Deluxe (DLX) 10-K 22 Feb 24 2023 FY Annual report Financial data

Document

Document - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 08, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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	2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 753,760,362
Common Stock, Shares Outstanding		43,850,076
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, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents, including securities carried at fair value of $22,000 and $5,000, respectively	$ 71,962	$ 40,435
Trade accounts receivable, net of allowance for credit losses	191,005	206,617
Inventories and supplies, net of reserve	42,088	52,267
Funds held for customers, including securities carried at fair value of $8,126 as of December 31, 2022	383,134	302,291
Prepaid expenses	30,116	36,642
Revenue in excess of billings	26,107	38,761
Other current assets	16,576	27,024
Total current assets	760,988	704,037
Deferred income taxes	8,694	1,956
Long-term investments	61,924	47,783
Property, plant and equipment, net of accumulated depreciation	116,539	124,894
Operating lease assets	58,961	47,132
Intangibles, net of accumulated amortization	391,744	458,979
Goodwill	1,430,590	1,431,385
Other non-current assets	251,182	260,354
Total assets	3,080,622	3,076,520
Current liabilities:
Accounts payable	154,863	157,055
Funds held for customers	386,622	305,138
Accrued liabilities	191,427	218,404
Current portion of long-term debt	86,153	71,748
Total current liabilities	819,065	752,345
Long-term debt	1,506,698	1,572,528
Operating lease liabilities	58,840	48,925
Deferred income taxes	22,649	45,510
Other non-current liabilities	68,754	52,988
Commitments and contingencies (Notes 10, 14 and 15)
Shareholders' equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: December 31, 2023 - 43,743; December 31, 2022 - 43,204)	43,743	43,204
Additional paid-in capital	99,141	79,234
Retained earnings	491,238	518,635
Accumulated other comprehensive loss	(30,028)	(37,264)
Non-controlling Interest	522	415
Total shareholders' equity	604,616	604,224
Total liabilities and shareholders' equity	$ 3,080,622	$ 3,076,520

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Cash and cash equivalents, fair value	$ 22,000	$ 5,000
Funds held for customers, securities carried at fair value		$ 8,126
Common stock, par value (per share)	$ 1	$ 1
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	43,743	43,204

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total revenue	$ 2,192,260	$ 2,238,010	$ 2,022,197
Total cost of revenue	(1,029,577)	(1,032,116)	(884,270)
Gross profit	1,162,683	1,205,894	1,137,927
Selling, general and administrative expense	(956,068)	(993,250)	(941,023)
Restructuring and integration expense	(78,245)	(62,529)	(54,750)
Gain on sale of businesses and long-lived assets	32,421	19,331	0
Operating income	160,791	169,446	142,154
Interest expense	(125,643)	(94,454)	(55,554)
Other income, net	4,651	9,386	7,203
Income before income taxes	39,799	84,378	93,803
Income tax provision	(13,572)	(18,848)	(31,031)
Net income	26,227	65,530	62,772
Net income attributable to non-controlling interest	(107)	(135)	(139)
Net income attributable to Deluxe	$ 26,120	$ 65,395	$ 62,633
Basic earnings per share	$ 0.60	$ 1.52	$ 1.48
Diluted earnings per share	$ 0.59	$ 1.50	$ 1.45
Product [Member]
Total revenue	$ 1,257,600	$ 1,286,197	$ 1,244,529
Total cost of revenue	(486,029)	(470,237)	(450,880)
Service [Member]
Total revenue	934,660	951,813	777,668
Total cost of revenue	$ (543,548)	$ (561,879)	$ (433,390)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income		$ 26,227	$ 65,530	$ 62,772
Postretirement benefit plans:
Net actuarial gain (loss) arising during the year		6,263	(11,235)	6,194
Less reclassification of amounts to net income:
Amortization of prior service credit		(1,037)	(1,042)	(1,050)
Amortization of net actuarial loss		1,822	836	1,381
Postretirement benefit plans		7,048	(11,441)	6,525
Interest rate swaps:
Unrealized (loss) gain arising during the year		(524)	4,869	2,067
Reclassification of realized (gain) loss to net income		(2,355)	(15)	1,023
Interest rate swaps		(2,879)	4,854	3,090
Debt securities:
Unrealized holding loss arising during the year		(183)	(571)	(254)
Reclassification of realized loss to net income		1,092	6	0
Debt securities		909	(565)	(254)
Foreign currency translation adjustment:
Unrealized foreign currency translation gain (loss) arising during the year		1,295	(4,170)	580
Reclassification of foreign currency translation loss to net income	[1]	863	5,550	0
Foreign currency translation adjustment		2,158	1,380	580
Other comprehensive income (loss)		7,236	(5,772)	9,941
Comprehensive income		33,463	59,758	72,713
Comprehensive income attributable to non-controlling Interest		(107)	(135)	(139)
Comprehensive income attributable to Deluxe		33,356	59,623	72,574
Postretirement benefit plans:
Net actuarial gain (loss) arising during the year		(2,298)	4,090	(2,186)
Less reclassification of amounts to net income:
Amortization of prior service credit		384	379	371
Amortization of net actuarial loss		(451)	(64)	(248)
Postretirement benefit plans		(2,365)	4,405	(2,063)
Interest rate swaps:
Unrealized (loss) gain arising during the year		194	(1,771)	(731)
Reclassification of realized (gain) loss to net income		872	5	(361)
Interest rate swaps		1,066	(1,766)	(1,092)
Debt securities:
Unrealized holding loss arising during the year		63	197	88
Reclassification of realized loss to net income		(376)	(2)	0
Debt securities		(313)	195	88
Total net tax (expense) benefit		$ (1,612)	$ 2,834	$ (3,067)
[1]Relates to the sale of our web hosting businesses. Further information can be found in Note 6

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common shares par value [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive loss [Member]	Non-controlling interest [Member]
Accumulated other comprehensive loss	$ (41,433)
Balance, beginning 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
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, net of tax withholding	$ 11,242	706	10,536
Common shares issued, net of tax withholding, shares	706
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
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, net of tax withholding	$ (1,917)	525	(2,442)
Common shares issued, net of tax withholding, shares	525
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)
Net income attributable to Deluxe	26,120			26,120
Net income attributable to non-controlling Interest	107					107
Net income	26,227
Cash dividends ($1.20 per share)	(53,517)			(53,517)
Common shares issued, net of tax withholding	$ 239	539	(300)
Common shares issued, net of tax withholding, shares	539
Employee share-based compensation	$ 20,207		20,207
Other comprehensive income (loss)	7,236				7,236
Balance, end of year at Dec. 31, 2023	$ 604,616	$ 43,743	$ 99,141	$ 491,238	$ (30,028)	$ 522
Balance, shares at Dec. 31, 2023	43,743
Retained earnings	$ 491,238
Accumulated other comprehensive loss	$ (30,028)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 26,227	$ 65,530	$ 62,772
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	23,426	25,997	25,625
Amortization of intangibles	146,277	146,555	123,142
Amortization of prepaid product discounts	33,370	34,400	31,784
Employee share-based compensation expense	20,525	23,676	29,477
Operating lease expense	18,811	20,480	17,485
Amortization of cloud computing arrangement implementation costs	15,743	11,307	5,979
Gain on sale of businesses and long-lived assets	(32,421)	(19,331)	0
Deferred income taxes	(31,876)	(28,529)	17,758
Other non-cash items, net	35,682	20,091	11,217
Changes in assets and liabilities, net of effect of acquisition:
Trade accounts receivable	7,359	(13,672)	(8,857)
Inventories and supplies	6,347	(19,062)	(1,842)
Payments for cloud computing arrangement implementation costs	(9,118)	(18,649)	(41,547)
Other current and non-current assets	7,272	(26,258)	(27,041)
Accounts payable	4,933	6,015	22,794
Prepaid product discount payments	(28,535)	(30,603)	(40,920)
Other accrued and non-current liabilities	(45,655)	(6,416)	(17,005)
Net cash provided by operating activities	198,367	191,531	210,821
Cash flows from investing activities:
Purchases of capital assets	(100,747)	(104,598)	(109,140)
Payments for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired	0	0	(958,514)
Proceeds from sale of businesses and facility	53,635	25,248	2,648
Proceeds from customer funds debt securities	8,006	4,077	93
Other	(4,199)	(5,052)	(1,688)
Net cash used by investing activities	(43,305)	(80,325)	(1,066,601)
Cash flows from financing activities:
Proceeds from issuing long-term debt and swingline loans	583,500	640,000	1,884,850
Payments on long-term debt and swingline loans	(638,688)	(680,613)	(1,029,876)
Payments for debt issuance costs	0	0	(18,153)
Net change in customer funds obligations	79,063	56,426	126,703
Proceeds from issuing shares	2,715	3,112	16,843
Cash dividends paid to shareholders	(53,325)	(52,647)	(51,654)
Other	(10,944)	(14,879)	(15,752)
Net cash (used) provided by financing activities	(37,679)	(48,601)	912,961
Effect of exchange rate change on cash, cash equivalents, restricted cash and restricted cash equivalents	3,235	(10,681)	(1,099)
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	120,618	51,924	56,082
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of year	337,415	285,491	229,409
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of year (Note 3)	$ 458,033	$ 337,415	$ 285,491

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	Nature of operations – We help our customers deepen their customer relationships through trusted, technology-enabled solutions, including merchant services, marketing services and data analytics, treasury management solutions, promotional products, and fraud and security 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. In addition, we are the primary beneficiary of a variable interest entity, MedPayExchange LLC, doing business as Medical Payment Exchange ("MPX"), which delivers payments to healthcare providers from insurance companies and other payers. 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 material to our consolidated financial statements. Comparability – The consolidated statements of cash flows for the years ended December 31, 2022 and 2021 have been modified to conform to the current year presentation. Within net cash provided by operating activities, other current and other non-current assets have been combined. In addition, amortization of cloud computing arrangement implementation costs is presented separately. Previously, this amount was included in other non-cash items, net. Within net cash used by investing activities, purchases of customer lists are included in other. Previously, these amounts were presented separately. The consolidated statements of shareholders' equity for the years ended December 31, 2022 and 2021 have also been modified to conform to the current year presentation. Common shares retired are included in common shares issued, net of tax withholding. 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, 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, net 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 material as of December 31, 2023 or December 31, 2022. 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 (i.e., unbilled receivables). Our trade accounts receivable are not interest-bearing. They are stated net of the 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 allowance, 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 selling, general and administrative ("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 products 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 merchant services business temporarily holds funds collected from credit card networks and internet transaction processing on behalf of certain merchants. Our treasury management cash receipt processing business remits a portion of cash receipts to our clients the business day following receipt, and 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. Certain of our customer contracts include legal restrictions regarding the use of these funds. All of these funds, consisting of cash and, at times, 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. Earnings on funds held for customers are included in revenue on the consolidated statements of income and were not material 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, 2023. 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. Gains or losses resulting from the disposition of property, plant and equipment are included in SG&A expense on the consolidated statements of income, unless presented separately as a component of gain or loss on sale of businesses and long-lived assets. 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 7 years as of December 31, 2023. 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. Gains or losses resulting from the disposition of intangibles are included in SG&A expense on the consolidated statements of income, unless presented separately as a component of gain or loss on sale of businesses and long-lived assets. 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. 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. 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 may 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, 2023 and December 31, 2022, there were no disposal groups classified as held for sale on the consolidated balance sheets. 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 currently being amortized over periods of up to 14.5 years, with a weighted-average period of 6 years as of December 31, 2023. 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 material as of December 31, 2023 or December 31, 2022. 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, thereby 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, 2023 and December 31, 2022, past due amounts and receivables placed on non-accrual status were not material. 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 material to our consolidated financial statements. The total amount of advertising expense was $32,673 in 2023, $38,731 in 2022 and $47,461 in 2021. 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 ("IRS") 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 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

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	Accounting Standards Adopted During 2023 ASU No. 2022-02 – In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-02, Troubled Debt Restructurings and Vintage Disclosures . This standard modifies the accounting for troubled debt restructurings by creditors and modifies certain disclosure requirements. We adopted this standard on January 1, 2023 and elected to apply it prospectively to modifications occurring on or after January 1, 2023. Adoption of this standard did not impact our financial position as of December 31, 2023 or our results of operations for the year ended December 31, 2023. Reference rate reform – In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This 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. Effective March 20, 2023, we modified our existing credit facility and our September 2022 interest rate swap agreement (Note 7) to utilize the Secured Overnight Financing Rate ("SOFR") as the reference rate in the agreements. In accounting for these modifications, we adopted 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. Adoption of these standards did not have a material impact on our consolidated financial statements. Accounting Standards Not Yet Adopted ASU No. 2023-07 – In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on the related disclosures within our consolidated financial statements. ASU No. 2023-09 – In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which modifies the required income tax disclosures to include specific categories in the income tax rate reconciliation and to require the disclosure of income tax payments by jurisdiction, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The standard should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on the related disclosures within our consolidated financial statements.

