to certain real estate and internal-use software assets held for sale. Further information regarding these impairment charges can be found in Note 8. The evaluation of asset impairment requires us to make assumptions about future cash flows over the life of the asset group being evaluated. These assumptions require judgment and actual results may differ from assumed and estimated amounts. Impairment of goodwill – We evaluate the carrying value of goodwill as of July 31 st of each year and between annual evaluations if events occur or circumstances change that would indicate a possible impairment. Such circumstances could include, but are not limited to, (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, (3) an adverse change in market conditions that is indicative of a decline in the fair value of the assets, (4) a change in our business strategy, or (5) an adverse action or assessment by a regulator. Information regarding the results of our goodwill impairment analyses can be found in Note 8. To analyze goodwill for impairment, we must assign our goodwill to individual reporting units. Identification of reporting units includes an analysis of the components that comprise each of our operating segments, which considers, among other things, the manner in which we operate our business and the availability of discrete financial information. Components of an operating segment are aggregated to form a reporting unit if the components have similar economic characteristics. We periodically review our reporting units to ensure that they continue to reflect the manner in which we operate our business. When completing our annual goodwill impairment analysis, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after this qualitative assessment, we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. When performing a quantitative analysis of goodwill, we calculate the estimated fair value of the reporting unit and compare this amount to the carrying amount of the reporting unit's net assets, including goodwill. We utilize a discounted cash flow model to calculate the estimated fair value of a reporting unit. This approach is a valuation technique under which we estimate future cash flows using the reporting unit's financial forecast from the perspective of an unrelated market participant. Using historical trending and internal forecasting techniques, we project revenue and apply our fixed and variable cost experience rates to the projected revenue to arrive at the future cash flows. A terminal value is then applied to the projected cash flow stream. Future estimated cash flows are discounted to their present value to calculate the estimated fair value. The discount rate used is the market-value-weighted average of our estimated cost of capital derived using both known and estimated customary market metrics. In determining the estimated fair values of our reporting units, we are required to estimate a number of factors, including revenue growth rates, terminal growth rates, direct costs, the discount rate and the allocation of shared and corporate items. When completing a quantitative analysis for all of our reporting units, the summation of our reporting units' fair values is compared to our consolidated fair value, as indicated by our market capitalization, to evaluate the reasonableness of our calculations. If the carrying amount of a reporting unit's net assets exceeds its estimated fair value, an impairment loss is recorded for the difference, not to exceed the carrying amount of goodwill. Assets held for sale – We record assets held for sale at the lower of their carrying value or estimated fair value less costs to sell. Assets are classified as held for sale on our consolidated balance sheets when all of the following conditions are met: (1) management has the authority and commits to a plan to sell the assets; (2) the assets are available for immediate sale in their present condition; (3) there is an active program to locate a buyer and the plan to sell the assets has been initiated; (4) the sale of the assets is probable within 1 year; (5) the assets are being actively marketed at a reasonable sales price relative to their current fair value; and (6) it is unlikely that the plan to sell will be withdrawn or that significant changes to the plan will be made. As of December 31, 2022, there were no disposal groups classified as held for sale in the consolidated balance sheet. Disposal groups classified as held for sale as of December 31, 2021 were not significant. Prepaid product discounts – Certain of our financial institution contracts require prepaid product discounts in the form of upfront cash payments or accruals for amounts owed to financial institution clients. These prepaid product discounts are included in other non-current assets on the consolidated balance sheets and are generally amortized as reductions of revenue on the straight-line basis over the contract term. These amounts are being amortized over periods of up to 14.5 years, with a weighted-average period of 4 years as of December 31, 2022. Whenever events or changes occur that impact the related contract, including significant declines in the anticipated profitability, we evaluate the carrying value of prepaid product discounts to determine if they are impaired. Should a financial institution cancel a contract prior to the agreement's termination date, or should the volume of orders realized through a financial institution fall below contractually-specified minimums, we generally have a contractual right to a refund of the remaining unamortized prepaid product discount. Loans and notes receivable from distributors – We have, at times, provided loans to certain of our Promotional Solutions distributors to allow them to purchase the operations of other small business distributors. We have also sold distributors and small business customer lists that we own in exchange for notes receivable. These loans and notes receivable are included in other current assets and other non-current assets on the consolidated balance sheets. Interest rates on these receivables generally range from 6% to 7% and reflect market interest rates at the time the transactions were executed. Interest is accrued as earned. Accrued interest included in loans and notes receivable was not significant as of December 31, 2022 or December 31, 2021. In determining the allowance for credit losses related to loans and notes receivable, we utilize a loss-rate analysis based on historical loss information, current delinquency rates, the credit quality of the loan recipients and the portfolio mix to determine an appropriate credit risk measurement, adjusted to reflect current loan-specific risk characteristics and changes in environmental conditions affecting our small business distributors. Changes in conditions that may affect our distributors include, but are not limited to, general economic conditions, changes in the markets for their products and services and changes in governmental regulations. In completing our analysis, we utilize a reversion methodology for periods beyond the reasonable and supportable forecast period, as many of our loans and notes receivable have longer terms. Allowances for impaired loans are generally determined based on collateral values or the present value of estimated cash flows. Further information regarding our allowance for credit losses can be found in Note 3. We generally withhold commissions payable to the distributors to settle the monthly payments due on the receivables, thus somewhat mitigating the risk that the receivables will not be collected. Our notes receivable also generally allow us to acquire a distributor's customer list in the case of default. As of December 31, 2022 and December 31, 2021, past due amounts and receivables placed on non-accrual status were not significant. The determination to place receivables on non-accrual status or to resume the accrual of interest is completed on a case-by-case basis, evaluating the specifics of each situation. Cloud computing arrangements – Implementation costs incurred in a hosting arrangement that is a service contract are recorded as non-current assets on the consolidated balance sheets. Implementation costs include activities such as integrating, configuring and customizing the related software. In evaluating whether our cloud computing arrangements include a software license, we consider whether we have the contractual right to take possession of the software at any time during the hosting period without significant penalty and whether it is feasible for us to either run the software on our own hardware or contract with another party unrelated to the vendor to host the software. If we determine that a cloud computing arrangement includes a software license, we account for the software license element of the arrangement consistent with the acquisition of other software licenses. If we determine that a cloud computing arrangement does not include a software license, we account for the implementation costs as non-current assets. In both cases, the remaining elements of the arrangement are accounted for as a service contract. The capitalized cloud computing implementation costs are amortized on the straight-line basis over the fixed, non-cancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. We apply the same impairment model to these assets as we use to evaluate internally-developed software for impairment. Advertising costs – We expense non-direct response advertising costs as incurred. Advertising costs qualifying for deferral were not significant to our consolidated financial statements. The total amount of advertising expense was $38,731 in 2022, $47,461 in 2021 and $50,308 in 2020. Litigation – We are party to legal actions and claims arising in the ordinary course of business. We record accruals for legal matters when the expected outcome of these matters is either known or considered probable and can be reasonably estimated. Our accruals do not include related legal and other costs expected to be incurred in defense of legal actions. These costs are expensed as incurred. Further information regarding litigation can be found in Note 15. Income taxes – We estimate our income tax provision based on the various jurisdictions where we conduct business. We estimate our current tax liability and record deferred income taxes resulting from temporary differences between the financial reporting basis of assets and liabilities and their respective tax reporting bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences reverse. Net deferred tax assets are recognized to the extent that realization of such benefits is more likely than not. To the extent that we believe realization is not likely, we establish a valuation allowance against the net deferred tax assets. We are subject to tax audits in numerous domestic and foreign tax jurisdictions. Tax audits are often complex and can require several years to complete. In the normal course of business, we are subject to challenges from the Internal Revenue Service and other tax authorities regarding the amount of taxes due. These challenges may alter the timing or amount of taxable income or deductions, or the allocation of income among tax jurisdictions. We recognize the benefits of tax return positions in the financial statements when they are more likely than not to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that, in our judgment, is greater than 50% likely to be realized. Accrued interest and penalties related to unrecognized tax positions is included in our provision for income taxes on the consolidated statements of income. Derivative financial instruments – We have outstanding interest rate swaps related to our variable-rate debt. Further Information regarding these derivative financial instruments can be found in Note 7. We do not use derivative financial instruments for speculative or trading purposes. Our policy is that all derivative transactions must be linked to an existing balance sheet item or firm commitment, and the notional amount cannot exceed the value of the exposure being hedged. We recognize all derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are recognized periodically either in income or in shareholders' equity as a component of accumulated other comprehensive loss, depending on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or a cash flow hedge and whether the hedge is effective. Generally, changes in the fair value of derivatives accounted for as fair value hedges are recorded in income along with the portion of the change in the fair value of the hedged items that relate to the hedged risk. Changes in the fair value of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are recorded in accumulated other comprehensive loss, net of tax. We classify the cash flows from derivative instruments that have been designated as fair value or cash flow hedges in the same category as the cash flows from the items being hedged. Changes in the fair value of derivatives not qualifying as hedges and the ineffective portion of hedges are included in net income. Revenue recognition – Product revenue is recognized when control of the goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. In most cases, control is transferred when products are shipped. We have elected to account for shipping and handling activities that occur after the customer has obtained control of the product as fulfillment activities and not as separate performance obligations. We recognize the vast majority of our service revenue as services are provided. The majority of our contracts are for the shipment of tangible products or the delivery of services that have a single performance obligation or include multiple performance obligations where control is transferred at the same time. Revenue is presented on the consolidated statements of income net of rebates, discounts, amortization of prepaid product discounts, and taxes collected concurrent with revenue-producing activities. Many of our check supply contracts with financial institutions provide for rebates on certain products. We record these rebates as reductions of revenue and as accrued liabilities on the consolidated balance sheets when the related revenue is recognized. Amounts billed to customers for shipping and handling are included in revenue, while the related shipping and handling costs are reflected in cost of products and are accrued when the related revenue is recognized. When another party is involved in providing goods or services to a customer, we must determi

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	Accounting Standards Not Yet Adopted Reference rate reform – In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The Standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No 2021-01, Reference Rate Reform (Topic 848): Scope , which clarified the scope and application of the original guidance. We are currently in the process of modifying our existing credit facility to utilize the Secured Overnight Financing Rate (SOFR) as the reference rate in the agreement, effective March 20, 2023. In accounting for this modification, we will be adopting the reference rate reform guidance on a prospective basis as allowed under the provisions of ASU No. 2022-06, Deferral of the Sunset Date of Topic 848. The adoption of these standards is not expected to have a material impact on our consolidated financial statements. ASU No. 2022-02 – In March 2022, the FASB issued ASU 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	12 Months Ended
	Dec. 31, 2022
Supplemental balance sheet and cash flow information [Abstract]
SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION	Trade accounts receivable – Net trade accounts receivable was comprised of the following at December 31: (in thousands) 2022 2021 Trade accounts receivable – gross $ 210,799 $ 202,077 Allowance for credit losses (4,182) (4,130) Trade accounts receivable – net (1) $ 206,617 $ 197,947 (1) Includes unbilled receivables of $43,902 as of December 31, 2022 and $47,420 as of December 31, 2021. Changes in the allowance for credit losses for the years ended December 31 were as follows: (in thousands) 2022 2021 2020 Balance, beginning of year $ 4,130 $ 6,428 $ 4,985 Bad debt expense 4,185 223 5,003 Write-offs and other (4,133) (2,521) (3,560) Balance, end of year $ 4,182 $ 4,130 $ 6,428 Inventories and supplies – Inventories and supplies were comprised of the following at December 31: (in thousands) 2022 2021 Raw materials $ 11,563 $ 5,316 Semi-finished goods 7,777 6,708 Finished goods 32,938 21,995 Supplies 6,389 6,041 Reserve for excess and obsolete items (6,400) (5,132) Inventories and supplies, net of reserves $ 52,267 $ 34,928 Changes in the reserve for excess and obsolete items for the years ended December 31 were as follows: (in thousands) 2022 2021 2020 Balance, beginning of year $ 5,132 $ 11,748 $ 6,600 Amounts charged to expense 2,940 3,513 6,713 Write-offs and sales (1,672) (10,129) (1,565) Balance, end of year $ 6,400 $ 5,132 $ 11,748 Available-for-sale debt securities – Available-for-sale debt securities were comprised of the following: December 31, 2022 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Cash equivalents: Domestic money market fund $ 5,000 $ — $ — $ 5,000 Funds held for customers: (1) Canadian and provincial government securities 9,190 — (1,064) 8,126 Available-for-sale debt securities $ 14,190 $ — $ (1,064) $ 13,126 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2022, also included cash of $294,165. 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 December 31, 2022 were as follows: (in thousands) Fair value Due in one year or less $ 7,673 Due in two to five years 2,162 Due in six to ten years 3,291 Available-for-sale debt securities $ 13,126 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 at December 31: (in thousands) 2022 2021 Conditional right to receive consideration $ 26,520 $ 22,780 Unconditional right to receive consideration (1) 12,241 7,613 Revenue in excess of billings $ 38,761 $ 30,393 (1) Represents revenues that are earned but not currently billable under the related contract terms. Property, plant and equipment – Property, plant and equipment was comprised of the following at December 31: 2022 2021 (in thousands) Gross carrying amount Accumulated depreciation Net carrying amount Gross carrying amount Accumulated depreciation Net carrying amount Machinery and equipment $ 378,468 $ (307,838) $ 70,630 $ 333,383 $ (276,914) $ 56,469 Buildings and improvements 111,916 (67,936) 43,980 118,219 (58,202) 60,017 Land and improvements 14,498 (4,214) 10,284 12,981 (3,501) 9,480 Property, plant and equipment $ 504,882 $ (379,988) $ 124,894 $ 464,583 $ (338,617) $ 125,966 Intangibles – Amortizable intangibles were comprised of the following at December 31: 2022 2021 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Internal-use software $ 529,306 $ (395,514) $ 133,792 $ 456,133 $ (342,656) $ 113,477 Customer lists/relationships 497,882 (312,986) 184,896 493,495 (255,178) 238,317 Technology-based intangibles 99,613 (47,478) 52,135 98,813 (38,553) 60,260 Partner relationships 74,682 (9,094) 65,588 73,095 (2,990) 70,105 Trade names 44,185 (26,510) 17,675 51,052 (31,277) 19,775 Software to be sold 36,900 (32,007) 4,893 36,900 (28,110) 8,790 Intangibles $ 1,282,568 $ (823,589) $ 458,979 $ 1,209,488 $ (698,764) $ 510,724 Amortization expense related to intangibles was as follows for the years ended December 31: (in thousands) 2022 2021 2020 Customer lists/relationships $ 70,712 $ 61,805 $ 41,377 Internal-use software 54,925 41,601 36,771 Technology-based intangibles 8,925 10,940 6,291 Partner relationships 6,104 2,990 — Software to be sold 3,897 4,226 4,227 Trade names 1,992 1,580 1,884 Amortization of intangibles $ 146,555 $ 123,142 $ 90,550 Based on the intangibles in service as of December 31, 2022, estimated amortization expense for each of the next five years ending December 31 is as follows: (in thousands) Estimated 2023 $ 131,216 2024 91,800 2025 62,150 2026 40,686 2027 32,413 We acquire internal-use software and certain partner relationships in the normal course of business. We also purchased customer lists, and we acquired other intangible assets in conjunction with an acquisition (Note 6). The following intangible assets were acquired during the years ended December 31: 2022 2021 2020 (in thousands) Amount Weighted-average amortization period (in years) Amount Weighted-average amortization period (in years) Amount Weighted-average amortization period (in years) Internal-use software $ 74,778 3 $ 75,918 3 $ 39,344 4 Customer lists/relationships (1) 18,267 6 149,642 8 45,470 7 Partner relationships 1,587 3 73,095 15 — — Technology-based intangibles — — 65,000 8 — — Trade names — — 21,000 10 — — Acquired intangibles $ 94,632 4 $ 384,655 8 $ 84,814 6 (1) We acquired customer lists that did not qualify as business combinations of $18,267 during 2022, $22,642 during 2021 and $45,470 during 2020. Goodwill – Changes in goodwill by reportable business segment and in total were as follows: (in thousands) Payments Data Solutions Promotional Solutions Checks Total Balance, December 31, 2020: Goodwill, gross $ 168,165 $ 432,984 $ 252,864 $ 434,812 $ 1,288,825 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges 168,165 40,816 59,165 434,812 702,958 Goodwill resulting from acquisition (Note 6) 727,173 — — — 727,173 Currency translation adjustment — — 10 — 10 Balance, December 31, 2021 $ 895,338 $ 40,816 $ 59,175 $ 434,812 $ 1,430,141 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 — — (99) — (99) Balance, December 31, 2022 $ 896,681 $ 40,816 $ 59,076 $ 434,812 $ 1,431,385 Balance, December 31, 2022: Goodwill, gross $ 896,681 $ 432,984 $ 252,775 $ 434,812 $ 2,017,252 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges $ 896,681 $ 40,816 $ 59,076 $ 434,812 $ 1,431,385 Other non-current assets – Other non-current assets were comprised of the following at December 31: (in thousands) 2022 2021 Postretirement benefit plan asset (Note 12) $ 79,343 $ 87,019 Cloud computing arrangement implementation costs 71,547 63,806 Prepaid product discounts 44,824 56,527 Deferred contract acquisition costs (1) 21,300 17,975 Loans and notes receivable from distributors, net of allowance for credit losses (2) 13,259 20,201 Other 30,081 33,935 Other non-current assets $ 260,354 $ 279,463 (1) Amortization of deferred contract acquisition costs was $8,206 for 2022, $4,975 for 2021 and $3,739 for 2020. (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 $961 as of December 31, 2022 and $1,317 as of December 31, 2021. Changes in prepaid product discounts were as follows for the years ended December 31: (in thousands) 2022 2021 2020 Balance, beginning of year $ 56,527 $ 50,602 $ 51,145 Additions (1) 23,014 37,882 30,346 Amortization (34,400) (31,784) (29,235) Other (317) (173) (1,654) Balance, end of year $ 44,824 $ 56,527 $ 50,602 (1) Prepaid product discounts are generally accrued upon contract execution. Cash payments made for prepaid product discounts were $30,603 for 2022, $40,920 for 2021 and $33,613 for 2020. Changes in the allowance for credit losses related to loans and notes receivable from distributors for the years ended December 31 were as follows: (in thousands) 2022 2021 2020 Balance, beginning of year $ 2,830 $ 3,995 $ 284 Adoption of ASU No. 2016-13 — — 4,749 Bad debt expense (benefit) 1,195 (1,165) 5,412 Exchange for customer lists (402) — (6,402) Write-offs (2,599) — (48) Balance, end of year $ 1,024 $ 2,830 $ 3,995 Bad debt expense for 2020 included loan-specific allowances primarily related to Promotional Solutions distributors that were underperforming. In calculating these reserves, we utilized various valuation techniques to determine the value of the underlying collateral. During the quarter ended September 30, 2020, these notes receivable were exchanged for the underlying collateral, which consisted of customer list intangible assets. We categorize loans and notes receivable into risk categories based on information about the ability of the 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 December 31, 2022. Write-offs of $2,599 for the year ended December 31, 2022 related to loans and notes receivable originated in 2019. Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2020 2019 2018 Prior Total Risk rating: 1-2 internal grade $ 1,142 $ 429 $ 4,128 $ 9,545 $ 15,244 3-4 internal grade — — — — — Loans and notes receivable $ 1,142 $ 429 $ 4,128 $ 9,545 $ 15,244 Accrued liabilities – Accrued liabilities were comprised of the following at December 31: (in thousands) 2022 2021 Deferred revenue (1) $ 47,012 $ 52,645 Employee cash bonuses, including sales incentives 57,398 45,006 Wages and payroll liabilities, including vacation 20,264 24,951 Operating lease liabilities (Note 14) 12,780 14,852 Customer rebates 12,153 9,036 Prepaid product discounts due within one year 4,179 11,866 Other 64,618 58,476 Accrued liabilities $ 218,404 $ 216,832 (1) Revenue recognized from amounts included in deferred revenue at the beginning of the period was $47,547 for 2022, $39,366 for 2021 and $42,108 for 2020. Supplemental cash flow information – Supplemental cash flow information was as follows for the years ended December 31: (in thousands) 2022 2021 2020 Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets: Cash and cash equivalents $ 40,435 $ 41,231 $ 123,122 Restricted cash and restricted cash equivalents included in funds held for customers 294,165 241,488 106,287 Non-current restricted cash included in other non-current assets 2,815 2,772 — Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 337,415 $ 285,491 $ 229,409 Interest paid $ 87,108 $ 46,621 $ 22,853 Income taxes paid 38,629 18,761 24,701 Non-cash investing activities: Non-cash consideration for customer list purchases (1) $ 5,096 $ 15,528 $ 21,439 Non-cash financing activities: Liabilities for holdback payments on asset purchases $ 8,609 $ 4,121 $ 12,949 Vesting of restricted stock unit awards 13,602 16,646 7,839 (1) Consists of pre-acquisition amounts owed to us by the sellers. Information regarding operating and finance leases executed in each period can be found in Note 14.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	The following table reflects the calculation of basic and diluted earnings per share. During each period, certain stock options, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. (in thousands, except per share amounts) 2022 2021 2020 Earnings per share – basic: Net income $ 65,530 $ 62,772 $ 5,335 Net income attributable to non-controlling interest (135) (139) (91) Net income attributable to Deluxe 65,395 62,633 5,244 Income allocated to participating securities (47) (46) (53) Income attributable to Deluxe available to common shareholders $ 65,348 $ 62,587 $ 5,191 Weighted-average shares outstanding 43,025 42,378 41,931 Earnings per share – basic $ 1.52 $ 1.48 $ 0.12 Earnings per share – diluted: Net income $ 65,530 $ 62,772 $ 5,335 Net income attributable to non-controlling interest (135) (139) (91) Net income attributable to Deluxe 65,395 62,633 5,244 Income allocated to participating securities (35) (26) (2) Remeasurement of share-based awards classified as liabilities (497) (438) (677) Income attributable to Deluxe available to common shareholders $ 64,863 $ 62,169 $ 4,565 Weighted-average shares outstanding 43,025 42,378 41,931 Dilutive impact of potential common shares 285 449 211 Weighted-average shares and potential common shares outstanding 43,310 42,827 42,142 Earnings per share – diluted $ 1.50 $ 1.45 $ 0.11 Antidilutive options excluded from calculation 1,732 2,179 2,060

OTHER COMPREHENSIVE (LOSS) INCO

OTHER COMPREHENSIVE (LOSS) INCOME	12 Months Ended
	Dec. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
OTHER COMPREHENSIVE (LOSS) 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 income (in thousands) 2022 2021 2020 Amortization of postretirement benefit plan items: Prior service credit $ 1,421 $ 1,421 $ 1,421 Other income Net actuarial loss (900) (1,629) (2,301) Other income Total amortization 521 (208) (880) Other income Tax (expense) benefit (315) (123) 46 Income tax provision Amortization of postretirement benefit plan items, net of tax 206 (331) (834) Net income Debt securities: Realized (loss) gain on debt securities (8) — 206 Service revenue Tax benefit (expense) 2 — (53) Income tax provision Realized (loss) gain on debt securities, net of tax (6) — 153 Net income Cash flow hedges: Realized gain (loss) on cash flow hedges 20 (1,384) (968) Interest expense Tax (expense) benefit (5) 361 249 Income tax provision Realized gain (loss) on cash flow hedges, net of tax 15 (1,023) (719) Net income Foreign currency translation adjustment (1) (5,550) — — Gain on sale of businesses and facility Total reclassifications, net of tax $ (5,335) $ (1,354) $ (1,400) (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 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on debt securities Net unrealized loss on cash flow hedges Foreign currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2019 $ (28,406) $ (275) $ (1,097) $ (18,169) $ (47,947) Other comprehensive income (loss) before reclassifications 5,616 338 (4,973) 4,133 5,114 Amounts reclassified from accumulated other comprehensive loss 834 (153) 719 — 1,400 Net other comprehensive income (loss) 6,450 185 (4,254) 4,133 6,514 Balance, December 31, 2020 (21,956) (90) (5,351) (14,036) (41,433) Other comprehensive income (loss) before reclassifications 6,194 (254) 2,067 580 8,587 Amounts reclassified from accumulated other comprehensive loss 331 — 1,023 — 1,354 Net other comprehensive income (loss) 6,525 (254) 3,090 580 9,941 Balance, December 31, 2021 (15,431) (344) (2,261) (13,456) (31,492) Other comprehensive (loss) income before reclassifications (11,235) (571) 4,869 (4,170) (11,107) Amounts reclassified from accumulated other comprehensive loss (206) 6 (15) 5,550 5,335 Net other comprehensive (loss) income (11,441) (565) 4,854 1,380 (5,772) Balance, December 31, 2022 $ (26,872) $ (909) $ 2,593 $ (12,076) $ (37,264)