SUPPLEMENTAL BALANCE SHEET AND

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2023
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) 2023 2022 Trade accounts receivable – gross (1) $ 197,546 $ 210,799 Allowance for credit losses (6,541) (4,182) Trade accounts receivable – net $ 191,005 $ 206,617 (1) Includes unbilled receivables of $43,673 as of December 31, 2023 and $43,902 as of December 31, 2022. Changes in the allowance for credit losses for the years ended December 31 were as follows: (in thousands) 2023 2022 2021 Balance, beginning of year $ 4,182 $ 4,130 $ 6,428 Bad debt expense 7,045 4,185 223 Write-offs and other (4,686) (4,133) (2,521) Balance, end of year $ 6,541 $ 4,182 $ 4,130 Inventories and supplies – Inventories and supplies were comprised of the following at December 31: (in thousands) 2023 2022 Finished and semi-finished goods $ 34,194 $ 40,715 Raw materials and supplies 17,339 17,952 Reserve for excess and obsolete items (9,445) (6,400) Inventories and supplies, net of reserve $ 42,088 $ 52,267 Changes in the reserve for excess and obsolete items for the years ended December 31 were as follows: (in thousands) 2023 2022 2021 Balance, beginning of year $ 6,400 $ 5,132 $ 11,748 Amounts charged to expense 4,105 2,940 3,513 Write-offs and sales (1,060) (1,672) (10,129) Balance, end of year $ 9,445 $ 6,400 $ 5,132 Available-for-sale debt securities – Available-for-sale debt securities were comprised of the following: December 31, 2023 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Cash equivalents: Domestic money market fund $ 22,000 $ — $ — $ 22,000 Available-for-sale debt securities $ 22,000 $ — $ — $ 22,000 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. The domestic money market funds held highly liquid, short-term investments managed by the respective financial institutions. 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) 2023 2022 Conditional right to receive consideration $ 20,680 $ 26,520 Unconditional right to receive consideration (1) 5,427 12,241 Revenue in excess of billings $ 26,107 $ 38,761 (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: 2023 2022 (in thousands) Gross carrying amount Accumulated depreciation Net carrying amount Gross carrying amount Accumulated depreciation Net carrying amount Machinery and equipment $ 314,778 $ (262,308) $ 52,470 $ 378,468 $ (307,838) $ 70,630 Buildings and improvements 123,072 (68,391) 54,681 111,916 (67,936) 43,980 Land and improvements 12,790 (3,402) 9,388 14,498 (4,214) 10,284 Property, plant and equipment $ 450,640 $ (334,101) $ 116,539 $ 504,882 $ (379,988) $ 124,894 Intangibles – Amortizable intangibles were comprised of the following at December 31: 2023 2022 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Internal-use software $ 554,825 $ (412,364) $ 142,461 $ 529,306 $ (395,514) $ 133,792 Customer lists/relationships 363,298 (235,557) 127,741 497,882 (312,986) 184,896 Technology-based intangibles 97,633 (54,251) 43,382 99,613 (47,478) 52,135 Partner relationships 74,911 (14,031) 60,880 74,682 (9,094) 65,588 Trade names 39,367 (23,792) 15,575 44,185 (26,510) 17,675 Software to be sold 36,900 (35,195) 1,705 36,900 (32,007) 4,893 Intangibles $ 1,166,934 $ (775,190) $ 391,744 $ 1,282,568 $ (823,589) $ 458,979 Based on the intangibles in service as of December 31, 2023, estimated amortization expense for each of the next five years ending December 31 is as follows: (in thousands) Estimated 2024 $ 107,127 2025 75,217 2026 48,604 2027 37,075 2028 28,806 In the normal course of business, we acquire and develop internal-use software. We also, at times, purchase customer lists and partner relationships. During 2021, we acquired other intangible assets in conjunction with the acquisition of First American Payment Systems, L.P. (Note 6). The following intangible assets were capitalized or developed during the years ended December 31: 2023 2022 2021 (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 $ 81,349 4 $ 74,778 3 $ 75,918 3 Customer lists/relationships — — 18,267 6 149,642 8 Partner relationships 1,385 2 1,587 3 73,095 15 Technology-based intangibles — — — — 65,000 8 Trade names — — — — 21,000 10 Intangible additions $ 82,734 4 $ 94,632 4 $ 384,655 8 Goodwill – Changes in goodwill by reportable business segment and in total were as follows: (in thousands) Payments Data Solutions (1) Promotional Solutions (1) Checks Total Balance, December 31, 2021: $ 895,338 $ 40,816 $ 59,175 $ 434,812 $ 1,430,141 Currency translation adjustment and other 1,343 — (99) — 1,244 Balance, December 31, 2022 $ 896,681 $ 40,816 $ 59,076 $ 434,812 $ 1,431,385 Currency translation adjustment and other (828) — 33 — (795) Balance, December 31, 2023 $ 895,853 $ 40,816 $ 59,109 $ 434,812 $ 1,430,590 (1) The Data Solutions and Promotional Solutions balances are net of accumulated impairment charges of $392,168 and $193,699, respectively, for each period presented. Other non-current assets – Other non-current assets were comprised of the following at December 31: (in thousands) 2023 2022 Postretirement benefit plan asset (Note 12) $ 94,939 $ 79,343 Cloud computing arrangement implementation costs 59,234 71,547 Prepaid product discounts (1) 40,376 44,824 Deferred contract acquisition costs (2) 21,103 21,300 Loans and notes receivable from distributors, net of allowance for credit losses (3) 12,443 13,259 Other 23,087 30,081 Other non-current assets $ 251,182 $ 260,354 (1) Amortization of prepaid product discounts was $33,370 for 2023, $34,400 for 2022 and $31,784 for 2021. (2) Amortization of deferred contract acquisition costs was $11,061 for 2023, $8,206 for 2022 and $4,975 for 2021. (3) 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 $987 as of December 31, 2023 and $961 as of December 31, 2022. 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) 2023 2022 2021 Balance, beginning of year $ 1,024 $ 2,830 $ 3,995 Bad debt (benefit) expense (96) 1,195 (1,165) Write-offs — (2,599) — Other — (402) — Balance, end of year $ 928 $ 1,024 $ 2,830 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, 2023. Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2023 2020 2019 Prior Total Risk rating: 1-2 internal grade $ 342 $ 1,003 $ 370 $ 12,643 $ 14,358 3-4 internal grade — — — — — Loans and notes receivable $ 342 $ 1,003 $ 370 $ 12,643 $ 14,358 Accrued liabilities – Accrued liabilities were comprised of the following at December 31: (in thousands) 2023 2022 Employee cash bonuses, including sales incentives $ 49,446 $ 57,398 Deferred revenue (1) 35,343 47,012 Operating lease liabilities (Note 14) 13,562 12,780 Customer rebates 12,718 12,153 Interest 10,481 7,314 Restructuring and integration (Note 9) 9,689 8,528 Wages and payroll liabilities, including vacation 8,605 20,264 Prepaid product discounts due within one year 4,477 4,179 Other 47,106 48,776 Accrued liabilities $ 191,427 $ 218,404 (1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $43,624 for 2023, $47,547 for 2022 and $39,366 for 2021. Supplemental cash flow information – Supplemental cash flow information was as follows for the years ended December 31: (in thousands) 2023 2022 2021 Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets: Cash and cash equivalents $ 71,962 $ 40,435 $ 41,231 Restricted cash and restricted cash equivalents included in funds held for customers 383,134 294,165 241,488 Non-current restricted cash included in other non-current assets 2,937 2,815 2,772 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 458,033 $ 337,415 $ 285,491 Interest paid $ 115,556 $ 87,108 $ 46,621 Income taxes paid 47,945 38,629 18,761 Non-cash investing activities: Accrued purchases of capital assets $ 11,924 $ 1,340 $ 6,477 Non-cash consideration for customer list purchases (1) — 5,096 15,528 Non-cash financing activities: Vesting of restricted stock unit awards 8,538 13,602 16,646 (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, 2023
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) 2023 2022 2021 Earnings per share – basic: Net income $ 26,227 $ 65,530 $ 62,772 Net income attributable to non-controlling interest (107) (135) (139) Net income attributable to Deluxe 26,120 65,395 62,633 Income allocated to participating securities (38) (47) (46) Income attributable to Deluxe available to common shareholders $ 26,082 $ 65,348 $ 62,587 Weighted-average shares outstanding 43,553 43,025 42,378 Earnings per share – basic $ 0.60 $ 1.52 $ 1.48 Earnings per share – diluted: Net income $ 26,227 $ 65,530 $ 62,772 Net income attributable to non-controlling interest (107) (135) (139) Net income attributable to Deluxe 26,120 65,395 62,633 Income allocated to participating securities (38) (35) (26) Remeasurement of share-based awards classified as liabilities — (497) (438) Income attributable to Deluxe available to common shareholders $ 26,082 $ 64,863 $ 62,169 Weighted-average shares outstanding 43,553 43,025 42,378 Dilutive impact of potential common shares 290 285 449 Weighted-average shares and potential common shares outstanding 43,843 43,310 42,827 Earnings per share – diluted $ 0.59 $ 1.50 $ 1.45 Antidilutive options excluded from calculation 1,380 1,732 2,179

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
OTHER COMPREHENSIVE INCOME (LOSS)	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) 2023 2022 2021 Amortization of postretirement benefit plan items: Prior service credit $ 1,421 $ 1,421 $ 1,421 Other income, net Net actuarial loss (2,273) (900) (1,629) Other income, net Total amortization (852) 521 (208) Other income, net Tax benefit (expense) 67 (315) (123) Income tax provision Amortization of postretirement benefit plan items, net of tax (785) 206 (331) Net income Debt securities: Realized loss on debt securities (1,468) (8) — Other income, net Tax benefit 376 2 — Income tax provision Realized loss on debt securities, net of tax (1,092) (6) — Net income Cash flow hedges: Realized gain (loss) on cash flow hedges 3,227 20 (1,384) Interest expense Tax (expense) benefit (872) (5) 361 Income tax provision Realized gain (loss) on cash flow hedges, net of tax 2,355 15 (1,023) Net income Foreign currency translation adjustment (1) (863) (5,550) — Gain on sale of businesses and long-lived assets Total reclassifications, net of tax $ (385) $ (5,335) $ (1,354) (1) Relates to the sale of our web hosting businesses. 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, 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) Other comprehensive income (loss) before reclassifications 6,263 (183) (524) 1,295 6,851 Amounts reclassified from accumulated other comprehensive loss 785 1,092 (2,355) 863 385 Net other comprehensive income (loss) 7,048 909 (2,879) 2,158 7,236 Balance, December 31, 2023 $ (19,824) $ — $ (286) $ (9,918) $ (30,028)

ACQUISITION AND DIVESTITURES

ACQUISITION AND DIVESTITURES	12 Months Ended
	Dec. 31, 2023
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 goodwill, which is non-deductible for tax purposes, as First American provides an end-to-end payments technology platform that 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. Operating results for First American for the years ended December 31 were as follows: (in thousands) 2023 2022 2021 Revenue $ 364,232 $ 347,709 $ 194,976 Net income attributable to Deluxe 14,266 5,794 1,806 The above results for the year ended December 31, 2022 include restructuring and integration expense of $5,452. Pro forma financial information (unaudited) – The following unaudited pro forma financial information summarizes our consolidated results of operations for the year ended December 31, 2021 as though the acquisition occurred on January 1, 2020: (in thousands) 2021 Revenue $ 2,156,313 Net income attributable to Deluxe 74,843 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 excluded. This pro forma financial information is for informational purposes only. It does not reflect the integration of the businesses or any synergies that resulted from the acquisition. As such, it is not indicative of the results of operations that would have been achieved had the acquisition been consummated on January 1, 2020. In addition, the pro forma amounts are not indicative of future operating results. Divestitures / Business Exits During the past 2 years, we have exited certain of our businesses and facilities, allowing us to focus our resources on the key growth areas of payments and data, while allowing us to optimize our operations. 2023 divestiture / business exits – In June 2023, we completed the sale of our North American web hosting and logo design businesses for net cash proceeds of $31,230, and we recognized a pretax gain of $17,486. These businesses generated annual revenue of approximately $66,000 during 2022, primarily in our Data Solutions segment. The assets and liabilities sold were not material to our consolidated balance sheet. In September and December 2023, we executed agreements allowing for the conversion of our U.S. and Canadian payroll and human resources services customers to other service providers. During 2023, we received initial cash consideration of $15,669 under these agreements, which is included in proceeds from sale of businesses and long-lived assets on the consolidated statement of cash flows. We recognized related income of $10,700 during the fourth quarter of 2023, which is included in gain on sale of businesses and long-lived assets on the consolidated statement of income. Recognition of the remaining income will be based on actual customer conversion and retention activity, which we expect will be completed during 2024. These businesses generated annual revenue of approximately $27,000 in the Payments segment during 2023. Our U.S. and Canadian payroll and human resources businesses comprise a reporting unit that had a goodwill balance of $7,743 as of December 31, 2023. We evaluated this goodwill for impairment as of December 31, 2023, and, based on our quantitative analysis, we concluded that it was not impaired as of that date. In conjunction with our phased transition out of these businesses, we expect that this goodwill will be fully impaired in 2024, at the point when the remaining cash flows generated by these businesses in 2024 no longer support the carrying value of the reporting unit. 2023 facility sales – During the fourth quarter of 2023, we sold 2 facilities for net cash proceeds of $8,094, and we recognized a pretax gain of $3,792. 2022 divestitures – In May 2022, we completed the sale of our Australian web hosting business for net cash proceeds of $17,620, and we recognized a pretax gain of $15,166.This business generated annual revenue in our Data Solutions segment of $23,766 during 2021. The assets and liabilities sold were not material to our consolidated balance sheet. During 2022, we also sold the assets of our Promotional Solutions strategic sourcing and retail packaging businesses. These businesses generated annual revenue of approximately $29,000 during 2021. Neither the gain on these sales nor the assets and liabilities sold were material to our consolidated financial statements. 2022 facility sale – In May 2022, we sold a facility for net cash proceeds of $6,929, and we recognized a pretax gain of $2,361.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	As part of our interest rate risk management strategy, we 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). In March 2023, we modified our September 2022 interest rate swap agreement to utilize SOFR as the reference rate in the agreement. Information regarding our accounting for this modification can be found in Note 2. Our derivative instruments were comprised of the following at December 31: December 31, 2023 December 31, 2022 (in thousands) Notional amount Interest Rate Maturity Balance Sheet Location Fair Value Fair Value June 2023 amortizing interest rate swap: $ 271,659 4.249 % June 2026 Other non-current liabilities $ (2,158) $ — March 2023 interest rate swap: 200,000 4.003 % March 2026 Other non-current assets 287 — September 2022 interest rate swap: 300,000 3.990 % September 2025 Other non-current assets 1,519 2,409 July 2019 200,000 1.798 % March 2023 Other current assets — 1,184 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, 2023 and December 31, 2022, and their impact on consolidated net income and our consolidated statements of cash flows was not material. We also expect that the amount that will be reclassified to interest expense during the next 12 months will not be material.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
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. 2023 annual goodwill impairment analyses – In completing the 2023 annual goodwill impairment analysis as of July 31, 2023, 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 2023 annual impairment analysis. 2022 annual goodwill impairment analyses – In completing the 2022 annual goodwill impairment analysis 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 goodwill impairment analysis 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. 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 of 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 Cash and cash equivalents and funds held for customers included available-for-sale debt securities (Note 3). These securities included domestic money market funds and, as of December 31, 2022, included a private mutual fund investment that invested in Canadian and provincial government securities. The cost of the money market funds, which were traded in an active market, approximated their fair values because of the short-term nature of the underlying investments. The mutual fund investment was not traded in an active market and its fair value was determined by obtaining quoted prices in active markets for the underlying securities held by the fund. Unrealized gains and losses, net of tax, were included in accumulated other comprehensive loss on the consolidated balance sheets. The cost of securities sold was determined using the average cost method. The loss realized on the sale of the mutual fund investment during the fourth quarter of 2023 was included in other income, net on the consolidated statement of income. The fair values of our derivative instruments (Note 7) are calculated based on the applicable reference rate curve on the date of measurement. Information regarding the fair values of our financial instruments was as follows: Fair value measurements using Balance sheet location December 31, 2023 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 $ 22,000 $ 22,000 $ 22,000 $ — $ — Derivative assets (Note 7) Other non-current assets 1,806 1,806 — 1,806 — Derivative liability (Note 7) Other non-current liabilities (2,158) (2,158) — (2,158) — Amortized cost: Cash Cash and cash equivalents 49,962 49,962 49,962 — — Cash Funds held for customers 383,134 383,134 383,134 — — Cash Other non-current assets 2,937 2,937 2,937 — — Loans and notes receivable from distributors Other current and non-current assets 13,430 13,249 — — 13,249 Long-term debt Current portion of long-term debt and long-term debt 1,592,851 1,554,028 — 1,554,028 — 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 —

RESTRUCTURING AND INTEGRATION E

RESTRUCTURING AND INTEGRATION EXPENSE	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND INTEGRATION EXPENSE	Restructuring and integration expense consists of costs related to initiatives to drive earnings and cash flow growth and also includes costs related to the consolidation and migration of certain applications and processes, including our financial and sales management systems. These costs consist primarily of consulting, project management services and internal labor, as well as other costs associated with our initiatives, such as costs related to facility closures and consolidations. In addition, we have incurred employee severance costs across functional areas. Restructuring and integration expense is not allocated to our reportable business segments. We are currently pursuing several initiatives designed to support our growth strategy and to increase our efficiency, including several initiatives that we collectively refer to as our North Star program. The goal of these initiatives is to further drive shareholder value by (1) expanding our earnings before interest, taxes, depreciation and amortization ("EBITDA") growth trajectory, (2) increasing cash flow, (3) paying down debt, and (4) improving our leverage ratio. Our various initiatives include a balanced mix of structural cost reductions focused on organizational structure, processes and operational improvements, in addition to workstreams to drive revenue growth. We have already combined like-for-like capabilities, reduced management layers and consolidated core operations to run more efficiently and to create the ability to invest in high impact talent to accelerate our growth businesses of payments and data. The associated expense, which consisted primarily of consulting and severance costs, was approximately $45,000 during 2023, and we anticipate that we will incur.an additional $70,000 to $90,000 of North Star restructuring and integration expense over the next 2 years. Restructuring and integration expense is reflected on the consolidated statements of income as follows for the years ended December 31: (in thousands) 2023 2022 2021 Total cost of revenue $ 12,230 $ 607 $ 4,197 Operating expenses 78,245 62,529 54,750 Restructuring and integration expense $ 90,475 $ 63,136 $ 58,947 Restructuring and integration expense was comprised of the following for the years ended December 31: (in thousands) 2023 2022 2021 External consulting and other costs $ 52,290 $ 32,067 $ 26,676 Employee severance benefits 18,103 12,829 9,076 Internal labor 8,723 7,989 7,948 Other 11,359 10,251 15,247 Restructuring and integration expense $ 90,475 $ 63,136 $ 58,947 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-2024. Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits 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 Charges 18,653 Reversals (550) Payments (16,942) Balance, December 31, 2023 $ 9,689 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, 2023
Income Tax Disclosure [Abstract]
INCOME TAX PROVISION	Income before income taxes was comprised of the following for the years ended December 31: (in thousands) 2023 2022 2021 U.S. $ (7,636) $ 51,640 $ 62,361 Foreign 47,435 32,738 31,442 Income before income taxes $ 39,799 $ 84,378 $ 93,803 The components of the income tax provision were as follows for the years ended December 31: (in thousands) 2023 2022 2021 Current tax provision: Federal $ 20,999 $ 27,789 $ (61) State 6,331 8,507 2,389 Foreign 18,118 11,081 10,945 Total current tax provision 45,448 47,377 13,273 Deferred tax provision: Federal (20,357) (21,368) 15,889 State (4,389) (5,710) 1,958 Foreign (7,130) (1,451) (89) Total deferred tax provision (31,876) (28,529) 17,758 Income tax provision $ 13,572 $ 18,848 $ 31,031 The effective tax rate on pretax income reconciles to the U.S. federal statutory tax rate for the years ended December 31 as follows: 2023 2022 2021 Income tax at federal statutory rate 21.0 % 21.0 % 21.0 % Change in valuation allowances 17.5 % 7.2 % 0.1 % Tax impact of share-based compensation 6.7 % 3.2 % 0.9 % Tax on repatriation of foreign earnings 6.2 % 2.2 % 4.9 % Foreign tax rate differences 5.7 % 1.9 % 1.7 % Non-deductible executive compensation 4.1 % 2.2 % 1.7 % Return to provision adjustments 2.0 % (1.9 %) — State income tax expense, net of federal income tax benefit 2.0 % 2.7 % 2.4 % Change in state deferred income tax rates 1.7 % 0.3 % 0.1 % Non-deductible acquisition costs 0.2 % 0.1 % 1.5 % Business exits (Note 6) (30.2 %) (15.8 %) — Research and development tax credit (3.0 %) (1.2 %) (0.9 %) Other 0.2 % 0.4 % (0.3 %) Effective tax rate 34.1 % 22.3 % 33.1 % In June 2023, we completed the sale of our North American web hosting business, and in May 2022, we completed the sale of our Australian web hosting business. We recognized capital losses on these transactions for tax purposes, and we recorded valuation allowances for the portion of the capital loss carryovers that we do not currently expect to realize. In December 2023, we executed an agreement allowing for the conversion of our Canadian payroll and human resources services customers to another service provider. We recognized a capital gain on this transaction for tax purposes, which we were able to partially offset with capital loss carryforwards. The capital loss carryforwards had been previously offset with a valuation allowance, and as such, we reversed the previously recognized valuation allowance. We repatriated foreign earnings held in cash by our Canadian subsidiaries of $32,931 during 2023, $25,526 during 2022 and $85,285 during 2021. The associated tax expense included in the income tax provision was $2,168 in 2023, $1,818 in 2022 and $4,555 in 2021. 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 will continue to be reinvested indefinitely in the operations of those subsidiaries. Deferred income taxes have not been recognized on those earnings as of December 31, 2023. 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, 2023, the amount of cash and cash equivalents held by our foreign subsidiaries was $25,270, primarily in Canada. 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) 2023 2022 2021 Balance, beginning of year $ 2,635 $ 2,551 $ 3,361 Additions for tax positions of current year 249 250 169 Additions for tax positions of prior years 91 270 8 Reductions for tax positions of prior years — (45) (673) Settlements (303) — — Lapse of statutes of limitations (282) (391) (314) Balance, end of year $ 2,390 $ 2,635 $ 2,551 If the unrecognized tax benefits as of December 31, 2023 were recognized in the consolidated financial statements, income tax expense would decrease $2,390. Accruals for interest and penalties, excluding the tax benefits of deductible interest, were $583 as of December 31, 2023 and $731 as of December 31, 2022. Our income tax provision included expense for interest and penalties of $70 in 2023, $97 in 2022 and $84 in 2021. We believe that it is reasonably possible that a decrease of up to $1,300 in unrecognized tax benefits may be necessary within the next 12 months, primarily related to the lapse of statutes of limitations. We also 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 potential 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 2019 and prior years has expired. In general, income tax returns for the years 2020 through 2023 remain subject to examination by federal, 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: 2023 2022 (in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Goodwill $ — $ 40,572 $ — $ 30,848 Employee benefit plans — 14,482 — 11,009 Cloud computing arrangements — 10,337 — 13,969 Revenue recognition — 7,187 — 7,312 Prepaid assets — 5,385 — 5,474 Property, plant and equipment — 4,529 3,139 — Acquisition costs — 1,604 — 1,691 Operating leases 20,078 15,923 16,681 12,387 Deductible interest carryforward 34,038 — 16,403 — Net operating loss, tax credit and capital loss carryforwards 22,639 — 16,720 — Reserves and accruals 9,522 — 6,935 — Gain on payroll and human resources business exit (Note 6) 6,100 — — — Intangible assets 4,510 — — 16,901 Inventories 2,804 — 2,018 — Deferred revenue 1,406 — 2,951 — All other 670 719 954 1,768 Total deferred taxes 101,767 100,738 65,801 101,359 Valuation allowances (14,984) — (7,996) — Net deferred taxes $ 86,783 $ 100,738 $ 57,805 $ 101,359 The valuation allowances as of December 31, 2023 and December 31, 2022 related primarily to capital loss carryforwards in the U.S and net operating loss carryforwards in various state jurisdictions that we do not currently expect to fully realize. Changes in our valuation allowances for the years ended December 31 were as follows: (in thousands) 2023 2022 2021 Balance, beginning of year $ (7,996) $ (10,993) $ (11,453) Expense from change in allowances (6,979) (6,086) (65) Sale of business (Note 6) — 8,745 — Foreign currency translation (9) 338 525 Balance, end of year $ (14,984) $ (7,996) $ (10,993) As of December 31, 2023, 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 $125,881 that expire at various dates between 2024 and 2050; • federal deductible interest carryforwards of $127,238 that do not expire; and • federal capital loss carryforwards of $57,096 that expire in 2027 and 2028.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2023
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, 2.5 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 2.4 million shares remaining available for issuance as of December 31, 2023. Under our current and previous plans, we have granted non-qualified stock options, restricted stock units and performance share unit awards. Our current plan also allows for the issuance of restricted stock and stock appreciation rights, none of which were outstanding as of December 31, 2023. 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) 2023 2022 2021 Restricted stock units $ 14,092 $ 16,632 $ 20,407 Performance share unit awards 4,127 3,840 4,338 Stock options 1,845 2,665 4,187 Employee stock purchase plan 461 539 545 Total share-based compensation expense $ 20,525 $ 23,676 $ 29,477 Income tax benefit $ (7,408) $ (6,853) $ (7,714) As of December 31, 2023, the total compensation expense for unvested awards not yet recognized in our consolidated statements of income was $22,213, net of the effect of estimated forfeitures. This amount is expected to be recognized over a weighted-average period of 1.9 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. No stock options were granted during 2023 or 2022. The weighted-average grant-date fair value of options granted was $11.57 per option for 2021. 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 Risk-free interest rate 0.7 % Dividend yield 2.9 % Expected volatility 42.0 % Weighted-average option life (in years) 4.8 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, 2022 1,732 $ 44.77 Forfeited or expired (352) 44.24 Outstanding, December 31, 2023 1,380 44.91 $ — 4.9 Exercisable at December 31, 2023 1,158 45.79 $ — 4.5 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. 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. If employees subsequently choose to leave the company, these bonus awards are settled in cash. Cash payments to settle these awards were not material during the past 3 years. 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. 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, 2022 1,045 $ 34.10 Granted 987 18.98 Vested (475) 35.77 Forfeited (336) 25.44 Outstanding at December 31, 2023 1,221 23.34 2.4 Of the awards outstanding at December 31, 2023, 37 thousand restricted stock units with a value of $798 were included in accrued liabilities and other non-current liabilities on the consolidated balance sheet. As of December 31, 2023, these units had a fair value of $21.45 per unit and a weighted-average remaining contractual term of 4 months. The fair market value of restricted stock units that vested was $8,538 for 2023, $13,602 for 2022 and $16,646 for 2021. 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: 2023 2022 2021 Risk-free interest rate 4.4 % 1.8 % 0.3 % Dividend yield 6.1 % 3.7 % 4.4 % Expected volatility 54.3 % 54.9 % 55.6 % 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, 2022 461 $ 34.35 Granted (1) 298 18.34 Forfeited (235) 27.12 Unvested at December 31, 2023 524 28.50 1.5 (1) Reflects awards granted assuming achievement of performance goals at target. Employee stock purchase plan –

POSTRETIREMENT BENEFITS

POSTRETIREMENT BENEFITS	12 Months Ended
	Dec. 31, 2023
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 an inactive U.S. supplemental executive retirement plan ("SERP"). This plan 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, 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 Interest cost 1,874 111 Net actuarial (gain) loss (785) 128 Benefits paid from plan assets and company funds (4,823) (324) Benefit obligation, December 31, 2023 $ 35,975 $ 2,289 Change in plan assets: 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 — Return on plan assets 15,241 — Benefits paid (3,379) — Fair value of plan assets, December 31, 2023 $ 130,914 $ — Funded status, December 31, 2022 $ 79,343 $ (2,374) Funded status, December 31, 2023 $ 94,939 $ (2,289) (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) 2023 2022 2023 2022 Other non-current assets $ 94,939 $ 79,343 $ — $ — Accrued liabilities — — 324 324 Other non-current liabilities — — 1,965 2,050 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) 2023 2022 Unrecognized net actuarial loss $ (29,019) $ (39,871) Unrecognized prior service credit 7,071 8,493 Tax effect 2,124 4,506 Amount recognized in accumulated other comprehensive loss, net of tax $ (19,824) $ (26,872) Unrecognized net actuarial gains and losses result from experience different from that assumed and from changes in assumptions. The net actuarial gain recognized during 2023 was driven primarily by demographic and claims experience, partially offset by the decrease in the discount rate used to discount the benefit obligation. The net actuarial gain recognized during 2022 was driven primarily by the increase in the discount rate and a reduction in the number of plan participants. 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 years. 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. Postretirement benefit income – Postretirement benefit income for the years ended December 31 consisted of the following components: (in thousands) 2023 2022 2021 Interest cost $ 1,985 $ 1,121 $ 968 Expected return on plan assets (7,320) (7,462) (7,498) Amortization of prior service credit (1,421) (1,421) (1,421) Amortization of net actuarial losses 2,273 900 1,629 Net periodic benefit income $ (4,483) $ (6,862) $ (6,322) Actuarial assumptions – In measuring the benefit obligations as of December 31, the following discount rate assumptions were used: Postretirement benefit plan Pension plan 2023 2022 2023 2022 Discount rate 4.89 % 5.09 % 4.80 % 5.00 % In measuring net periodic benefit income for the years ended December 31, the following assumptions were used: Postretirement benefit plan Pension plan 2023 2022 2021 2023 2022 2021 Discount rate 5.09 % 2.61 % 2.16 % 5.00 % 2.26 % 1.74 % Expected return on plan assets 6.25 % 5.25 % 5.50 % — — — 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. 2023 2022 2021 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 % 6.6 % 7.3 % 6.9 % 7.6 % 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 2023 2022 U.S. corporate debt securities 54 % 55 % International equity securities 20 % 20 % U.S. large capitalization equity securities 18 % 17 % Mortgage-backed securities 5 % 5 % 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 59% fixed income securities, 20% international equity securities, 18% 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, 2023: 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, 2023 (in thousands) (Level 1) (Level 2) (Level 3) U.S. corporate debt securities $ — $ 71,225 $ — $ — $ 71,225 International equity securities — 26,441 — — 26,441 U.S. large capitalization equity securities — 23,143 — — 23,143 Mortgage-backed securities — 6,540 — — 6,540 U.S. small and mid-capitalization equity securities — 3,565 — — 3,565 Plan assets $ — $ 130,914 $ — $ — $ 130,914 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 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 $7,713 as of December 31, 2023 and $7,429 as of December 31, 2022. The following benefit payments are expected to be paid during the years indicated: (in thousands) Postretirement benefit plan Pension plan 2024 $ 4,711 $ 320 2025 4,356 300 2026 3,907 280 2027 3,560 260 2028 3,277 250 2029 - 2033 13,049 910 401(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. 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 $12,046 for 2023, $12,958 for 2022 and $763 for 2021. 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, 2023
Debt Disclosure [Abstract]
DEBT	Debt outstanding was comprised of the following at December 31: (in thousands) 2023 2022 Senior, secured term loan facility $ 877,187 $ 987,375 Senior, unsecured notes 475,000 475,000 Amounts drawn on senior, secured revolving credit facility 252,000 197,000 Total principal amount 1,604,187 1,659,375 Less: unamortized discount and debt issuance costs (11,336) (15,099) Total debt, net of discount and debt issuance costs 1,592,851 1,644,276 Less: current portion of long-term debt, net of debt issuance costs (86,153) (71,748) Long-term debt $ 1,506,698 $ 1,572,528 Maturities of long-term debt were as follows as of December 31, 2023: (in thousands) Debt obligations 2024 $ 86,625 2025 101,062 2026 941,500 2027 — 2028 — Thereafter 475,000 Total principal amount $ 1,604,187 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 $21,656 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 plus an applicable margin ranging from 1.5% to 2.5%, depending on our consolidated total leverage ratio, as defined in the credit agreement. Through March 20, 2023, the eurodollar rate was derived from LIBOR. Effective March 20, 2023, we modified the credit facility to utilize SOFR as the reference rate in the agreement. Information regarding our accounting for this modification can be found in Note 2. A commitment fee is payable on the unused portion of the revolving credit facility at a rate ranging from 0.25% to 0.35%, depending on our consolidated total leverage ratio. Amounts outstanding under the credit facility had a weighted-average interest rate of 6.83% as of December 31, 2023 and 6.07% as of December 31, 2022, including the impact of interest rate swaps that effectively convert a portion 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 December 31, 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, 2023. 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. As of December 31, 2023, 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 (252,000) Outstanding letters of credit (1) (7,486) Net available for borrowing as of December 31, 2023 $ 240,514 (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 on 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, 2023
Leases [Abstract]
LEASES	We have entered into operating leases for the majority of our facilities with remaining terms of up to 11 years as of December 31, 2023. 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 material to the amounts recorded for operating lease assets and liabilities. We have also entered into a finance lease for our corporate headquarters and, as of December 31, 2022, we had finance leases for certain information technology hardware. Leases were reflected on the consolidated balance sheets as follows at December 31: (in thousands) 2023 2022 Operating leases: Operating lease assets $ 58,961 $ 47,132 Accrued liabilities $ 13,562 $ 12,780 Operating lease liabilities 58,840 48,925 Total operating lease liabilities $ 72,402 $ 61,705 Weighted-average remaining lease term 6 years 5 years Weighted-average discount rate 7.8 % 5.2 % Finance leases: Property, plant and equipment, gross $ 26,941 $ 33,060 Accumulated depreciation (4,188) (8,630) Property, plant and equipment, net $ 22,753 $ 24,430 Accrued liabilities $ 1,146 $ 1,050 Other non-current liabilities 26,134 27,287 Total finance lease liabilities $ 27,280 $ 28,337 Weighted-average remaining lease term 14 years 15 years Weighted-average discount rate 6.0 % 6.0 % The components of lease expense for the years ended December 31 were as follows: (in thousands) 2023 2022 2021 Operating lease expense $ 18,811 $ 20,480 $ 17,485 Finance lease expense: Amortization of right-of-use assets $ 2,067 $ 1,853 $ 1,283 Interest on lease liabilities 1,659 1,697 829 Total finance lease expense $ 3,726 $ 3,550 $ 2,112 Supplemental cash flow information related to leases for the years ended December 31 was as follows: (in thousands) 2023 2022 2021 Lease assets obtained in exchange for lease obligations: Operating leases (1) $ 26,167 $ 6,294 $ 38,630 Finance leases (2) — — 26,941 Cash paid for amounts included in lease obligations: Operating cash flows from operating leases (3) $ 19,922 $ 19,015 $ 8,444 Operating cash flows from finance leases 1,659 1,697 8 Financing cash flows from finance leases 2,715 1,290 421 (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 for 2021 was reduced by lease incentives received of $9,410. Maturities of lease liabilities were as follows at December 31, 2023: (in thousands) Operating lease obligations Finance 2024 $ 17,829 $ 2,743 2025 17,746 2,777 2026 16,210 2,812 2027 12,168 2,847 2028 8,882 2,881 Thereafter 19,294 26,151 Total lease payments 92,129 40,211 Less imputed interest (19,727) (12,931) Present value of lease payments $ 72,402 $ 27,280