ACQUISITION AND DIVESTITURES

ACQUISITION AND DIVESTITURES	12 Months Ended
	Dec. 31, 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) in a cash transaction for $958,514, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired. First American is a large-scale payments technology company that provides partners and merchants with comprehensive in-store, online and mobile payment solutions. The transaction was funded by our revolving credit facility and additional debt we issued in June 2021 (Note 13). The acquisition resulted in non-deductible goodwill as First American provides an end-to-end payments technology platform, which provides significant leverage to accelerate organic growth. Transaction costs related to the acquisition totaled $18,913 in 2021. The goodwill and results of operations of First American from the date of acquisition are included in the Payments segment. Information regarding goodwill by reportable business segment and the useful lives of acquired intangibles can be found in Note 3. Information regarding the calculation of the estimated fair values of the acquired intangibles can be found in Note 8. The acquisition was accounted for as a business combination and the allocation of the purchase price to the assets acquired and liabilities assumed was finalized during the quarter ended June 30, 2022. We recorded measurement period adjustments during 2022 that increased deferred income tax liabilities by $1,343, with the offset to goodwill. These measurement period adjustments did not have a significant impact on the 2022 consolidated statement of income. The following illustrates the final allocation of the purchase price, to the assets acquired and liabilities assumed: (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) Payment for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired of $15,841 $ 958,514 Operating results for First American for the years ended December 31 were as follows: (in thousands) 2022 2021 Revenue $ 347,709 $ 194,976 Net income attributable to Deluxe 5,794 1,806 The above results for the year ended December 31, 2022 include restructuring and integration costs of $5,452 in 2022. Pro forma financial information (unaudited) – During the first quarter of 2022, we corrected errors in the previously reported unaudited 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 included for the pre-acquisition periods, as well as errors in the adjustments related to the amortization of intangibles, interest expense on the acquisition financing, and transaction costs. For the year ended December 31, 2021, these corrections decreased pro forma revenue by $26,335 and increased pro forma net income attributable to Deluxe by $10,138. For the year ended December 31, 2020, the corrections decreased pro forma revenue by $3,027 and increased net loss attributable to Deluxe by $9,082. The following unaudited pro forma financial information summarizes our consolidated results of operations for the years ended December 31 as though the acquisition occurred on January 1, 2020: (in thousands) 2021 2020 Revenue $ 2,156,313 $ 2,079,103 Net income (loss) attributable to Deluxe 74,843 (54,489) The unaudited pro forma financial information was prepared in accordance with the accounting policies described in Note 1. The pro forma information includes adjustments to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from January 1, 2020. The pro forma information also includes adjustments to reflect the additional interest expense on the debt we issued to fund the acquisition (Note 13), 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. 2022 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 Data Solutions segment of $23,766 during 2021. During 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 the assets of our Promotional Solutions strategic sourcing business, and in August 2022, we sold the assets of our Promotional Solutions retail packaging business. These businesses generated annual revenue of approximately $29,000 during 2021. Neither the gain on these sales nor the assets and liabilities sold were significant to our consolidated financial statements. 2023 divestiture – In January 2023, we entered into an agreement for the sale of our North American web hosting and logo businesses for an aggregate sales price of $42,000, plus up to $10,000 of additional proceeds contingent upon performance against certain conditions following the closing. We anticipate that the sale will close by March 31, 2023 and that we will recognize a gain on the sale. These businesses generated annual revenue of approximately $66,000 during 2022, primarily in our Data Solutions segment. We believe that these divestitures 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 2022. The sale was a result of our continued real estate rationalization process.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	As part of our interest rate risk management strategy, we have entered into interest rate swaps, which we designated as cash flow hedges, to mitigate variability in interest payments on a portion of our variable-rate debt (Note 13). Information regarding our cash flow hedges was as follows: December 31, 2022 December 31, 2021 (in thousands) Notional amount Interest Rate Maturity Balance Sheet Location Fair Value Fair Value July 2019 $ 200,000 1.798 % March 2023 Other current assets $ 1,184 $ — Other non-current liabilities — (3,028) September 2022 interest rate swap: 300,000 3.895 % September 2025 Other non-current assets 2,409 — In January 2023, we executed a $200,000 interest rate swap that will take effect in March 2023, expires in March 2026 and carries a fixed rate of 3.91%. This agreement will replace the existing interest rate swap that matures in March 2023 and has also been designated as a cash flow hedge. Changes in the fair values of the interest rate swaps are recorded in accumulated other comprehensive loss on the consolidated balance sheets and are subsequently reclassified into interest expense as interest payments are made on the variable-rate debt. The fair values of the derivatives are calculated based on the applicable reference rate curve on the date of measurement. The cash flow hedges were fully effective as of December 31, 2022 and December 31, 2021, and their 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 next 12 months will not be significant.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	Goodwill impairment analyses We evaluate the carrying value of goodwill as of July 31 of each year and between annual evaluations if events occur or circumstances change that could indicate a possible impairment. Our policy on impairment of goodwill, which is included in Note 1, explains our methodology for assessing goodwill impairment. 2022 annual goodwill impairment analyses – In completing the 2022 annual impairment analysis of goodwill as of July 31, 2022, we elected to perform qualitative analyses for all of our reporting units, with the exception of our Data Analytics reporting unit. These qualitative analyses evaluated factors, including, but not limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. We also considered the most recent quantitative analyses completed in prior periods. In completing these assessments, we noted no changes in events or circumstances that indicated that it was more likely than not that the fair value of any reporting unit was less than its carrying amount. The quantitative analysis of our Data Analytics reporting unit indicated that the estimated fair value of this reporting unit exceeded its carrying value by approximately $46,000, or by 39% above the carrying value of its net assets. As such, no goodwill impairment charges were recorded as a result of our 2022 annual impairment analysis. 2021 annual goodwill impairment analyses – In completing the 2021 annual impairment analysis of goodwill as of July 31, 2021, we elected to perform qualitative analyses for all of our reporting units. These qualitative analyses evaluated factors, including, but not limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. We also considered the most recent quantitative analyses completed in prior periods. In completing these assessments, we noted no changes in events or circumstances that indicated that it was more likely than not that the fair value of any reporting unit was less than its carrying amount. As such, no goodwill impairment charges were recorded as a result of our 2021 annual impairment analysis. Second quarter 2021 realignment of reporting units – As a result of changes in our financial management reporting process during the second quarter of 2021, we concluded that a realignment of our reporting units was required. These changes did not require a revision to our reportable business segments. We analyzed goodwill for impairment immediately prior to this realignment by performing qualitative analyses for the reporting units with goodwill. The qualitative analyses evaluated factors, including, but not limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. We also considered the last quantitative analyses we completed. In completing these assessments, we noted no changes in events or circumstances that indicated that it was more likely than not that the fair value of any reporting unit was less than its carrying amount. The realignment of our reporting units, effective April 1, 2021, did not change the reporting units within our Data Solutions or Checks segments. Within our Payments segment, the number of reporting units increased from 1 to 4, and within our Promotional Solutions segment, the number of reporting units increased from 1 to 2. Upon completing the realignment, we reallocated the carrying value of goodwill to our new reporting units based on their relative fair values. Immediately subsequent to the realignment, we completed qualitative analyses for the reporting units that changed and to which goodwill was assigned. We determined that it was appropriate to perform qualitative assessments, given that our analysis indicated that the change in reporting units did not mask or prevent an impairment that existed at the time of the change. In completing the qualitative assessments, we noted no changes in events or circumstances that indicated that it was more likely than not that the fair value of any reporting unit was less than its carrying amount. As such, no goodwill impairment charges were recorded as a result of these analyses. 2020 annual goodwill impairment analyses – In completing the 2020 annual impairment analysis of goodwill as of July 31, 2020, we elected to perform qualitative analyses for 2 of our reporting units: Payments and Checks. These qualitative analyses evaluated factors, including, but not limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. We also considered the most recent quantitative analyses we completed, which indicated that the estimated fair values of these reporting units exceeded their carrying values by approximately $490,000 and $954,000, or by 189% and 180% above the carrying values of their net assets. In completing these assessments, we noted no changes in events or circumstances that indicated that it was more likely than not that the fair value of either reporting unit was less than its carrying amount. We elected to perform quantitative analyses for our other 2 reporting units: Data Analytics and Promotional Solutions. These quantitative analyses indicated that the estimated fair values of these reporting units exceeded their carrying values by approximately $100,000 and $210,000, or by 63% and 132% above the carrying values of their net assets. As such, no goodwill impairment charges were recorded as a result of our 2020 annual impairment analysis. First quarter 2020 goodwill impairment analyses – Effective January 1, 2020, we reorganized our reportable business segments to align with structural and management reporting changes in support of our growth strategy. As a result, we reassessed our previously determined reporting units and concluded that a realignment of our reporting units was required. We analyzed goodwill for impairment immediately prior to this realignment by performing qualitative analyses for the reporting units that changed, with the exception of our Direct-to-Consumer reporting unit, which is now part of our Checks reportable business segment. The qualitative analyses evaluated factors, including, but not limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. We also considered the last quantitative analyses we completed. In completing these assessments, we noted no changes in events or circumstances that indicated that it was more likely than not that the fair value of any reporting unit was less than its carrying amount. The quantitative analysis of our Direct-to-Consumer reporting unit indicated that its fair value exceeded its carrying value by approximately $35,000, or 26%, as of January 1, 2020. In completing the realignment of our reporting units, we reallocated the carrying value of goodwill to our new reporting units based on their relative fair values. Immediately subsequent to the realignment, we completed quantitative analyses for the reporting units that changed as a result of the realignment. These quantitative analyses, as of January 1, 2020, indicated that the estimated fair values of our reporting units exceeded their carrying values by approximate amounts between $37,000 and $954,000, or by amounts between 121% and 189% above the carrying values of their net assets. In March 2020, the World Health Organization classified the COVID-19 outbreak as a pandemic. Following the pandemic designation, we observed a decline in the market value of our common shares and we determined that the global response to the pandemic negatively impacted our estimates of expected future cash flows. After our consideration of economic, market and industry conditions, cost factors, the overall financial performance of our reporting units and the last quantitative analyses we completed, we concluded that a triggering event had occurred for 2 of our reporting units. As such, we completed quantitative goodwill impairment analyses for our Promotional Solutions and Data Solutions Web Hosting reporting units as of March 31, 2020. Our analyses indicated that the goodwill of our Promotional Solutions reporting unit was partially impaired and the goodwill of our Data Solutions Web Hosting reporting unit was fully impaired. We recorded goodwill impairment charges of $67,132 and $4,317, respectively, during the quarter ended March 31, 2020. The impairment charges were measured as the amount by which the reporting units' carrying values exceeded their estimated fair values, limited to the carrying amount of goodwill. After the impairment charges, $59,009 of goodwill remained in the Promotional Solutions reporting unit as of the measurement date. Other non-recurring asset impairment analyses We evaluate the recoverability of property, plant, equipment and amortizable intangibles not held for sale whenever events or changes in circumstances indicate that an asset group's carrying amount may not be recoverable. Our policy on impairment of long-lived assets and amortizable intangibles, which is included in Note 1, explains our methodology for assessing impairment of these assets. Assets held for sale are recorded at the lower of their carrying value or estimated fair value less costs to sell. 2020 impairment analyses – As a result of the impacts of the COVID-19 pandemic, we assessed for impairment certain long-lived assets of our Data Solutions Web Hosting reporting unit as of March 31, 2020. As a result of these assessments, we recorded asset impairment charges of $17,678 related to customer list, software and trade name intangible assets. With the exception of certain internal-use software assets, we determined that the assets were fully impaired. We utilized the discounted value of estimated future cash flows to estimate the fair value of the asset group. In our analysis, we assumed a revenue decline of 31% and a gross margin decline of 5.2 points for 2020, as well as a discount rate of 9%. During the first quarter of 2020, we assessed for impairment the carrying value of an asset group related to a small business distributor that we had previously purchased. Our assessment was the result of customer attrition during the quarter that impacted our projections of future cash flows. Based on our estimate of future cash flows, we determined that the asset group was partially impaired as of February 29, 2020, and we recorded an asset impairment charge of $2,752, reducing the carrying value of the related customer list intangible asset. During the third quarter of 2020, as customer attrition continued, we again assessed this asset group for impairment and recorded an additional asset impairment charge of $2,356, bringing the total impairment charge to $5,108 in 2020. In calculating the estimated fair value of the asset group as of September 30, 2020, we assumed no revenue growth, a 1.0 point improvement in gross margin and a discount rate of 11%. Also during 2020, we recorded asset impairment charges of $7,514 related primarily to the rationalization of our real estate footprint, as well as internal-use software held for sale as of December 31, 2019. These assets were written down to their estimated fair values less costs to sell. The sale of the related real estate assets was completed during the quarter ended September 30, 2020 and the sale of the internal-use software was completed on December 31, 2020. No asset impairment charges were recorded during 2022 or 2021. Information regarding the impairment analyses completed during 2020 are as follows: Fair value measurements using Fair value as of Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Impairment charge (in thousands) (Level 1) (Level 2) (Level 3) 2020 analyses: Intangible assets (Data Solutions Web Hosting reporting unit) (1) $ 2,172 $ — $ — $ 2,172 $ 17,678 Small business distributor 4,479 — — 4,479 5,108 Other assets 11,210 — — 11,210 7,514 Goodwill 71,449 Total $ 101,749 (1) The impairment charge consisted of $8,397 related to customer lists, $6,932 related to internal-use software and $2,349 related to other intangible assets. Business combinations For all acquisitions, we are required to measure the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Information regarding our 2021 acquisition can be found in Note 6 and information regarding the useful lives of acquired intangibles can be found in Note 3. The identifiable net assets acquired during 2021 were comprised primarily of intangible assets, accounts receivable and operating lease assets and liabilities. The fair value of the customer relationship intangibles acquired during 2021, as well as the partner relationship intangibles, was estimated using the multi-period excess earnings method. This valuation model estimates revenues and cash flows derived from the asset and then deducts portions of the cash flow that can be attributed to supporting assets, such as a trade name or fixed assets, that contributed to the generation of the cash flows. The resulting cash flow, which is attributable solely to the customer relationship or partner relationship asset, is then discounted at a rate of return commensurate with the risk of the asset to calculate a present value. Key assumptions used in all these calculations included same-customer revenue, merchant and partner growth rates; estimated earnings; estimated customer and partner retention rates, based on the acquirees' historical information; and the discount rate. The estimated fair values of the acquired trade names and technology-based intangibles were estimated using the relief from royalty method, which calculates the cost savings associated with owning rather than licensing the assets. Assumed royalty rates were applied to projected revenue for the estimated remaining useful lives of the assets to estimate the royalty savings. Royalty rates are selected based on the attributes of the asset, including its recognition and reputation in the industry, and in the case of trade names, with consideration of the specific profitability of the products sold under a trade name and supporting assets. The estimated fair value of the acquired accounts receivable approximated the gross contractual amounts receivable and we expect to collect all acquired receivables. The fair value of the acquired operating lease liabilities was estimated as if the leases were new. As such, we reassessed the lease term, the discount rate and the lease payments. The fair value of the related operating lease assets was measured at the same amount as the lease liability, adjusted to reflect favorable or unfavorable terms of the leases as compared to market terms. Recurring fair value measurements Funds held for customers and cash and cash equivalents included available-for-sale debt securities (Note 3). These securities included a mutual fund investment that invests in Canadian and provincial government securities, an investment in a Canadian guaranteed investment certificate (GIC) with an original maturity of 2 years, and a domestic money market fund. 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, which matured during 2022, approximated its fair value, based on estimates using current market rates offered for deposits with similar remaining maturities.The cost of the money market fund held at December 31, 2022, which is traded in an active market, approximated its fair value because of the short-term nature of the investment. 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 income and were not significant during the past 3 years. Information regarding the fair values of our financial instruments was as follows: Fair value measurements using Balance sheet location December 31, 2022 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Carrying value Fair value Measured at fair value through comprehensive income: Available-for-sale debt securities Cash and cash equivalents $ 5,000 $ 5,000 $ 5,000 $ — $ — Available-for-sale debt securities Funds held for customers 8,126 8,126 — 8,126 — Derivative assets (Note 7) Other current and non-current assets 3,593 3,593 — 3,593 — Amortized cost: Cash Cash and cash equivalents 35,435 35,435 35,435 — — Cash Funds held for customers 294,165 294,165 294,165 — — Cash Other non-current assets 2,815 2,815 2,815 — — Loans and notes receivable from distributors Other current and non-current assets 14,220 13,315 — — 13,315 Long-term debt Current portion of long-term debt and long-term debt 1,644,276 1,574,417 — 1,574,417 — Fair value measurements using Balance sheet location December 31, 2021 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) 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	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND INTEGRATION EXPENSE	Restructuring and integration expense consists of costs related to the consolidation and migration of certain applications and processes, including our financial and sales management systems. It also includes costs related to the integration of acquired businesses into our systems and processes. These costs primarily consist 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 focus on our growth strategy and to increase our efficiency. Restructuring and integration expense is not allocated to our reportable business segments. Restructuring and integration expense is reflected on the consolidated statements of income as follows for the years ended December 31: (in thousands) 2022 2021 2020 Total cost of revenue $ 607 $ 4,197 $ 3,465 Operating expenses 62,529 54,750 75,874 Restructuring and integration expense $ 63,136 $ 58,947 $ 79,339 Restructuring and integration expense was comprised of the following for the years ended December 31: (in thousands) 2022 2021 2020 External consulting fees $ 32,067 $ 26,676 $ 44,096 Employee severance benefits 12,829 9,076 17,628 Internal labor 7,989 7,948 7,568 Other 10,251 15,247 10,047 Restructuring and integration expense $ 63,136 $ 58,947 $ 79,339 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, as well as the related severance payments, are expected to be completed by mid-2023, utilizing cash from operations. Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2019 $ 3,459 Charges 19,025 Reversals (1,397) Payments (14,289) Balance, December 31, 2020 6,798 Charges 10,897 Reversals (1,821) Payments (10,202) Balance, December 31, 2021 5,672 Charges 13,782 Reversals (953) Payments (9,973) Balance, December 31, 2022 $ 8,528 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	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAX PROVISION	Income before income taxes was comprised of the following for the years ended December 31: (in thousands) 2022 2021 2020 U.S. $ 51,640 $ 62,361 $ 7,130 Foreign 32,738 31,442 19,673 Income before income taxes $ 84,378 $ 93,803 $ 26,803 The components of the income tax provision were as follows for the years ended December 31: (in thousands) 2022 2021 2020 Current tax provision: Federal $ 27,789 $ (61) $ 17,643 State 8,507 2,389 4,502 Foreign 11,081 10,945 4,779 Total current tax provision 47,377 13,273 26,924 Deferred tax provision: Federal (21,368) 15,889 (4,480) State (5,710) 1,958 (1,232) Foreign (1,451) (89) 256 Total deferred tax provision (28,529) 17,758 (5,456) Income tax provision $ 18,848 $ 31,031 $ 21,468 The effective tax rate on pretax income reconciles to the U.S. federal statutory tax rate for the years ended December 31 as follows: 2022 2021 2020 Income tax at federal statutory rate 21.0 % 21.0 % 21.0 % Goodwill impairment charges (Note 8) — — 46.8 % Change in valuation allowances 7.2 % 0.1 % 0.9 % Tax impact of share-based compensation 3.2 % 0.9 % 8.5 % State income tax expense, net of federal income tax benefit 2.7 % 2.4 % 2.1 % Tax on repatriation of foreign earnings 2.2 % 4.9 % — Non-deductible executive compensation 2.2 % 1.7 % 2.2 % Foreign tax rate differences 1.9 % 1.7 % 4.3 % Change in unrecognized tax benefits, including interest and penalties 0.2 % (0.6 %) (3.3 %) Non-deductible acquisition costs 0.1 % 1.5 % — Sale of business (Note 6) (15.8 %) — — Return to provision adjustments (1.9 %) — (2.6 %) Research and development tax credit (1.2 %) (0.9 %) (3.7 %) Payables and receivables for prior year tax returns (0.3 %) 0.2 % 3.2 % Non-taxable income from employee life insurance policies (0.3 %) (0.3 %) (1.1 %) Other 1.1 % 0.5 % 1.8 % Effective tax rate 22.3 % 33.1 % 80.1 % In May 2022, we completed the sale of our Australian web hosting business (Note 6), and we recognized a capital loss on the transaction for tax purposes. We recorded a valuation allowance for the portion of this capital loss carryover that we do not currently expect to realize. During the fourth quarter of 2022, we identified and recorded an out-of-period correcting adjustment related to the income tax provision recorded on this sale in the second quarter of 2022. The income tax provision and accrued income taxes were overstated by $5,900 in the second quarter of 2022, and the income tax provision was understated by the same amount in the fourth quarter. There was no impact to the full year 2022 income tax provision, and this adjustment was not material to our results of operations for the periods ended June 30, 2022, September 30, 2022 or December 31, 2022. During 2022, we repatriated current year foreign earnings of $25,526 held in cash by our Canadian subsidiaries. The associated tax expense of $1,818 was included in the income tax provision for the year ended December 31, 2022. We believe the accumulated and remaining cash of our Canadian subsidiaries is sufficient to meet their working capital needs. The historical unremitted Canadian earnings as of December 31, 2021, as well as the accumulated and future unremitted earnings of our European subsidiaries, will continue to be reinvested indefinitely in the operations of those subsidiaries. Deferred income taxes have not been recognized on these earnings as of December 31, 2022. If we were to repatriate our foreign cash and cash equivalents into the U.S. at one time, the tax effects would generally be limited to foreign withholding taxes on any such distribution. As of December 31, 2022, the amount of cash and cash equivalents held by our foreign subsidiaries was $33,615, primarily in Canada. During the fourth quarter of 2021, we repatriated accumulated foreign earnings of $85,285 held in cash by our Canadian subsidiaries. We decided to complete the repatriation due, in part, to changes in Canadian law announced during 2021 and the reorganization of our capital structure in June 2021 in conjunction with the First American acquisition (Note 6). The associated tax expense of $4,555 was included in the income tax provision for the fourth quarter of 2021. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued interest and penalties and the federal benefit of deductible state income tax, was as follows: (in thousands) 2022 2021 2020 Balance, beginning of year $ 2,551 $ 3,361 $ 4,169 Additions for tax positions of current year 250 169 237 Additions for tax positions of prior years 270 8 30 Reductions for tax positions of prior years (45) (673) (414) Lapse of statutes of limitations (391) (314) (661) Balance, end of year $ 2,635 $ 2,551 $ 3,361 If the unrecognized tax benefits as of December 31, 2022 were recognized in the consolidated financial statements, income tax expense would decrease $2,635. Accruals for interest and penalties, excluding the tax benefits of deductible interest, were $731 as of December 31, 2022 and $635 as of December 31, 2021. Our income tax provision included expense for interest and penalties of $97 in 2022 and $84 in 2021 and included a reduction for interest and penalties of $384 in 2020. We believe that it is reasonably possible that a decrease of up to $1,500 in unrecognized tax benefits related to state tax exposures may be necessary within the next 12 months, with the majority related to the lapse of statutes of limitations. We believe it is reasonably possible that an increase of up to $2,000 in unrecognized tax benefits may be necessary within the next 12 months, related to legislative and regulatory changes in certain state and local jurisdictions. Due to the nature of the underlying liabilities and the extended time frame often needed to resolve income tax uncertainties, we cannot provide reliable estimates of the amount or timing of cash payments that may be required to settle these liabilities. The statute of limitations for federal tax assessments for 2018 and prior years has expired. Our 2019 through 2021 returns and our 2022 return, when filed, are subject to IRS examination. In general, income tax returns for the years 2019 through 2022 remain subject to examination by foreign, state and city tax jurisdictions. In the event that we have determined not to file income tax returns with a particular state or city, all years remain subject to examination by the tax jurisdiction. The ultimate outcome of tax matters may differ from our estimates and assumptions. Unfavorable settlement of any particular issue would require the use of cash and could result in increased income tax expense. Favorable resolution would result in reduced income tax expense. Tax-effected temporary differences that gave rise to deferred tax assets and liabilities as of December 31 were as follows: 2022 2021 (in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Goodwill $ — $ 30,848 $ — $ 21,190 Intangible assets — 16,901 — 37,170 Cloud computing arrangements — 13,969 — 16,646 Employee benefit plans — 11,009 — 10,093 Revenue recognition — 7,312 — 5,496 Prepaid assets — 5,474 — 4,844 Operating leases 16,681 12,387 18,388 14,996 Net operating loss, tax credit and capital loss carryforwards 16,720 — 8,083 — Deductible interest carryforward 16,403 — 8,352 — Reserves and accruals 6,935 — 7,320 — Payroll tax deferral under the CARES Act — — 2,175 — Property, plant and equipment 3,139 — 1,347 — Inventories 2,018 — 1,661 — All other 2,946 2,500 3,780 2,619 Total deferred taxes 64,842 100,400 51,106 113,054 Valuation allowances (7,996) — (10,993) — Net deferred taxes $ 56,846 $ 100,400 $ 40,113 $ 113,054 The valuation allowances as of December 31, 2022 and December 31, 2021 related primarily to capital loss carryforwards in the U.S and Canada and net operating loss carryforwards in various state jurisdictions that we do not currently expect to fully realize. In addition, as of December 31, 2021, the valuation allowances also related to deferred tax assets of our Australian operations. Changes in our valuation allowances for the years ended December 31 were as follows: (in thousands) 2022 2021 2020 Balance, beginning of year $ (10,993) $ (11,453) $ (10,349) Expense from change in allowances (6,086) (65) (244) Sale of business (Note 6) 8,745 — — Foreign currency translation 338 525 (860) Balance, end of year $ (7,996) $ (10,993) $ (11,453) As of December 31, 2022, we had the following net operating loss, deductible interest, capital loss and tax credit carryforwards: • state net operating loss carryforwards and tax credit carryforwards of $118,646 that expire at various dates between 2023 and 2050; • federal deductible interest carryforwards of $61,696 that do not expire; • federal capital loss carryforwards of $34,112 that expire in 2027; and • foreign capital loss carryforwards of $4,688 that do not expire.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
SHARE-BASED COMPENSATION PLANS	Our employee share-based compensation plans consist of our employee stock purchase plan and our long-term incentive plan. Effective April 27, 2022, our shareholders approved the Deluxe Corporation 2022 Stock Incentive Plan, simultaneously terminating our previous plan. Under the current plan, 1.5 million shares of common stock plus any shares released as a result of the forfeiture or termination of awards issued under our prior plan are reserved for issuance, with 2.0 million shares remaining available for issuance as of December 31, 2022. Under our current and previous plans, we have granted non-qualified stock options, restricted stock units, restricted shares and performance share unit awards. Our current plan also allows for the issuance of stock appreciation rights, none of which have been granted as of December 31, 2022. Our policy regarding the recognition of compensation expense for employee share-based awards can be found in Note 1. The following amounts were recognized in our consolidated statements of income for share-based compensation awards for the years ended December 31: (in thousands) 2022 2021 2020 Restricted shares and restricted stock units $ 16,632 $ 20,407 $ 15,066 Performance share unit awards 3,840 4,338 2,590 Stock options 2,665 4,187 3,689 Employee stock purchase plan 539 545 479 Total share-based compensation expense $ 23,676 $ 29,477 $ 21,824 Income tax benefit $ (6,853) $ (7,714) $ (5,779) As of December 31, 2022, the total compensation expense for unvested awards not yet recognized in our consolidated statements of income was $27,221, net of the effect of estimated forfeitures. This amount is expected to be recognized over a weighted-average period of 2.2 years. Non-qualified stock options – All options allow for the purchase of shares of common stock at prices equal to the stock's market value at the date of grant. Options become exercisable beginning 1 year after the grant date, with one-fourth vesting each year over 4 years. Options granted under the current plan may be exercised up to 10 years following the grant date. Awards granted prior to 2019 have a 7 year life. Beginning 1 year after the grant date, in the case of qualified retirement, death or disability, options vest immediately and the period over which the options can be exercised is shortened. Beginning 1 year after the grant date, in the case of involuntary termination without cause, a pro-rata portion of the options vest immediately and the period over which the options can be exercised is shortened. Employees forfeit unvested options when they voluntarily terminate their employment with the company, and they have up to 3 months to exercise vested options before they are canceled. In the case of involuntary termination with cause, the entire unexercised portion of the award is canceled. All options may vest immediately upon a change of control, as defined in the award agreement. No stock options were granted during 2022. The weighted-average grant-date fair value of options granted was $11.57 per option for 2021 and $6.39 per option for 2020. The following weighted-average assumptions were used in the Black-Scholes option pricing model to determine the fair value of these stock option grants: 2021 2020 Risk-free interest rate 0.7 % 1.3 % Dividend yield 2.9 % 3.2 % Expected volatility 42.0 % 25.8 % Weighted-average option life (in years) 4.8 5.4 The risk-free interest rate for periods within the expected option life is based on the U.S. Treasury yield curve in effect at the grant date. The dividend yield is estimated over the expected life of the option based on historical dividends paid. Expected volatility is based on the historical volatility of our stock over the most recent historical period equivalent to the expected life of the option. The expected option life is the average length of time over which we expect the employee groups will exercise their options, based on historical experience with similar grants. Each option is convertible into 1 share of common stock upon exercise. Information regarding options issued under the current and all previous plans was as follows: Number of options (in thousands) Weighted-average exercise price per option Aggregate intrinsic value (in thousands) Weighted-average remaining contractual term (in years) Outstanding, December 31, 2019 1,347 $ 53.92 Granted 1,030 38.13 Exercised (12) 38.80 Forfeited or expired (231) 54.87 Outstanding, December 31, 2020 2,134 46.28 Granted 440 41.50 Exercised (31) 27.56 Forfeited or expired (357) 44.87 Outstanding, December 31, 2021 2,186 45.81 Forfeited or expired (454) 49.78 Outstanding, December 31, 2022 1,732 44.77 $ — 6.0 Exercisable at December 31, 2020 654 $ 57.68 Exercisable at December 31, 2021 1,015 51.48 Exercisable at December 31, 2022 1,144 46.98 $ — 5.2 The intrinsic value of a stock award is the amount by which the fair value of the underlying stock exceeds the exercise price of the award. The total intrinsic value of options exercised was $510 for 2021 and $118 for 2020. Restricted stock units – We grant restricted stock unit awards to all North American employees and during 2021 and 2020, we paid a portion of employee bonuses in restricted stock units. We also grant certain other restricted stock unit awards under our long-term incentive plan. These awards generally vest over periods of 3 years or 4 years. Additionally, certain management employees have the option to receive a portion of their bonus payment in the form of restricted stock units. When employees elect this payment method, we provide an additional matching amount of restricted stock units equal to 50% of the restricted stock units earned under the bonus plan. These awards vest 2 years from the date of grant. In the case of qualified retirement, death, disability or change of control, the awards vest immediately. In the case of involuntary termination without cause or voluntary termination, employees receive a cash payment for the units earned under the bonus plan, but forfeit the company-provided matching amount. We made cash payments of $123 during 2022 , $64 during 2021 and $58 during 2020 to settle share-based liabilities. In addition to awards granted to employees, non-employee members of our board of directors can elect to receive all or a portion of their fees in the form of restricted stock units. Directors are issued shares in exchange for the units upon the earlier of the tenth anniversary of February 1 st of the year following the year in which the non-employee director ceases to serve on the board or such other objectively determinable date pre-elected by the director. Each restricted stock unit is convertible into 1 share of common stock upon completion of the vesting period. Information regarding our restricted stock units was as follows: Number of units (in thousands) Weighted-average grant date fair value per unit Weighted-average remaining vesting period (in years) Outstanding at December 31, 2019 664 $ 44.35 Granted 628 37.25 Vested (282) 45.18 Forfeited (83) 40.44 Outstanding at December 31, 2020 927 39.68 Granted 642 42.90 Vested (425) 40.50 Forfeited (112) 39.78 Outstanding at December 31, 2021 1,032 41.37 Granted 770 30.52 Vested (475) 42.00 Forfeited (282) 37.96 Outstanding at December 31, 2022 1,045 34.10 2.9 Of the awards outstanding at December 31, 2022, 45 thousand restricted stock units with a value of $766 were included in accrued liabilities and other non-current liabilities on the consolidated balance sheet. As of December 31, 2022, these units had a fair value of $16.98 per unit and a weighted-average remaining contractual term of 10 months. The value of restricted stock units that vested was $13,602 for 2022, $16,646 for 2021 and $7,839 for 2020. Restricted shares – For restricted share awards granted to employees under our current long-term incentive plan, in most cases one-fourth of the shares vested each year over 4 years. No restricted share awards were granted during 2022 or 2021, and no restricted share awards were outstanding as of December 31, 2021 or December 31, 2022. Information regarding unvested restricted shares was as follows: Number of shares (in thousands) Weighted-average grant date fair value per share Unvested at December 31, 2019 26 $ 71.61 Vested (16) 72.79 Forfeited (2) 61.43 Unvested at December 31, 2020 8 71.02 Vested (8) 71.02 Unvested at December 31, 2021 — — The total fair value of restricted shares that vested was $332 for 2021 and $600 for 2020. Performance share unit awards – Our performance share unit awards have a 3 year vesting period. Shares will be issued at the end of the vesting period if performance targets relating to revenue and total shareholder return are achieved. If employment is terminated for any reason prior to the 1 year anniversary of the commencement of the performance period, the award is forfeited. On or after the 1 year anniversary of the commencement of the performance period, a pro-rata portion of the shares awarded at the end of the performance period is issued in the case of qualified retirement, death, disability, involuntary termination without cause or resignation for good reason, as defined in the agreement. The following weighted-average assumptions were used in the Monte Carlo simulation model in determining the fair value of market-based performance share units granted: 2022 2021 2020 Risk-free interest rate 1.8 % 0.3 % 1.4 % Dividend yield 3.7 % 4.4 % 2.4 % Expected volatility 54.9 % 55.6 % 28.6 % The risk-free interest rate for periods within the expected award life is based on the U.S. Treasury yield curve in effect at the grant date. The dividend yield is estimated over the expected life of the award based on historical dividends paid. Expected volatility is based on the historical volatility of our stock over the expected life of the award. Information regarding unvested performance share units was as follows: Performance share units (in thousands) Weighted-average grant date fair value per unit Weighted-average remaining contractual term (in years) Unvested at December 31, 2019 252 $ 57.64 Granted (1) 127 36.06 Vested (61) 71.03 Forfeited (23) 62.18 Unvested at December 31, 2020 295 45.20 Granted (1) 208 32.46 Forfeited (68) 67.77 Unvested at December 31, 2021 435 35.56 Granted (1) 203 37.47 Vested (93) 44.69 Forfeited (119) 39.08 Adjustment for performance results achieved (2) 35 44.69 Unvested at December 31, 2022 461 34.35 1.1 (1) Reflects awards granted assuming achievement of performance goals at target. (2) Reflects the difference between the awards earned at the end of the performance period and the target number of shares. Employee stock purchase plan –