OTHER COMMITMENTS AND CONTINGEN

OTHER COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
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 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 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 material as of December 31, 2023 or December 31, 2022. 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 that was approved on July 29, 2022. The parties subsequently entered into an amended Order. Pursuant to the Order, among other things, the First American defendants were 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 was made in March 2023, and we were reimbursed for post-closing expenses that we incurred in connection with this matter. These payments did 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 $9,024 as of December 31, 2023 and $9,661 as of December 31, 2022. 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 material as of December 31, 2023 or December 31, 2022. 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, 2023
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, and we have not repurchased any shares under this authorization since March 2020. As of December 31, 2023, $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), and we received cash proceeds of $13,000.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	As of December 31, 2023, we operated 4 reportable business segments, generally organized by product type, as follows: • Payments – This segment includes our merchant in-store, online and mobile payment solutions; treasury management solutions, including remittance and lockbox processing, remote deposit capture, receivables management, payment processing and paperless treasury management; and payroll and disbursement services, including Deluxe Payment Exchange. • Data Solutions – This segment includes data-driven marketing solutions and hosted solutions, including digital engagement, financial institution profitability reporting and business incorporation services. This segment also included web hosting and logo design services through June 2023, when we completed the sale of these businesses (Note 6). • Promotional Solutions – This segment includes business forms, accessories, advertising specialties and promotional apparel. • Checks – This segment includes printed business and personal checks. During the first quarter of 2024, we realigned our organizational structure to better reflect our portfolio mix and offerings, and we updated our reportable segments to correspond with these changes. We will complete the segment realignment effective for the quarter ending March 31, 2024, and we will provide initial disclosures based on the realigned segments in connection with our financial results for the first quarter of 2024. We did not operate under the new segment structure during 2023, and we continued to allocate resources and assess performance based on our previous reportable segment structure. Our realigned reportable segments for the quarter ending March 31, 2024 are as follows: • Merchant Services – provides electronic credit and debit card authorization and payment systems and processing services primarily to small and medium-sized retail and service businesses. • B2B Payments – provides treasury management solutions, including remittance and lockbox processing, remote deposit capture, receivables management, payment processing and paperless treasury management, and Deluxe Payment Exchange. • Data Solutions – provides data-driven marketing solutions, including digital engagement, financial institution profitability reporting and account switching tools, and business incorporation services. • Print – provides printed personal and business checks, printed business forms, business accessories and promotional products. 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. Until the businesses were sold in June 2023, Data Solutions also had operations in portions of Europe and partners in Central and South America, and through May 2022, Data Solutions had operations in Australia. 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 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 may include, from time to time, asset impairment charges, restructuring and integration expense, 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) 2023 2022 2021 Payments: Revenue $ 690,704 $ 678,580 $ 510,359 Adjusted EBITDA 152,798 144,605 105,576 Data Solutions: Revenue 238,817 267,525 262,310 Adjusted EBITDA 55,700 68,214 70,172 Promotional Solutions: Revenue 541,650 562,917 546,473 Adjusted EBITDA 80,751 79,549 85,384 Checks: Revenue 721,089 728,988 703,055 Adjusted EBITDA 320,333 320,498 324,224 Total segments: Revenue $ 2,192,260 $ 2,238,010 $ 2,022,197 Adjusted EBITDA 609,582 612,866 585,356 The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes: (in thousands) 2023 2022 2021 Total segment adjusted EBITDA $ 609,582 $ 612,866 $ 585,356 Corporate operations (192,447) (194,736) (177,591) Depreciation and amortization (169,703) (172,552) (148,767) Interest expense (125,643) (94,454) (55,554) Net income attributable to non-controlling interest 107 135 139 Restructuring and integration expense (90,475) (63,136) (58,947) Share-based compensation expense (20,525) (23,676) (29,477) Acquisition transaction costs — (130) (18,913) Certain legal-related (expense) benefit (2,195) 730 (2,443) Loss on sale of investment securities (1,323) — — Gain on sale of businesses and long-lived assets 32,421 19,331 — Income before income taxes $ 39,799 $ 84,378 $ 93,803 The following tables present revenue disaggregated by our product and service offerings: Year Ended December 31, 2023 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 721,089 $ 721,089 Mer chant services and other payment solutions 450,384 — — — 450,384 Marketing and promotional solutions — — 278,200 — 278,200 Forms and other products — — 263,450 — 263,450 Treasury management solutions 240,320 — — — 240,320 Data-driven marketing solutions — 192,656 — — 192,656 Web and hosted solutions — 46,161 — — 46,161 Total revenue $ 690,704 $ 238,817 $ 541,650 $ 721,089 $ 2,192,260 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 Marketing and promotional solutions — — 272,997 — 272,997 Forms and other products — — 289,920 — 289,920 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 Marketing and promotional solutions — — 249,480 — 249,480 Forms and other products — — 296,993 — 296,993 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 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 material to our consolidated financial position. (in thousands) Payments Data Promotional Solutions Checks Consolidated Year ended December 31, 2023: U.S. $ 640,769 $ 233,090 $ 518,929 $ 694,864 $ 2,087,652 Foreign, primarily Canada 49,935 5,727 22,721 26,225 104,608 Total revenue $ 690,704 $ 238,817 $ 541,650 $ 721,089 $ 2,192,260 Year ended December 31, 2022: U.S. $ 634,945 $ 248,227 $ 537,643 $ 700,170 $ 2,120,985 Foreign, primarily Canada and Australia 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

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Nature of operations	Nature of operations – We help our customers deepen their customer relationships through trusted, technology-enabled solutions, including merchant services, marketing services and data analytics, treasury management solutions, promotional products, and fraud and security 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. In addition, we are the primary beneficiary of a variable interest entity, MedPayExchange LLC, doing business as Medical Payment Exchange ("MPX"), which delivers payments to healthcare providers from insurance companies and other payers. 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 material to our consolidated financial statements.
Comparability	Comparability – The consolidated statements of cash flows for the years ended December 31, 2022 and 2021 have been modified to conform to the current year presentation. Within net cash provided by operating activities, other current and other non-current assets have been combined. In addition, amortization of cloud computing arrangement implementation costs is presented separately. Previously, this amount was included in other non-cash items, net. Within net cash used by investing activities, purchases of customer lists are included in other. Previously, these amounts were presented separately. The consolidated statements of shareholders' equity for the years ended December 31, 2022 and 2021 have also been modified to conform to the current year presentation. Common shares retired are included in common shares issued, net of tax withholding. 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, 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 (i.e., unbilled receivables). Our trade accounts receivable are not interest-bearing. They are stated net of the 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 allowance, 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 selling, general and administrative ("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 products 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 merchant services business temporarily holds funds collected from credit card networks and internet transaction processing on behalf of certain merchants. Our treasury management cash receipt processing business remits a portion of cash receipts to our clients the business day following receipt, and 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. Certain of our customer contracts include legal restrictions regarding the use of these funds. All of these funds, consisting of cash and, at times, 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. Earnings on funds held for customers are included in revenue on the consolidated statements of income and were not material 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, 2023. 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. Gains or losses resulting from the disposition of property, plant and equipment are included in SG&A expense on the consolidated statements of income, unless presented separately as a component of gain or loss on sale of businesses and long-lived assets.
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 7 years as of December 31, 2023. 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. Gains or losses resulting from the disposition of intangibles are included in SG&A expense on the consolidated statements of income, unless presented separately as a component of gain or loss on sale of businesses and long-lived assets. 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. 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. 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 may 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, 2023 and December 31, 2022, there were no disposal groups classified as held for sale on the consolidated balance sheets.
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 currently being amortized over periods of up to 14.5 years, with a weighted-average period of 6 years as of December 31, 2023. 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 material as of December 31, 2023 or December 31, 2022. 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, thereby 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, 2023 and December 31, 2022, past due amounts and receivables placed on non-accrual status were not material. 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	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 material to our consolidated financial statements. The total amount of advertising expense was $32,673 in 2023, $38,731 in 2022 and $47,461 in 2021.
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 ("IRS") 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 Promotional Solutions and Checks 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 (i.e., 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, 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 to be significant. The amount of revenue related to these unsatisfied performance obligations is not material 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 initiatives to drive earnings and cash flow growth 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 consulting, project management services, internal labor and costs associated with facility closures and consolidations. 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 voluntarily leave the company prior to their termination date or they secure another position within the company. In these situations, the employees do not receive termination benefits. To the extent our assumptions and estimates differ from our actual costs, subsequent adjustments to restructuring and integration accruals have been and will be required. Restructuring and integration accruals are included in accrued liabilities on the consolidated balance sheets.
Employee share-based compensation	Employee share-based compensation – Our share-based compensation consists of non-qualified stock options, restricted stock units, 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 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 cash flow hedges, unrealized gains and losses on available-for-sale debt securities, and foreign currency translation adjustments. The items of other comprehensive income (loss) are included in accumulated other comprehensive loss on the consolidated balance sheets and statements of shareholders' equity, net of their related tax impacts. We release stranded income tax effects from accumulated other comprehensive loss when the circumstances upon which they are premised cease to exist.

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting pronouncements	Accounting Standards Adopted During 2023 ASU No. 2022-02 – In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-02, Troubled Debt Restructurings and Vintage Disclosures . This standard modifies the accounting for troubled debt restructurings by creditors and modifies certain disclosure requirements. We adopted this standard on January 1, 2023 and elected to apply it prospectively to modifications occurring on or after January 1, 2023. Adoption of this standard did not impact our financial position as of December 31, 2023 or our results of operations for the year ended December 31, 2023. Reference rate reform – In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This 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. Effective March 20, 2023, we modified our existing credit facility and our September 2022 interest rate swap agreement (Note 7) to utilize the Secured Overnight Financing Rate ("SOFR") as the reference rate in the agreements. In accounting for these modifications, we adopted 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. Adoption of these standards did not have a material impact on our consolidated financial statements. Accounting Standards Not Yet Adopted ASU No. 2023-07 – In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on the related disclosures within our consolidated financial statements. ASU No. 2023-09 – In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which modifies the required income tax disclosures to include specific categories in the income tax rate reconciliation and to require the disclosure of income tax payments by jurisdiction, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The standard should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on the related disclosures within our consolidated financial statements.

SUPPLEMENTAL BALANCE SHEET AN_2

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Inventories and supplies	Inventories and supplies were comprised of the following at December 31: (in thousands) 2023 2022 Finished and semi-finished goods $ 34,194 $ 40,715 Raw materials and supplies 17,339 17,952 Reserve for excess and obsolete items (9,445) (6,400) Inventories and supplies, net of reserve $ 42,088 $ 52,267 Changes in the reserve for excess and obsolete items for the years ended December 31 were as follows: (in thousands) 2023 2022 2021 Balance, beginning of year $ 6,400 $ 5,132 $ 11,748 Amounts charged to expense 4,105 2,940 3,513 Write-offs and sales (1,060) (1,672) (10,129) Balance, end of year $ 9,445 $ 6,400 $ 5,132
Available-for-sale debt securities	Available-for-sale debt securities were comprised of the following: December 31, 2023 (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value Cash equivalents: Domestic money market fund $ 22,000 $ — $ — $ 22,000 Available-for-sale debt securities $ 22,000 $ — $ — $ 22,000 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.
Revenue in excess of billings	Revenue in excess of billings was comprised of the following at December 31: (in thousands) 2023 2022 Conditional right to receive consideration $ 20,680 $ 26,520 Unconditional right to receive consideration (1) 5,427 12,241 Revenue in excess of billings $ 26,107 $ 38,761 (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: 2023 2022 (in thousands) Gross carrying amount Accumulated depreciation Net carrying amount Gross carrying amount Accumulated depreciation Net carrying amount Machinery and equipment $ 314,778 $ (262,308) $ 52,470 $ 378,468 $ (307,838) $ 70,630 Buildings and improvements 123,072 (68,391) 54,681 111,916 (67,936) 43,980 Land and improvements 12,790 (3,402) 9,388 14,498 (4,214) 10,284 Property, plant and equipment $ 450,640 $ (334,101) $ 116,539 $ 504,882 $ (379,988) $ 124,894
Intangibles	Amortizable intangibles were comprised of the following at December 31: 2023 2022 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Internal-use software $ 554,825 $ (412,364) $ 142,461 $ 529,306 $ (395,514) $ 133,792 Customer lists/relationships 363,298 (235,557) 127,741 497,882 (312,986) 184,896 Technology-based intangibles 97,633 (54,251) 43,382 99,613 (47,478) 52,135 Partner relationships 74,911 (14,031) 60,880 74,682 (9,094) 65,588 Trade names 39,367 (23,792) 15,575 44,185 (26,510) 17,675 Software to be sold 36,900 (35,195) 1,705 36,900 (32,007) 4,893 Intangibles $ 1,166,934 $ (775,190) $ 391,744 $ 1,282,568 $ (823,589) $ 458,979
Estimated amortization expense	Based on the intangibles in service as of December 31, 2023, estimated amortization expense for each of the next five years ending December 31 is as follows: (in thousands) Estimated 2024 $ 107,127 2025 75,217 2026 48,604 2027 37,075 2028 28,806
Acquired intangibles	In the normal course of business, we acquire and develop internal-use software. We also, at times, purchase customer lists and partner relationships. During 2021, we acquired other intangible assets in conjunction with the acquisition of First American Payment Systems, L.P. (Note 6). The following intangible assets were capitalized or developed during the years ended December 31: 2023 2022 2021 (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 $ 81,349 4 $ 74,778 3 $ 75,918 3 Customer lists/relationships — — 18,267 6 149,642 8 Partner relationships 1,385 2 1,587 3 73,095 15 Technology-based intangibles — — — — 65,000 8 Trade names — — — — 21,000 10 Intangible additions $ 82,734 4 $ 94,632 4 $ 384,655 8
Goodwill	Changes in goodwill by reportable business segment and in total were as follows: (in thousands) Payments Data Solutions (1) Promotional Solutions (1) Checks Total Balance, December 31, 2021: $ 895,338 $ 40,816 $ 59,175 $ 434,812 $ 1,430,141 Currency translation adjustment and other 1,343 — (99) — 1,244 Balance, December 31, 2022 $ 896,681 $ 40,816 $ 59,076 $ 434,812 $ 1,431,385 Currency translation adjustment and other (828) — 33 — (795) Balance, December 31, 2023 $ 895,853 $ 40,816 $ 59,109 $ 434,812 $ 1,430,590 (1) The Data Solutions and Promotional Solutions balances are net of accumulated impairment charges of $392,168 and $193,699, respectively, for each period presented.
Other non-current assets	Other non-current assets were comprised of the following at December 31: (in thousands) 2023 2022 Postretirement benefit plan asset (Note 12) $ 94,939 $ 79,343 Cloud computing arrangement implementation costs 59,234 71,547 Prepaid product discounts (1) 40,376 44,824 Deferred contract acquisition costs (2) 21,103 21,300 Loans and notes receivable from distributors, net of allowance for credit losses (3) 12,443 13,259 Other 23,087 30,081 Other non-current assets $ 251,182 $ 260,354 (1) Amortization of prepaid product discounts was $33,370 for 2023, $34,400 for 2022 and $31,784 for 2021. (2) Amortization of deferred contract acquisition costs was $11,061 for 2023, $8,206 for 2022 and $4,975 for 2021. (3) 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 $987 as of December 31, 2023 and $961 as of December 31, 2022.
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, 2023. Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2023 2020 2019 Prior Total Risk rating: 1-2 internal grade $ 342 $ 1,003 $ 370 $ 12,643 $ 14,358 3-4 internal grade — — — — — Loans and notes receivable $ 342 $ 1,003 $ 370 $ 12,643 $ 14,358
Accrued liabilities	Accrued liabilities were comprised of the following at December 31: (in thousands) 2023 2022 Employee cash bonuses, including sales incentives $ 49,446 $ 57,398 Deferred revenue (1) 35,343 47,012 Operating lease liabilities (Note 14) 13,562 12,780 Customer rebates 12,718 12,153 Interest 10,481 7,314 Restructuring and integration (Note 9) 9,689 8,528 Wages and payroll liabilities, including vacation 8,605 20,264 Prepaid product discounts due within one year 4,477 4,179 Other 47,106 48,776 Accrued liabilities $ 191,427 $ 218,404 (1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $43,624 for 2023, $47,547 for 2022 and $39,366 for 2021.
Supplemental cash flow information	Supplemental cash flow information was as follows for the years ended December 31: (in thousands) 2023 2022 2021 Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets: Cash and cash equivalents $ 71,962 $ 40,435 $ 41,231 Restricted cash and restricted cash equivalents included in funds held for customers 383,134 294,165 241,488 Non-current restricted cash included in other non-current assets 2,937 2,815 2,772 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 458,033 $ 337,415 $ 285,491 Interest paid $ 115,556 $ 87,108 $ 46,621 Income taxes paid 47,945 38,629 18,761 Non-cash investing activities: Accrued purchases of capital assets $ 11,924 $ 1,340 $ 6,477 Non-cash consideration for customer list purchases (1) — 5,096 15,528 Non-cash financing activities: Vesting of restricted stock unit awards 8,538 13,602 16,646 (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) 2023 2022 Trade accounts receivable – gross (1) $ 197,546 $ 210,799 Allowance for credit losses (6,541) (4,182) Trade accounts receivable – net $ 191,005 $ 206,617 (1) Includes unbilled receivables of $43,673 as of December 31, 2023 and $43,902 as of December 31, 2022. Changes in the allowance for credit losses for the years ended December 31 were as follows: (in thousands) 2023 2022 2021 Balance, beginning of year $ 4,182 $ 4,130 $ 6,428 Bad debt expense 7,045 4,185 223 Write-offs and other (4,686) (4,133) (2,521) Balance, end of year $ 6,541 $ 4,182 $ 4,130
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) 2023 2022 2021 Balance, beginning of year $ 1,024 $ 2,830 $ 3,995 Bad debt (benefit) expense (96) 1,195 (1,165) Write-offs — (2,599) — Other — (402) — Balance, end of year $ 928 $ 1,024 $ 2,830

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
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) 2023 2022 2021 Earnings per share – basic: Net income $ 26,227 $ 65,530 $ 62,772 Net income attributable to non-controlling interest (107) (135) (139) Net income attributable to Deluxe 26,120 65,395 62,633 Income allocated to participating securities (38) (47) (46) Income attributable to Deluxe available to common shareholders $ 26,082 $ 65,348 $ 62,587 Weighted-average shares outstanding 43,553 43,025 42,378 Earnings per share – basic $ 0.60 $ 1.52 $ 1.48 Earnings per share – diluted: Net income $ 26,227 $ 65,530 $ 62,772 Net income attributable to non-controlling interest (107) (135) (139) Net income attributable to Deluxe 26,120 65,395 62,633 Income allocated to participating securities (38) (35) (26) Remeasurement of share-based awards classified as liabilities — (497) (438) Income attributable to Deluxe available to common shareholders $ 26,082 $ 64,863 $ 62,169 Weighted-average shares outstanding 43,553 43,025 42,378 Dilutive impact of potential common shares 290 285 449 Weighted-average shares and potential common shares outstanding 43,843 43,310 42,827 Earnings per share – diluted $ 0.59 $ 1.50 $ 1.45 Antidilutive options excluded from calculation 1,380 1,732 2,179

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2023
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) 2023 2022 2021 Amortization of postretirement benefit plan items: Prior service credit $ 1,421 $ 1,421 $ 1,421 Other income, net Net actuarial loss (2,273) (900) (1,629) Other income, net Total amortization (852) 521 (208) Other income, net Tax benefit (expense) 67 (315) (123) Income tax provision Amortization of postretirement benefit plan items, net of tax (785) 206 (331) Net income Debt securities: Realized loss on debt securities (1,468) (8) — Other income, net Tax benefit 376 2 — Income tax provision Realized loss on debt securities, net of tax (1,092) (6) — Net income Cash flow hedges: Realized gain (loss) on cash flow hedges 3,227 20 (1,384) Interest expense Tax (expense) benefit (872) (5) 361 Income tax provision Realized gain (loss) on cash flow hedges, net of tax 2,355 15 (1,023) Net income Foreign currency translation adjustment (1) (863) (5,550) — Gain on sale of businesses and long-lived assets Total reclassifications, net of tax $ (385) $ (5,335) $ (1,354) (1) Relates to the sale of our web hosting businesses. 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, 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) Other comprehensive income (loss) before reclassifications 6,263 (183) (524) 1,295 6,851 Amounts reclassified from accumulated other comprehensive loss 785 1,092 (2,355) 863 385 Net other comprehensive income (loss) 7,048 909 (2,879) 2,158 7,236 Balance, December 31, 2023 $ (19,824) $ — $ (286) $ (9,918) $ (30,028)

ACQUISITION AND DIVESTITURES (T

ACQUISITION AND DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
Acquisition	Operating results for First American for the years ended December 31 were as follows: (in thousands) 2023 2022 2021 Revenue $ 364,232 $ 347,709 $ 194,976 Net income attributable to Deluxe 14,266 5,794 1,806
Unaudited pro forma financial information	The following unaudited pro forma financial information summarizes our consolidated results of operations for the year ended December 31, 2021 as though the acquisition occurred on January 1, 2020: (in thousands) 2021 Revenue $ 2,156,313 Net income attributable to Deluxe 74,843

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	As part of our interest rate risk management strategy, we 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). In March 2023, we modified our September 2022 interest rate swap agreement to utilize SOFR as the reference rate in the agreement. Information regarding our accounting for this modification can be found in Note 2. Our derivative instruments were comprised of the following at December 31: December 31, 2023 December 31, 2022 (in thousands) Notional amount Interest Rate Maturity Balance Sheet Location Fair Value Fair Value June 2023 amortizing interest rate swap: $ 271,659 4.249 % June 2026 Other non-current liabilities $ (2,158) $ — March 2023 interest rate swap: 200,000 4.003 % March 2026 Other non-current assets 287 — September 2022 interest rate swap: 300,000 3.990 % September 2025 Other non-current assets 1,519 2,409 July 2019 200,000 1.798 % March 2023 Other current assets — 1,184

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of financial instruments	Information regarding the fair values of our financial instruments was as follows: Fair value measurements using Balance sheet location December 31, 2023 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 $ 22,000 $ 22,000 $ 22,000 $ — $ — Derivative assets (Note 7) Other non-current assets 1,806 1,806 — 1,806 — Derivative liability (Note 7) Other non-current liabilities (2,158) (2,158) — (2,158) — Amortized cost: Cash Cash and cash equivalents 49,962 49,962 49,962 — — Cash Funds held for customers 383,134 383,134 383,134 — — Cash Other non-current assets 2,937 2,937 2,937 — — Loans and notes receivable from distributors Other current and non-current assets 13,430 13,249 — — 13,249 Long-term debt Current portion of long-term debt and long-term debt 1,592,851 1,554,028 — 1,554,028 — 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 —

RESTRUCTURING AND INTEGRATION_2

RESTRUCTURING AND INTEGRATION EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2023
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) 2023 2022 2021 Total cost of revenue $ 12,230 $ 607 $ 4,197 Operating expenses 78,245 62,529 54,750 Restructuring and integration expense $ 90,475 $ 63,136 $ 58,947 Restructuring and integration expense was comprised of the following for the years ended December 31: (in thousands) 2023 2022 2021 External consulting and other costs $ 52,290 $ 32,067 $ 26,676 Employee severance benefits 18,103 12,829 9,076 Internal labor 8,723 7,989 7,948 Other 11,359 10,251 15,247 Restructuring and integration expense $ 90,475 $ 63,136 $ 58,947
Changes in restructuring and integration accruals	Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2020 $ 6,798 Charges 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 Charges 18,653 Reversals (550) Payments (16,942) Balance, December 31, 2023 $ 9,689

INCOME TAX PROVISION (Tables)

INCOME TAX PROVISION (Tables)	12 Months Ended
	Dec. 31, 2023
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) 2023 2022 2021 U.S. $ (7,636) $ 51,640 $ 62,361 Foreign 47,435 32,738 31,442 Income before income taxes $ 39,799 $ 84,378 $ 93,803
Components of income tax provision	The components of the income tax provision were as follows for the years ended December 31: (in thousands) 2023 2022 2021 Current tax provision: Federal $ 20,999 $ 27,789 $ (61) State 6,331 8,507 2,389 Foreign 18,118 11,081 10,945 Total current tax provision 45,448 47,377 13,273 Deferred tax provision: Federal (20,357) (21,368) 15,889 State (4,389) (5,710) 1,958 Foreign (7,130) (1,451) (89) Total deferred tax provision (31,876) (28,529) 17,758 Income tax provision $ 13,572 $ 18,848 $ 31,031
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: 2023 2022 2021 Income tax at federal statutory rate 21.0 % 21.0 % 21.0 % Change in valuation allowances 17.5 % 7.2 % 0.1 % Tax impact of share-based compensation 6.7 % 3.2 % 0.9 % Tax on repatriation of foreign earnings 6.2 % 2.2 % 4.9 % Foreign tax rate differences 5.7 % 1.9 % 1.7 % Non-deductible executive compensation 4.1 % 2.2 % 1.7 % Return to provision adjustments 2.0 % (1.9 %) — State income tax expense, net of federal income tax benefit 2.0 % 2.7 % 2.4 % Change in state deferred income tax rates 1.7 % 0.3 % 0.1 % Non-deductible acquisition costs 0.2 % 0.1 % 1.5 % Business exits (Note 6) (30.2 %) (15.8 %) — Research and development tax credit (3.0 %) (1.2 %) (0.9 %) Other 0.2 % 0.4 % (0.3 %) Effective tax rate 34.1 % 22.3 % 33.1 %
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) 2023 2022 2021 Balance, beginning of year $ 2,635 $ 2,551 $ 3,361 Additions for tax positions of current year 249 250 169 Additions for tax positions of prior years 91 270 8 Reductions for tax positions of prior years — (45) (673) Settlements (303) — — Lapse of statutes of limitations (282) (391) (314) Balance, end of year $ 2,390 $ 2,635 $ 2,551
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: 2023 2022 (in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Goodwill $ — $ 40,572 $ — $ 30,848 Employee benefit plans — 14,482 — 11,009 Cloud computing arrangements — 10,337 — 13,969 Revenue recognition — 7,187 — 7,312 Prepaid assets — 5,385 — 5,474 Property, plant and equipment — 4,529 3,139 — Acquisition costs — 1,604 — 1,691 Operating leases 20,078 15,923 16,681 12,387 Deductible interest carryforward 34,038 — 16,403 — Net operating loss, tax credit and capital loss carryforwards 22,639 — 16,720 — Reserves and accruals 9,522 — 6,935 — Gain on payroll and human resources business exit (Note 6) 6,100 — — — Intangible assets 4,510 — — 16,901 Inventories 2,804 — 2,018 — Deferred revenue 1,406 — 2,951 — All other 670 719 954 1,768 Total deferred taxes 101,767 100,738 65,801 101,359 Valuation allowances (14,984) — (7,996) — Net deferred taxes $ 86,783 $ 100,738 $ 57,805 $ 101,359
Rollforward of deferred income tax valuation allowances	Changes in our valuation allowances for the years ended December 31 were as follows: (in thousands) 2023 2022 2021 Balance, beginning of year $ (7,996) $ (10,993) $ (11,453) Expense from change in allowances (6,979) (6,086) (65) Sale of business (Note 6) — 8,745 — Foreign currency translation (9) 338 525 Balance, end of year $ (14,984) $ (7,996) $ (10,993)

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
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) 2023 2022 2021 Restricted stock units $ 14,092 $ 16,632 $ 20,407 Performance share unit awards 4,127 3,840 4,338 Stock options 1,845 2,665 4,187 Employee stock purchase plan 461 539 545 Total share-based compensation expense $ 20,525 $ 23,676 $ 29,477 Income tax benefit $ (7,408) $ (6,853) $ (7,714)
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 Risk-free interest rate 0.7 % Dividend yield 2.9 % Expected volatility 42.0 % Weighted-average option life (in years) 4.8
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, 2022 1,732 $ 44.77 Forfeited or expired (352) 44.24 Outstanding, December 31, 2023 1,380 44.91 $ — 4.9 Exercisable at December 31, 2023 1,158 45.79 $ — 4.5
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, 2022 1,045 $ 34.10 Granted 987 18.98 Vested (475) 35.77 Forfeited (336) 25.44 Outstanding at December 31, 2023 1,221 23.34 2.4
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: 2023 2022 2021 Risk-free interest rate 4.4 % 1.8 % 0.3 % Dividend yield 6.1 % 3.7 % 4.4 % Expected volatility 54.3 % 54.9 % 55.6 %
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, 2022 461 $ 34.35 Granted (1) 298 18.34 Forfeited (235) 27.12 Unvested at December 31, 2023 524 28.50 1.5 (1) Reflects awards granted assuming achievement of performance goals at target.

POSTRETIREMENT BENEFITS (Tables

POSTRETIREMENT BENEFITS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 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 Interest cost 1,874 111 Net actuarial (gain) loss (785) 128 Benefits paid from plan assets and company funds (4,823) (324) Benefit obligation, December 31, 2023 $ 35,975 $ 2,289 Change in plan assets: 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 — Return on plan assets 15,241 — Benefits paid (3,379) — Fair value of plan assets, December 31, 2023 $ 130,914 $ — Funded status, December 31, 2022 $ 79,343 $ (2,374) Funded status, December 31, 2023 $ 94,939 $ (2,289) (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) 2023 2022 2023 2022 Other non-current assets $ 94,939 $ 79,343 $ — $ — Accrued liabilities — — 324 324 Other non-current liabilities — — 1,965 2,050
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) 2023 2022 Unrecognized net actuarial loss $ (29,019) $ (39,871) Unrecognized prior service credit 7,071 8,493 Tax effect 2,124 4,506 Amount recognized in accumulated other comprehensive loss, net of tax $ (19,824) $ (26,872)
Components of net periodic benefit income	Postretirement benefit income for the years ended December 31 consisted of the following components: (in thousands) 2023 2022 2021 Interest cost $ 1,985 $ 1,121 $ 968 Expected return on plan assets (7,320) (7,462) (7,498) Amortization of prior service credit (1,421) (1,421) (1,421) Amortization of net actuarial losses 2,273 900 1,629 Net periodic benefit income $ (4,483) $ (6,862) $ (6,322)
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 2023 2022 2023 2022 Discount rate 4.89 % 5.09 % 4.80 % 5.00 % In measuring net periodic benefit income for the years ended December 31, the following assumptions were used: Postretirement benefit plan Pension plan 2023 2022 2021 2023 2022 2021 Discount rate 5.09 % 2.61 % 2.16 % 5.00 % 2.26 % 1.74 % Expected return on plan assets 6.25 % 5.25 % 5.50 % — — —
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. 2023 2022 2021 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 % 6.6 % 7.3 % 6.9 % 7.6 % 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 2023 2022 U.S. corporate debt securities 54 % 55 % International equity securities 20 % 20 % U.S. large capitalization equity securities 18 % 17 % Mortgage-backed securities 5 % 5 % 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 59% fixed income securities, 20% international equity securities, 18% 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, 2023: 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, 2023 (in thousands) (Level 1) (Level 2) (Level 3) U.S. corporate debt securities $ — $ 71,225 $ — $ — $ 71,225 International equity securities — 26,441 — — 26,441 U.S. large capitalization equity securities — 23,143 — — 23,143 Mortgage-backed securities — 6,540 — — 6,540 U.S. small and mid-capitalization equity securities — 3,565 — — 3,565 Plan assets $ — $ 130,914 $ — $ — $ 130,914 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
Expected benefit payments	The following benefit payments are expected to be paid during the years indicated: (in thousands) Postretirement benefit plan Pension plan 2024 $ 4,711 $ 320 2025 4,356 300 2026 3,907 280 2027 3,560 260 2028 3,277 250 2029 - 2033 13,049 910