POSTRETIREMENT BENEFITS

POSTRETIREMENT BENEFITS	12 Months Ended
	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
POSTRETIREMENT BENEFITS	We have historically provided certain health care benefits for a large number of retired U.S. employees. Employees hired prior to January 1, 2002 become eligible for benefits if they attain the appropriate years of service and age prior to retirement. Employees hired on January 1, 2002 or later are not eligible to participate in the plan. In addition to our retiree health care plan, we also have a U.S. supplemental executive retirement plan (SERP). The SERP is no longer an active plan. It is not adding new participants and all of the current participants are retired. The SERP has no plan assets, but our obligation is fully funded by investments in company-owned life insurance policies. Obligations and funded status – Changes in our benefit obligation, plan assets and funded status for the years ended December 31 were as follows: (in thousands) Postretirement benefit plan Pension plan (1) Change in benefit obligation: Benefit obligation, December 31, 2020 $ 68,164 $ 3,343 Interest cost 929 39 Net actuarial (gain) loss (5,721) 2 Benefits paid from plan assets and company funds (5,591) (324) Benefit obligation, December 31, 2021 57,781 3,060 Interest cost 1,069 52 Net actuarial gain (13,839) (414) Benefits paid from plan assets and company funds (5,302) (324) Benefit obligation, December 31, 2022 $ 39,709 $ 2,374 Change in plan assets: Fair value of plan assets, December 31, 2020 $ 139,372 $ — Return on plan assets 10,159 — Benefits paid (4,731) — Fair value of plan assets, December 31, 2021 144,800 — Loss on plan assets (22,116) — Benefits paid (3,632) — Fair value of plan assets, December 31, 2022 $ 119,052 $ — Funded status, December 31, 2021 $ 87,019 $ (3,060) Funded status, December 31, 2022 $ 79,343 $ (2,374) (1) The accumulated benefit obligation equals the projected benefit obligation. The funded status of our plans was recognized on the consolidated balance sheets as of December 31 as follows: Postretirement benefit plan Pension plan (in thousands) 2022 2021 2022 2021 Other non-current assets $ 79,343 $ 87,019 $ — $ — Accrued liabilities — — 324 324 Other non-current liabilities — — 2,050 2,736 Amounts included in accumulated other comprehensive loss as of December 31 that have not been recognized as components of postretirement benefit income were as follows: (in thousands) 2022 2021 Unrecognized prior service credit $ 8,493 $ 9,914 Unrecognized net actuarial loss (39,871) (25,445) Tax effect 4,506 100 Amount recognized in accumulated other comprehensive loss, net of tax $ (26,872) $ (15,431) The unrecognized prior service credit relates to our postretirement benefit plan and is a result of previous plan amendments that reduced the accumulated postretirement benefit obligation. A reduction is first used to reduce any existing unrecognized prior service cost, then to reduce any remaining unrecognized transition obligation. The excess is the unrecognized prior service credit. The prior service credit is amortized on the straight-line basis over the remaining life expectancy of plan participants at the time of each plan amendment. Unrecognized net actuarial gains and losses result from experience different from that assumed and from changes in assumptions. The net actuarial gain recognized during 2022 was primarily due to the increase in the discount rate used to discount the benefit obligation and a reduction in the number of plan participants. The net actuarial gain recognized during 2021 was primarily due to the increase in the discount rate used to discount the benefit obligation, as well as favorable claims experience. Unrecognized actuarial gains and losses for our postretirement benefit plan are amortized over the average remaining life expectancy of inactive plan participants, as a large percentage of the plan participants are classified as inactive. This amortization period is currently 12.4 years. Postretirement benefit income – Postretirement benefit income for the years ended December 31 consisted of the following components: (in thousands) 2022 2021 2020 Interest cost $ 1,121 $ 968 $ 1,911 Expected return on plan assets (7,462) (7,498) (7,619) Amortization of prior service credit (1,421) (1,421) (1,421) Amortization of net actuarial losses 900 1,629 2,301 Net periodic benefit income $ (6,862) $ (6,322) $ (4,828) Actuarial assumptions – In measuring the benefit obligations as of December 31, the following discount rate assumptions were used: Postretirement benefit plan Pension plan 2022 2021 2022 2021 Discount rate 5.09 % 2.61 % 5.00 % 2.26 % In measuring net periodic benefit income for the years ended December 31, the following assumptions were used: Postretirement benefit plan Pension plan 2022 2021 2020 2022 2021 2020 Discount rate 2.61 % 2.16 % 3.03 % 2.26 % 1.74 % 2.76 % Expected return on plan assets 5.25 % 5.50 % 6.00 % — — — The discount rate assumption is based on the rates of return on high-quality, fixed-income instruments currently available whose cash flows approximate the timing and amount of expected benefit payments. In determining the expected long-term rate of return on plan assets, we utilize our historical returns and then adjust these returns for estimated inflation and projected market returns. Our inflation assumption is primarily based on analysis of historical inflation data. In measuring the benefit obligation as of December 31 for our postretirement benefit plan, the following assumptions for health care cost trend rates were used. These rates are utilized to determine our periodic benefit income for the following year. 2022 2021 2020 Participants under age 65 Participants age 65 and older Participants under age 65 Participants age 65 and older Participants under age 65 Participants age 65 and older Health care cost trend rate assumed for next year 6.6 % 7.3 % 6.9 % 7.6 % 7.2 % 8.0 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2030 2030 2030 2030 2030 2030 Plan assets – The allocation of plan assets by asset category as of December 31 was as follows: Postretirement benefit plan 2022 2021 U.S. corporate debt securities 55 % 19 % International equity securities 20 % 20 % U.S. large capitalization equity securities 17 % 17 % Mortgage-backed securities 5 % 41 % U.S. small and mid-capitalization equity securities 3 % 3 % Total 100 % 100 % Our postretirement benefit plan has assets that are intended to meet long-term obligations. In order to meet these obligations, we employ a total return investment approach that considers cash flow needs and balances long-term projected returns against expected asset risk, as measured using projected standard deviations. Risk tolerance is established through consideration of projected plan liabilities, the plan's funded status, projected liquidity needs and our financial condition. The target asset allocation percentages for our postretirement benefit plan are based on our liability and asset projections. The targeted allocation of plan assets is 60% fixed income securities, 20% international equity securities, 17% large capitalization equity securities and 3% small and mid-capitalization equity securities. Information regarding fair value measurements of plan assets was as follows as of December 31, 2022: Fair value measurements using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Investments measured at net asset value Fair value as of December 31, 2022 (in thousands) (Level 1) (Level 2) (Level 3) U.S. corporate debt securities $ — $ 65,700 $ — $ — $ 65,700 International equity securities — 23,835 — — 23,835 U.S. large capitalization equity securities — 20,496 — — 20,496 Mortgage-backed securities — 5,959 — — 5,959 U.S. small and mid-capitalization equity securities — 3,062 — — 3,062 Plan assets $ — $ 119,052 $ — $ — $ 119,052 Information regarding fair value measurements of plan assets was as follows as of December 31, 2021: Fair value measurements using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Investments measured at net asset value Fair value as of December 31, 2021 (in thousands) (Level 1) (Level 2) (Level 3) Mortgage-backed securities $ (94) $ 58,893 $ — $ — $ 58,799 International equity securities 285 28,708 — — 28,993 U.S. corporate debt securities 22 27,836 — — 27,858 U.S. large capitalization equity securities (15) 25,410 — — 25,395 U.S. small and mid-capitalization equity securities 26 3,729 — — 3,755 Plan assets $ 224 $ 144,576 $ — $ — $ 144,800 The Level 2 investments relate to investment funds that publish daily net asset value ("NAV") per unit. The daily NAV is available to participants in the funds and redemptions can be made daily at the current NAV. The fair value and units are determined and published, and are the basis for current transactions. The investments are not eligible for the NAV practical expedient. However, they are measured at the published NAV because the quoted NAV per unit represents the price at which the investment would be sold in a transaction between independent market participants. Our policy is to recognize transfers between fair value levels as of the end of the reporting period in which the transfer occurred. Cash flows – We made no contributions to plan assets during the past 3 years. We have fully funded the SERP obligation with investments in company-owned life insurance policies. The cash surrender value of these policies is included in long-term investments on the consolidated balance sheets and totaled $7,429 as of December 31, 2022 and $7,370 as of December 31, 2021. The following benefit payments are expected to be paid during the years indicated: (in thousands) Postretirement benefit plan Pension plan 2023 $ 5,187 $ 320 2024 4,779 300 2025 4,324 290 2026 3,904 270 2027 3,592 250 2028 - 2032 14,462 980 401(k) plan – We maintain a 401(k) plan to provide retirement benefits for certain employees. The plan covers a majority of full-time employees, as well as some part-time employees. Employees generally become eligible to participate in the plan after completing 30 days of service. 401(k) contributions are made by both employees and Deluxe. Employees may contribute up to 50% of eligible wages, subject to IRS limitations and the terms and conditions of the plan. For the majority of employees, we typically match 100% of the first 1% of wages contributed and 50% of the next 5% of wages contributed, beginning after 30 days of employment. Effective April 1, 2020, we suspended the company matching contribution to maintain liquidity during the COVID-19 pandemic..The company match was reinstated on January 1, 2022. Expense recognized for the 401(k) plan matching contribution was $3,095 for 2022, $763 for 2021 and $2,823 for 2020. The expense recognized during 2021 related to First American, which was acquired on June 1, 2021 (Note 6). All employee and employer contributions are remitted to the plan's trustee. Benefits provided by the plan are paid from accumulated funds of the trust. Employees are provided a broad range of investment options to choose from when investing their 401(k) plan funds. Investing in our common stock is not one of these options, although funds selected by employees may at times hold our common stock.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT	Debt outstanding was comprised of the following at December 31: (in thousands) 2022 2021 Senior, secured term loan facility $ 987,375 $ 1,072,125 Senior, unsecured notes 475,000 500,000 Amounts drawn on senior, secured revolving credit facility 197,000 130,000 Total principal amount 1,659,375 1,702,125 Less: unamortized discount and debt issuance costs (15,099) (19,176) Total debt, net of discount and debt issuance costs 1,644,276 1,682,949 Less: current portion of long-term debt, net of debt issuance costs (71,748) (57,197) Long-term debt $ 1,572,528 $ 1,625,752 Maturities of long-term debt were as follows as of December 31, 2022: (in thousands) Debt obligations 2023 $ 72,188 2024 86,625 2025 101,062 2026 924,500 2027 — Thereafter 475,000 Total principal amount $ 1,659,375 Credit facility – In June 2021, we executed a senior, unsecured 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 on the credit facility at a fluctuating rate of interest determined by reference to the eurodollar rate (derived from LIBOR) plus an applicable margin ranging from 1.5% to 2.5%, depending on our consolidated total leverage ratio, as defined in the credit agreement. We are currently in the process of modifying our existing credit facility to utilize SOFR, replacing LIBOR as the reference rate in the agreement, effective March 20, 2023. Subsequent to this modification, interest will be payable based on SOFR plus an applicable margin. A commitment fee is payable on the unused portion of the revolving credit facility at a rate ranging from 0.25% to 0.35%, depending on our consolidated total leverage ratio. Amounts outstanding under our credit facilities had a weighted-average interest rate of 6.07% as of December 31, 2022 and 2.67% as of December 31, 2021, including the impact of interest rate swaps that effectively convert $500,000 of our variable-rate debt to fixed rate debt. Further information regarding the interest rate swaps can be found in Note 7. Borrowings under the credit facility are collateralized by substantially all of the present and future tangible and intangible personal property held by us and our subsidiaries that have guaranteed our obligations under the credit facility, subject to certain exceptions. The credit agreement contains customary covenants regarding limits on levels of indebtedness, liens, mergers, certain asset dispositions, changes in business, advances, investments, loans and restricted payments. The covenants are subject to a number of limitations and exceptions set forth in the credit agreement. The credit agreement also includes requirements regarding our consolidated total leverage ratio and our consolidated secured leverage ratio, as defined in the credit agreement. These ratios may not equal or exceed the following amounts during the periods indicated: Fiscal Quarter Ending Consolidated total leverage ratio Consolidated secured leverage ratio March 31, 2023 4.75 to 1:00 3.75 to 1:00 June 30, 2023 through March 31, 2024 4.50 to 1:00 3.50 to 1:00 June 30, 2024 and each fiscal quarter thereafter 4.25 to 1:00 3.50 to 1:00 In addition, we must maintain a minimum interest coverage ratio of at least 3.00 to 1.00 throughout the remaining term of the credit facility. Failure to 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 were unable to settle the amounts outstanding. We were in compliance with all debt covenants as of December 31, 2022. The credit agreement contains customary representations and warranties and as a condition to borrowing, requires that all such representations and warranties be true and correct in all material respects on the date of each borrowing, including representations as to no material adverse change in our business, assets, operations or financial condition. If our consolidated total leverage ratio exceeds 2.75 to 1.00, the aggregate annual amount of permitted dividends and share repurchases is limited to $60,000. Daily average amounts outstanding under our current and previous credit facility were as follows for the years ended December 31: (in thousands) 2022 2021 2020 Daily average amount outstanding $ 1,191,517 $ 1,109,819 $ 1,016,896 Weighted-average interest rate 4.04 % 2.43 % 2.12 % As of December 31, 2022, amounts were available for borrowing under our revolving credit facility as follows: (in thousands) Total available Revolving credit facility commitment $ 500,000 Amount drawn on revolving credit facility (197,000) Outstanding letters of credit (1) (7,823) Net available for borrowing as of December 31, 2022 $ 295,177 (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 – In June 2021, we issued $500,000 of 8.0% senior, unsecured notes that mature in June 2029. The notes were issued via a private placement under Rule 144A of the Securities Act of 1933. Proceeds from the offering, net of discount and offering costs, were $490,741, resulting in an effective interest rate of 8.3%. The net proceeds from the notes were used to fund the acquisition of First American in June 2021 (Note 6). Interest payments are due each June and December. During the quarter ended September 30, 2022, we settled $25,000 of these notes via open market purchases. We realized a pretax gain of $1,726 on these debt retirements that is included in interest expense in the consolidated statement of income. The indenture governing the notes contains covenants that limit our ability and the ability of our restricted subsidiaries to, among other things, incur additional indebtedness and liens, issue redeemable stock and preferred stock, pay dividends and distributions, make loans and investments and consolidate or merge or sell all or substantially all of our assets.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
LEASES	We have entered into operating leases for the majority of our facilities. These real estate leases have remaining terms of up to 9 years, with a weighted-average remaining term of 5.1 years as of December 31, 2022. We utilize leases for these facilities to limit our exposure to risks related to ownership, such as fluctuations in real estate prices, and to maintain flexibility in our real estate utilization. We have also entered into operating leases for certain equipment, primarily production printers and data center equipment. Certain of our leases include options to extend the lease term. The impact of renewal periods was not significant to the amounts recorded for operating lease assets and liabilities. We have also entered into finance leases for our corporate headquarters and for certain information technology hardware. Leases were reflected on the consolidated balance sheets as follows at December 31: (in thousands) 2022 2021 Operating leases: Operating lease assets $ 47,132 $ 58,236 Accrued liabilities $ 12,780 $ 14,852 Operating lease liabilities 48,925 56,444 Total operating lease liabilities $ 61,705 $ 71,296 Weighted-average remaining lease term (in years) 5.1 5.6 Weighted-average discount rate 5.2 % 4.7 % Finance leases: Property, plant and equipment, gross $ 33,060 $ 33,359 Accumulated depreciation (8,630) (7,076) Property, plant and equipment, net $ 24,430 $ 26,283 Accrued liabilities $ 1,050 $ 531 Other non-current liabilities 27,287 27,406 Total finance lease liabilities $ 28,337 $ 27,937 Weighted-average remaining lease term (in years) 14.6 15.6 Weighted-average discount rate 6.0 % 6.0 % The components of lease expense for the years ended December 31 were as follows: (in thousands) 2022 2021 2020 Operating lease expense $ 20,480 $ 17,485 $ 20,928 Finance lease expense: Amortization of right-of-use assets $ 1,853 $ 1,283 $ 751 Interest on lease liabilities 1,697 829 20 Total finance lease expense $ 3,550 $ 2,112 $ 771 Supplemental cash flow information related to leases for the years ended December 31 was as follows: (in thousands) 2022 2021 2020 Lease assets obtained in exchange for lease obligations: Operating leases (1) $ 6,294 $ 38,630 $ 11,000 Finance leases (2) — 26,941 — Cash paid for amounts included in lease obligations: Operating cash flows from operating leases (3) $ 19,015 $ 8,444 $ 19,026 Operating cash flows from finance leases 1,697 8 20 Financing cash flows from finance leases 1,290 421 735 (1) Operating lease assets obtained during 2021 included $24,396 acquired in conjunction with the acquisition of First American in June 2021 (Note 6). (2) Finance lease assets obtained during 2021 consisted of a lease on our corporate headquarters located in Minnesota that commenced in July 2021. (3) Cash paid for operating leases during 2021 was reduced by lease incentives received of $9,410. Maturities of lease liabilities were as follows at December 31, 2022: (in thousands) Operating lease obligations Finance 2023 $ 15,190 $ 2,709 2024 14,826 2,743 2025 12,203 2,777 2026 11,257 2,812 2027 8,110 2,847 Thereafter 9,645 29,032 Total lease payments 71,231 42,920 Less lease incentive receivable (867) — Less imputed interest (8,659) (14,583) Present value of lease payments $ 61,705 $ 28,337

OTHER COMMITMENTS AND CONTINGEN

OTHER COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
OTHER COMMITMENTS AND CONTINGENCIES	Indemnifications – In the normal course of business, we periodically enter into agreements that incorporate general indemnification language. These indemnification provisions generally encompass third-party claims arising from our products and services, including, without limitation, service failures, breach of security, intellectual property rights, governmental regulations and/or employment-related matters. Performance under these indemnities would generally be triggered by our breach of the terms of the contract. In disposing of assets or businesses, we often provide representations, warranties and/or indemnities to cover various risks including, for example, unknown damage to the assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities and legal matters related to periods prior to disposition. We do not have the ability to estimate the potential liability from such indemnities because they relate to unknown conditions. However, we do not believe that any liability under these indemnities would have a material adverse effect on our financial position, annual results of operations or annual cash flows. We have recorded liabilities for known indemnifications related to environmental matters. These liabilities were not significant as of December 31, 2022 or December 31, 2021. First American indemnification – Pursuant to the First American acquisition agreement, we are entitled to limited indemnification for certain expenses and losses, if any, that may be incurred after the consummation of the transaction that arise out of certain matters, including a Federal Trade Commission ("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 will be 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. The parties subsequently entered into an amended Order. 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 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 $9,661 as of December 31, 2022 and $7,401 as of December 31, 2021. These accruals are included in accrued liabilities and other non-current liabilities on the consolidated balance sheets. Our workers' compensation liability is recorded at present value. The difference between the discounted and undiscounted liability was not significant as of December 31, 2022 or December 31, 2021. Our self-insurance liabilities are estimated, in part, by considering historical claims experience, demographic factors and other actuarial assumptions. The estimated accruals for these liabilities could be significantly affected if future events and claims differ from these assumptions and historical trends. Litigation – Recorded liabilities for legal matters, as well as related charges recorded in each of the past 3 years, 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 for the period in which the ruling occurs or in future periods.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	In October 2018, our board of directors authorized the repurchase of up to $500,000 of our common stock. This authorization has no expiration date. We suspended share repurchases in March 2020 to maintain liquidity during the COVID-19 pandemic, and we have not purchased any shares since that time. During the first quarter of 2020, we repurchased 499 thousand shares for $14,000 under this authorization. As of December 31, 2022, $287,452 remained available for repurchase. During the second quarter of 2021, we issued 294 thousand shares to employees of First American in conjunction with the acquisition (Note 6), providing cash proceeds of $13,000 during the quarter.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	We operate 4 reportable business segments, generally organized by product type. In conjunction with the anticipated sale of our North American web hosting and logo businesses in 2023, we changed the name of our Cloud Solutions segment to Data Solutions. Information regarding this pending sale can be found in Note 6. Our segments are 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. • Data 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 and promotional apparel. • Checks – This segment includes printed business and personal checks. The accounting policies of the segments are the same as those described in Note 1. 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, Data 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). No single customer accounted for more than 10% of consolidated revenue during the past 3 years. 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, net income attributable to non-controlling interest, income tax expense and certain other amounts, which include, when applicable: asset impairment charges; restructuring and integration costs; CEO transition 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. Our segment information for the years ended December 31 was as follows: (in thousands) 2022 2021 2020 Payments: Revenue $ 678,580 $ 510,359 $ 301,901 Adjusted EBITDA 144,605 105,576 68,117 Data Solutions: Revenue 267,525 262,310 252,773 Adjusted EBITDA 68,214 70,172 61,580 Promotional Solutions: Revenue 562,917 546,473 529,649 Adjusted EBITDA 79,549 85,384 66,620 Checks: Revenue 728,988 703,055 706,458 Adjusted EBITDA 320,498 324,224 341,705 Total segments: Revenue $ 2,238,010 $ 2,022,197 $ 1,790,781 Adjusted EBITDA 612,866 585,356 538,022 The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes: (in thousands) 2022 2021 2020 Total segment adjusted EBITDA $ 612,866 $ 585,356 $ 538,022 Corporate operations (194,736) (177,591) (173,480) Depreciation and amortization (172,552) (148,767) (110,792) Interest expense (94,454) (55,554) (23,140) Net income attributable to non-controlling interest 135 139 91 Asset impairment charges — — (101,749) Restructuring and integration costs (63,136) (58,947) (80,665) CEO transition costs — — 30 Share-based compensation expense (23,676) (29,477) (21,824) Acquisition transaction costs (130) (18,913) (8) Certain legal-related benefit (expense) 730 (2,443) 2,164 Gain (loss) on sale of businesses and facility 19,331 — (1,846) Income before income taxes $ 84,378 $ 93,803 $ 26,803 The following tables present revenue disaggregated by our product and service offerings: Year Ended December 31, 2022 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 728,988 $ 728,988 Merchant services and other payment solutions 437,395 — — — 437,395 Forms and other products — — 289,920 — 289,920 Marketing and promotional solutions — — 272,997 — 272,997 Treasury management solutions 241,185 — — — 241,185 Data-driven marketing solutions — 177,598 — — 177,598 Web and hosted solutions — 89,927 — — 89,927 Total revenue $ 678,580 $ 267,525 $ 562,917 $ 728,988 $ 2,238,010 Year Ended December 31, 2021 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 703,055 $ 703,055 Merchant services and other payment solutions 276,118 — — — 276,118 Forms and other products — — 296,993 — 296,993 Marketing and promotional solutions — — 249,480 — 249,480 Treasury management solutions 234,241 — — — 234,241 Data-driven marketing solutions — 150,772 — — 150,772 Web and hosted solutions — 111,538 — — 111,538 Total revenue $ 510,359 $ 262,310 $ 546,473 $ 703,055 $ 2,022,197 Year Ended December 31, 2020 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 706,458 $ 706,458 Merchant services and other payment solutions 75,796 — — — 75,796 Forms and other products — — 316,245 — 316,245 Marketing and promotional solutions — — 213,404 — 213,404 Treasury management solutions 226,105 — — — 226,105 Data-driven marketing solutions — 119,155 — — 119,155 Web and hosted solutions — 133,618 — — 133,618 Total revenue $ 301,901 $ 252,773 $ 529,649 $ 706,458 $ 1,790,781 The following table presents revenue disaggregated by geography, based on where items are shipped or services are performed. Substantially all of our long-lived assets reside in the U.S. Long-lived assets of our foreign subsidiaries are located primarily in Canada and are not significant to our consolidated financial position. (in thousands) Payments Data Promotional Solutions Checks Consolidated Year ended December 31, 2022: U.S. $ 634,945 $ 248,227 $ 537,643 $ 700,170 $ 2,120,985 Foreign, primarily Canada 43,635 19,298 25,274 28,818 117,025 Total revenue $ 678,580 $ 267,525 $ 562,917 $ 728,988 $ 2,238,010 Year ended December 31, 2021: U.S. $ 469,102 $ 227,091 $ 522,966 $ 678,229 $ 1,897,388 Foreign, primarily Canada and Australia 41,257 35,219 23,507 24,826 124,809 Total revenue $ 510,359 $ 262,310 $ 546,473 $ 703,055 $ 2,022,197 Year ended December 31, 2020: U.S. $ 266,920 $ 220,699 $ 506,240 $ 684,328 $ 1,678,187 Foreign, primarily Canada and Australia 34,981 32,074 23,409 22,130 112,594 Total revenue $ 301,901 $ 252,773 $ 529,649 $ 706,458 $ 1,790,781