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt outstanding	Debt outstanding was comprised of the following at December 31: (in thousands) 2023 2022 Senior, secured term loan facility $ 877,187 $ 987,375 Senior, unsecured notes 475,000 475,000 Amounts drawn on senior, secured revolving credit facility 252,000 197,000 Total principal amount 1,604,187 1,659,375 Less: unamortized discount and debt issuance costs (11,336) (15,099) Total debt, net of discount and debt issuance costs 1,592,851 1,644,276 Less: current portion of long-term debt, net of debt issuance costs (86,153) (71,748) Long-term debt $ 1,506,698 $ 1,572,528
Maturities of long-term debt	Maturities of long-term debt were as follows as of December 31, 2023: (in thousands) Debt obligations 2024 $ 86,625 2025 101,062 2026 941,500 2027 — 2028 — Thereafter 475,000 Total principal amount $ 1,604,187
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 December 31, 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	As of December 31, 2023, 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 (252,000) Outstanding letters of credit (1) (7,486) Net available for borrowing as of December 31, 2023 $ 240,514 (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, 2023
Leases [Abstract]
Balance sheets information related to leases	Leases were reflected on the consolidated balance sheets as follows at December 31: (in thousands) 2023 2022 Operating leases: Operating lease assets $ 58,961 $ 47,132 Accrued liabilities $ 13,562 $ 12,780 Operating lease liabilities 58,840 48,925 Total operating lease liabilities $ 72,402 $ 61,705 Weighted-average remaining lease term 6 years 5 years Weighted-average discount rate 7.8 % 5.2 % Finance leases: Property, plant and equipment, gross $ 26,941 $ 33,060 Accumulated depreciation (4,188) (8,630) Property, plant and equipment, net $ 22,753 $ 24,430 Accrued liabilities $ 1,146 $ 1,050 Other non-current liabilities 26,134 27,287 Total finance lease liabilities $ 27,280 $ 28,337 Weighted-average remaining lease term 14 years 15 years 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) 2023 2022 2021 Operating lease expense $ 18,811 $ 20,480 $ 17,485 Finance lease expense: Amortization of right-of-use assets $ 2,067 $ 1,853 $ 1,283 Interest on lease liabilities 1,659 1,697 829 Total finance lease expense $ 3,726 $ 3,550 $ 2,112
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) 2023 2022 2021 Lease assets obtained in exchange for lease obligations: Operating leases (1) $ 26,167 $ 6,294 $ 38,630 Finance leases (2) — — 26,941 Cash paid for amounts included in lease obligations: Operating cash flows from operating leases (3) $ 19,922 $ 19,015 $ 8,444 Operating cash flows from finance leases 1,659 1,697 8 Financing cash flows from finance leases 2,715 1,290 421 (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 for 2021 was reduced by lease incentives received of $9,410.
Maturities of lease liabilities	Maturities of lease liabilities were as follows at December 31, 2023: (in thousands) Operating lease obligations Finance 2024 $ 17,829 $ 2,743 2025 17,746 2,777 2026 16,210 2,812 2027 12,168 2,847 2028 8,882 2,881 Thereafter 19,294 26,151 Total lease payments 92,129 40,211 Less imputed interest (19,727) (12,931) Present value of lease payments $ 72,402 $ 27,280

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Business segment information	Our segment information for the years ended December 31 was as follows: (in thousands) 2023 2022 2021 Payments: Revenue $ 690,704 $ 678,580 $ 510,359 Adjusted EBITDA 152,798 144,605 105,576 Data Solutions: Revenue 238,817 267,525 262,310 Adjusted EBITDA 55,700 68,214 70,172 Promotional Solutions: Revenue 541,650 562,917 546,473 Adjusted EBITDA 80,751 79,549 85,384 Checks: Revenue 721,089 728,988 703,055 Adjusted EBITDA 320,333 320,498 324,224 Total segments: Revenue $ 2,192,260 $ 2,238,010 $ 2,022,197 Adjusted EBITDA 609,582 612,866 585,356
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) 2023 2022 2021 Total segment adjusted EBITDA $ 609,582 $ 612,866 $ 585,356 Corporate operations (192,447) (194,736) (177,591) Depreciation and amortization (169,703) (172,552) (148,767) Interest expense (125,643) (94,454) (55,554) Net income attributable to non-controlling interest 107 135 139 Restructuring and integration expense (90,475) (63,136) (58,947) Share-based compensation expense (20,525) (23,676) (29,477) Acquisition transaction costs — (130) (18,913) Certain legal-related (expense) benefit (2,195) 730 (2,443) Loss on sale of investment securities (1,323) — — Gain on sale of businesses and long-lived assets 32,421 19,331 — Income before income taxes $ 39,799 $ 84,378 $ 93,803
Revenue disaggregated by product and service offerings	The following tables present revenue disaggregated by our product and service offerings: Year Ended December 31, 2023 (in thousands) Payments Data Promotional Solutions Checks Consolidated Checks $ — $ — $ — $ 721,089 $ 721,089 Mer chant services and other payment solutions 450,384 — — — 450,384 Marketing and promotional solutions — — 278,200 — 278,200 Forms and other products — — 263,450 — 263,450 Treasury management solutions 240,320 — — — 240,320 Data-driven marketing solutions — 192,656 — — 192,656 Web and hosted solutions — 46,161 — — 46,161 Total revenue $ 690,704 $ 238,817 $ 541,650 $ 721,089 $ 2,192,260 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 Marketing and promotional solutions — — 272,997 — 272,997 Forms and other products — — 289,920 — 289,920 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 Marketing and promotional solutions — — 249,480 — 249,480 Forms and other products — — 296,993 — 296,993 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
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 material to our consolidated financial position. (in thousands) Payments Data Promotional Solutions Checks Consolidated Year ended December 31, 2023: U.S. $ 640,769 $ 233,090 $ 518,929 $ 694,864 $ 2,087,652 Foreign, primarily Canada 49,935 5,727 22,721 26,225 104,608 Total revenue $ 690,704 $ 238,817 $ 541,650 $ 721,089 $ 2,192,260 Year ended December 31, 2022: U.S. $ 634,945 $ 248,227 $ 537,643 $ 700,170 $ 2,120,985 Foreign, primarily Canada and Australia 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

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (cash and cash equivalents and trade accounts receivable) (Details)	12 Months Ended
	Dec. 31, 2023
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, 2023
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)	Dec. 31, 2023
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	7 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (business combinations and prepaid product discounts) (Details)	12 Months Ended
	Dec. 31, 2023
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	6 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Advertising costs
Advertising expense	$ 32,673	$ 38,731	$ 47,461
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, 2023
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, 2023
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Trade accounts receivable
Trade accounts receivable - gross	[1]	$ 197,546	$ 210,799
Allowance for credit losses		(6,541)	(4,182)	$ (4,130)
Trade accounts receivable - net		191,005	206,617
Unbilled receivables		43,673	43,902
Changes in allowance for credit losses
Balance, beginning of year		4,182	4,130	6,428
Bad debt expense		7,045	4,185	223
Write-offs and other		(4,686)	(4,133)	(2,521)
Balance, end of year		$ 6,541	$ 4,182	$ 4,130
[1]Includes unbilled receivables of $43,673 as of December 31, 2023 and $43,902 as of December 31, 2022.

SUPPLEMENTAL BALANCE SHEET AN_4

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (inventories and supplies) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories and supplies
Finished and semi-finished goods	$ 34,194	$ 40,715
Raw materials and supplies	17,339	17,952
Reserve for excess and obsolete items	(9,445)	(6,400)	$ (5,132)
Inventories and supplies, net of reserve	42,088	52,267
Changes in reserves for excess and obsolete items
Balance, beginning of year	6,400	5,132	11,748
Balance, end of year	9,445	6,400	5,132
Reserve for excess and obsolete inventory [Member]
Changes in reserves for excess and obsolete items
Amounts charged to expense	4,105	2,940	3,513
Write-offs and other	$ (1,060)	$ (1,672)	$ (10,129)

SUPPLEMENTAL BALANCE SHEET AN_5

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (available-for-sale debt securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available-for-sale debt securities [Line Items]
Cost	$ 22,000	$ 14,190
Gross unrealized gains	0	0
Gross unrealized losses	0	(1,064)
Available-for-sale debt securities	22,000	13,126	[1]
Cash and cash equivalents [Member]
Available-for-sale debt securities [Line Items]
Cash	49,962	35,435
Cash and cash equivalents [Member] | Money market fund [Member]
Available-for-sale debt securities [Line Items]
Available-for-sale debt securities	22,000	5,000
Cash and cash equivalents [Member] | Money market fund [Member] | Domestic [Member]
Available-for-sale debt securities [Line Items]
Cost	22,000	5,000
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Available-for-sale debt securities	22,000	5,000
Funds held for customers [Member]
Available-for-sale debt securities [Line Items]
Cash	$ 383,134	294,165
Funds held for customers [Member] | Canadian and provincial government securities [Member]
Available-for-sale debt securities [Line Items]
Cost		9,190
Gross unrealized gains		0
Gross unrealized losses		(1,064)
Available-for-sale debt securities		$ 8,126
[1] Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2022, also included cash of $294,165.

SUPPLEMENTAL BALANCE SHEET AN_6

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (revenue in excess of billings) (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Supplemental balance sheet and cash flow information [Abstract]
Conditional right to receive consideration		$ 20,680	$ 26,520
Unconditional right to receive consideration	[1]	5,427	12,241
Revenue in excess of billings		$ 26,107	$ 38,761
[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, 2023	Dec. 31, 2022
Property, plant and equipment [Line Items]
Gross carrying amount	$ 450,640	$ 504,882
Accumulated depreciation	(334,101)	(379,988)
Net carrying amount	116,539	124,894
Machinery and equipment [Member]
Property, plant and equipment [Line Items]
Gross carrying amount	314,778	378,468
Accumulated depreciation	(262,308)	(307,838)
Net carrying amount	52,470	70,630
Buildings and improvements [Member]
Property, plant and equipment [Line Items]
Gross carrying amount	123,072	111,916
Accumulated depreciation	(68,391)	(67,936)
Net carrying amount	54,681	43,980
Land and improvements [Member]
Property, plant and equipment [Line Items]
Gross carrying amount	12,790	14,498
Accumulated depreciation	(3,402)	(4,214)
Net carrying amount	$ 9,388	$ 10,284

SUPPLEMENTAL BALANCE SHEET AN_8

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (intangibles) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortizable intangibles [Line Items]
Gross carrying amount	$ 1,166,934	$ 1,282,568
Accumulated amortization	(775,190)	(823,589)
Net carrying amount	391,744	458,979
Amortization of intangibles	146,277	146,555	$ 123,142
Acquired intangibles	$ 82,734	$ 94,632	$ 384,655
Weighted-average amortization period (in years)	4 years	4 years	8 years
Estimated future amortization expense
2024	$ 107,127
2025	75,217
2026	48,604
2027	37,075
2028	28,806
Internal-use software [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	554,825	$ 529,306
Accumulated amortization	(412,364)	(395,514)
Net carrying amount	142,461	133,792
Acquired intangibles	$ 81,349	$ 74,778	$ 75,918
Weighted-average amortization period (in years)	4 years	3 years	3 years
Customer lists/relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	$ 363,298	$ 497,882
Accumulated amortization	(235,557)	(312,986)
Net carrying amount	127,741	184,896
Acquired intangibles	0	$ 18,267	$ 149,642
Weighted-average amortization period (in years)		6 years	8 years
Technology-based intangibles [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	97,633	$ 99,613
Accumulated amortization	(54,251)	(47,478)
Net carrying amount	43,382	52,135
Acquired intangibles	0	0	$ 65,000
Weighted-average amortization period (in years)			8 years
Partner relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	74,911	74,682
Accumulated amortization	(14,031)	(9,094)
Net carrying amount	60,880	65,588
Acquired intangibles	$ 1,385	$ 1,587	$ 73,095
Weighted-average amortization period (in years)	2 years	3 years	15 years
Trade names [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	$ 39,367	$ 44,185
Accumulated amortization	(23,792)	(26,510)
Net carrying amount	15,575	17,675
Acquired intangibles	0	0	$ 21,000
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	(35,195)	(32,007)
Net carrying amount	$ 1,705	$ 4,893

SUPPLEMENTAL BALANCE SHEET AN_9

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (goodwill) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in goodwill
Goodwill, net of accumulated impairment charges, beginning of year		$ 1,431,385	$ 1,430,141
Currency translation adjustment and other		(795)	1,244
Accumulated impairment charges				$ (193,699)
Goodwill, net of accumulated impairment charges, end of period		1,430,590	1,431,385
Data Solutions [Member]
Changes in goodwill
Accumulated impairment charges				$ (392,168)
Reportable business segments [Member] | Payments [Member]
Changes in goodwill
Goodwill, net of accumulated impairment charges, beginning of year		896,681	895,338
Currency translation adjustment and other		(828)	1,343
Goodwill, net of accumulated impairment charges, end of period		895,853	896,681
Reportable business segments [Member] | Data Solutions [Member]
Changes in goodwill
Goodwill, net of accumulated impairment charges, beginning of year	[1]	40,816	40,816
Accumulated impairment charges		(392,168)	(392,168)
Goodwill, net of accumulated impairment charges, end of period	[1]	40,816	40,816
Reportable business segments [Member] | Promotional Solutions [Member]
Changes in goodwill
Goodwill, net of accumulated impairment charges, beginning of year	[1]	59,076	59,175
Currency translation adjustment and other		33	(99)
Accumulated impairment charges		(193,699)	(193,699)
Goodwill, net of accumulated impairment charges, end of period	[1]	59,109	59,076
Reportable business segments [Member] | Checks [Member]
Changes in goodwill
Goodwill, net of accumulated impairment charges, beginning of year		434,812	434,812
Goodwill, net of accumulated impairment charges, end of period		$ 434,812	$ 434,812
[1] The Data Solutions and Promotional Solutions balances are net of accumulated impairment charges of $392,168 and $193,699, respectively, for each period presented.

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Other non-current assets
Postretirement benefit plan asset (Note 12)		$ 94,939	$ 79,343
Cloud computing arrangement implementation costs		59,234	71,547
Prepaid product discounts	[1]	40,376	44,824
Deferred contract acquisition costs	[2]	21,103	21,300
Loans and notes receivable from distributors, net of allowance for credit losses	[3]	12,443	13,259
Other		23,087	30,081
Other non-current assets		251,182	260,354
Amortization of prepaid product discounts		33,370	34,400	$ 31,784
Amortization of contract acquisition costs		11,061	8,206	4,975
Loans and notes receivable from distributors, current		987	961
Loans and notes receivable from distributors [Member]
Loans and notes receivable allowance for credit losses [Line Items]
Balance, beginning of year		1,024	2,830	3,995
Bad debt (benefit) expense		(96)	1,195	(1,165)
Write-offs		0	(2,599)	0
Other		0	(402)	0
Balance, end of year		928	$ 1,024	$ 2,830
Loans and notes receivable credit quality information by origination year
2023		342
2020		1,003
2019		370
Prior		12,643
Total		14,358
Loans and notes receivable from distributors [Member] | 1 to 2 internal grade [Member]
Loans and notes receivable credit quality information by origination year
2023		342
2020		1,003
2019		370
Prior		12,643
Total		14,358
Loans and notes receivable from distributors [Member] | 3 to 4 internal grade [Member]
Loans and notes receivable credit quality information by origination year
2023		0
2020		0
2019		0
Prior		0
Total		$ 0
[1]Amortization of prepaid product discounts was $33,370 for 2023, $34,400 for 2022 and $31,784 for 2021.[2]Amortization of deferred contract acquisition costs was $11,061 for 2023, $8,206 for 2022 and $4,975 for 2021.[3]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 $987 as of December 31, 2023 and $961 as of December 31, 2022.