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Nature of operations	Nature of operations – We help enterprises, small businesses and financial institutions deepen customer relationships through trusted, technology-enabled solutions, including marketing services and data analytics, treasury management solutions, merchant services, promotional products and fraud solutions, as well as customized checks and forms. We are also a leading provider of checks and accessories sold directly to consumers.
Consolidation	Consolidation – The consolidated financial statements include the accounts of Deluxe Corporation and its wholly-owned subsidiaries. All intercompany accounts, transactions and profits have been eliminated. On April 1, 2020, we executed an agreement to form MedPayExchange LLC (MPX), doing business as Medical Payment Exchange, which delivers payments to healthcare providers from insurance companies and other payers. This entity is a variable interest entity (VIE), as defined in Accounting Standards Codification (ASC) Topic 810, Consolidation . As we are the primary beneficiary of the VIE, we are required to consolidate MPX in our consolidated financial statements. Our partner's interest in MPX is reported as non-controlling interest in the consolidated balance sheets within equity, separate from our equity. Net income and comprehensive income are attributed to us and the non-controlling interest. The amounts attributable to the non-controlling interest were not significant to our consolidated financial statements.
Comparability	Comparability – The consolidated statement of income and the consolidated statement of cash flows for the year ended December 31, 2020 has been modified to conform to the current year presentation. Loss on sale of businesses and facility is presented separately in each of these statements. Previously, this amount was included in selling, general and administrative (SG&A) expense in the consolidated statement of income and in other non-cash items, net, within cash flows from operating activities in the consolidated statement of cash flows. In addition, the consolidated statements of cash flows for the years ended December 31, 2021 and 2020 have been modified to include employee taxes paid for shares withheld in other within cash flows from financing activities. Previously, these amounts were presented separately.
Use of estimates	Use of estimates – We have prepared the accompanying consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP). In this process, it is necessary for us to make certain estimates and assumptions affecting the amounts reported in the consolidated financial statements and related notes. We base our estimates on historical experience and on various other factors and assumptions that we believe are reasonable under the circumstances, including the estimated impact of extraordinary events, such as the coronavirus (COVID-19) pandemic, the results of which form the basis for making judgments about the carrying values of our assets, liabilities, revenues and expenses and the related disclosure of contingent assets and liabilities. Actual results may differ significantly from our estimates and assumptions.
Foreign currency translation	Foreign currency translation –
Cash and cash equivalents	Cash and cash equivalents –
Trade accounts receivable	Trade accounts receivable – Trade accounts receivable are initially recorded at the invoiced amount upon the sale of goods or services to customers, and also include amounts due for products shipped and services rendered, but for which invoices have not yet been issued due to timing. Our trade accounts receivable are not interest-bearing. They are stated net of allowance for credit losses, a valuation account that is deducted from an asset's amortized cost basis to present the net amount expected to be collected. Amounts are charged off against the allowance when we believe the uncollectibility of an account is confirmed. The point at which uncollected accounts are written off varies by type of customer, but generally does not exceed 1 year from the due date of the receivable. In calculating the allowances, we utilize a combination of aging schedules with reserve rates applied to both current and aged receivables and roll-rate reserves using historical loss rates and changes in current or projected conditions. Changes in the allowance for credit losses are included in SG&A expense on the consolidated statements of income. Further information regarding our allowance for credit losses can be found in Note 3.
Inventories and supplies	Inventories and supplies – Inventories are stated at the lower of cost or net realizable value. Cost is calculated using moving average and standard costs, which approximates the first-in, first-out basis. We periodically review our inventory quantities and record a provision for excess and/or obsolete inventory based on our historical usage and forecasts of future demand. It is possible that additional reserves above those already established may be required if there is a significant change in the timing or level of demand for our products compared to forecasted amounts. This would require a change in the reserve for excess or obsolete inventory, resulting in a charge to net income during the period of the change. Charges for inventory write-downs are included in cost of revenue on the consolidated statements of income. Once written down, inventories are carried at this lower cost basis until sold or scrapped. Supplies consist of items not used directly in the production of goods, such as maintenance and other supplies utilized in the production area.
Funds held for customers	Funds held for customers – Our payroll services business collects funds from clients to pay their payroll and related taxes. We hold these funds temporarily until payments are remitted to the clients' employees and the appropriate taxing authorities. Our merchant services business temporarily holds funds collected from credit card networks and internet transaction processing on behalf of certain merchants, and our treasury management cash receipt processing business remits a portion of cash receipts to our clients the business day following receipt. Certain of our customer contracts include legal restrictions regarding the use of these funds. All of these funds, consisting of cash and available-for-sale debt securities, are reported as funds held for customers on the consolidated balance sheets. The corresponding liability for these obligations is also reported as funds held for customers on the consolidated balance sheets. The available-for-sale debt securities are carried at fair value, with unrealized gains and losses included in accumulated other comprehensive loss on the consolidated balance sheets. Realized gains and losses are included in revenue on the consolidated statements of income and were not significant during the past 3 years.
Long-term investments	Long-term investments – Long-term investments consist primarily of cash surrender values of company-owned life insurance policies. Certain of these policies fund amounts due under our deferred compensation plan and our inactive supplemental executive retirement plan (Note 12).
Property, plant and equipment	Property, plant and equipment – Property, plant and equipment, including leasehold and other improvements that extend an asset's useful life or productive capabilities, are stated at historical cost less accumulated depreciation. Buildings have been assigned useful lives of 40 years and machinery and equipment are generally assigned useful lives ranging from 1 year to 11 years, with a weighted-average useful life of 7 years as of December 31, 2022. Buildings are depreciated using the 150% declining balance method, and machinery and equipment is depreciated using the sum-of-the-years' digits method. Leasehold and building improvements are depreciated on the straight-line basis over the estimated useful life of the property or the life of the lease, whichever is shorter. Amortization of assets that are recorded under finance leases is included in depreciation expense. Maintenance and repairs are expensed as incurred. Fully depreciated assets are retained in property, plant and equipment until disposal. Any gains or losses resulting from the disposition of property, plant and equipment are included in SG&A expense on the consolidated statements of income.
Leases	Leases – We determine if an arrangement is a lease at inception by considering whether a contract explicitly or implicitly identifies assets deployed in the arrangement and whether we have obtained substantially all of the economic benefits from the use of the underlying assets and direct how and for what purpose the assets are used during the term of the contract. Lease expense is recognized on the straight-line basis over the lease term and is included in total cost of revenue and in SG&A expense on the consolidated statements of income. Interest on finance leases is included in interest expense on the consolidated statements of income. Operating leases are included in operating lease assets, accrued liabilities and operating lease liabilities on the consolidated balance sheets. Finance leases are included in property, plant and equipment, accrued liabilities and other non-current liabilities on the consolidated balance sheets. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. We have elected to exclude leases with original terms of 1 year or less from lease assets and liabilities, and we separate nonlease components, such as common area maintenance charges and utilities, from the associated lease component for real estate leases, based on their estimated fair values. As our lease agreements typically do not provide an implicit rate, we use our incremental borrowing rate, based on information available at the lease commencement date, in determining the present value of lease payments. Certain of our lease agreements include options to extend or terminate the
Intangibles	Intangibles – Intangible assets are stated at historical cost less accumulated amortization. Amortization expense is generally determined on the straight-line basis, with the exception of customer lists, which are generally amortized using accelerated methods that reflect the pattern in which we receive the economic benefit of the asset. Intangibles have been assigned useful lives ranging from 1 year to 15 years, with a weighted-average useful life of 6 years as of December 31, 2022. Each reporting period, we evaluate the remaining useful lives of our amortizable intangibles to determine whether events or circumstances warrant a revision to the remaining period of amortization. If our estimate of an asset's remaining useful life is revised, the remaining carrying amount of the asset is amortized prospectively over the revised remaining useful life. Any gains or losses resulting from the disposition of intangibles are included in SG&A expense on the consolidated statements of income. We capitalize costs of software developed or obtained for internal use, including website development costs, once the preliminary project stage has been completed, management commits to funding the project and it is probable that the project will be completed and the software will be used to perform the function intended. Capitalized costs include only (1) external direct costs of materials and services consumed in developing or obtaining internal-use software, (2) payroll and payroll-related costs for employees who are directly associated with and who devote time to the internal-use software project, and (3) interest costs incurred, when significant, while developing internal-use software. Costs incurred in populating websites with information about the company or products are expensed as incurred. Capitalization of costs ceases when the project is substantially complete and ready for its intended use. The carrying value of internal-use software is reviewed in accordance with our policy on impairment of long-lived assets and amortizable intangibles. We incur costs in connection with the development of certain software products that we sell to our customers. Costs for the development of software products to be sold are expensed as incurred until technological feasibility is established, at which time, such costs are capitalized until the product is available for general release to customers.
Business combinations	Business combinations – We periodically complete business combinations that align with our business strategy. The identifiable assets acquired and liabilities assumed are recorded at their estimated fair values, and the results of operations of each acquired business are included in our consolidated statements of income from their acquisition dates. The purchase price for each acquisition is equivalent to the fair value of the consideration transferred, including any contingent consideration. Goodwill is recognized for the excess of the purchase price over the net fair value of the assets acquired and liabilities assumed. While we use our best estimates and assumptions in estimating the fair values of the assets acquired and liabilities assumed, our fair value estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to 1 year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Any adjustments required after the measurement period are recorded in the consolidated statements of income. Transaction costs related to acquisitions are expensed as incurred and are included in SG&A expense on the consolidated statements of income.
Impairment of long-lived assets and amortizable intangibles	Impairment of long-lived assets and amortizable intangibles – We evaluate the recoverability of property, plant, equipment and amortizable intangibles not held for sale whenever events or changes in circumstances indicate that an asset group's carrying amount may not be recoverable. Such circumstances could include, but are not limited to, (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used or in its physical condition, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of an asset. We compare the carrying amount of the asset group to the estimated undiscounted future cash flows associated with it. If the sum of the expected future net cash flows is less than the carrying value of the asset group being evaluated, an impairment loss is recognized. The impairment loss is calculated as the amount by which the carrying value of the asset group exceeds its estimated fair value. As quoted market prices are not available for the majority of our assets, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. During 2020, we recorded asset impairment charges related to certain intangible assets. Further information regarding these impairment charges can be found in Note 8. We evaluate the recoverability of property, plant, equipment and intangibles held for sale by comparing the asset group's carrying amount with its estimated fair value less costs to sell. If the estimated fair value less costs to sell is less than the carrying value of the asset group, an impairment loss is recognized. The impairment loss is calculated as the amount by which the carrying value of the asset group exceeds its estimated fair value less costs to sell. During 2020, we recorded asset impairment charges related to certain real estate and internal-use software assets held for sale. Further information regarding these impairment charges can be found in Note 8. The evaluation of asset impairment requires us to make assumptions about future cash flows over the life of the asset group being evaluated. These assumptions require judgment and actual results may differ from assumed and estimated amounts.
Impairment of goodwill	Impairment of goodwill – We evaluate the carrying value of goodwill as of July 31 st of each year and between annual evaluations if events occur or circumstances change that would indicate a possible impairment. Such circumstances could include, but are not limited to, (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, (3) an adverse change in market conditions that is indicative of a decline in the fair value of the assets, (4) a change in our business strategy, or (5) an adverse action or assessment by a regulator. Information regarding the results of our goodwill impairment analyses can be found in Note 8. To analyze goodwill for impairment, we must assign our goodwill to individual reporting units. Identification of reporting units includes an analysis of the components that comprise each of our operating segments, which considers, among other things, the manner in which we operate our business and the availability of discrete financial information. Components of an operating segment are aggregated to form a reporting unit if the components have similar economic characteristics. We periodically review our reporting units to ensure that they continue to reflect the manner in which we operate our business. When completing our annual goodwill impairment analysis, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after this qualitative assessment, we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. When performing a quantitative analysis of goodwill, we calculate the estimated fair value of the reporting unit and compare this amount to the carrying amount of the reporting unit's net assets, including goodwill. We utilize a discounted cash flow model to calculate the estimated fair value of a reporting unit. This approach is a valuation technique under which we estimate future cash flows using the reporting unit's financial forecast from the perspective of an unrelated market participant. Using historical trending and internal forecasting techniques, we project revenue and apply our fixed and variable cost experience rates to the projected revenue to arrive at the future cash flows. A terminal value is then applied to the projected cash flow stream. Future estimated cash flows are discounted to their present value to calculate the estimated fair value. The discount rate used is the market-value-weighted average of our estimated cost of capital derived using both known and estimated customary market metrics. In determining the estimated fair values of our reporting units, we are required to estimate a number of factors, including revenue growth rates, terminal growth rates, direct costs, the discount rate and the allocation of shared and corporate items. When completing a quantitative analysis for all of our reporting units, the summation of our reporting units' fair values is compared to our consolidated fair value, as indicated by our market capitalization, to evaluate the reasonableness of our calculations. If the carrying amount of a reporting unit's net assets exceeds its estimated fair value, an impairment loss is recorded for the difference, not to exceed the carrying amount of goodwill.
Assets held for sale	Assets held for sale – We record assets held for sale at the lower of their carrying value or estimated fair value less costs to sell. Assets are classified as held for sale on our consolidated balance sheets when all of the following conditions are met: (1) management has the authority and commits to a plan to sell the assets; (2) the assets are available for immediate sale in their present condition; (3) there is an active program to locate a buyer and the plan to sell the assets has been initiated; (4) the sale of the assets is probable within 1 year; (5) the assets are being actively marketed at a reasonable sales price relative to their current fair value; and (6) it is unlikely that the plan to sell will be withdrawn or that significant changes to the plan will be made. As of December 31, 2022, there were no disposal groups classified as held for sale in the consolidated balance sheet. Disposal groups classified as held for sale as of December 31, 2021 were not significant.
Prepaid product discounts	Prepaid product discounts – Certain of our financial institution contracts require prepaid product discounts in the form of upfront cash payments or accruals for amounts owed to financial institution clients. These prepaid product discounts are included in other non-current assets on the consolidated balance sheets and are generally amortized as reductions of revenue on the straight-line basis over the contract term. These amounts are being amortized over periods of up to 14.5 years, with a weighted-average period of 4 years as of December 31, 2022. Whenever events or changes occur that impact the related contract, including significant declines in the anticipated profitability, we evaluate the carrying value of prepaid product discounts to determine if they are impaired. Should a financial institution cancel a contract prior to the agreement's termination date, or should the volume of orders realized through a financial institution fall below contractually-specified minimums, we generally have a contractual right to a refund of the remaining unamortized prepaid product discount.
Loans and notes receivable from distributors	Loans and notes receivable from distributors – We have, at times, provided loans to certain of our Promotional Solutions distributors to allow them to purchase the operations of other small business distributors. We have also sold distributors and small business customer lists that we own in exchange for notes receivable. These loans and notes receivable are included in other current assets and other non-current assets on the consolidated balance sheets. Interest rates on these receivables generally range from 6% to 7% and reflect market interest rates at the time the transactions were executed. Interest is accrued as earned. Accrued interest included in loans and notes receivable was not significant as of December 31, 2022 or December 31, 2021. In determining the allowance for credit losses related to loans and notes receivable, we utilize a loss-rate analysis based on historical loss information, current delinquency rates, the credit quality of the loan recipients and the portfolio mix to determine an appropriate credit risk measurement, adjusted to reflect current loan-specific risk characteristics and changes in environmental conditions affecting our small business distributors. Changes in conditions that may affect our distributors include, but are not limited to, general economic conditions, changes in the markets for their products and services and changes in governmental regulations. In completing our analysis, we utilize a reversion methodology for periods beyond the reasonable and supportable forecast period, as many of our loans and notes receivable have longer terms. Allowances for impaired loans are generally determined based on collateral values or the present value of estimated cash flows. Further information regarding our allowance for credit losses can be found in Note 3.
Cloud computing arrangements	Cloud computing arrangements – Implementation costs incurred in a hosting arrangement that is a service contract are recorded as non-current assets on the consolidated balance sheets. Implementation costs include activities such as integrating, configuring and customizing the related software. In evaluating whether our cloud computing arrangements include a software license, we consider whether we have the contractual right to take possession of the software at any time during the hosting period without significant penalty and whether it is feasible for us to either run the software on our own hardware or contract with another party unrelated to the vendor to host the software. If we determine that a cloud computing arrangement includes a software license, we account for the software license element of the arrangement consistent with the acquisition of other software licenses. If we determine that a cloud computing arrangement does not include a software license, we account for the implementation costs as non-current assets. In both cases, the remaining elements of the arrangement are accounted for as a service contract. The capitalized cloud computing implementation costs are amortized on the straight-line basis over the fixed, non-cancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. We apply the same impairment model to these assets as we use to evaluate internally-developed software for impairment.
Advertising costs	Advertising costs – We expense non-direct response advertising costs as incurred. Advertising costs qualifying for deferral were not significant to our consolidated financial statements. The total amount of advertising expense was $38,731 in 2022, $47,461 in 2021 and $50,308 in 2020.
Litigation	Litigation – We are party to legal actions and claims arising in the ordinary course of business. We record accruals for legal matters when the expected outcome of these matters is either known or considered probable and can be reasonably estimated. Our accruals do not include related legal and other costs expected to be incurred in defense of legal actions. These costs are expensed as incurred. Further information regarding litigation can be found in Note 15.
Income taxes	Income taxes – We estimate our income tax provision based on the various jurisdictions where we conduct business. We estimate our current tax liability and record deferred income taxes resulting from temporary differences between the financial reporting basis of assets and liabilities and their respective tax reporting bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences reverse. Net deferred tax assets are recognized to the extent that realization of such benefits is more likely than not. To the extent that we believe realization is not likely, we establish a valuation allowance against the net deferred tax assets. We are subject to tax audits in numerous domestic and foreign tax jurisdictions. Tax audits are often complex and can require several years to complete. In the normal course of business, we are subject to challenges from the Internal Revenue Service and other tax authorities regarding the amount of taxes due. These challenges may alter the timing or amount of taxable income or deductions, or the allocation of income among tax jurisdictions. We recognize the benefits of tax return positions in the financial statements when they are more likely than not to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that, in our judgment, is greater than 50% likely to be realized. Accrued interest and penalties related to unrecognized tax positions is included in our provision for income taxes on the consolidated statements of income.
Derivative financial instruments	Derivative financial instruments – We have outstanding interest rate swaps related to our variable-rate debt. Further Information regarding these derivative financial instruments can be found in Note 7. We do not use derivative financial instruments for speculative or trading purposes. Our policy is that all derivative transactions must be linked to an existing balance sheet item or firm commitment, and the notional amount cannot exceed the value of the exposure being hedged. We recognize all derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are recognized periodically either in income or in shareholders' equity as a component of accumulated other comprehensive loss, depending on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or a cash flow hedge and whether the hedge is effective. Generally, changes in the fair value of derivatives accounted for as fair value hedges are recorded in income along with the portion of the change in the fair value of the hedged items that relate to the hedged risk. Changes in the fair value of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are recorded in accumulated other comprehensive loss, net of tax. We classify the cash flows from derivative instruments that have been designated as fair value or cash flow hedges in the same category as the cash flows from the items being hedged. Changes in the fair value of derivatives not qualifying as hedges and the ineffective portion of hedges are included in net income.
Revenue recognition	Revenue recognition – Product revenue is recognized when control of the goods is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods. In most cases, control is transferred when products are shipped. We have elected to account for shipping and handling activities that occur after the customer has obtained control of the product as fulfillment activities and not as separate performance obligations. We recognize the vast majority of our service revenue as services are provided. The majority of our contracts are for the shipment of tangible products or the delivery of services that have a single performance obligation or include multiple performance obligations where control is transferred at the same time. Revenue is presented on the consolidated statements of income net of rebates, discounts, amortization of prepaid product discounts, and taxes collected concurrent with revenue-producing activities. Many of our check supply contracts with financial institutions provide for rebates on certain products. We record these rebates as reductions of revenue and as accrued liabilities on the consolidated balance sheets when the related revenue is recognized. Amounts billed to customers for shipping and handling are included in revenue, while the related shipping and handling costs are reflected in cost of products and are accrued when the related revenue is recognized. When another party is involved in providing goods or services to a customer, we must determine whether our obligation is to provide the specified good or service itself (i.e., we are the principal in the transaction) or to arrange for that good or service to be provided by the other party (i.e., we are an agent in the transaction). When we are responsible for satisfying a performance obligation, based on our ability to control the product or service provided, we are considered the principal and revenue is recognized for the gross amount of consideration. When the other party is primarily responsible for satisfying a performance obligation, we are considered the agent and revenue is recognized in the amount of any fee or commission to which we are entitled. We sell certain products and services through a network of distributors. We have determined that we are the principal in these transactions, and revenue is recorded for the gross amount of consideration. Certain of our contracts for data-driven marketing solutions have variable consideration that is contingent on the success of the marketing campaign ("pay-for-performance"). We recognize revenue for estimated variable consideration as services are provided based on the most likely amount to be realized. Revenue is recognized to the extent that it is probable that a significant reversal of revenue will not occur when the contingency is resolved. Estimates regarding the recognition of variable consideration are updated each quarter. Typically, the amount of consideration for these contracts is finalized within 4 months. Our payment terms vary by type of customer and the products or services offered. The time period between invoicing and when payment is due is not significant. For certain products, services and customer types, we require payment before the products or services are delivered to the customer. When a customer pays in advance, primarily for treasury management solutions and web hosting services, we defer the revenue and recognize it as the services are performed, generally over a period of less than 1 year. Deferred revenue is included in accrued liabilities and other non-current liabilities on the consolidated balance sheets. In addition to the amounts included in deferred revenue, we will recognize revenue in future periods related to remaining performance obligations for certain of our data-driven marketing and treasury management solutions contracts. Generally, these contracts have terms of 1 year or less and many have terms of 3 months or less, and therefore, we do not consider any potential financing component. The amount of revenue related to these unsatisfied performance obligations is not significant to our annual consolidated revenue. When the revenue recognized for uncompleted contracts exceeds the amount of customer billings and the right to receive the consideration is conditional, a contract asset is recorded. These amounts are included in revenue in excess of billings on the consolidated balance sheets. Additionally, we record an asset for unbilled receivables when the revenue recognized has not been billed to customers in accordance with contractually stated billing terms and the right to receive the consideration is unconditional. These amounts are also included in revenue in excess of billings on the consolidated balance sheets. We record sales commissions related to obtaining check supply and treasury management solution contracts, as well as contract acquisition costs within our merchant services business, as other non-current assets on the consolidated balance sheets. These contract acquisition costs are amortized as SG&A expense on the straight-line basis, which approximates the timing of the transfer of goods or services to the customer. These amounts are being amortized over periods of 2 years to 5 years. We expense contract acquisition costs as incurred when the amortization period would be 1 year or less.
Restructuring and integration expense	Restructuring and integration expense – We incur restructuring and integration expense as a result of fundamental changes in the manner in which certain business functions are conducted, including the integration of acquired businesses into our systems and processes and the consolidation and migration of certain applications and processes. We also incur expenses resulting from our various cost management efforts, including facility closings and the relocation of business activities. These expenses consist of costs that are expensed when incurred, such as information technology consulting, project management services, internal labor, training, travel and relocation, and costs associated with facility closures. In addition, we accrue the costs of employee termination benefits payable under our ongoing severance benefit plan. We record accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. We are required to make estimates and assumptions in calculating these accruals as, on some occasions, employees choose to
Employee share-based compensation	Employee share-based compensation – Our share-based compensation consists of non-qualified stock options, restricted stock units, restricted stock, performance share unit awards and an employee stock purchase plan. Employee share-based compensation expense is included in total cost of revenue and in SG&A expense on the consolidated statements of income, based on the functional areas of the employees receiving the awards, and is recognized as follows: • The fair value of stock options is measured on the grant date using the Black-Scholes option pricing model. The related compensation expense is recognized on the straight-line basis, net of estimated forfeitures, over the options' vesting periods. • The fair value of restricted stock and a portion of our restricted stock unit awards is measured on the grant date based on the market value of our common stock. The related compensation expense, net of estimated forfeitures, is recognized over the applicable service period. • Certain of our restricted stock unit awards may be settled in cash if an employee voluntarily chooses to leave the company. These awards are included in accrued liabilities and other non-current liabilities on the consolidated balance sheets and are remeasured at fair value as of each balance sheet date. • Compensation expense resulting from the 15% discount provided under our employee stock purchase plan is recognized over each 3 month purchase period. • Our performance share unit awards specify certain performance and market-based conditions that must be achieved in order for the awards to vest. For the portion of the awards based on a performance condition, the performance target is not considered in determining the fair value of the awards and thus, fair value is measured on the grant date based on the market value of our common stock. The related compensation expense for this type of award is recognized, net of estimated forfeitures, over the related service period. The amount of compensation expense is dependent on our periodic assessment of the probability of the targets being achieved and our estimate, which may vary over time, of the number of shares that ultimately will be issued. For the portion of the awards based on a market condition, fair value is calculated on the grant date using the Monte Carlo simulation model. All compensation cost for these awards is recognized, net of estimated forfeitures, over the related service period, even if the market condition is never satisfied.
Postretirement benefit plan	Postretirement benefit plan – We have historically provided certain health care benefits for a large number of retired U.S. employees hired prior to January 1, 2002. Our postretirement benefit income and obligation are calculated utilizing various actuarial assumptions and methodologies. These assumptions include, but are not limited to, the discount rate, the expected long-term rate of return on plan assets, estimated medical claims, the expected health care cost trend rate and the average remaining life expectancy of plan participants. We analyze the assumptions used each year when we complete our actuarial valuation of the plan. When actual events differ from our assumptions or when we change the assumptions used, an actuarial gain or loss results. The gain or loss is recognized immediately on the consolidated balance sheets within accumulated other comprehensive loss and is amortized into postretirement benefit income over the average remaining life expectancy of inactive plan participants, as a large percentage of our plan participants are classified as inactive. The valuation of our postretirement plan requires judgment about circumstances that are inherently uncertain, including projected equity market performance, the number of plan participants, catastrophic health care events for our plan participants and a significant change in medical costs. Actual results may differ from assumed and estimated amounts.
Earnings per share	Earnings per share – We calculate earnings per share using the two-class method, as we have unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalent payments. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Basic earnings per share is based on the weighted-average number of common shares outstanding during the year. Diluted earnings per share is based on the weighted-average number of common shares outstanding during the year, adjusted to give effect to potential common shares such as stock options and other awards that are not participating securities, calculated using the treasury stock method.
Comprehensive income	Comprehensive income – Comprehensive income includes charges and credits to shareholders' equity that are not the result of transactions with shareholders. Our total comprehensive income consists of net income, changes in the funded status and amortization of amounts related to our postretirement benefit plans, unrealized gains and losses on our cash flow hedges, unrealized gains and losses on available-for-sale debt securities, and foreign currency translation adjustments. The items of other comprehensive income are included in accumulated other comprehensive loss on the consolidated balance sheets and

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting pronouncements	Accounting Standards Not Yet Adopted Reference rate reform – In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The Standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No 2021-01, Reference Rate Reform (Topic 848): Scope , which clarified the scope and application of the original guidance. We are currently in the process of modifying our existing credit facility to utilize the Secured Overnight Financing Rate (SOFR) as the reference rate in the agreement, effective March 20, 2023. In accounting for this modification, we will be adopting the reference rate reform guidance on a prospective basis as allowed under the provisions of ASU No. 2022-06, Deferral of the Sunset Date of Topic 848. The adoption of these standards is not expected to have a material impact on our consolidated financial statements. ASU No. 2022-02 – In March 2022, the FASB issued ASU 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 AN_2