SUPPLEMENTAL BALANCE SHEET A_11

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (accrued liabilities) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accrued liabilities
Employee cash bonuses, including sales incentives		$ 49,446	$ 57,398
Deferred revenue	[1]	35,343	47,012
Operating lease liabilities (Note 14)		13,562	12,780
Customer rebates		12,718	12,153
Interest		10,481	7,314
Restructuring and integration (Note 9)		9,689	8,528
Wages and payroll liabilities, including vacation		8,605	20,264
Prepaid product discounts due within one year		4,477	4,179
Other		47,106	48,776
Accrued liabilities		191,427	218,404
Recognition of deferred revenue		$ 43,624	$ 47,547	$ 39,366
[1] Revenue recognized for amounts included in deferred revenue at the beginning of the period was $43,624 for 2023, $47,547 for 2022 and $39,366 for 2021.

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents		$ 71,962	$ 40,435	$ 41,231
Restricted cash and restricted cash equivalents included in funds held for customers		$ 383,134	$ 294,165	$ 241,488
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 as of December 31, 2022	Funds held for customers, including securities carried at fair value of $8,126 as of December 31, 2022	Funds held for customers, including securities carried at fair value of $8,126 as of December 31, 2022
Non-current restricted cash included in other non-current assets		$ 2,937	$ 2,815	$ 2,772
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		$ 458,033	$ 337,415	$ 285,491	$ 229,409
Interest paid		115,556	87,108	46,621
Income taxes paid		47,945	38,629	18,761
Accrued purchases of capital assets		11,924	1,340	6,477
Non-cash consideration for customer list purchases	[1]	0	5,096	15,528
Restricted stock units [Member]
Vesting of restricted stock unit awards		$ 8,538	$ 13,602	$ 16,646
[1] Consists of pre-acquisition amounts owed to us by the sellers.

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share - basic:
Net income	$ 26,227	$ 65,530	$ 62,772
Net income attributable to non-controlling interest	(107)	(135)	(139)
Net income attributable to Deluxe	26,120	65,395	62,633
Income allocated to participating securities	(38)	(47)	(46)
Income attributable to Deluxe available to common shareholders	$ 26,082	$ 65,348	$ 62,587
Weighted-average shares outstanding	43,553	43,025	42,378
Earnings per share - basic	$ 0.60	$ 1.52	$ 1.48
Earnings per share - diluted:
Net income	$ 26,227	$ 65,530	$ 62,772
Net income attributable to non-controlling interest	(107)	(135)	(139)
Net income attributable to Deluxe	26,120	65,395	62,633
Income allocated to participating securities	(38)	(35)	(26)
Remeasurement of share-based awards classified as liabilities	0	(497)	(438)
Income attributable to Deluxe available to common shareholders	$ 26,082	$ 64,863	$ 62,169
Weighted-average shares outstanding	43,553	43,025	42,378
Dilutive impact of potential common shares	290	285	449
Weighted-average shares and potential common shares outstanding	43,843	43,310	42,827
Earnings per share - diluted	$ 0.59	$ 1.50	$ 1.45
Antidilutive options excluded from calculation	1,380	1,732	2,179

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) (reclassification adjustments) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Prior service credit		$ 1,421	$ 1,421	$ 1,421
Net actuarial loss		(2,273)	(900)	(1,629)
Total amortization		(852)	521	(208)
Tax benefit (expense)		67	(315)	(123)
Amortization of postretirement benefit plan items, net of tax		(785)	206	(331)
Realized loss on debt securities		(1,468)	(8)	0
Tax benefit		376	2	0
Realized loss on debt securities, net of tax		(1,092)	(6)	0
Realized gain (loss) on cash flow hedges		3,227	20	(1,384)
Tax (expense) benefit		(872)	(5)	361
Realized gain (loss) on cash flow hedges, net of tax		2,355	15	(1,023)
Foreign currency translation adjustment	[1]	(863)	(5,550)	0
Total reclassifications, net of tax		$ (385)	$ (5,335)	$ (1,354)
[1]Relates to the sale of our web hosting businesses. Further information can be found in Note 6

OTHER COMPREHENSIVE INCOME (L_4

OTHER COMPREHENSIVE INCOME (LOSS) (accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	$ (37,264)	$ (31,492)	$ (41,433)
Other comprehensive income (loss) before reclassifications	6,851	(11,107)	8,587
Amounts reclassified from accumulated other comprehensive loss	385	5,335	1,354
Other comprehensive income (loss)	7,236	(5,772)	9,941
Accumulated other comprehensive loss	(30,028)	(37,264)	(31,492)
Balance, end of year	(30,028)	(37,264)	(31,492)
Postretirement benefit plans [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	(26,872)	(15,431)	(21,956)
Other comprehensive income (loss) before reclassifications	6,263	(11,235)	6,194
Amounts reclassified from accumulated other comprehensive loss	785	(206)	331
Other comprehensive income (loss)	7,048	(11,441)	6,525
Accumulated other comprehensive loss	(19,824)	(26,872)	(15,431)
Balance, end of year	(19,824)	(26,872)	(15,431)
Net unrealized loss on debt securities [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	(909)	(344)	(90)
Other comprehensive income (loss) before reclassifications	(183)	(571)	(254)
Amounts reclassified from accumulated other comprehensive loss	1,092	6	0
Other comprehensive income (loss)	909	(565)	(254)
Accumulated other comprehensive loss	0	(909)	(344)
Balance, end of year	0	(909)	(344)
Net unrealized loss on cash flow hedges [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	2,593	(2,261)	(5,351)
Other comprehensive income (loss) before reclassifications	(524)	4,869	2,067
Amounts reclassified from accumulated other comprehensive loss	(2,355)	(15)	1,023
Other comprehensive income (loss)	(2,879)	4,854	3,090
Accumulated other comprehensive loss	(286)	2,593	(2,261)
Balance, end of year	(286)	2,593	(2,261)
Foreign currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	(12,076)	(13,456)	(14,036)
Other comprehensive income (loss) before reclassifications	1,295	(4,170)	580
Amounts reclassified from accumulated other comprehensive loss	863	5,550	0
Other comprehensive income (loss)	2,158	1,380	580
Accumulated other comprehensive loss	(9,918)	(12,076)	(13,456)
Balance, end of year	$ (9,918)	$ (12,076)	$ (13,456)

ACQUISITION AND DIVESTITURES (D

ACQUISITION AND DIVESTITURES (Details) $ in Thousands			3 Months Ended	12 Months Ended
		Jun. 01, 2021 USD ($)	Dec. 31, 2023 USD ($) reporting_units	Dec. 31, 2023 USD ($) reporting_units	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Acquisition and divestitures [Line Items]
Acquisition transaction costs				$ 0	$ 130	$ 18,913
Payments for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired				0	0	958,514
Revenue				2,192,260	2,238,010	2,022,197
Net income attributable to Deluxe				26,120	65,395	62,633
Pro forma revenue						2,156,313
Pro forma net income attributable to Deluxe						74,843
Gain on sale of businesses and long-lived assets				32,421	19,331	0
Goodwill			$ 1,430,590	1,430,590	1,431,385	1,430,141
North American web hosting business [Member]
Acquisition and divestitures [Line Items]
Proceeds from sale of business				31,230
Gain on sale of businesses and long-lived assets				17,486
U.S. & Canadian payroll and human resources services [Member]
Acquisition and divestitures [Line Items]
Proceeds from sale of business				15,669
Gain on sale of businesses and long-lived assets			10,700
Goodwill			7,743	$ 7,743
Business Facilities
Acquisition and divestitures [Line Items]
Gain on sale of businesses and long-lived assets			$ 3,792		2,361
Number of facilities | reporting_units			2	2
Proceeds from sale of long-lived assets			$ 8,094		6,929
Australian web hosting business [Member]
Acquisition and divestitures [Line Items]
Proceeds from sale of business					17,620
Gain on sale of businesses and long-lived assets					15,166
Reportable business segments [Member] | Data Solutions [Member]
Acquisition and divestitures [Line Items]
Revenue				$ 238,817	267,525	262,310
Goodwill	[1]		40,816	40,816	40,816	40,816
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] | Data Solutions [Member] | Australian web hosting business [Member]
Acquisition and divestitures [Line Items]
Revenue						23,766
Reportable business segments [Member] | Promotional Solutions [Member]
Acquisition and divestitures [Line Items]
Revenue				541,650	562,917	546,473
Goodwill	[1]		59,109	59,109	59,076	59,175
Reportable business segments [Member] | Promotional Solutions [Member] | Promotional Solutions business exits [Member]
Acquisition and divestitures [Line Items]
Revenue						29,000
Reportable business segments [Member] | Payments [Member]
Acquisition and divestitures [Line Items]
Revenue				690,704	678,580	510,359
Goodwill			$ 895,853	895,853	896,681	895,338
Reportable business segments [Member] | Payments [Member] | U.S. & Canadian payroll and human resources services [Member]
Acquisition and divestitures [Line Items]
Revenue				27,000
First American [Member]
Acquisition and divestitures [Line Items]
Acquisition transaction costs						18,913
Payments for acquisition, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired		$ 958,514
Revenue				364,232	347,709	194,976
Net income attributable to Deluxe				$ 14,266	5,794	$ 1,806
Restructuring and integration expense					$ 5,452
[1] The Data Solutions and Promotional Solutions balances are net of accumulated impairment charges of $392,168 and $193,699, respectively, for each period presented.

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 20, 2023	Mar. 20, 2023	Dec. 31, 2022	Sep. 16, 2022	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	$ 0			$ 1,184
September 2022 interest rate swap [Member]
Derivative financial instruments [Line Items]
Notional amount					$ 300,000
Derivative fixed interest rate					3.99%
Fair value of derivative asset	1,519			$ 2,409
March 2023 interest rate swap [Member]
Derivative financial instruments [Line Items]
Notional amount			$ 200,000
Derivative fixed interest rate			4.003%
Fair value of derivative asset	287
Amortizing interest rate swap June 2023
Derivative financial instruments [Line Items]
Notional amount		$ 271,659
Derivative fixed interest rate		4.249%
Fair value of derivative liability	$ (2,158)

FAIR VALUE MEASUREMENTS (goodwi

FAIR VALUE MEASUREMENTS (goodwill impairment analyses) (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) reporting_units	Mar. 31, 2021 reporting_units	Jul. 31, 2022 USD ($)
Schedule of asset impairment analyses [Line Items]
Goodwill impairment charge | $	$ 0	$ 0	$ 0	$ 0
Payments [Member] | Reportable business segments [Member]
Schedule of asset impairment analyses [Line Items]
Number of reporting units | reporting_units				4	1
Promotional Solutions [Member] | Reportable business segments [Member]
Schedule of asset impairment analyses [Line Items]
Number of reporting units | reporting_units				2	1
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
Excess of fair value over carrying value of reporting unit, percentage						39%

FAIR VALUE MEASUREMENTS (financ

FAIR VALUE MEASUREMENTS (financial instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair value measurements, financial instruments [Line Items]
Cash and cash equivalents, fair value	$ 22,000	$ 5,000
Available-for-sale debt securities	22,000	13,126	[1]
Derivative assets (Note 7)	$ 1,806	$ 3,593
Derivative assets [Extensible Enumeration]	Other non-current assets	Assets
Derivative liability [Extensible Enumeration]	Other non-current liabilities
Derivative liability (Note 7)	$ (2,158)
Long-term debt	1,592,851	$ 1,644,276
Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative assets (Note 7)	1,806	3,593
Derivative liability (Note 7)	(2,158)
Significant other observable inputs (Level 2) [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative assets (Note 7)	1,806	3,593
Derivative liability (Note 7)	(2,158)
Cash and cash equivalents [Member]
Fair value measurements, financial instruments [Line Items]
Cash and cash equivalents, fair value	49,962	35,435
Cash	49,962	35,435
Cash and cash equivalents [Member] | Money market fund [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities	22,000	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	22,000	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	49,962	35,435
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	22,000	5,000
Funds held for customers [Member]
Fair value measurements, financial instruments [Line Items]
Cash and cash equivalents, fair value	383,134	294,165
Cash	383,134	294,165
Funds held for customers [Member] | Foreign [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities		8,126
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
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	383,134	294,165
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
Other non-current assets [Member]
Fair value measurements, financial instruments [Line Items]
Cash and cash equivalents, fair value	2,937	2,815
Cash	2,937	2,815
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	2,937	2,815
Other current and non-current assets [Member]
Fair value measurements, financial instruments [Line Items]
Loans and notes receivable from distributors	13,430	14,220
Loans and notes receivable from distributors, fair value	13,249	13,315
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	13,249	13,315
Current portion of long-term debt and long-term debt [Member]
Fair value measurements, financial instruments [Line Items]
Long-term debt	1,592,851	1,644,276
Long-term debt, fair value	1,554,028	1,574,417
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	$ 1,554,028	$ 1,574,417
[1] Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2022, also included cash of $294,165.

RESTRUCTURING AND INTEGRATION_3

RESTRUCTURING AND INTEGRATION EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 90,475	$ 63,136	$ 58,947
North Star Project
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 45,000
Expected restructuring integration expense period	2 years
Maximum [Member] | North Star Project
Restructuring and integration expense [Line Items]
Anticipated restructuring and integration costs over the next two years	$ 90,000
Minimum [Member] | North Star Project
Restructuring and integration expense [Line Items]
Anticipated restructuring and integration costs over the next two years	70,000
Total cost of revenue [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	12,230	607	4,197
Operating expenses [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	78,245	62,529	54,750
External consulting and other costs [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	52,290	32,067	26,676
Employee severance [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	18,653	13,782	10,897
Restructuring and integration expense, net of reversals	18,103	12,829	9,076
Internal labor [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	8,723	7,989	7,948
Other costs [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 11,359	$ 10,251	$ 15,247

RESTRUCTURING AND INTEGRATION_4

RESTRUCTURING AND INTEGRATION EXPENSE (restructuring and integration accruals) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and integration accruals [Line Items]
Charges	$ 90,475	$ 63,136	$ 58,947
Employee severance [Member]
Restructuring and integration accruals [Line Items]
Balance, beginning of year	8,528	5,672	6,798
Charges	18,653	13,782	10,897
Reversals	(550)	(953)	(1,821)
Payments	(16,942)	(9,973)	(10,202)
Balance, end of year	$ 9,689	$ 8,528	$ 5,672

INCOME TAX PROVISION (income ta

INCOME TAX PROVISION (income tax provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income before income taxes
U.S.	$ (7,636)	$ 51,640	$ 62,361
Foreign	47,435	32,738	31,442
Income before income taxes	39,799	84,378	93,803
Current tax provision:
Federal	20,999	27,789	(61)
State	6,331	8,507	2,389
Foreign	18,118	11,081	10,945
Total current tax provision	45,448	47,377	13,273
Deferred tax provision:
Federal	(20,357)	(21,368)	15,889
State	(4,389)	(5,710)	1,958
Foreign	(7,130)	(1,451)	(89)
Total deferred tax provision	(31,876)	(28,529)	17,758
Income tax provision	$ 13,572	$ 18,848	$ 31,031
Reconciliation of effective tax rate to U.S. statutory tax rate
Income tax at federal statutory rate	21%	21%	21%
Change in valuation allowances	17.50%	7.20%	0.10%
Tax impact of share-based compensation	6.70%	3.20%	0.90%
Tax on repatriation of foreign earnings	6.20%	2.20%	4.90%
Foreign tax rate differences	5.70%	1.90%	1.70%
Non-deductible executive compensation	4.10%	2.20%	1.70%
Return to provision adjustments	2%	(1.90%)	0%
State income tax expense, net of federal income tax benefit	2%	2.70%	2.40%
Change in state deferred income tax rates	1.70%	0.30%	0.10%
Non-deductible acquisition costs	0.20%	0.10%	1.50%
Business exits (Note 6)	(30.20%)	(15.80%)	0%
Research and development tax credit	(3.00%)	(1.20%)	(0.90%)
Other	0.20%	0.40%	(0.30%)
Effective tax rate	34.10%	22.30%	33.10%