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
Inventories and supplies	Inventories and supplies were comprised of the following at December 31: (in thousands) 2022 2021 Raw materials $ 11,563 $ 5,316 Semi-finished goods 7,777 6,708 Finished goods 32,938 21,995 Supplies 6,389 6,041 Reserve for excess and obsolete items (6,400) (5,132) Inventories and supplies, net of reserves $ 52,267 $ 34,928 Changes in the reserve for excess and obsolete items for the years ended December 31 were as follows: (in thousands) 2022 2021 2020 Balance, beginning of year $ 5,132 $ 11,748 $ 6,600 Amounts charged to expense 2,940 3,513 6,713 Write-offs and sales (1,672) (10,129) (1,565) Balance, end of year $ 6,400 $ 5,132 $ 11,748
Available-for-sale debt securities	Available-for-sale debt securities were comprised of the following: December 31, 2022 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Cash equivalents: Domestic money market fund $ 5,000 $ — $ — $ 5,000 Funds held for customers: (1) Canadian and provincial government securities 9,190 — (1,064) 8,126 Available-for-sale debt securities $ 14,190 $ — $ (1,064) $ 13,126 (1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2022, also included cash of $294,165. 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 December 31, 2022 were as follows: (in thousands) Fair value Due in one year or less $ 7,673 Due in two to five years 2,162 Due in six to ten years 3,291 Available-for-sale debt securities $ 13,126
Revenue in excess of billings	Revenue in excess of billings was comprised of the following at December 31: (in thousands) 2022 2021 Conditional right to receive consideration $ 26,520 $ 22,780 Unconditional right to receive consideration (1) 12,241 7,613 Revenue in excess of billings $ 38,761 $ 30,393 (1) Represents revenues that are earned but not currently billable under the related contract terms.
Property, plant and equipment	Property, plant and equipment was comprised of the following at December 31: 2022 2021 (in thousands) Gross carrying amount Accumulated depreciation Net carrying amount Gross carrying amount Accumulated depreciation Net carrying amount Machinery and equipment $ 378,468 $ (307,838) $ 70,630 $ 333,383 $ (276,914) $ 56,469 Buildings and improvements 111,916 (67,936) 43,980 118,219 (58,202) 60,017 Land and improvements 14,498 (4,214) 10,284 12,981 (3,501) 9,480 Property, plant and equipment $ 504,882 $ (379,988) $ 124,894 $ 464,583 $ (338,617) $ 125,966
Intangibles	Amortizable intangibles were comprised of the following at December 31: 2022 2021 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Internal-use software $ 529,306 $ (395,514) $ 133,792 $ 456,133 $ (342,656) $ 113,477 Customer lists/relationships 497,882 (312,986) 184,896 493,495 (255,178) 238,317 Technology-based intangibles 99,613 (47,478) 52,135 98,813 (38,553) 60,260 Partner relationships 74,682 (9,094) 65,588 73,095 (2,990) 70,105 Trade names 44,185 (26,510) 17,675 51,052 (31,277) 19,775 Software to be sold 36,900 (32,007) 4,893 36,900 (28,110) 8,790 Intangibles $ 1,282,568 $ (823,589) $ 458,979 $ 1,209,488 $ (698,764) $ 510,724
Amortization of intangibles	Amortization expense related to intangibles was as follows for the years ended December 31: (in thousands) 2022 2021 2020 Customer lists/relationships $ 70,712 $ 61,805 $ 41,377 Internal-use software 54,925 41,601 36,771 Technology-based intangibles 8,925 10,940 6,291 Partner relationships 6,104 2,990 — Software to be sold 3,897 4,226 4,227 Trade names 1,992 1,580 1,884 Amortization of intangibles $ 146,555 $ 123,142 $ 90,550
Estimated amortization expense	Based on the intangibles in service as of December 31, 2022, estimated amortization expense for each of the next five years ending December 31 is as follows: (in thousands) Estimated 2023 $ 131,216 2024 91,800 2025 62,150 2026 40,686 2027 32,413
Acquired intangibles	We acquire internal-use software and certain partner relationships in the normal course of business. We also purchased customer lists, and we acquired other intangible assets in conjunction with an acquisition (Note 6). The following intangible assets were acquired during the years ended December 31: 2022 2021 2020 (in thousands) Amount Weighted-average amortization period (in years) Amount Weighted-average amortization period (in years) Amount Weighted-average amortization period (in years) Internal-use software $ 74,778 3 $ 75,918 3 $ 39,344 4 Customer lists/relationships (1) 18,267 6 149,642 8 45,470 7 Partner relationships 1,587 3 73,095 15 — — Technology-based intangibles — — 65,000 8 — — Trade names — — 21,000 10 — — Acquired intangibles $ 94,632 4 $ 384,655 8 $ 84,814 6 (1) We acquired customer lists that did not qualify as business combinations of $18,267 during 2022, $22,642 during 2021 and $45,470 during 2020.
Goodwill	Changes in goodwill by reportable business segment and in total were as follows: (in thousands) Payments Data Solutions Promotional Solutions Checks Total Balance, December 31, 2020: Goodwill, gross $ 168,165 $ 432,984 $ 252,864 $ 434,812 $ 1,288,825 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges 168,165 40,816 59,165 434,812 702,958 Goodwill resulting from acquisition (Note 6) 727,173 — — — 727,173 Currency translation adjustment — — 10 — 10 Balance, December 31, 2021 $ 895,338 $ 40,816 $ 59,175 $ 434,812 $ 1,430,141 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 — — (99) — (99) Balance, December 31, 2022 $ 896,681 $ 40,816 $ 59,076 $ 434,812 $ 1,431,385 Balance, December 31, 2022: Goodwill, gross $ 896,681 $ 432,984 $ 252,775 $ 434,812 $ 2,017,252 Accumulated impairment charges — (392,168) (193,699) — (585,867) Goodwill, net of accumulated impairment charges $ 896,681 $ 40,816 $ 59,076 $ 434,812 $ 1,431,385
Other non-current assets	Other non-current assets were comprised of the following at December 31: (in thousands) 2022 2021 Postretirement benefit plan asset (Note 12) $ 79,343 $ 87,019 Cloud computing arrangement implementation costs 71,547 63,806 Prepaid product discounts 44,824 56,527 Deferred contract acquisition costs (1) 21,300 17,975 Loans and notes receivable from distributors, net of allowance for credit losses (2) 13,259 20,201 Other 30,081 33,935 Other non-current assets $ 260,354 $ 279,463 (1) Amortization of deferred contract acquisition costs was $8,206 for 2022, $4,975 for 2021 and $3,739 for 2020. (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 $961 as of December 31, 2022 and $1,317 as of December 31, 2021.
Changes in prepaid product discounts	Changes in prepaid product discounts were as follows for the years ended December 31: (in thousands) 2022 2021 2020 Balance, beginning of year $ 56,527 $ 50,602 $ 51,145 Additions (1) 23,014 37,882 30,346 Amortization (34,400) (31,784) (29,235) Other (317) (173) (1,654) Balance, end of year $ 44,824 $ 56,527 $ 50,602 (1) Prepaid product discounts are generally accrued upon contract execution. Cash payments made for prepaid product discounts were $30,603 for 2022, $40,920 for 2021 and $33,613 for 2020.
Loans and notes receivable by credit quality indicator and year of origination	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 December 31, 2022. Write-offs of $2,599 for the year ended December 31, 2022 related to loans and notes receivable originated in 2019. Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2020 2019 2018 Prior Total Risk rating: 1-2 internal grade $ 1,142 $ 429 $ 4,128 $ 9,545 $ 15,244 3-4 internal grade — — — — — Loans and notes receivable $ 1,142 $ 429 $ 4,128 $ 9,545 $ 15,244
Accrued liabilities	Accrued liabilities were comprised of the following at December 31: (in thousands) 2022 2021 Deferred revenue (1) $ 47,012 $ 52,645 Employee cash bonuses, including sales incentives 57,398 45,006 Wages and payroll liabilities, including vacation 20,264 24,951 Operating lease liabilities (Note 14) 12,780 14,852 Customer rebates 12,153 9,036 Prepaid product discounts due within one year 4,179 11,866 Other 64,618 58,476 Accrued liabilities $ 218,404 $ 216,832 (1) Revenue recognized from amounts included in deferred revenue at the beginning of the period was $47,547 for 2022, $39,366 for 2021 and $42,108 for 2020.
Supplemental cash flow information	Supplemental cash flow information was as follows for the years ended December 31: (in thousands) 2022 2021 2020 Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets: Cash and cash equivalents $ 40,435 $ 41,231 $ 123,122 Restricted cash and restricted cash equivalents included in funds held for customers 294,165 241,488 106,287 Non-current restricted cash included in other non-current assets 2,815 2,772 — Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 337,415 $ 285,491 $ 229,409 Interest paid $ 87,108 $ 46,621 $ 22,853 Income taxes paid 38,629 18,761 24,701 Non-cash investing activities: Non-cash consideration for customer list purchases (1) $ 5,096 $ 15,528 $ 21,439 Non-cash financing activities: Liabilities for holdback payments on asset purchases $ 8,609 $ 4,121 $ 12,949 Vesting of restricted stock unit awards 13,602 16,646 7,839 (1) Consists of pre-acquisition amounts owed to us by the sellers. Information regarding operating and finance leases executed in each period can be found in Note 14.
Trade accounts receivable [Member]
Allowance for credit losses	Net trade accounts receivable was comprised of the following at December 31: (in thousands) 2022 2021 Trade accounts receivable – gross $ 210,799 $ 202,077 Allowance for credit losses (4,182) (4,130) Trade accounts receivable – net (1) $ 206,617 $ 197,947 (1) Includes unbilled receivables of $43,902 as of December 31, 2022 and $47,420 as of December 31, 2021. Changes in the allowance for credit losses for the years ended December 31 were as follows: (in thousands) 2022 2021 2020 Balance, beginning of year $ 4,130 $ 6,428 $ 4,985 Bad debt expense 4,185 223 5,003 Write-offs and other (4,133) (2,521) (3,560) Balance, end of year $ 4,182 $ 4,130 $ 6,428
Notes receivable [Member]
Allowance for credit losses	Changes in the allowance for credit losses related to loans and notes receivable from distributors for the years ended December 31 were as follows: (in thousands) 2022 2021 2020 Balance, beginning of year $ 2,830 $ 3,995 $ 284 Adoption of ASU No. 2016-13 — — 4,749 Bad debt expense (benefit) 1,195 (1,165) 5,412 Exchange for customer lists (402) — (6,402) Write-offs (2,599) — (48) Balance, end of year $ 1,024 $ 2,830 $ 3,995

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings per share	The following table reflects the calculation of basic and diluted earnings per share. During each period, certain stock options, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. (in thousands, except per share amounts) 2022 2021 2020 Earnings per share – basic: Net income $ 65,530 $ 62,772 $ 5,335 Net income attributable to non-controlling interest (135) (139) (91) Net income attributable to Deluxe 65,395 62,633 5,244 Income allocated to participating securities (47) (46) (53) Income attributable to Deluxe available to common shareholders $ 65,348 $ 62,587 $ 5,191 Weighted-average shares outstanding 43,025 42,378 41,931 Earnings per share – basic $ 1.52 $ 1.48 $ 0.12 Earnings per share – diluted: Net income $ 65,530 $ 62,772 $ 5,335 Net income attributable to non-controlling interest (135) (139) (91) Net income attributable to Deluxe 65,395 62,633 5,244 Income allocated to participating securities (35) (26) (2) Remeasurement of share-based awards classified as liabilities (497) (438) (677) Income attributable to Deluxe available to common shareholders $ 64,863 $ 62,169 $ 4,565 Weighted-average shares outstanding 43,025 42,378 41,931 Dilutive impact of potential common shares 285 449 211 Weighted-average shares and potential common shares outstanding 43,310 42,827 42,142 Earnings per share – diluted $ 1.50 $ 1.45 $ 0.11 Antidilutive options excluded from calculation 1,732 2,179 2,060

OTHER COMPREHENSIVE (LOSS) IN_2

OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	12 Months Ended
	Dec. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
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 income (in thousands) 2022 2021 2020 Amortization of postretirement benefit plan items: Prior service credit $ 1,421 $ 1,421 $ 1,421 Other income Net actuarial loss (900) (1,629) (2,301) Other income Total amortization 521 (208) (880) Other income Tax (expense) benefit (315) (123) 46 Income tax provision Amortization of postretirement benefit plan items, net of tax 206 (331) (834) Net income Debt securities: Realized (loss) gain on debt securities (8) — 206 Service revenue Tax benefit (expense) 2 — (53) Income tax provision Realized (loss) gain on debt securities, net of tax (6) — 153 Net income Cash flow hedges: Realized gain (loss) on cash flow hedges 20 (1,384) (968) Interest expense Tax (expense) benefit (5) 361 249 Income tax provision Realized gain (loss) on cash flow hedges, net of tax 15 (1,023) (719) Net income Foreign currency translation adjustment (1) (5,550) — — Gain on sale of businesses and facility Total reclassifications, net of tax $ (5,335) $ (1,354) $ (1,400) (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 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on debt securities Net unrealized loss on cash flow hedges Foreign currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2019 $ (28,406) $ (275) $ (1,097) $ (18,169) $ (47,947) Other comprehensive income (loss) before reclassifications 5,616 338 (4,973) 4,133 5,114 Amounts reclassified from accumulated other comprehensive loss 834 (153) 719 — 1,400 Net other comprehensive income (loss) 6,450 185 (4,254) 4,133 6,514 Balance, December 31, 2020 (21,956) (90) (5,351) (14,036) (41,433) Other comprehensive income (loss) before reclassifications 6,194 (254) 2,067 580 8,587 Amounts reclassified from accumulated other comprehensive loss 331 — 1,023 — 1,354 Net other comprehensive income (loss) 6,525 (254) 3,090 580 9,941 Balance, December 31, 2021 (15,431) (344) (2,261) (13,456) (31,492) Other comprehensive (loss) income before reclassifications (11,235) (571) 4,869 (4,170) (11,107) Amounts reclassified from accumulated other comprehensive loss (206) 6 (15) 5,550 5,335 Net other comprehensive (loss) income (11,441) (565) 4,854 1,380 (5,772) Balance, December 31, 2022 $ (26,872) $ (909) $ 2,593 $ (12,076) $ (37,264)

ACQUISITION AND DIVESTITURES (T

ACQUISITION AND DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Acquisition	The following illustrates the final allocation of the purchase price, to the assets acquired and liabilities assumed: (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) Payment for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired of $15,841 $ 958,514 Operating results for First American for the years ended December 31 were as follows: (in thousands) 2022 2021 Revenue $ 347,709 $ 194,976 Net income attributable to Deluxe 5,794 1,806
Unaudited pro forma financial information	The following unaudited pro forma financial information summarizes our consolidated results of operations for the years ended December 31 as though the acquisition occurred on January 1, 2020: (in thousands) 2021 2020 Revenue $ 2,156,313 $ 2,079,103 Net income (loss) attributable to Deluxe 74,843 (54,489)

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	As part of our interest rate risk management strategy, we have entered into interest rate swaps, which we designated as cash flow hedges, to mitigate variability in interest payments on a portion of our variable-rate debt (Note 13). Information regarding our cash flow hedges was as follows: December 31, 2022 December 31, 2021 (in thousands) Notional amount Interest Rate Maturity Balance Sheet Location Fair Value Fair Value July 2019 $ 200,000 1.798 % March 2023 Other current assets $ 1,184 $ — Other non-current liabilities — (3,028) September 2022 interest rate swap: 300,000 3.895 % September 2025 Other non-current assets 2,409 —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Nonrecurring fair value measurements	No asset impairment charges were recorded during 2022 or 2021. Information regarding the impairment analyses completed during 2020 are as follows: Fair value measurements using Fair value as of Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Impairment charge (in thousands) (Level 1) (Level 2) (Level 3) 2020 analyses: Intangible assets (Data Solutions Web Hosting reporting unit) (1) $ 2,172 $ — $ — $ 2,172 $ 17,678 Small business distributor 4,479 — — 4,479 5,108 Other assets 11,210 — — 11,210 7,514 Goodwill 71,449 Total $ 101,749 (1) The impairment charge consisted of $8,397 related to customer lists, $6,932 related to internal-use software and $2,349 related to other intangible assets.
Fair value of financial instruments	Information regarding the fair values of our financial instruments was as follows: Fair value measurements using Balance sheet location December 31, 2022 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Carrying value Fair value Measured at fair value through comprehensive income: Available-for-sale debt securities Cash and cash equivalents $ 5,000 $ 5,000 $ 5,000 $ — $ — Available-for-sale debt securities Funds held for customers 8,126 8,126 — 8,126 — Derivative assets (Note 7) Other current and non-current assets 3,593 3,593 — 3,593 — Amortized cost: Cash Cash and cash equivalents 35,435 35,435 35,435 — — Cash Funds held for customers 294,165 294,165 294,165 — — Cash Other non-current assets 2,815 2,815 2,815 — — Loans and notes receivable from distributors Other current and non-current assets 14,220 13,315 — — 13,315 Long-term debt Current portion of long-term debt and long-term debt 1,644,276 1,574,417 — 1,574,417 — Fair value measurements using Balance sheet location December 31, 2021 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) 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)	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and integration expense	Restructuring and integration expense is reflected on the consolidated statements of income as follows for the years ended December 31: (in thousands) 2022 2021 2020 Total cost of revenue $ 607 $ 4,197 $ 3,465 Operating expenses 62,529 54,750 75,874 Restructuring and integration expense $ 63,136 $ 58,947 $ 79,339 Restructuring and integration expense was comprised of the following for the years ended December 31: (in thousands) 2022 2021 2020 External consulting fees $ 32,067 $ 26,676 $ 44,096 Employee severance benefits 12,829 9,076 17,628 Internal labor 7,989 7,948 7,568 Other 10,251 15,247 10,047 Restructuring and integration expense $ 63,136 $ 58,947 $ 79,339
Changes in restructuring and integration accruals	Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2019 $ 3,459 Charges 19,025 Reversals (1,397) Payments (14,289) Balance, December 31, 2020 6,798 Charges 10,897 Reversals (1,821) Payments (10,202) Balance, December 31, 2021 5,672 Charges 13,782 Reversals (953) Payments (9,973) Balance, December 31, 2022 $ 8,528

INCOME TAX PROVISION (Tables)

INCOME TAX PROVISION (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	Income before income taxes was comprised of the following for the years ended December 31: (in thousands) 2022 2021 2020 U.S. $ 51,640 $ 62,361 $ 7,130 Foreign 32,738 31,442 19,673 Income before income taxes $ 84,378 $ 93,803 $ 26,803
Components of income tax provision	The components of the income tax provision were as follows for the years ended December 31: (in thousands) 2022 2021 2020 Current tax provision: Federal $ 27,789 $ (61) $ 17,643 State 8,507 2,389 4,502 Foreign 11,081 10,945 4,779 Total current tax provision 47,377 13,273 26,924 Deferred tax provision: Federal (21,368) 15,889 (4,480) State (5,710) 1,958 (1,232) Foreign (1,451) (89) 256 Total deferred tax provision (28,529) 17,758 (5,456) Income tax provision $ 18,848 $ 31,031 $ 21,468
Effective tax rate reconciliation	The effective tax rate on pretax income reconciles to the U.S. federal statutory tax rate for the years ended December 31 as follows: 2022 2021 2020 Income tax at federal statutory rate 21.0 % 21.0 % 21.0 % Goodwill impairment charges (Note 8) — — 46.8 % Change in valuation allowances 7.2 % 0.1 % 0.9 % Tax impact of share-based compensation 3.2 % 0.9 % 8.5 % State income tax expense, net of federal income tax benefit 2.7 % 2.4 % 2.1 % Tax on repatriation of foreign earnings 2.2 % 4.9 % — Non-deductible executive compensation 2.2 % 1.7 % 2.2 % Foreign tax rate differences 1.9 % 1.7 % 4.3 % Change in unrecognized tax benefits, including interest and penalties 0.2 % (0.6 %) (3.3 %) Non-deductible acquisition costs 0.1 % 1.5 % — Sale of business (Note 6) (15.8 %) — — Return to provision adjustments (1.9 %) — (2.6 %) Research and development tax credit (1.2 %) (0.9 %) (3.7 %) Payables and receivables for prior year tax returns (0.3 %) 0.2 % 3.2 % Non-taxable income from employee life insurance policies (0.3 %) (0.3 %) (1.1 %) Other 1.1 % 0.5 % 1.8 % Effective tax rate 22.3 % 33.1 % 80.1 %
Rollforward of unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued interest and penalties and the federal benefit of deductible state income tax, was as follows: (in thousands) 2022 2021 2020 Balance, beginning of year $ 2,551 $ 3,361 $ 4,169 Additions for tax positions of current year 250 169 237 Additions for tax positions of prior years 270 8 30 Reductions for tax positions of prior years (45) (673) (414) Lapse of statutes of limitations (391) (314) (661) Balance, end of year $ 2,635 $ 2,551 $ 3,361
Deferred tax assets and liabilities	Tax-effected temporary differences that gave rise to deferred tax assets and liabilities as of December 31 were as follows: 2022 2021 (in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Goodwill $ — $ 30,848 $ — $ 21,190 Intangible assets — 16,901 — 37,170 Cloud computing arrangements — 13,969 — 16,646 Employee benefit plans — 11,009 — 10,093 Revenue recognition — 7,312 — 5,496 Prepaid assets — 5,474 — 4,844 Operating leases 16,681 12,387 18,388 14,996 Net operating loss, tax credit and capital loss carryforwards 16,720 — 8,083 — Deductible interest carryforward 16,403 — 8,352 — Reserves and accruals 6,935 — 7,320 — Payroll tax deferral under the CARES Act — — 2,175 — Property, plant and equipment 3,139 — 1,347 — Inventories 2,018 — 1,661 — All other 2,946 2,500 3,780 2,619 Total deferred taxes 64,842 100,400 51,106 113,054 Valuation allowances (7,996) — (10,993) — Net deferred taxes $ 56,846 $ 100,400 $ 40,113 $ 113,054
Rollforward of deferred income tax valuation allowances	Changes in our valuation allowances for the years ended December 31 were as follows: (in thousands) 2022 2021 2020 Balance, beginning of year $ (10,993) $ (11,453) $ (10,349) Expense from change in allowances (6,086) (65) (244) Sale of business (Note 6) 8,745 — — Foreign currency translation 338 525 (860) Balance, end of year $ (7,996) $ (10,993) $ (11,453)

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-based compensation expense	The following amounts were recognized in our consolidated statements of income for share-based compensation awards for the years ended December 31: (in thousands) 2022 2021 2020 Restricted shares and restricted stock units $ 16,632 $ 20,407 $ 15,066 Performance share unit awards 3,840 4,338 2,590 Stock options 2,665 4,187 3,689 Employee stock purchase plan 539 545 479 Total share-based compensation expense $ 23,676 $ 29,477 $ 21,824 Income tax benefit $ (6,853) $ (7,714) $ (5,779)
Weighted-average assumptions used in Black-Scholes option pricing model	The following weighted-average assumptions were used in the Black-Scholes option pricing model to determine the fair value of these stock option grants: 2021 2020 Risk-free interest rate 0.7 % 1.3 % Dividend yield 2.9 % 3.2 % Expected volatility 42.0 % 25.8 % Weighted-average option life (in years) 4.8 5.4
Stock options rollforward	Information regarding options issued under the current and all previous plans was as follows: Number of options (in thousands) Weighted-average exercise price per option Aggregate intrinsic value (in thousands) Weighted-average remaining contractual term (in years) Outstanding, December 31, 2019 1,347 $ 53.92 Granted 1,030 38.13 Exercised (12) 38.80 Forfeited or expired (231) 54.87 Outstanding, December 31, 2020 2,134 46.28 Granted 440 41.50 Exercised (31) 27.56 Forfeited or expired (357) 44.87 Outstanding, December 31, 2021 2,186 45.81 Forfeited or expired (454) 49.78 Outstanding, December 31, 2022 1,732 44.77 $ — 6.0 Exercisable at December 31, 2020 654 $ 57.68 Exercisable at December 31, 2021 1,015 51.48 Exercisable at December 31, 2022 1,144 46.98 $ — 5.2
Restricted stock units rollforward	Information regarding our restricted stock units was as follows: Number of units (in thousands) Weighted-average grant date fair value per unit Weighted-average remaining vesting period (in years) Outstanding at December 31, 2019 664 $ 44.35 Granted 628 37.25 Vested (282) 45.18 Forfeited (83) 40.44 Outstanding at December 31, 2020 927 39.68 Granted 642 42.90 Vested (425) 40.50 Forfeited (112) 39.78 Outstanding at December 31, 2021 1,032 41.37 Granted 770 30.52 Vested (475) 42.00 Forfeited (282) 37.96 Outstanding at December 31, 2022 1,045 34.10 2.9
Restricted shares rollforward	Information regarding unvested restricted shares was as follows: Number of shares (in thousands) Weighted-average grant date fair value per share Unvested at December 31, 2019 26 $ 71.61 Vested (16) 72.79 Forfeited (2) 61.43 Unvested at December 31, 2020 8 71.02 Vested (8) 71.02 Unvested at December 31, 2021 — —
Weighted-average assumptions used in Monte Carlo simulation pricing model, performance share awards	The following weighted-average assumptions were used in the Monte Carlo simulation model in determining the fair value of market-based performance share units granted: 2022 2021 2020 Risk-free interest rate 1.8 % 0.3 % 1.4 % Dividend yield 3.7 % 4.4 % 2.4 % Expected volatility 54.9 % 55.6 % 28.6 %
Performance share awards rollforward	Information regarding unvested performance share units was as follows: Performance share units (in thousands) Weighted-average grant date fair value per unit Weighted-average remaining contractual term (in years) Unvested at December 31, 2019 252 $ 57.64 Granted (1) 127 36.06 Vested (61) 71.03 Forfeited (23) 62.18 Unvested at December 31, 2020 295 45.20 Granted (1) 208 32.46 Forfeited (68) 67.77 Unvested at December 31, 2021 435 35.56 Granted (1) 203 37.47 Vested (93) 44.69 Forfeited (119) 39.08 Adjustment for performance results achieved (2) 35 44.69 Unvested at December 31, 2022 461 34.35 1.1 (1) Reflects awards granted assuming achievement of performance goals at target. (2) Reflects the difference between the awards earned at the end of the performance period and the target number of shares.

POSTRETIREMENT BENEFITS (Tables

POSTRETIREMENT BENEFITS (Tables)	12 Months Ended
	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Change in benefit obligation, plan assets and funded status	Changes in our benefit obligation, plan assets and funded status for the years ended December 31 were as follows: (in thousands) Postretirement benefit plan Pension plan (1) Change in benefit obligation: Benefit obligation, December 31, 2020 $ 68,164 $ 3,343 Interest cost 929 39 Net actuarial (gain) loss (5,721) 2 Benefits paid from plan assets and company funds (5,591) (324) Benefit obligation, December 31, 2021 57,781 3,060 Interest cost 1,069 52 Net actuarial gain (13,839) (414) Benefits paid from plan assets and company funds (5,302) (324) Benefit obligation, December 31, 2022 $ 39,709 $ 2,374 Change in plan assets: Fair value of plan assets, December 31, 2020 $ 139,372 $ — Return on plan assets 10,159 — Benefits paid (4,731) — Fair value of plan assets, December 31, 2021 144,800 — Loss on plan assets (22,116) — Benefits paid (3,632) — Fair value of plan assets, December 31, 2022 $ 119,052 $ — Funded status, December 31, 2021 $ 87,019 $ (3,060) Funded status, December 31, 2022 $ 79,343 $ (2,374) (1) The accumulated benefit obligation equals the projected benefit obligation.
Amounts recognized in consolidated balance sheets	The funded status of our plans was recognized on the consolidated balance sheets as of December 31 as follows: Postretirement benefit plan Pension plan (in thousands) 2022 2021 2022 2021 Other non-current assets $ 79,343 $ 87,019 $ — $ — Accrued liabilities — — 324 324 Other non-current liabilities — — 2,050 2,736
Amounts included in other comprehensive loss that have not been recognized as components of postretirement benefit income	Amounts included in accumulated other comprehensive loss as of December 31 that have not been recognized as components of postretirement benefit income were as follows: (in thousands) 2022 2021 Unrecognized prior service credit $ 8,493 $ 9,914 Unrecognized net actuarial loss (39,871) (25,445) Tax effect 4,506 100 Amount recognized in accumulated other comprehensive loss, net of tax $ (26,872) $ (15,431)
Components of net periodic benefit income	Postretirement benefit income for the years ended December 31 consisted of the following components: (in thousands) 2022 2021 2020 Interest cost $ 1,121 $ 968 $ 1,911 Expected return on plan assets (7,462) (7,498) (7,619) Amortization of prior service credit (1,421) (1,421) (1,421) Amortization of net actuarial losses 900 1,629 2,301 Net periodic benefit income $ (6,862) $ (6,322) $ (4,828)
Actuarial assumptions used in measuring benefit obligation and net periodic benefit income	In measuring the benefit obligations as of December 31, the following discount rate assumptions were used: Postretirement benefit plan Pension plan 2022 2021 2022 2021 Discount rate 5.09 % 2.61 % 5.00 % 2.26 % In measuring net periodic benefit income for the years ended December 31, the following assumptions were used: Postretirement benefit plan Pension plan 2022 2021 2020 2022 2021 2020 Discount rate 2.61 % 2.16 % 3.03 % 2.26 % 1.74 % 2.76 % Expected return on plan assets 5.25 % 5.50 % 6.00 % — — —
Health care cost trend rate assumptions	In measuring the benefit obligation as of December 31 for our postretirement benefit plan, the following assumptions for health care cost trend rates were used. These rates are utilized to determine our periodic benefit income for the following year. 2022 2021 2020 Participants under age 65 Participants age 65 and older Participants under age 65 Participants age 65 and older Participants under age 65 Participants age 65 and older Health care cost trend rate assumed for next year 6.6 % 7.3 % 6.9 % 7.6 % 7.2 % 8.0 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2030 2030 2030 2030 2030 2030
Allocation of plan assets by asset category	The allocation of plan assets by asset category as of December 31 was as follows: Postretirement benefit plan 2022 2021 U.S. corporate debt securities 55 % 19 % International equity securities 20 % 20 % U.S. large capitalization equity securities 17 % 17 % Mortgage-backed securities 5 % 41 % U.S. small and mid-capitalization equity securities 3 % 3 % Total 100 % 100 % Our postretirement benefit plan has assets that are intended to meet long-term obligations. In order to meet these obligations, we employ a total return investment approach that considers cash flow needs and balances long-term projected returns against expected asset risk, as measured using projected standard deviations. Risk tolerance is established through consideration of projected plan liabilities, the plan's funded status, projected liquidity needs and our financial condition. The target asset allocation percentages for our postretirement benefit plan are based on our liability and asset projections. The targeted allocation of plan assets is 60% fixed income securities, 20% international equity securities, 17% large capitalization equity securities and 3% small and mid-capitalization equity securities. Information regarding fair value measurements of plan assets was as follows as of December 31, 2022: Fair value measurements using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Investments measured at net asset value Fair value as of December 31, 2022 (in thousands) (Level 1) (Level 2) (Level 3) U.S. corporate debt securities $ — $ 65,700 $ — $ — $ 65,700 International equity securities — 23,835 — — 23,835 U.S. large capitalization equity securities — 20,496 — — 20,496 Mortgage-backed securities — 5,959 — — 5,959 U.S. small and mid-capitalization equity securities — 3,062 — — 3,062 Plan assets $ — $ 119,052 $ — $ — $ 119,052 Information regarding fair value measurements of plan assets was as follows as of December 31, 2021: Fair value measurements using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Investments measured at net asset value Fair value as of December 31, 2021 (in thousands) (Level 1) (Level 2) (Level 3) Mortgage-backed securities $ (94) $ 58,893 $ — $ — $ 58,799 International equity securities 285 28,708 — — 28,993 U.S. corporate debt securities 22 27,836 — — 27,858 U.S. large capitalization equity securities (15) 25,410 — — 25,395 U.S. small and mid-capitalization equity securities 26 3,729 — — 3,755 Plan assets $ 224 $ 144,576 $ — $ — $ 144,800
Expected benefit payments	The following benefit payments are expected to be paid during the years indicated: (in thousands) Postretirement benefit plan Pension plan 2023 $ 5,187 $ 320 2024 4,779 300 2025 4,324 290 2026 3,904 270 2027 3,592 250 2028 - 2032 14,462 980

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt outstanding	Debt outstanding was comprised of the following at December 31: (in thousands) 2022 2021 Senior, secured term loan facility $ 987,375 $ 1,072,125 Senior, unsecured notes 475,000 500,000 Amounts drawn on senior, secured revolving credit facility 197,000 130,000 Total principal amount 1,659,375 1,702,125 Less: unamortized discount and debt issuance costs (15,099) (19,176) Total debt, net of discount and debt issuance costs 1,644,276 1,682,949 Less: current portion of long-term debt, net of debt issuance costs (71,748) (57,197) Long-term debt $ 1,572,528 $ 1,625,752
Maturities of long-term debt	Maturities of long-term debt were as follows as of December 31, 2022: (in thousands) Debt obligations 2023 $ 72,188 2024 86,625 2025 101,062 2026 924,500 2027 — Thereafter 475,000 Total principal amount $ 1,659,375
Leverage ratio requirements	These ratios may not equal or exceed the following amounts during the periods indicated: Fiscal Quarter Ending Consolidated total leverage ratio Consolidated secured leverage ratio March 31, 2023 4.75 to 1:00 3.75 to 1:00 June 30, 2023 through March 31, 2024 4.50 to 1:00 3.50 to 1:00 June 30, 2024 and each fiscal quarter thereafter 4.25 to 1:00 3.50 to 1:00
Credit facility	Daily average amounts outstanding under our current and previous credit facility were as follows for the years ended December 31: (in thousands) 2022 2021 2020 Daily average amount outstanding $ 1,191,517 $ 1,109,819 $ 1,016,896 Weighted-average interest rate 4.04 % 2.43 % 2.12 % As of December 31, 2022, amounts were available for borrowing under our revolving credit facility as follows: (in thousands) Total available Revolving credit facility commitment $ 500,000 Amount drawn on revolving credit facility (197,000) Outstanding letters of credit (1) (7,823) Net available for borrowing as of December 31, 2022 $ 295,177 (1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our revolving credit facility.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Balance sheets information related to leases	Leases were reflected on the consolidated balance sheets as follows at December 31: (in thousands) 2022 2021 Operating leases: Operating lease assets $ 47,132 $ 58,236 Accrued liabilities $ 12,780 $ 14,852 Operating lease liabilities 48,925 56,444 Total operating lease liabilities $ 61,705 $ 71,296 Weighted-average remaining lease term (in years) 5.1 5.6 Weighted-average discount rate 5.2 % 4.7 % Finance leases: Property, plant and equipment, gross $ 33,060 $ 33,359 Accumulated depreciation (8,630) (7,076) Property, plant and equipment, net $ 24,430 $ 26,283 Accrued liabilities $ 1,050 $ 531 Other non-current liabilities 27,287 27,406 Total finance lease liabilities $ 28,337 $ 27,937 Weighted-average remaining lease term (in years) 14.6 15.6 Weighted-average discount rate 6.0 % 6.0 %
Components of lease expense	The components of lease expense for the years ended December 31 were as follows: (in thousands) 2022 2021 2020 Operating lease expense $ 20,480 $ 17,485 $ 20,928 Finance lease expense: Amortization of right-of-use assets $ 1,853 $ 1,283 $ 751 Interest on lease liabilities 1,697 829 20 Total finance lease expense $ 3,550 $ 2,112 $ 771
Statements of cash flows information related to leases	Supplemental cash flow information related to leases for the years ended December 31 was as follows: (in thousands) 2022 2021 2020 Lease assets obtained in exchange for lease obligations: Operating leases (1) $ 6,294 $ 38,630 $ 11,000 Finance leases (2) — 26,941 — Cash paid for amounts included in lease obligations: Operating cash flows from operating leases (3) $ 19,015 $ 8,444 $ 19,026 Operating cash flows from finance leases 1,697 8 20 Financing cash flows from finance leases 1,290 421 735 (1) Operating lease assets obtained during 2021 included $24,396 acquired in conjunction with the acquisition of First American in June 2021 (Note 6). (2) Finance lease assets obtained during 2021 consisted of a lease on our corporate headquarters located in Minnesota that commenced in July 2021. (3) Cash paid for operating leases during 2021 was reduced by lease incentives received of $9,410.
Maturities of lease liabilities	Maturities of lease liabilities were as follows at December 31, 2022: (in thousands) Operating lease obligations Finance 2023 $ 15,190 $ 2,709 2024 14,826 2,743 2025 12,203 2,777 2026 11,257 2,812 2027 8,110 2,847 Thereafter 9,645 29,032 Total lease payments 71,231 42,920 Less lease incentive receivable (867) — Less imputed interest (8,659) (14,583) Present value of lease payments $ 61,705 $ 28,337

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Business segment information	Our segment information for the years ended December 31 was as follows: (in thousands) 2022 2021 2020 Payments: Revenue $ 678,580 $ 510,359 $ 301,901 Adjusted EBITDA 144,605 105,576 68,117 Data Solutions: Revenue 267,525 262,310 252,773 Adjusted EBITDA 68,214 70,172 61,580 Promotional Solutions: Revenue 562,917 546,473 529,649 Adjusted EBITDA 79,549 85,384 66,620 Checks: Revenue 728,988 703,055 706,458 Adjusted EBITDA 320,498 324,224 341,705 Total segments: Revenue $ 2,238,010 $ 2,022,197 $ 1,790,781 Adjusted EBITDA 612,866 585,356 538,022
Reconciliation of total segment adjusted EBITDA to consolidated income before income taxes	The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes: (in thousands) 2022 2021 2020 Total segment adjusted EBITDA $ 612,866 $ 585,356 $ 538,022 Corporate operations (194,736) (177,591) (173,480) Depreciation and amortization (172,552) (148,767) (110,792) Interest expense (94,454) (55,554) (23,140) Net income attributable to non-controlling interest 135 139 91 Asset impairment charges — — (101,749) Restructuring and integration costs (63,136) (58,947) (80,665) CEO transition costs — — 30 Share-based compensation expense (23,676) (29,477) (21,824) Acquisition transaction costs (130) (18,913) (8) Certain legal-related benefit (expense) 730 (2,443) 2,164 Gain (loss) on sale of businesses and facility 19,331 — (1,846) Income before income taxes $ 84,378 $ 93,803 $ 26,803
Revenue disaggregated by product and service offerings	The following tables present revenue disaggregated by our product and service offerings: Year Ended December 31, 2022 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 728,988 $ 728,988 Merchant services and other payment solutions 437,395 — — — 437,395 Forms and other products — — 289,920 — 289,920 Marketing and promotional solutions — — 272,997 — 272,997 Treasury management solutions 241,185 — — — 241,185 Data-driven marketing solutions — 177,598 — — 177,598 Web and hosted solutions — 89,927 — — 89,927 Total revenue $ 678,580 $ 267,525 $ 562,917 $ 728,988 $ 2,238,010 Year Ended December 31, 2021 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 703,055 $ 703,055 Merchant services and other payment solutions 276,118 — — — 276,118 Forms and other products — — 296,993 — 296,993 Marketing and promotional solutions — — 249,480 — 249,480 Treasury management solutions 234,241 — — — 234,241 Data-driven marketing solutions — 150,772 — — 150,772 Web and hosted solutions — 111,538 — — 111,538 Total revenue $ 510,359 $ 262,310 $ 546,473 $ 703,055 $ 2,022,197 Year Ended December 31, 2020 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 706,458 $ 706,458 Merchant services and other payment solutions 75,796 — — — 75,796 Forms and other products — — 316,245 — 316,245 Marketing and promotional solutions — — 213,404 — 213,404 Treasury management solutions 226,105 — — — 226,105 Data-driven marketing solutions — 119,155 — — 119,155 Web and hosted solutions — 133,618 — — 133,618 Total revenue $ 301,901 $ 252,773 $ 529,649 $ 706,458 $ 1,790,781
Revenue disaggregated by geographic area	The following table presents revenue disaggregated by geography, based on where items are shipped or services are performed. Substantially all of our long-lived assets reside in the U.S. Long-lived assets of our foreign subsidiaries are located primarily in Canada and are not significant to our consolidated financial position. (in thousands) Payments Data Promotional Solutions Checks Consolidated Year ended December 31, 2022: U.S. $ 634,945 $ 248,227 $ 537,643 $ 700,170 $ 2,120,985 Foreign, primarily Canada 43,635 19,298 25,274 28,818 117,025 Total revenue $ 678,580 $ 267,525 $ 562,917 $ 728,988 $ 2,238,010 Year ended December 31, 2021: U.S. $ 469,102 $ 227,091 $ 522,966 $ 678,229 $ 1,897,388 Foreign, primarily Canada and Australia 41,257 35,219 23,507 24,826 124,809 Total revenue $ 510,359 $ 262,310 $ 546,473 $ 703,055 $ 2,022,197 Year ended December 31, 2020: U.S. $ 266,920 $ 220,699 $ 506,240 $ 684,328 $ 1,678,187 Foreign, primarily Canada and Australia 34,981 32,074 23,409 22,130 112,594 Total revenue $ 301,901 $ 252,773 $ 529,649 $ 706,458 $ 1,790,781

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (cash and cash equivalents and trade accounts receivable) (Details)	12 Months Ended
	Dec. 31, 2022
Cash and cash equivalents
Maximum maturity of cash equivalents	3 months
Trade accounts receivable
Period for write-off of trade accounts receivable	1 year

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (property, plant and equipment and leases) (Details)	12 Months Ended
	Dec. 31, 2022
Maximum [Member]
Property, plant and equipment [Line Items]
Short-term lease term	1 year
Building [Member]
Property, plant and equipment [Line Items]
Useful life	40 years
Machinery and equipment [Member] | Minimum [Member]
Property, plant and equipment [Line Items]
Useful life	1 year
Machinery and equipment [Member] | Maximum [Member]
Property, plant and equipment [Line Items]
Useful life	11 years
Machinery and equipment [Member] | Weighted-average [Member]
Property, plant and equipment [Line Items]
Useful life	7 years

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (intangibles) (Details)	12 Months Ended
	Dec. 31, 2022
Minimum [Member]
Amortizable intangibles [Line Items]
Useful life	1 year
Maximum [Member]
Amortizable intangibles [Line Items]
Useful life	15 years
Weighted-average [Member]
Amortizable intangibles [Line Items]
Useful life	6 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (business combinations and prepaid product discounts) (Details)	12 Months Ended
	Dec. 31, 2022
Business ccmbinations
Measurement period	1 year
Maximum [Member]
Prepaid product discounts [Line Items]
Amortization period	14 years 6 months
Weighted-average [Member]
Prepaid product discounts [Line Items]
Amortization period	4 years

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES (loans and notes receivable from distributors and advertising costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Advertising costs
Advertising expense	$ 38,731	$ 47,461	$ 50,308
Minimum [Member]
Loans and notes receivable [Line Items]
Interest rate, loans and notes receivable	6%
Maximum [Member]
Loans and notes receivable [Line Items]
Interest rate, loans and notes receivable	7%

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES (income taxes, revenue recognition) (Details)	12 Months Ended
	Dec. 31, 2022
Income taxes
Measurement of tax benefit, minimum percentage tax benefit must be likely to be realized	50%
Variable consideration, period over which finalized	4 months
Deferred revenue, period over which recognized	1 year
Contract costs practical expedient period	1 year
Minimum [Member]
Capitalized contract costs amortization period	2 years
Maximum [Member]
Capitalized contract costs amortization period	5 years
Data-driven marketing and treasury management solutions [Member] | Minimum [Member]
Remaining performance obligations, expected timing of satisfaction	3 months
Data-driven marketing and treasury management solutions [Member] | Maximum [Member]
Remaining performance obligations, expected timing of satisfaction	1 year

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES (employee share-based compensation) (Details) - Employee stock purchase plan [Member]	12 Months Ended
	Dec. 31, 2022
Share-based compensation plans [Line Items]
Employee stock purchase plan discount	15%
Purchase period	3 months

SUPPLEMENTAL BALANCE SHEET AN_3

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (trade accounts receivable) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Trade accounts receivable
Trade accounts receivable - gross		$ 210,799	$ 202,077
Allowance for credit losses		(4,182)	(4,130)	$ (6,428)
Trade accounts receivable - net	[1]	206,617	197,947
Unbilled receivables		43,902	47,420
Changes in allowance for credit losses
Balance, beginning of year		4,130	6,428	4,985
Bad debt expense		4,185	223	5,003
Write-offs and other		(4,133)	(2,521)	(3,560)
Balance, end of year		$ 4,182	$ 4,130	$ 6,428
[1]Includes unbilled receivables of $43,902 as of December 31, 2022 and $47,420 as of December 31, 2021.

SUPPLEMENTAL BALANCE SHEET AN_4

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (inventories and supplies) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventories and supplies
Raw materials	$ 11,563	$ 5,316
Semi-finished goods	7,777	6,708
Finished goods	32,938	21,995
Supplies	6,389	6,041
Reserve for excess and obsolete items	(6,400)	(5,132)	$ (11,748)
Inventories and supplies, net of reserves	52,267	34,928
Changes in reserves for excess and obsolete items
Balance, beginning of year	5,132	11,748	6,600
Balance, end of year	6,400	5,132	11,748
Reserve for excess and obsolete inventory [Member]
Changes in reserves for excess and obsolete items
Amounts charged to expense	2,940	3,513	6,713
Write-offs and sales	$ (1,672)	$ (10,129)	$ (1,565)

SUPPLEMENTAL BALANCE SHEET AN_5

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (available-for-sale debt securities) (Details) - USD ($) $ in Thousands		Dec. 31, 2022		Dec. 31, 2021
Available-for-sale debt securities [Line Items]
Cost		$ 14,190		$ 13,681
Gross unrealized gains		0	[1]	0
Gross unrealized losses		(1,064)	[1]	(374)
Available-for-sale debt securities		13,126		13,307
Expected maturities of available-for-sale debt securities
Due in one year or less		7,673
Due in two to five years		2,162
Due in six to ten years		3,291
Available-for-sale debt securities		13,126		13,307
Cash and cash equivalents [Member]
Available-for-sale debt securities [Line Items]
Cash		35,435		41,231
Cash and cash equivalents [Member] | Money market fund [Member]
Available-for-sale debt securities [Line Items]
Available-for-sale debt securities		5,000
Expected maturities of available-for-sale debt securities
Available-for-sale debt securities		5,000
Cash and cash equivalents [Member] | Money market fund [Member] | Domestic [Member]
Available-for-sale debt securities [Line Items]
Cost		5,000
Gross unrealized gains		0
Gross unrealized losses		0
Available-for-sale debt securities		5,000
Expected maturities of available-for-sale debt securities
Available-for-sale debt securities		5,000
Funds held for customers [Member]
Available-for-sale debt securities [Line Items]
Cost	[2]			13,681
Gross unrealized gains	[2]			0
Gross unrealized losses	[2]			(374)
Available-for-sale debt securities	[2]			13,307
Cash		294,165		241,488
Expected maturities of available-for-sale debt securities
Available-for-sale debt securities	[2]			13,307
Funds held for customers [Member] | Canadian and provincial government securities [Member]
Available-for-sale debt securities [Line Items]
Cost		9,190		9,724
Gross unrealized gains		0		0
Gross unrealized losses		(1,064)		(374)
Available-for-sale debt securities		8,126		9,350
Expected maturities of available-for-sale debt securities
Available-for-sale debt securities		$ 8,126		9,350
Funds held for customers [Member] | Guaranteed investment certificate [Member]
Available-for-sale debt securities [Line Items]
Cost				3,957
Gross unrealized gains				0
Gross unrealized losses				0
Available-for-sale debt securities				3,957
Expected maturities of available-for-sale debt securities
Available-for-sale debt securities				$ 3,957
[1]Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2022, also included cash of $294,165[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		Dec. 31, 2022	Dec. 31, 2021
Supplemental balance sheet and cash flow information [Abstract]
Conditional right to receive consideration		$ 26,520	$ 22,780
Unconditional right to receive consideration	[1]	12,241	7,613
Revenue in excess of billings		$ 38,761	$ 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 (property, plant and equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment [Line Items]
Gross carrying amount	$ 504,882	$ 464,583
Accumulated depreciation	(379,988)	(338,617)
Net carrying amount	124,894	125,966
Machinery and equipment [Member]
Property, plant and equipment [Line Items]
Gross carrying amount	378,468	333,383
Accumulated depreciation	(307,838)	(276,914)
Net carrying amount	70,630	56,469
Buildings and improvements [Member]
Property, plant and equipment [Line Items]
Gross carrying amount	111,916	118,219
Accumulated depreciation	(67,936)	(58,202)
Net carrying amount	43,980	60,017
Land and improvements [Member]
Property, plant and equipment [Line Items]
Gross carrying amount	14,498	12,981
Accumulated depreciation	(4,214)	(3,501)
Net carrying amount	$ 10,284	$ 9,480

SUPPLEMENTAL BALANCE SHEET AN_8

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (intangibles) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amortizable intangibles [Line Items]
Gross carrying amount		$ 1,282,568	$ 1,209,488
Accumulated amortization		(823,589)	(698,764)
Net carrying amount		458,979	510,724
Amortization of intangibles		146,555	123,142	$ 90,550
Acquired intangibles		$ 94,632	$ 384,655	$ 84,814
Weighted-average amortization period (in years)		4 years	8 years	6 years
Estimated future amortization expense
2023		$ 131,216
2024		91,800
2025		62,150
2026		40,686
2027		32,413
Internal-use software [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		529,306	$ 456,133
Accumulated amortization		(395,514)	(342,656)
Net carrying amount		133,792	113,477
Amortization of intangibles		54,925	41,601	$ 36,771
Acquired intangibles		$ 74,778	$ 75,918	$ 39,344
Weighted-average amortization period (in years)		3 years	3 years	4 years
Customer lists/relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		$ 497,882	$ 493,495
Accumulated amortization		(312,986)	(255,178)
Net carrying amount		184,896	238,317
Amortization of intangibles		70,712	61,805	$ 41,377
Acquired intangibles	[1]	$ 18,267	$ 149,642	$ 45,470
Weighted-average amortization period (in years)	[1]	6 years	8 years	7 years
Customer lists/relationships [Member] | Asset acquisitions [Member]
Amortizable intangibles [Line Items]
Acquired intangibles		$ 18,267	$ 22,642	$ 45,470
Technology-based intangibles [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		99,613	98,813
Accumulated amortization		(47,478)	(38,553)
Net carrying amount		52,135	60,260
Amortization of intangibles		8,925	10,940	6,291
Acquired intangibles		0	$ 65,000	0
Weighted-average amortization period (in years)			8 years
Partner relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		74,682	$ 73,095
Accumulated amortization		(9,094)	(2,990)
Net carrying amount		65,588	70,105
Amortization of intangibles		6,104	2,990	0
Acquired intangibles		$ 1,587	$ 73,095	0
Weighted-average amortization period (in years)		3 years	15 years
Trade names [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		$ 44,185	$ 51,052
Accumulated amortization		(26,510)	(31,277)
Net carrying amount		17,675	19,775
Amortization of intangibles		1,992	1,580	1,884
Acquired intangibles		0	$ 21,000	0
Weighted-average amortization period (in years)			10 years
Software to be sold [Member]
Amortizable intangibles [Line Items]
Gross carrying amount		36,900	$ 36,900
Accumulated amortization		(32,007)	(28,110)
Net carrying amount		4,893	8,790
Amortization of intangibles		$ 3,897	$ 4,226	$ 4,227
[1]We acquired customer lists that did not qualify as business combinations of $18,267 during 2022, $22,642 during 2021 and $45,470 during 2020.

SUPPLEMENTAL BALANCE SHEET AN_9

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (goodwill) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Changes in goodwill
Goodwill, gross, beginning of year		$ 2,016,008	$ 1,288,825
Accumulated impairment charges, beginning of year		(585,867)	(585,867)
Goodwill, net of accumulated impairment charges, beginning of year		1,430,141	702,958
Goodwill resulting from acquisition (Note 6)			727,173
Measurement-period adjustment (Note 6)		1,343
Currency translation adjustment		(99)	10
Goodwill, gross, end of period		2,017,252	2,016,008
Accumulated impairment charges, end of period		(585,867)	(585,867)
Goodwill, net of accumulated impairment charges, end of period		1,431,385	1,430,141
First American [Member]
Changes in goodwill
Goodwill resulting from acquisition (Note 6)	$ 728,516
Reportable business segments [Member] | Payments [Member]
Changes in goodwill
Goodwill, gross, beginning of year		895,338	168,165
Accumulated impairment charges, beginning of year		0	0
Goodwill, net of accumulated impairment charges, beginning of year		895,338	168,165
Goodwill, gross, end of period		896,681	895,338
Accumulated impairment charges, end of period		0	0
Goodwill, net of accumulated impairment charges, end of period		896,681	895,338
Reportable business segments [Member] | Payments [Member] | First American [Member]
Changes in goodwill
Goodwill resulting from acquisition (Note 6)			727,173
Measurement-period adjustment (Note 6)		1,343
Reportable business segments [Member] | Cloud Solutions [Member]
Changes in goodwill
Goodwill, gross, beginning of year		432,984	432,984
Accumulated impairment charges, beginning of year		(392,168)	(392,168)
Goodwill, net of accumulated impairment charges, beginning of year		40,816	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]
Changes in goodwill
Goodwill, gross, beginning of year		252,874	252,864
Accumulated impairment charges, beginning of year		(193,699)	(193,699)
Goodwill, net of accumulated impairment charges, beginning of year		59,175	59,165
Currency translation adjustment		(99)	10
Goodwill, gross, end of period		252,775	252,874
Accumulated impairment charges, end of period		(193,699)	(193,699)
Goodwill, net of accumulated impairment charges, end of period		59,076	59,175
Reportable business segments [Member] | Checks [Member]
Changes in goodwill
Goodwill, gross, beginning of year		434,812	434,812
Accumulated impairment charges, beginning of year		0	0
Goodwill, net of accumulated impairment charges, beginning of year		434,812	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 A_10

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (other non-current assets) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other non-current assets
Postretirement benefit plan asset (Note 12)		$ 79,343	$ 87,019
Cloud computing arrangement implementation costs		71,547	63,806
Prepaid product discounts		44,824	56,527	$ 50,602	$ 51,145
Deferred contract acquisition costs	[1]	21,300	17,975
Loans and notes receivable from distributors, net of allowance for credit losses	[2]	13,259	20,201
Other		30,081	33,935
Other non-current assets		260,354	279,463
Loans and notes receivable from distributors, current		961	1,317
Amortization of contract acquisition costs		8,206	4,975	3,739
Loans and notes receivable allowance for credit losses [Line Items]
Write-offs		(2,599)
Loans and notes receivable from distributors [Member]
Loans and notes receivable allowance for credit losses [Line Items]
Balance, beginning of year		2,830	3,995	284
Bad debt expense (benefit)		1,195	(1,165)	5,412
Exchange for customer lists		(402)	0	(6,402)
Write-offs		(2,599)	0	(48)
Balance, end of year		1,024	$ 2,830	3,995
Loans and notes receivable credit quality information by origination year
2019		1,142
2018		429
2017		4,128
Prior		9,545
Total		15,244
Loans and notes receivable from distributors [Member] | 1 to 2 internal grade [Member]
Loans and notes receivable credit quality information by origination year
2019		1,142
2018		429
2017		4,128
Prior		9,545
Total		15,244
Loans and notes receivable from distributors [Member] | 3 to 4 internal grade [Member]
Loans and notes receivable credit quality information by origination year
2019		0
2018		0
2017		0
Prior		0
Total		$ 0
Loans and notes receivable from distributors [Member] | ASU No. 2016-13 [Member] | Adoption of Accounting Standards Update [Member]
Loans and notes receivable allowance for credit losses [Line Items]
Balance, beginning of year				$ 4,749
[1]Amortization of deferred contract acquisition costs was $8,206 for 2022, $4,975 for 2021 and $3,739 for 2020.[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 $961 as of December 31, 2022 and $1,317 as of December 31, 2021.

SUPPLEMENTAL BALANCE SHEET A_11

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (prepaid product discounts and accrued liabilities) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in prepaid product discounts
Balance, beginning of year		$ 56,527	$ 50,602	$ 51,145
Additions	[1]	23,014	37,882	30,346
Amortization		(34,400)	(31,784)	(29,235)
Other		(317)	(173)	(1,654)
Balance, end of year		44,824	56,527	50,602
Prepaid product discount payments		30,603	40,920	33,613
Accrued liabilities
Deferred revenue	[2]	47,012	52,645
Employee cash bonuses, including sales incentives		57,398	45,006
Wages and payroll liabilities, including vacation		20,264	24,951
Operating lease liabilities (Note 14)		12,780	14,852
Customer rebates		12,153	9,036
Prepaid product discounts due within one year		4,179	11,866
Other		64,618	58,476
Accrued liabilities		218,404	216,832
Recognition of deferred revenue		$ 47,547	$ 39,366	$ 42,108
[1]Prepaid product discounts are generally accrued upon contract execution. Cash payments made for prepaid product discounts were $30,603 for 2022, $40,920 for 2021 and $33,613 for 2020.[2]Revenue recognized from amounts included in deferred revenue at the beginning of the period was $47,547 for 2022, $39,366 for 2021 and $42,108 for 2020.

SUPPLEMENTAL BALANCE SHEET A_12

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (supplemental cash flow information) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and cash equivalents		$ 40,435	$ 41,231	$ 123,122
Restricted cash and restricted cash equivalents included in funds held for customers		$ 294,165	$ 241,488	$ 106,287
Restricted cash and restricted cash equivalents included in funds held for customers [Extensible Enumeration]		Funds held for customers, including securities carried at fair value of $8,126 and $13,307, respectively	Funds held for customers, including securities carried at fair value of $8,126 and $13,307, respectively	Funds held for customers, including securities carried at fair value of $8,126 and $13,307, respectively
Non-current restricted cash included in other non-current assets		$ 2,815	$ 2,772	$ 0
Non-current restricted cash included in other non-current assets [Extensible Enumeration]		Other non-current assets	Other non-current assets	Other non-current assets
Cash, cash equivalents, restricted cash and restricted cash equivalents		$ 337,415	$ 285,491	$ 229,409	$ 174,811
Interest paid		87,108	46,621	22,853
Income taxes paid		38,629	18,761	24,701
Non-cash consideration for customer list purchases	[1]	5,096	15,528	21,439
Liabilities for holdback payments on asset purchases and acquisitions		8,609	4,121	12,949
Restricted stock units [Member]
Vesting of restricted stock unit awards		$ 13,602	$ 16,646	$ 7,839
[1]Consists of pre-acquisition amounts owed to us by the sellers.

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per share - basic:
Net income	$ 65,530	$ 62,772	$ 5,335
Net income attributable to non-controlling interest	(135)	(139)	(91)
Net income attributable to Deluxe	65,395	62,633	5,244
Income allocated to participating securities	(47)	(46)	(53)
Income attributable to Deluxe available to common shareholders	$ 65,348	$ 62,587	$ 5,191
Weighted-average shares outstanding	43,025	42,378	41,931
Earnings per share - basic	$ 1.52	$ 1.48	$ 0.12
Earnings per share - diluted:
Net income	$ 65,530	$ 62,772	$ 5,335
Net income attributable to non-controlling interest	(135)	(139)	(91)
Net income attributable to Deluxe	65,395	62,633	5,244
Income allocated to participating securities	(35)	(26)	(2)
Re-measurement of share-based awards classified as liabilities	(497)	(438)	(677)
Income attributable to Deluxe available to common shareholders	$ 64,863	$ 62,169	$ 4,565
Weighted-average shares outstanding	43,025	42,378	41,931
Dilutive impact of potential common shares	285	449	211
Weighted-average shares and potential common shares outstanding	43,310	42,827	42,142
Earnings per share - diluted	$ 1.50	$ 1.45	$ 0.11
Antidilutive options excluded from calculation	1,732	2,179	2,060

OTHER COMPREHENSIVE (LOSS) IN_3

OTHER COMPREHENSIVE (LOSS) INCOME (reclassification adjustments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Prior service credit	$ 1,421	$ 1,421	$ 1,421
Net actuarial loss	(900)	(1,629)	(2,301)
Total amortization	521	(208)	(880)
Tax (expense) benefit	(315)	(123)	46
Amortization of postretirement benefit plan items, net of tax	206	(331)	(834)
Realized (loss) gain on debt securities	(8)	0	206
Tax benefit (expense)	2	0	(53)
Realized (loss) gain on debt securities, net of tax	(6)	0	153
Realized gain (loss) on cash flow hedges	20	(1,384)	(968)
Tax (expense) benefit	(5)	361	249
Realized gain (loss) on cash flow hedges, net of tax	15	(1,023)	(719)
Foreign currency translation adjustment	(5,550)	0	0
Total reclassifications, net of tax	$ (5,335)	$ (1,354)	$ (1,400)

OTHER COMPREHENSIVE (LOSS) IN_4

OTHER COMPREHENSIVE (LOSS) INCOME (accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	$ (31,492)	$ (41,433)	$ (47,947)
Other comprehensive income (loss) before reclassifications	(11,107)	8,587	5,114
Amounts reclassified from accumulated other comprehensive loss	5,335	1,354	1,400
Other comprehensive (loss) income	(5,772)	9,941	6,514
Accumulated other comprehensive loss	(37,264)	(31,492)	(41,433)
Balance, end of year	(37,264)	(31,492)	(41,433)
Postretirement benefit plans [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	(15,431)	(21,956)	(28,406)
Other comprehensive income (loss) before reclassifications	(11,235)	6,194	5,616
Amounts reclassified from accumulated other comprehensive loss	(206)	331	834
Other comprehensive (loss) income	(11,441)	6,525	6,450
Accumulated other comprehensive loss	(26,872)	(15,431)	(21,956)
Balance, end of year	(26,872)	(15,431)	(21,956)
Net unrealized loss on debt securities [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	(344)	(90)	(275)
Other comprehensive income (loss) before reclassifications	(571)	(254)	338
Amounts reclassified from accumulated other comprehensive loss	6	0	(153)
Other comprehensive (loss) income	(565)	(254)	185
Accumulated other comprehensive loss	(909)	(344)	(90)
Balance, end of year	(909)	(344)	(90)
Net unrealized loss on cash flow hedges [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	(2,261)	(5,351)	(1,097)
Other comprehensive income (loss) before reclassifications	4,869	2,067	(4,973)
Amounts reclassified from accumulated other comprehensive loss	(15)	1,023	719
Other comprehensive (loss) income	4,854	3,090	(4,254)
Accumulated other comprehensive loss	2,593	(2,261)	(5,351)
Balance, end of year	2,593	(2,261)	(5,351)
Foreign currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	(13,456)	(14,036)	(18,169)
Other comprehensive income (loss) before reclassifications	(4,170)	580	4,133
Amounts reclassified from accumulated other comprehensive loss	5,550	0	0
Other comprehensive (loss) income	1,380	580	4,133
Accumulated other comprehensive loss	(12,076)	(13,456)	(14,036)
Balance, end of year	$ (12,076)	$ (13,456)	$ (14,036)

ACQUISITION AND DIVESTITURES (D

ACQUISITION AND DIVESTITURES (Details) - USD ($) $ in Thousands			12 Months Ended
		Jun. 01, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquisition and divestitures [Line Items]
Acquisition transaction costs				$ 130	$ 18,913	$ 8
Payments for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired				0	958,514	0
Goodwill					727,173
Goodwill, purchase accounting adjustment				1,343
Purchase accounting adjustments, deferred income tax liabilities				1,343
Intangible assets				94,632	384,655	84,814
Revenue				2,238,010	2,022,197	1,790,781
Net income attributable to Deluxe				65,395	62,633	5,244
Restructuring and integration costs				5,452
Pro forma revenue					2,156,313	2,079,103
Pro forma net income (loss) attributable to Deluxe					74,843	(54,489)
Gain (loss) gain on sale of businesses and facility				19,331	0	(1,846)
Customer lists/relationships [Member]
Acquisition and divestitures [Line Items]
Intangible assets	[1]			18,267	149,642	45,470
Partner relationships [Member]
Acquisition and divestitures [Line Items]
Intangible assets				1,587	73,095	0
Technology-based intangibles [Member]
Acquisition and divestitures [Line Items]
Intangible assets				0	65,000	0
Trade names [Member]
Acquisition and divestitures [Line Items]
Intangible assets				0	21,000	0
Internal-use software [Member]
Acquisition and divestitures [Line Items]
Intangible assets				74,778	75,918	39,344
Australian web hosting business [Member]
Acquisition and divestitures [Line Items]
Proceeds from sale of business				17,620
Gain (loss) gain on sale of businesses and facility				15,166
Lancaster, California facility [Member]
Acquisition and divestitures [Line Items]
Proceeds from sale of facility				6,929
Gain (loss) gain on sale of businesses and facility				2,361
North American web hosting business [Member] | Forecast [Member]
Acquisition and divestitures [Line Items]
Proceeds from sale of business			$ 42,000
Proceeds from sale of business, contingent consideration			$ 10,000
Reportable business segments [Member] | Data Solutions [Member]
Acquisition and divestitures [Line Items]
Revenue				267,525	262,310	252,773
Reportable business segments [Member] | Data Solutions [Member] | Australian web hosting business [Member]
Acquisition and divestitures [Line Items]
Revenue					23,766
Reportable business segments [Member] | Data Solutions [Member] | North American web hosting business [Member]
Acquisition and divestitures [Line Items]
Revenue				66,000
Reportable business segments [Member] | Promotional Solutions [Member]
Acquisition and divestitures [Line Items]
Revenue				562,917	546,473	529,649
Reportable business segments [Member] | Promotional Solutions [Member] | Promotional Solutions business exits [Member]
Acquisition and divestitures [Line Items]
Revenue					29,000
Scenario, Adjustment [Member]
Acquisition and divestitures [Line Items]
Pro forma revenue					(26,335)	(3,027)
Pro forma net income (loss) attributable to Deluxe					10,138	$ (9,082)
First American [Member]
Acquisition and divestitures [Line Items]
Payments for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired					958,514
Goodwill		$ 728,516
Trade accounts receivable		27,296
Other current assets		8,533
Property, plant and equipment		9,873
Operating lease assets		24,396
Intangible assets		291,111
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)
Cash, cash equivalents, restricted cash and restricted cash equivalents acquired		15,841
Revenue				347,709	194,976
Net income attributable to Deluxe				$ 5,794	$ 1,806
First American [Member] | Customer lists/relationships [Member]
Acquisition and divestitures [Line Items]
Intangible assets		127,000
First American [Member] | Partner relationships [Member]
Acquisition and divestitures [Line Items]
Intangible assets		72,000
First American [Member] | Technology-based intangibles [Member]
Acquisition and divestitures [Line Items]
Intangible assets		65,000
First American [Member] | Trade names [Member]
Acquisition and divestitures [Line Items]
Intangible assets		21,000
First American [Member] | Internal-use software [Member]
Acquisition and divestitures [Line Items]
Intangible assets		$ 6,111
[1]We acquired customer lists that did not qualify as business combinations of $18,267 during 2022, $22,642 during 2021 and $45,470 during 2020.

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 20, 2023	Dec. 31, 2022	Sep. 16, 2022	Dec. 31, 2021	Jul. 19, 2019
July 2019 interest rate swap [Member]
Derivative financial instruments [Line Items]
Notional amount					$ 200,000
Derivative fixed interest rate					1.798%
Fair value of derivative asset		$ 1,184
Fair value of derivative liability				$ 3,028
September 2022 interest rate swap [Member]
Derivative financial instruments [Line Items]
Notional amount			$ 300,000
Derivative fixed interest rate			3.895%
Fair value of derivative asset		$ 2,409
March 2023 interest rate swap [Member] | Forecast [Member]
Derivative financial instruments [Line Items]
Notional amount	$ 200,000
Derivative fixed interest rate	3.91%

FAIR VALUE MEASUREMENTS (goodwi

FAIR VALUE MEASUREMENTS (goodwill and non-recurring asset impairment analyses) (Details) $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2020 USD ($) reporting_units

Sep. 30, 2022 USD ($)

Sep. 30, 2021 USD ($)

Jun. 30, 2021 USD ($) reporting_units

Mar. 31, 2021 reporting_units

Sep. 30, 2020 USD ($) reporting_units

Mar. 31, 2020 USD ($)

Sep. 30, 2020 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Jul. 31, 2022 USD ($)

Jul. 31, 2020 USD ($)

Jan. 01, 2020 USD ($)

Schedule of asset impairment analyses [Line Items]

Goodwill impairment charge

$ 0

$ 0

$ 0

$ 0

$ 71,449

Goodwill

$ 1,431,385

$ 1,430,141

$ 702,958

Asset impairment charges

0

0

Total asset impairment charges

0

0

101,749

Reportable business segments [Member] | Payments [Member]

Schedule of asset impairment analyses [Line Items]

Number of reporting units | reporting_units

4

1

Goodwill

896,681

895,338

168,165

Reportable business segments [Member] | Promotional Solutions [Member]

Schedule of asset impairment analyses [Line Items]

Number of reporting units | reporting_units

2

1

Goodwill

$ 59,076

$ 59,175

$ 59,165

Nonrecurring [Member] | Assets held for sale [Member]

Schedule of asset impairment analyses [Line Items]

Asset impairment charges

$ 7,514

Fair value as of measurement date

11,210

11,210

Nonrecurring [Member] | Customer lists/relationships [Member] | Small business distributors [Member]

Schedule of asset impairment analyses [Line Items]

Asset impairment charges

2,356

2,752

5,108

Fair value as of measurement date

$ 4,479

$ 4,479

Nonrecurring [Member] | Measurement input, revenue growth rate [Member] | Customer lists/relationships [Member] | Small business distributors [Member]

Schedule of asset impairment analyses [Line Items]

Intangibles fair value inputs

0%

0%

Nonrecurring [Member] | Measurement input, gross margin growth rate [Member] | Customer lists/relationships [Member] | Small business distributors [Member]

Schedule of asset impairment analyses [Line Items]

Intangibles fair value inputs

1%

1%

Nonrecurring [Member] | Measurement input, discount rate [Member] | Customer lists/relationships [Member] | Small business distributors [Member]

Schedule of asset impairment analyses [Line Items]

Intangibles fair value inputs

11%

11%

Significant unobservable inputs (Level 3) [Member] | Assets held for sale [Member]

Schedule of asset impairment analyses [Line Items]

Fair value as of measurement date

$ 11,210

$ 11,210

Significant unobservable inputs (Level 3) [Member] | Nonrecurring [Member] | Customer lists/relationships [Member] | Small business distributors [Member]

Schedule of asset impairment analyses [Line Items]

Fair value as of measurement date

$ 4,479

$ 4,479

Data Analytics reporting unit [Member]

Schedule of asset impairment analyses [Line Items]

Excess of fair value over carrying value of reporting unit's net assets

$ 46,000

$ 100,000

Excess of fair value over carrying value of reporting unit, percentage

39%

63%

Reporting units for which qualitative analysis completed [Member]

Schedule of asset impairment analyses [Line Items]

Number of reporting units | reporting_units

2

Payments reporting unit [Member]

Schedule of asset impairment analyses [Line Items]

Excess of fair value over carrying value of reporting unit's net assets

$ 490,000

Excess of fair value over carrying value of reporting unit, percentage

189%

Checks reporting unit [Member]

Schedule of asset impairment analyses [Line Items]

Excess of fair value over carrying value of reporting unit's net assets

$ 954,000

Excess of fair value over carrying value of reporting unit, percentage

180%

Reporting units for which quantitative analysis completed [Member]

Schedule of asset impairment analyses [Line Items]

Number of reporting units | reporting_units

2

2

Reporting units for which quantitative analysis completed [Member] | Minimum [Member]

Schedule of asset impairment analyses [Line Items]

Excess of fair value over carrying value of reporting unit's net assets

$ 37,000

Excess of fair value over carrying value of reporting unit, percentage

121%

Reporting units for which quantitative analysis completed [Member] | Maximum [Member]

Schedule of asset impairment analyses [Line Items]

Excess of fair value over carrying value of reporting unit's net assets

$ 954,000

Excess of fair value over carrying value of reporting unit, percentage

189%

Promotional Solutions reporting unit [Member]

Schedule of asset impairment analyses [Line Items]

Goodwill impairment charge

67,132

Excess of fair value over carrying value of reporting unit's net assets

$ 210,000

Excess of fair value over carrying value of reporting unit, percentage

132%

Goodwill

$ 59,009

59,009

Direct-to-Consumer reporting unit [Member]

Schedule of asset impairment analyses [Line Items]

Excess of fair value over carrying value of reporting unit's net assets

$ 35,000

Excess of fair value over carrying value of reporting unit, percentage

26%

Data Solutions Web Hosting reporting unit [Member]

Schedule of asset impairment analyses [Line Items]

Goodwill impairment charge

4,317

Data Solutions Web Hosting reporting unit [Member] | Nonrecurring [Member] | Intangible assets [Member]

Schedule of asset impairment analyses [Line Items]

Asset impairment charges

[1]

17,678

Fair value as of measurement date

$ 2,172

2,172

Data Solutions Web Hosting reporting unit [Member] | Nonrecurring [Member] | Customer lists/relationships [Member]

Schedule of asset impairment analyses [Line Items]

Asset impairment charges

8,397

Data Solutions Web Hosting reporting unit [Member] | Nonrecurring [Member] | Internal-use software [Member]

Schedule of asset impairment analyses [Line Items]

Asset impairment charges

6,932

Data Solutions Web Hosting reporting unit [Member] | Nonrecurring [Member] | Other intangible assets [Member]

Schedule of asset impairment analyses [Line Items]

Asset impairment charges

$ 2,349

Data Solutions Web Hosting reporting unit [Member] | Nonrecurring [Member] | Measurement input, revenue growth rate [Member] | Intangible assets [Member]

Schedule of asset impairment analyses [Line Items]

Intangibles fair value inputs

(31.00%)

(31.00%)

Data Solutions Web Hosting reporting unit [Member] | Nonrecurring [Member] | Measurement input, gross margin growth rate [Member] | Intangible assets [Member]

Schedule of asset impairment analyses [Line Items]

Intangibles fair value inputs

(5.20%)

(5.20%)

Data Solutions Web Hosting reporting unit [Member] | Nonrecurring [Member] | Measurement input, discount rate [Member] | Intangible assets [Member]

Schedule of asset impairment analyses [Line Items]

Intangibles fair value inputs

9%

9%

Data Solutions Web Hosting reporting unit [Member] | Significant unobservable inputs (Level 3) [Member] | Nonrecurring [Member] | Intangible assets [Member]

Schedule of asset impairment analyses [Line Items]

Fair value as of measurement date

$ 2,172

$ 2,172

[1]The impairment charge consisted of $8,397 related to customer lists, $6,932 related to internal-use software and $2,349 related to other intangible assets.

FAIR VALUE MEASUREMENTS (financ

FAIR VALUE MEASUREMENTS (financial instruments) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Fair value measurements, financial instruments [Line Items]
Cash and cash equivalents, fair value			$ 5,000
Available-for-sale debt securities			13,126	$ 13,307
Derivative assets (Note 7)			$ 3,593
Derivative assets [Extensible Enumeration]			Assets
Derivative liability (Note 7)				$ (3,028)
Derivative liability [Extensible Enumeration]				Other non-current liabilities
Long-term debt			$ 1,644,276	$ 1,682,949
Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative assets (Note 7)			3,593
Derivative liability (Note 7)				(3,028)
Significant other observable inputs (Level 2) [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative assets (Note 7)			3,593
Derivative liability (Note 7)				(3,028)
Cash and cash equivalents [Member]
Fair value measurements, financial instruments [Line Items]
Cash and cash equivalents, fair value			35,435	41,231
Cash			35,435	41,231
Cash and cash equivalents [Member] | Money market fund [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities			5,000
Cash and cash equivalents [Member] | Recurring fair value measurements [Member] | Money market fund [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities			5,000
Cash and cash equivalents [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements, financial instruments [Line Items]
Cash and cash equivalents, fair value			35,435	41,231
Cash and cash equivalents [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Recurring fair value measurements [Member] | Money market fund [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities			5,000
Funds held for customers [Member]
Fair value measurements, financial instruments [Line Items]
Cash and cash equivalents, fair value			294,165	241,488
Available-for-sale debt securities	[1]			13,307
Cash			294,165	241,488
Funds held for customers [Member] | Guaranteed investment certificate [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities				3,957
Funds held for customers [Member] | Foreign [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities			8,126	13,307
Funds held for customers [Member] | Recurring fair value measurements [Member] | Foreign [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities			8,126	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 and cash equivalents, fair value			294,165	241,488
Funds held for customers [Member] | Significant other observable inputs (Level 2) [Member] | Recurring fair value measurements [Member] | Foreign [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities			8,126	13,307
Funds held for customers [Member] | Maximum [Member] | Guaranteed investment certificate [Member]
Fair value measurements, financial instruments [Line Items]
Maturity period, debt securities		2 years
Other non-current assets [Member]
Fair value measurements, financial instruments [Line Items]
Cash and cash equivalents, fair value			2,815	2,772
Cash			2,815	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 and cash equivalents, fair value			2,815	2,772
Other current and non-current assets [Member]
Fair value measurements, financial instruments [Line Items]
Loans and notes receivable from distributors			14,220	21,518
Loans and notes receivable from distributors, fair value			13,315	22,344
Other current and non-current assets [Member] | Significant unobservable inputs (Level 3) [Member]
Fair value measurements, financial instruments [Line Items]
Loans and notes receivable from distributors, fair value			13,315	22,344
Current portion of long-term debt and long-term debt [Member]
Fair value measurements, financial instruments [Line Items]
Long-term debt			1,644,276	1,682,949
Long-term debt, fair value			1,574,417	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			$ 1,574,417	$ 1,728,515
[1]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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 63,136	$ 58,947	$ 79,339
Total cost of revenue [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	607	4,197	3,465
Operating expenses [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	62,529	54,750	75,874
External consulting fees [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	32,067	26,676	44,096
Employee severance [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	13,782	10,897	19,025
Restructuring and integration expense, net of reversals	12,829	9,076	17,628
Internal labor [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	7,989	7,948	7,568
Other costs [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 10,251	$ 15,247	$ 10,047

RESTRUCTURING AND INTEGRATION_4

RESTRUCTURING AND INTEGRATION EXPENSE (restructuring and integration accruals) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring and integration accruals [Line Items]
Charges	$ 63,136	$ 58,947	$ 79,339
Employee severance [Member]
Restructuring and integration accruals [Line Items]
Balance, beginning of year	5,672	6,798	3,459
Charges	13,782	10,897	19,025
Reversals	(953)	(1,821)	(1,397)
Payments	(9,973)	(10,202)	(14,289)
Balance, end of year	$ 8,528	$ 5,672	$ 6,798

INCOME TAX PROVISION (income ta

INCOME TAX PROVISION (income tax provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income before income taxes
U.S.	$ 51,640	$ 62,361	$ 7,130
Foreign	32,738	31,442	19,673
Income before income taxes	84,378	93,803	26,803
Current tax provision:
Federal	27,789	(61)	17,643
State	8,507	2,389	4,502
Foreign	11,081	10,945	4,779
Total current tax provision	47,377	13,273	26,924
Deferred tax provision:
Federal	(21,368)	15,889	(4,480)
State	(5,710)	1,958	(1,232)
Foreign	(1,451)	(89)	256
Total deferred tax provision	(28,529)	17,758	(5,456)
Income tax provision	$ 18,848	$ 31,031	$ 21,468
Reconciliation of effective tax rate to U.S. statutory tax rate
Income tax at federal statutory rate	21%	21%	21%
Goodwill impairment charges (Note 8)	0%	0%	46.80%
Change in valuation allowances	7.20%	0.10%	0.90%
Tax impact of share-based compensation	3.20%	0.90%	8.50%
State income tax expense, net of federal income tax benefit	2.70%	2.40%	2.10%
Tax on repatriation of foreign earnings	2.20%	4.90%	0%
Non-deductible executive compensation	2.20%	1.70%	2.20%
Foreign tax rate differences	1.90%	1.70%	4.30%
Change in unrecognized tax benefits, including interest and penalties	0.20%	(0.60%)	(3.30%)
Non-deductible acquisition costs	0.10%	1.50%	0%
Sale of business (Note 6)	(15.80%)	0%	0%
Return to provision adjustments	(1.90%)	0%	(2.60%)
Research and development tax credit	(1.20%)	(0.90%)	(3.70%)
Payables and receivables for prior year tax returns	(0.30%)	0.20%	3.20%
Non-taxable income from employee life insurance policies	(0.30%)	(0.30%)	(1.10%)
Other	1.10%	0.50%	1.80%
Effective tax rate	22.30%	33.10%	80.10%

INCOME TAX PROVISION (repatriat

INCOME TAX PROVISION (repatriation and unrecognized tax benefits) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax provision			$ 18,848	$ 31,031	$ 21,468
Foreign earnings repatriated		$ 85,285	25,526
Income tax expense on repatriation of foreign earnings		4,555	1,818
Cash and cash equivalents	$ 40,435	41,231	40,435	41,231	123,122
Changes in unrecognized tax benefits
Balance, beginning of year			2,551	3,361	4,169
Additions for tax positions of current year			250	169	237
Additions for tax positions of prior years			270	8	30
Reductions for tax positions of prior years			(45)	(673)	(414)
Lapse of statutes of limitations			(391)	(314)	(661)
Balance, end of year	2,635	2,551	2,635	2,551	3,361
Unrecognized tax benefits
Unrecognized tax benefits that would impact income tax expense	(2,635)		(2,635)
Accruals for interest and penalties	731	$ 635	731	635
Net increase (decrease) in income tax provision for interest and penalties			97	$ 84	$ (384)
Amount by which it is reasonably possible that unrecognized tax benefits will decrease in next 12 months	1,500		1,500
Amount by which it is reasonably possible that unrecognized tax benefits will increase in next 12 months	2,000		2,000
Foreign, primarily Canada [Member]
Cash and cash equivalents	33,615		$ 33,615
Increase in earnings [Member]
Income tax provision	$ (5,900)

INCOME TAX PROVISION (deferred

INCOME TAX PROVISION (deferred income taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Operating leases	$ 16,681	$ 18,388
Net operating loss, tax credit and capital loss carryforwards	16,720	8,083
Deductible interest carryforward	16,403	8,352
Reserves and accruals	6,935	7,320
Payroll tax deferral under the CARES Act	0	2,175
Property, plant and equipment	3,139	1,347
Inventories	2,018	1,661
All other	2,946	3,780
Total deferred taxes	64,842	51,106
Valuation allowances	(7,996)	(10,993)	$ (11,453)
Net deferred taxes	56,846	40,113
Deferred tax liabilities
Goodwill	30,848	21,190
Intangible assets	16,901	37,170
Cloud computing arrangements	13,969	16,646
Employee benefit plans	11,009	10,093
Revenue recognition	7,312	5,496
Prepaid assets	5,474	4,844
Operating leases	12,387	14,996
All other	2,500	2,619
Total deferred taxes	100,400	113,054
Net deferred taxes	100,400	113,054
Changes in deferred tax asset valuation allowances
Balance, beginning of year	(10,993)	(11,453)	(10,349)
Expense from change in allowances	(6,086)	(65)	(244)
Sale of business (Note 6)	8,745	0	0
Foreign currency translation	338	525	(860)
Balance, end of year	$ (7,996)	$ (10,993)	$ (11,453)

INCOME TAX PROVISION (net opera

INCOME TAX PROVISION (net operating loss, tax credit and capital loss carryforwards) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
State [Member]
Tax carryforwards [Line Items]
Net operating loss and tax credit carryforwards	$ 118,646
Federal [Member] | Deductible interest carryforward [Member]
Tax carryforwards [Line Items]
Tax credit carryforwards	61,696
Federal [Member] | Capital loss carryforward [Member]
Tax carryforwards [Line Items]
Tax credit carryforwards	34,112
Foreign [Member] | Capital loss carryforward [Member]
Tax carryforwards [Line Items]
Tax credit carryforwards	$ 4,688

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS (long-term incentive plan and share-based compensation expense) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 27, 2022
Share-based compensation plans [Line Items]
Common stock reserved for issuance				1.5
Common stock available for issuance	2
Share-based compensation expense	$ 23,676	$ 29,477	$ 21,824
Income tax benefit	(6,853)	(7,714)	(5,779)
Compensation expense not yet recognized for unvested awards	$ 27,221
Weighted-average period over which expense for unvested awards will be recognized	2 years 2 months 12 days
Restricted shares and restricted stock units [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	$ 16,632	20,407	15,066
Performance share unit awards [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	3,840	4,338	2,590
Stock options [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	2,665	4,187	3,689
Employee stock purchase plan [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	$ 539	$ 545	$ 479

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS (award terms) (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2018
Stock options [Member]
Share-based compensation plans [Line Items]
Options vesting each year during vesting period	25%
Term of award	10 years	7 years
Period after grant when vesting of stock options may be modified in certain circumstances outlined in award agreement	1 year
Exercise period of award following voluntary termination of employment	3 months
Number of shares of common stock into which each award is convertible	1
Stock options [Member] | Minimum [Member]
Share-based compensation plans [Line Items]
Award vesting period	1 year
Stock options [Member] | Maximum [Member]
Share-based compensation plans [Line Items]
Award vesting period	4 years
Restricted stock units [Member]
Share-based compensation plans [Line Items]
Number of shares of common stock into which each award is convertible	1
Restricted stock units [Member] | Minimum [Member]
Share-based compensation plans [Line Items]
Award vesting period	3 years
Restricted stock units [Member] | Maximum [Member]
Share-based compensation plans [Line Items]
Award vesting period	4 years
Restricted stock units [Member] | Management [Member]
Share-based compensation plans [Line Items]
Award vesting period	2 years
Company matching amount, restricted stock units	50%
Restricted shares [Member]
Share-based compensation plans [Line Items]
Options vesting each year during vesting period	25%
Restricted shares [Member] | Maximum [Member]
Share-based compensation plans [Line Items]
Award vesting period	4 years
Performance share unit awards [Member]
Share-based compensation plans [Line Items]
Award vesting period	3 years
Period after grant when vesting of stock options may be modified in certain circumstances outlined in award agreement	1 year

SHARE-BASED COMPENSATION PLAN_4

SHARE-BASED COMPENSATION PLANS (stock options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in number of stock options
Outstanding, beginning of year	2,186	2,134	1,347
Granted	0	440	1,030
Exercised		(31)	(12)
Forfeited or expired	(454)	(357)	(231)
Outstanding, end of year	1,732	2,186	2,134
Exercisable, end of year	1,144	1,015	654
Weighted-average exercise price per option
Outstanding, beginning of year	$ 45.81	$ 46.28	$ 53.92
Granted		41.50	38.13
Exercised		27.56	38.80
Forfeited or expired	49.78	44.87	54.87
Outstanding, end of year	44.77	45.81	46.28
Exercisable, end of year	$ 46.98	51.48	57.68
Additional disclosures
Weighted-average grant date fair value, options granted		$ 11.57	$ 6.39
Aggregate intrinsic value, options outstanding, end of year	$ 0
Aggregate intrinsic value, options exercisable, end of year	$ 0
Weighted average remaining contractual term, options outstanding, end of year	6 years
Weighted-average remaining contractual term, options exercisable, end of year	5 years 2 months 12 days
Total intrinsic value, options exercised		$ 510	$ 118
Stock options [Member]
Assumptions, Black-Scholes option pricing model
Risk-free interest rate		0.70%	1.30%
Dividend yield		2.90%	3.20%
Expected volatility		42%	25.80%
Weighted-average option life (in years)		4 years 9 months 18 days	5 years 4 months 24 days

SHARE-BASED COMPENSATION PLAN_5

SHARE-BASED COMPENSATION PLANS (restricted stock units, restricted shares and performance share unit awards) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted stock units [Member]
Changes in share-based compensation awards (in thousands)
Outstanding, beginning of year		1,032	927	664
Granted		770	642	628
Vested		(475)	(425)	(282)
Forfeited		(282)	(112)	(83)
Outstanding, end of year		1,045	1,032	927
Weighted-average grant date fair value
Outstanding, beginning of year		$ 41.37	$ 39.68	$ 44.35
Granted		30.52	42.90	37.25
Vested		42	40.50	45.18
Forfeited		37.96	39.78	40.44
Outstanding, end of year		$ 34.10	$ 41.37	$ 39.68
Additional disclosures
Weighted-average remaining contractual term, outstanding, end of year		2 years 10 months 24 days
Fair value, awards vested		$ 13,602	$ 16,646	$ 7,839
Restricted stock units classified as liabilities [Member]
Changes in share-based compensation awards (in thousands)
Outstanding, end of year		45
Additional disclosures
Cash payments to settle restricted stock units		$ 123	$ 64	$ 58
Aggregate intrinsic value, outstanding, end of year		$ 766
Weighted-average remaining contractual term, outstanding, end of year		10 months
Fair value per unit, end of year		$ 16.98
Restricted shares [Member]
Changes in share-based compensation awards (in thousands)
Outstanding, beginning of year		0	8	26
Granted		0	0
Vested			(8)	(16)
Forfeited				(2)
Outstanding, end of year		0	0	8
Weighted-average grant date fair value
Outstanding, beginning of year		$ 0	$ 71.02	$ 71.61
Vested			71.02	72.79
Forfeited				61.43
Outstanding, end of year			$ 0	$ 71.02
Additional disclosures
Fair value, awards vested			$ 332	$ 600
Performance share unit awards [Member]
Assumptions, Monte Carlo simulation model
Risk-free interest rate		1.80%	0.30%	1.40%
Dividend yield		3.70%	4.40%	2.40%
Expected volatility		54.90%	55.60%	28.60%
Changes in share-based compensation awards (in thousands)
Outstanding, beginning of year		435	295	252
Granted	[1]	203	208	127
Vested		(93)		(61)
Forfeited		(119)	(68)	(23)
Adjustment for performance results achieved	[2]	35
Outstanding, end of year		461	435	295
Weighted-average grant date fair value
Outstanding, beginning of year		$ 35.56	$ 45.20	$ 57.64
Granted		37.47	32.46	36.06
Vested		44.69		71.03
Forfeited		39.08	67.77	62.18
Adjustment for performance results achieved		44.69
Outstanding, end of year		$ 34.35	$ 35.56	$ 45.20
Additional disclosures
Weighted-average remaining contractual term, outstanding, end of year		1 year 1 month 6 days
[1]Reflects awards granted assuming achievement of performance goals at target.[2]Reflects the difference between the awards earned at the end of the performance period and the target number of shares.

SHARE-BASED COMPENSATION PLAN_6

SHARE-BASED COMPENSATION PLANS (employee stock purchase plan) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee stock purchase plan [Line Items]
Number of shares issued, employee stock purchase plan	149	108	125
Minimum [Member]
Employee stock purchase plan [Line Items]
Purchase price per share, employee stock purchase plan	$ 15.62	$ 18.84	$ 18.22
Maximum [Member]
Employee stock purchase plan [Line Items]
Purchase price per share, employee stock purchase plan	$ 25.59	$ 37.32	$ 40.97

POSTRETIREMENT BENEFITS (obliga

POSTRETIREMENT BENEFITS (obligations and funded status) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in benefit obligation
Interest cost		$ 1,121	$ 968	$ 1,911
Change in plan assets
Fair value of plan assets, beginning of year		144,800
Fair value of plan assets, end of year		119,052	144,800
Amounts recognized on the consolidated balance sheets
Other non-current assets		79,343	87,019
Amounts recognized in accumulated other comprehensive loss
Unrecognized prior service credit		8,493	9,914
Unrecognized net actuarial loss		(39,871)	(25,445)
Tax effect		4,506	100
Amount recognized in accumulated other comprehensive loss, net of tax		(26,872)	(15,431)
Postretirement benefit plan [Member]
Change in benefit obligation
Benefit obligation, beginning of year		57,781	68,164
Interest cost		1,069	929
Net actuarial (gain) loss		(13,839)	(5,721)
Benefits paid from plan assets and company funds		(5,302)	(5,591)
Benefit obligation, end of year		39,709	57,781	68,164
Change in plan assets
Fair value of plan assets, beginning of year		144,800	139,372
Return (loss) on plan assets		(22,116)	10,159
Benefits paid		(3,632)	(4,731)
Fair value of plan assets, end of year		119,052	144,800	139,372
Funded status		79,343	87,019
Amounts recognized on the consolidated balance sheets
Other non-current assets		$ 79,343	87,019
Amounts recognized in accumulated other comprehensive loss
Amortization period net actuarial loss		12 years 4 months 24 days
Pension plan [Member]
Change in benefit obligation
Benefit obligation, beginning of year	[1]	$ 3,060	3,343
Interest cost		52	39
Net actuarial (gain) loss		(414)	2
Benefits paid from plan assets and company funds		(324)	(324)
Benefit obligation, end of year	[1]	2,374	3,060	3,343
Change in plan assets
Fair value of plan assets, beginning of year		0	0
Fair value of plan assets, end of year		0	0	$ 0
Funded status		(2,374)	(3,060)
Amounts recognized on the consolidated balance sheets
Accrued liabilities		324	324
Other non-current liabilities		$ 2,050	$ 2,736
[1]The accumulated benefit obligation equals the projected benefit obligation

POSTRETIREMENT BENEFITS (net pe

POSTRETIREMENT BENEFITS (net periodic benefit income and actuarial assumptions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net periodic benefit income
Interest cost	$ 1,121	$ 968	$ 1,911
Postretirement plans, interest cost [Extensible Enumeration]	Other income	Other income	Other income
Expected return on plan assets	$ (7,462)	$ (7,498)	$ (7,619)
Postretirement plans, expected return on plan assets [Extensible Enumeration]	Other income	Other income	Other income
Amortization of prior service credit	$ (1,421)	$ (1,421)	$ (1,421)
Postretirement plans, amortization of prior service credit [Extensible Enumeration]	Other income	Other income	Other income
Amortization of net actuarial losses	$ 900	$ 1,629	$ 2,301
Postretirement plans, amortization of net actuarial losses [Extensible Enumeration]	Other income	Other income	Other income
Net periodic benefit income	$ (6,862)	$ (6,322)	$ (4,828)
Participants under age 65 [Member]
Health care cost trend rates
Health care cost trend rate assumed for next year	6.60%	6.90%	7.20%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50%	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2030	2030	2030
Participants age 65 and older [Member]
Health care cost trend rates
Health care cost trend rate assumed for next year	7.30%	7.60%	8%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50%	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2030	2030	2030
Postretirement benefit plan [Member]
Net periodic benefit income
Interest cost	$ 1,069	$ 929
Actuarial assumptions
Discount rate, benefit obligation	5.09%	2.61%
Discount rate, net periodic benefit income	2.61%	2.16%	3.03%
Expected return on plan assets	5.25%	5.50%	6%
Pension plan [Member]
Net periodic benefit income
Interest cost	$ 52	$ 39
Actuarial assumptions
Discount rate, benefit obligation	5%	2.26%
Discount rate, net periodic benefit income	2.26%	1.74%	2.76%

POSTRETIREMENT BENEFITS (plan a

POSTRETIREMENT BENEFITS (plan assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Postretirement benefits [Line Items]
Postretirement benefit plan, plan assets [Extensible List]	Postretirement benefit plan [Member]	Postretirement benefit plan [Member]
Allocation of plan assets	100%	100%
Fair value of plan assets	$ 119,052	$ 144,800
Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	224
Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	119,052	144,576
Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	$ 0
Mortgage-backed securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	5%	41%
Fair value of plan assets	$ 5,959	$ 58,799
Mortgage-backed securities [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	(94)
Mortgage-backed securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	5,959	58,893
Mortgage-backed securities [Member] | Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
Mortgage-backed securities [Member] | Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	$ 0
International equity securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	20%	20%
Target allocation of plan assets	20%
Fair value of plan assets	$ 23,835	$ 28,993
International equity securities [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	285
International equity securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	23,835	28,708
International equity securities [Member] | Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
International equity securities [Member] | Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	$ 0
U.S. corporate debt securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	55%	19%
Fair value of plan assets	$ 65,700	$ 27,858
U.S. corporate debt securities [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	22
U.S. corporate debt securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	65,700	27,836
U.S. corporate debt securities [Member] | Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
U.S. corporate debt securities [Member] | Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	$ 0
U,S, large capitalization equity securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	17%	17%
Target allocation of plan assets	17%
Fair value of plan assets	$ 20,496	$ 25,395
U,S, large capitalization equity securities [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	(15)
U,S, large capitalization equity securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	20,496	25,410
U,S, large capitalization equity securities [Member] | Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
U,S, large capitalization equity securities [Member] | Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	$ 0
U.S. small and mid-capitalization equity securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	3%	3%
Target allocation of plan assets	3%
Fair value of plan assets	$ 3,062	$ 3,755
U.S. small and mid-capitalization equity securities [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	26
U.S. small and mid-capitalization equity securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	3,062	3,729
U.S. small and mid-capitalization equity securities [Member] | Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
U.S. small and mid-capitalization equity securities [Member] | Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	0
Fixed income securities [Member]
Postretirement benefits [Line Items]
Target allocation of plan assets	60%
Postretirement benefit plan [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 119,052	$ 144,800	$ 139,372

POSTRETIREMENT BENEFITS (cash f

POSTRETIREMENT BENEFITS (cash flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Postretirement benefits [Line Items]
Postretirement benefit plan, contributions [Extensible List]	Postretirement benefit plan [Member]	Postretirement benefit plan [Member]
Company contributions	$ 0	$ 0	$ 0
Postretirement benefit plan [Member]
Expected benefit payments
2023	5,187
2024	4,779
2025	4,324
2026	3,904
2027	3,592
2028 - 2032	14,462
Pension plan [Member]
Postretirement benefits [Line Items]
Cash surrender value of insurance polices that fund pension plan	7,429	$ 7,370
Expected benefit payments
2023	320
2024	300
2025	290
2026	270
2027	250
2028 - 2032	$ 980

POSTRETIREMENT BENEFITS (401k P

POSTRETIREMENT BENEFITS (401k Plan) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee compensation plans [Line Items]
401(k) contributions, maximum annual employee contribution, percent of wages	50%
401(k) expense	$ 3,095	$ 763	$ 2,823
Employee service requirement	30 days
401(k) plan, first 1% of wages contributed by employee [Member]
Employee compensation plans [Line Items]
Employer matching 401(k) contribution, percentage	100%
401(k) plan, next 5% of wages contributed by employee [Member]
Employee compensation plans [Line Items]
Employer matching 401(k) contribution, percentage	50%
401(k) plan, 100% employer match [Member]
Employee compensation plans [Line Items]
Employee 401(k) contribution receiving employer match, percent of wages	1%
401(k) plan, 50% employer match [Member]
Employee compensation plans [Line Items]
Employee 401(k) contribution receiving employer match, percent of wages	5%

DEBT (Details)

DEBT (Details) $ in Thousands																3 Months Ended										12 Months Ended			42 Months Ended
		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 ($)	Jun. 01, 2021 USD ($)	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2026 USD ($)
Debt instruments [Line Items]
Total principal amount																										$ 1,659,375	$ 1,702,125
Less: unamortized discount and debt issuance costs																										(15,099)	(19,176)
Total debt, net of discount and debt issuance costs																										1,644,276	1,682,949
Less: current portion of long-term debt, net of debt issuance costs																										(71,748)	(57,197)
Long-term debt																										1,572,528	$ 1,625,752
Maturities of Long-term Debt
2023																										72,188
2024																										86,625
2025																										101,062
2026																										924,500
2027																										0
Thereafter																										$ 475,000
Credit facility
Weighted-average Interest rate at period end																										6.07%	2.67%
Daily average amount outstanding																										$ 1,191,517	$ 1,109,819	$ 1,016,896
Weighted-average interest rate																										4.04%	2.43%	2.12%
Outstanding letters of credit	[1]																									$ (7,823)
Net available for borrowing as of December 31, 2022																										295,177
Forecast [Member]
Credit facility
Consolidated total leverage ratio																4.25	4.25	4.25	4.25	4.50	4.50	4.50	4.50	4.75
Maximum consolidated secured leverage ratio																3.50	3.50	3.50	3.50	3.50	3.50	3.50	3.50	3.75
Minimum interest coverage ratio																													3
Consolidated total leverage ratio limiting permitted payments																													2.75
Permitted payments																													$ 60,000
Interest rate swap [Member]
Credit facility
Interest rate swap amount																										500,000
Minimum [Member]
Credit facility
Interest rate margin on variable-rate debt															1.50%
Maximum [Member]
Credit facility
Interest rate margin on variable-rate debt															2.50%
Senior, secured term loan facility [Member]
Debt instruments [Line Items]
Total principal amount																										987,375	$ 1,072,125
Credit facility
Credit facility current commitment															$ 1,155,000
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
Senior, unsecured notes [Member]
Debt instruments [Line Items]
Total principal amount															$ 500,000											475,000	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%
Debt settled																									$ 25,000
Gain on debt retirement																									$ 1,726
Senior, secured revolving credit facility [Member]
Debt instruments [Line Items]
Total principal amount																										197,000	$ 130,000
Credit facility
Credit facility current commitment															$ 500,000											$ 500,000
Senior, secured revolving credit facility [Member] | Minimum [Member]
Credit facility
Revolving credit facility, commitment fee															0.25%
Senior, secured revolving credit facility [Member] | Maximum [Member]
Credit facility
Revolving credit facility, commitment fee															0.35%
Swing-line sub-facility [Member]
Credit facility
Credit facility current commitment															$ 40,000
Letter of credit sub-facility [Member]
Credit facility
Credit facility current commitment															$ 25,000
[1]We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our revolving credit facility.

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020	Jun. 01, 2021
Operating leases:
Operating lease assets	$ 47,132	$ 58,236
Accrued liabilities	$ 12,780	$ 14,852
Current operating lease liability [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liabilities	$ 48,925	$ 56,444
Total operating lease liabilities	$ 61,705	$ 71,296
Weighted-average remaining lease term (in years)	5 years 1 month 6 days	5 years 7 months 6 days
Weighted-average discount rate	5.20%	4.70%
Finance leases:
Property, plant and equipment, gross	$ 33,060	$ 33,359
Accumulated depreciation	(8,630)	(7,076)
Property, plant and equipment, net	$ 24,430	$ 26,283
Finance lease right-of-use asset [Extensible Enumeration]	Property, plant and equipment, net of accumulated depreciation	Property, plant and equipment, net of accumulated depreciation
Accrued liabilities	$ 1,050	$ 531
Current finance lease liability [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Other non-current liabilities	$ 27,287	$ 27,406
Non-current finance lease liability [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Total finance lease liabilities	$ 28,337	$ 27,937
Weighted-average remaining lease term (in years)	14 years 7 months 6 days	15 years 7 months 6 days
Weighted-average discount rate	6%	6%
Lease expense
Operating lease expense	$ 20,480	$ 17,485		$ 20,928
Amortization of right-of-use assets	1,853	1,283		751
Interest on lease liabillities	1,697	829		20
Total finance lease expense	3,550	2,112		771
Supplemental cash flow information
Lease assets obtained in exchange for lease obligations, operating leases	6,294	38,630	[1]	11,000
Lease assets obtained in exchange for lease liabilities, finance leases	0	26,941	[2]	0
Operating cash flows from operating leases	19,015	8,444	[3]	19,026
Operating cash flows from finance leases	1,697	8		20
Financing cash flows from finance leases	1,290	421		$ 735
Lease incentive received		9,410
Maturities of operating lease liabilities
2023	15,190
2024	14,826
2025	12,203
2026	11,257
2027	8,110
Thereafter	9,645
Total lease payments	71,231
Less lease incentive receivable	(867)
Less imputed interest	(8,659)
Total operating lease liabilities	61,705	71,296
Maturities of finance lease liabilities
2023	2,709
2024	2,743
2025	2,777
2026	2,812
2027	2,847
Thereafter	29,032
Total lease payments	42,920
Less imputed interest	(14,583)
Total finance lease liabilities	28,337	$ 27,937
Operating lease not yet commenced, cash obligation	$ 16,000
Operating lease not yet commenced, lease term	12 years
First American [Member]
Supplemental cash flow information
Operating lease assets acquired					$ 24,396
Real estate [Member]
Operating leases:
Weighted-average remaining lease term (in years)	5 years 1 month 6 days
Real estate [Member] | Maximum [Member]
Operating leases:
Remaining lease term	9 years
[1]Operating lease assets obtained during 2021 included $24,396 acquired in conjunction with the acquisition of First American in June 2021 (Note 6).[2]Finance lease assets obtained during 2021 consisted of a lease on our corporate headquarters located in Minnesota that commenced in July 2021.[3]Cash paid for operating leases during 2021 was reduced by lease incentives received of $9,410.

OTHER COMMITMENTS AND CONTING_2

OTHER COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Jul. 29, 2022	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Self-insurance liabilities		$ 9,661	$ 7,401
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		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 24, 2018
Share repurchase authorization						$ 500,000
Common shares repurchased		499
Payments for common shares repurchased		$ 14,000	$ 0	$ 0	$ 14,000
Remaining available for repurchase			$ 287,452
First American [Member]
Stock issued shares	294
Stock issued value	$ 13,000

BUSINESS SEGMENT INFORMATION (s

BUSINESS SEGMENT INFORMATION (segment results) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) customers segment	Dec. 31, 2021 USD ($) customers	Dec. 31, 2020 USD ($) customers
Business segment information [Line Items]
Number of reportable segments | segment	4
Revenue	$ 2,238,010	$ 2,022,197	$ 1,790,781
Depreciation and amortization	(172,552)	(148,767)	(110,792)
Interest expense	(94,454)	(55,554)	(23,140)
Net income attributable to non-controlling Interest	135	139	91
Asset impairment charges	0	0	(101,749)
Restructuring, integration and other costs	(63,136)	(58,947)	(80,665)
CEO transition costs	0	0	30
Share-based compensation expense	(23,676)	(29,477)	(21,824)
Acquisition transaction costs	(130)	(18,913)	(8)
Certain legal-related benefit (expense)	730	(2,443)	2,164
Gain (loss) on sale of businesses and facility	19,331	0	(1,846)
Income before income taxes	84,378	93,803	26,803
Reportable business segments [Member]
Business segment information [Line Items]
Adjusted EBITDA	612,866	585,356	538,022
Reportable business segments [Member] | Payments [Member]
Business segment information [Line Items]
Revenue	678,580	510,359	301,901
Adjusted EBITDA	144,605	105,576	68,117
Reportable business segments [Member] | Data Solutions [Member]
Business segment information [Line Items]
Revenue	267,525	262,310	252,773
Adjusted EBITDA	68,214	70,172	61,580
Reportable business segments [Member] | Promotional Solutions [Member]
Business segment information [Line Items]
Revenue	562,917	546,473	529,649
Adjusted EBITDA	79,549	85,384	66,620
Reportable business segments [Member] | Checks [Member]
Business segment information [Line Items]
Revenue	728,988	703,055	706,458
Adjusted EBITDA	320,498	324,224	341,705
Corporate operations [Member]
Business segment information [Line Items]
Adjusted EBITDA	$ (194,736)	$ (177,591)	$ (173,480)
Customer concentration risk [Member]
Business segment information [Line Items]
Number of customers | customers	0	0	0
Customer concentration risk [Member] | Total revenue benchmark [Member] | Major customers [Member]
Business segment information [Line Items]
Concentration risk, percentage	10%	10%	10%

BUSINESS SEGMENT INFORMATION (d

BUSINESS SEGMENT INFORMATION (disaggregated revenue information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Product and service information [Line Items]
Total revenue	$ 2,238,010	$ 2,022,197	$ 1,790,781
U. S. [Member]
Product and service information [Line Items]
Total revenue	2,120,985	1,897,388	1,678,187
Foreign, primarily Canada and Australia [Member]
Product and service information [Line Items]
Total revenue	117,025	124,809	112,594
Reportable business segments [Member] | Payments [Member]
Product and service information [Line Items]
Total revenue	678,580	510,359	301,901
Reportable business segments [Member] | Payments [Member] | U. S. [Member]
Product and service information [Line Items]
Total revenue	634,945	469,102	266,920
Reportable business segments [Member] | Payments [Member] | Foreign, primarily Canada and Australia [Member]
Product and service information [Line Items]
Total revenue	43,635	41,257	34,981
Reportable business segments [Member] | Data Solutions [Member]
Product and service information [Line Items]
Total revenue	267,525	262,310	252,773
Reportable business segments [Member] | Data Solutions [Member] | U. S. [Member]
Product and service information [Line Items]
Total revenue	248,227	227,091	220,699
Reportable business segments [Member] | Data Solutions [Member] | Foreign, primarily Canada and Australia [Member]
Product and service information [Line Items]
Total revenue	19,298	35,219	32,074
Reportable business segments [Member] | Promotional Solutions [Member]
Product and service information [Line Items]
Total revenue	562,917	546,473	529,649
Reportable business segments [Member] | Promotional Solutions [Member] | U. S. [Member]
Product and service information [Line Items]
Total revenue	537,643	522,966	506,240
Reportable business segments [Member] | Promotional Solutions [Member] | Foreign, primarily Canada and Australia [Member]
Product and service information [Line Items]
Total revenue	25,274	23,507	23,409
Reportable business segments [Member] | Checks [Member]
Product and service information [Line Items]
Total revenue	728,988	703,055	706,458
Reportable business segments [Member] | Checks [Member] | U. S. [Member]
Product and service information [Line Items]
Total revenue	700,170	678,229	684,328
Reportable business segments [Member] | Checks [Member] | Foreign, primarily Canada and Australia [Member]
Product and service information [Line Items]
Total revenue	28,818	24,826	22,130
Checks [Member]
Product and service information [Line Items]
Total revenue	728,988	703,055	706,458
Checks [Member] | Reportable business segments [Member] | Checks [Member]
Product and service information [Line Items]
Total revenue	728,988	703,055	706,458
Merchant services and other payment solutions [Member]
Product and service information [Line Items]
Total revenue	437,395	276,118	75,796
Merchant services and other payment solutions [Member] | Reportable business segments [Member] | Payments [Member]
Product and service information [Line Items]
Total revenue	437,395	276,118	75,796
Forms and other products [Member]
Product and service information [Line Items]
Total revenue	289,920	296,993	316,245
Forms and other products [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Product and service information [Line Items]
Total revenue	289,920	296,993	316,245
Marketing and promotional solutions [Member]
Product and service information [Line Items]
Total revenue	272,997	249,480	213,404
Marketing and promotional solutions [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Product and service information [Line Items]
Total revenue	272,997	249,480	213,404
Treasury management solutions [Member]
Product and service information [Line Items]
Total revenue	241,185	234,241	226,105
Treasury management solutions [Member] | Reportable business segments [Member] | Payments [Member]
Product and service information [Line Items]
Total revenue	241,185	234,241	226,105
Data-driven marketing solutions [Member]
Product and service information [Line Items]
Total revenue	177,598	150,772	119,155
Data-driven marketing solutions [Member] | Reportable business segments [Member] | Data Solutions [Member]
Product and service information [Line Items]
Total revenue	177,598	150,772	119,155
Web and hosted solutions [Member]
Product and service information [Line Items]
Total revenue	89,927	111,538	133,618
Web and hosted solutions [Member] | Reportable business segments [Member] | Data Solutions [Member]
Product and service information [Line Items]
Total revenue	$ 89,927	$ 111,538	$ 133,618