INCOME TAX PROVISION (repatriat

INCOME TAX PROVISION (repatriation and unrecognized tax benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax provision	$ 13,572	$ 18,848	$ 31,031
Foreign earnings repatriated	32,931	25,526	85,285
Income tax expense on repatriation of foreign earnings	2,168	1,818	4,555
Cash and cash equivalents	71,962	40,435	41,231
Changes in unrecognized tax benefits
Balance, beginning of year	2,635	2,551	3,361
Additions for tax positions of current year	249	250	169
Additions for tax positions of prior years	91	270	8
Reductions for tax positions of prior years	0	(45)	(673)
Settlements	(303)
Lapse of statutes of limitations	(282)	(391)	(314)
Balance, end of year	2,390	2,635	2,551
Unrecognized tax benefits
Unrecognized tax benefits that would impact income tax expense	(2,390)
Accruals for interest and penalties	583	731
Net increase in income tax provision for interest and penalties	70	$ 97	$ 84
Amount by which it is reasonably possible that unrecognized tax benefits will decrease in next 12 months	1,300
Amount by which it is reasonably possible that unrecognized tax benefits will increase in next 12 months	2,000
Foreign, primarily Canada [Member]
Cash and cash equivalents	$ 25,270

INCOME TAX PROVISION (deferred

INCOME TAX PROVISION (deferred income taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Operating leases	$ 20,078	$ 16,681
Deductible interest carryforward	34,038	16,403
Net operating loss, tax credit and capital loss carryforwards	22,639	16,720
Reserves and accruals	9,522	6,935
Gain on payroll and human resources business exit (Note 6)	6,100
Intangible assets	4,510
Inventories	2,804	2,018
Deferred revenue	1,406	2,951
All other	670	954
Property, plant and equipment	0	3,139
Total deferred taxes	101,767	65,801
Valuation allowances	(14,984)	(7,996)	$ (10,993)
Net deferred taxes	86,783	57,805
Deferred tax liabilities
Goodwill	40,572	30,848
Employee benefit plans	14,482	11,009
Cloud computing arrangements	10,337	13,969
Revenue recognition	7,187	7,312
Prepaid assets	5,385	5,474
Property, plant and equipment	4,529
Acquisition costs	1,604	1,691
Operating leases	15,923	12,387
Intangible assets	0	16,901
All other	719	1,768
Total deferred taxes	100,738	101,359
Net deferred taxes	100,738	101,359
Changes in deferred tax asset valuation allowances
Balance, beginning of year	(7,996)	(10,993)	(11,453)
Expense from change in allowances	(6,979)	(6,086)	(65)
Sale of business (Note 6)	0	8,745	0
Foreign currency translation	(9)	338	525
Balance, end of year	$ (14,984)	$ (7,996)	$ (10,993)

INCOME TAX PROVISION (net opera

INCOME TAX PROVISION (net operating loss, tax credit and capital loss carryforwards) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
State [Member]
Tax carryforwards [Line Items]
Net operating loss and tax credit carryforwards	$ 125,881
Federal [Member] | Deductible interest carryforward [Member]
Tax carryforwards [Line Items]
Tax credit carryforwards	127,238
Federal [Member] | Capital loss carryforward [Member]
Tax carryforwards [Line Items]
Tax credit carryforwards	$ 57,096

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 27, 2022
Share-based compensation plans [Line Items]
Common stock reserved for issuance				2.5
Common stock available for issuance	2.4
Share-based compensation expense	$ 20,525	$ 23,676	$ 29,477
Income tax benefit	(7,408)	(6,853)	(7,714)
Compensation expense not yet recognized for unvested awards	$ 22,213
Weighted-average period over which expense for unvested awards will be recognized	1 year 10 months 24 days
Restricted stock units [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	$ 14,092	16,632	20,407
Performance share unit awards [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	4,127	3,840	4,338
Stock options [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	1,845	2,665	4,187
Employee stock purchase plan [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	$ 461	$ 539	$ 545

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS (award terms) (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2019
Stock options [Member]
Share-based compensation plans [Line Items]
Options vesting each year during vesting period	25%
Term of award	10 years	7 years
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
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in number of stock options
Outstanding, beginning of year	1,732
Granted	0	0
Forfeited or expired	(352)
Outstanding, end of year	1,380	1,732
Exercisable, end of year	1,158
Weighted-average exercise price per option
Outstanding, beginning of year	$ 44.77
Forfeited or expired	44.24
Outstanding, end of year	44.91	$ 44.77
Exercisable, end of year	$ 45.79
Additional disclosures
Weighted-average grant date fair value, options granted			$ 11.57
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	4 years 10 months 24 days
Weighted-average remaining contractual term, options exercisable, end of year	4 years 6 months
Total intrinsic value, options exercised			$ 510
Stock options [Member]
Assumptions, Black-Scholes option pricing model
Risk-free interest rate			0.70%
Dividend yield			2.90%
Expected volatility			42%
Weighted-average option life (in years)			4 years 9 months 18 days

SHARE-BASED COMPENSATION PLAN_5

SHARE-BASED COMPENSATION PLANS (restricted stock units and performance share unit awards) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted stock units [Member]
Changes in share-based compensation awards (in thousands)
Outstanding, beginning of year		1,045
Granted		987
Vested		(475)
Forfeited		(336)
Outstanding, end of year		1,221	1,045
Weighted-average grant date fair value
Outstanding, beginning of year		$ 34.10
Granted		18.98
Vested		35.77
Forfeited		25.44
Outstanding, end of year		$ 23.34	$ 34.10
Additional disclosures
Weighted-average remaining contractual term, outstanding, end of year		2 years 4 months 24 days
Fair value, awards vested		$ 8,538	$ 13,602	$ 16,646
Restricted stock units classified as liabilities [Member]
Changes in share-based compensation awards (in thousands)
Outstanding, end of year		37
Additional disclosures
Aggregate intrinsic value, outstanding, end of year		$ 798
Weighted-average remaining contractual term, outstanding, end of year		4 months
Fair value per unit, end of year		$ 21.45
Performance share unit awards [Member]
Assumptions, Monte Carlo simulation model
Risk-free interest rate		4.40%	1.80%	0.30%
Dividend yield		6.10%	3.70%	4.40%
Expected volatility		54.30%	54.90%	55.60%
Changes in share-based compensation awards (in thousands)
Outstanding, beginning of year		461
Granted	[1]	298
Forfeited		(235)
Outstanding, end of year		524	461
Weighted-average grant date fair value
Outstanding, beginning of year		$ 34.35
Granted		18.34
Forfeited		27.12
Outstanding, end of year		$ 28.50	$ 34.35
Additional disclosures
Weighted-average remaining contractual term, outstanding, end of year		1 year 6 months
[1]Reflects awards granted assuming achievement of performance goals at target.

SHARE-BASED COMPENSATION PLAN_6

SHARE-BASED COMPENSATION PLANS (employee stock purchase plan) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee stock purchase plan [Line Items]
Number of shares issued, employee stock purchase plan	196	149	108
Minimum [Member]
Employee stock purchase plan [Line Items]
Purchase price per share, employee stock purchase plan	$ 12.61	$ 15.62	$ 18.84
Maximum [Member]
Employee stock purchase plan [Line Items]
Purchase price per share, employee stock purchase plan	$ 15.77	$ 25.59	$ 37.32

POSTRETIREMENT BENEFITS (obliga

POSTRETIREMENT BENEFITS (obligations and funded status) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in benefit obligation
Interest cost		$ 1,985	$ 1,121	$ 968
Change in plan assets
Fair value of plan assets, beginning of year		119,052
Fair value of plan assets, end of year		130,914	119,052
Amounts recognized on the consolidated balance sheets
Other non-current assets		94,939	79,343
Amounts recognized in accumulated other comprehensive loss
Unrecognized net actuarial loss		(29,019)	(39,871)
Unrecognized prior service credit		7,071	8,493
Tax effect		2,124	4,506
Amount recognized in accumulated other comprehensive loss, net of tax		(19,824)	(26,872)
Postretirement benefit plan [Member]
Change in benefit obligation
Benefit obligation, beginning of year		39,709	57,781
Interest cost		1,874	1,069
Net actuarial (gain) loss		(785)	(13,839)
Benefits paid from plan assets and company funds		(4,823)	(5,302)
Benefit obligation, end of year		35,975	39,709	57,781
Change in plan assets
Fair value of plan assets, beginning of year		119,052	144,800
Return (loss) on plan assets		15,241	(22,116)
Benefits paid		(3,379)	(3,632)
Fair value of plan assets, end of year		130,914	119,052	144,800
Funded status		94,939	79,343
Amounts recognized on the consolidated balance sheets
Other non-current assets		$ 94,939	79,343
Amounts recognized in accumulated other comprehensive loss
Amortization period net actuarial loss		12 years
Pension plan [Member]
Change in benefit obligation
Benefit obligation, beginning of year	[1]	$ 2,374	3,060
Interest cost		111	52
Net actuarial (gain) loss		128	(414)
Benefits paid from plan assets and company funds		(324)	(324)
Benefit obligation, end of year	[1]	2,289	2,374	3,060
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		(2,289)	(2,374)
Amounts recognized on the consolidated balance sheets
Accrued liabilities		324	324
Other non-current liabilities		$ 1,965	$ 2,050
[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, 2023	Dec. 31, 2022	Dec. 31, 2021
Net periodic benefit income
Interest cost	$ 1,985	$ 1,121	$ 968
Postretirement plans, interest cost [Extensible Enumeration]	Other income, net	Other income, net	Other income, net
Expected return on plan assets	$ (7,320)	$ (7,462)	$ (7,498)
Postretirement plans, expected return on plan assets [Extensible Enumeration]	Other income, net	Other income, net	Other income, net
Amortization of prior service credit	$ (1,421)	$ (1,421)	$ (1,421)
Postretirement plans, amortization of prior service credit [Extensible Enumeration]	Other income, net	Other income, net	Other income, net
Amortization of net actuarial losses	$ 2,273	$ 900	$ 1,629
Postretirement plans, amortization of net actuarial losses [Extensible Enumeration]	Other income, net	Other income, net	Other income, net
Net periodic benefit income	$ (4,483)	$ (6,862)	$ (6,322)
Participants under age 65 [Member]
Health care cost trend rates
Health care cost trend rate assumed for next year	6.60%	6.60%	6.90%
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%	7.30%	7.60%
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	$ 1,874	$ 1,069
Actuarial assumptions
Discount rate, benefit obligation	4.89%	5.09%
Discount rate, net periodic benefit income	5.09%	2.61%	2.16%
Expected return on plan assets	6.25%	5.25%	5.50%
Pension plan [Member]
Net periodic benefit income
Interest cost	$ 111	$ 52
Actuarial assumptions
Discount rate, benefit obligation	4.80%	5%
Discount rate, net periodic benefit income	5%	2.26%	1.74%

POSTRETIREMENT BENEFITS (plan a

POSTRETIREMENT BENEFITS (plan assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 130,914	$ 119,052
Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	130,914	119,052
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
U.S. corporate debt securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	54%	55%
Fair value of plan assets	$ 71,225	$ 65,700
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	0
U.S. corporate debt securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	71,225	65,700
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
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	$ 26,441	$ 23,835
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	0
International equity securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	26,441	23,835
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, large capitalization equity securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	18%	17%
Target allocation of plan assets	18%
Fair value of plan assets	$ 23,143	$ 20,496
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	0
U,S, large capitalization equity securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	23,143	20,496
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
Mortgage-backed securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	5%	5%
Fair value of plan assets	$ 6,540	$ 5,959
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	0
Mortgage-backed securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	6,540	5,959
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
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	$ 3,565	$ 3,062
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	0
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	3,565	3,062
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	59%
Postretirement benefit plan [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 130,914	$ 119,052	$ 144,800

POSTRETIREMENT BENEFITS (cash f

POSTRETIREMENT BENEFITS (cash flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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
2024	4,711
2025	4,356
2026	3,907
2027	3,560
2028	3,277
2029 - 2033	13,049
Pension plan [Member]
Postretirement benefits [Line Items]
Cash surrender value of insurance polices that fund pension plan	7,713	$ 7,429
Expected benefit payments
2024	320
2025	300
2026	280
2027	260
2028	250
2029 - 2033	$ 910

POSTRETIREMENT BENEFITS (401k P

POSTRETIREMENT BENEFITS (401k Plan) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee compensation plans [Line Items]
401(k) contributions, maximum annual employee contribution, percent of wages	50%
401(k) expense	$ 12,046	$ 12,958	$ 763
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							30 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 ($)	Dec. 31, 2023 USD ($)	Jun. 01, 2021 USD ($)	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2026 USD ($)	Dec. 31, 2022 USD ($)
Debt instruments [Line Items]
Total principal amount											$ 1,604,187							$ 1,604,187			$ 1,659,375
Less: unamortized discount and debt issuance costs											(11,336)							(11,336)			(15,099)
Total debt, net of discount and debt issuance costs											1,592,851							1,592,851			1,644,276
Less: current portion of long-term debt, net of debt issuance costs											(86,153)							(86,153)			(71,748)
Long-term debt											1,506,698							1,506,698			$ 1,572,528
Maturities of Long-term Debt
2024											86,625							86,625
2025											101,062							101,062
2026											941,500							941,500
2027											0							0
2028											0							0
Thereafter											$ 475,000							$ 475,000
Credit facility
Weighted-average Interest rate at period end											6.83%							6.83%			6.07%
Maximum total leverage ratio																		4.50
Maximum consolidated secured leverage ratio																		3.50
Outstanding letters of credit	[1]										$ (7,486)							$ (7,486)
Net available for borrowing as of December 31, 2023											240,514							240,514
Forecast [Member]
Credit facility
Maximum total leverage ratio													4.25	4.25	4.25	4.25	4.50
Maximum consolidated secured leverage ratio													3.50	3.50	3.50	3.50	3.50
Minimum interest coverage ratio																				3
Consolidated total leverage ratio limiting permitted payments																				2.75
Permitted payments																				$ 60,000
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											877,187							877,187			$ 987,375
Credit facility
Credit facility current commitment												$ 1,155,000
Repayment amount											21,656
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
Senior, unsecured notes [Member]
Debt instruments [Line Items]
Total principal amount											475,000	$ 500,000						475,000			475,000
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											252,000							252,000			$ 197,000
Credit facility
Credit facility current commitment											$ 500,000	$ 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, 2023	Dec. 31, 2022		Dec. 31, 2021	Jun. 01, 2021
Operating leases:
Operating lease assets	$ 58,961	$ 47,132
Accrued liabilities	$ 13,562	$ 12,780
Current operating lease liability [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liabilities	$ 58,840	$ 48,925
Total operating lease liabilities	$ 72,402	$ 61,705
Weighted-average remaining lease term (in years)	6 years	5 years
Weighted-average discount rate	7.80%	5.20%
Finance leases:
Property, plant and equipment, gross	$ 26,941	$ 33,060
Accumulated depreciation	(4,188)	(8,630)
Property, plant and equipment, net	$ 22,753	$ 24,430
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	$ 1,146	$ 1,050
Current finance lease liability [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Other non-current liabilities	$ 26,134	$ 27,287
Non-current finance lease liability [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Total finance lease liabilities	$ 27,280	$ 28,337
Weighted-average remaining lease term (in years)	14 years	15 years
Weighted-average discount rate	6%	6%
Lease expense
Operating lease expense	$ 18,811	$ 20,480		$ 17,485
Amortization of right-of-use assets	2,067	1,853		1,283
Interest on lease liabillities	1,659	1,697		829
Total finance lease expense	3,726	3,550		2,112
Supplemental cash flow information
Lease assets obtained in exchange for lease obligations, operating leases	26,167	6,294	[1]	38,630
Lease assets obtained in exchange for lease liabilities, finance leases	0	0	[2]	26,941
Operating cash flows from operating leases	19,922	19,015	[3]	8,444
Operating cash flows from finance leases	1,659	1,697		8
Financing cash flows from finance leases	2,715	1,290		421
Lease incentive received				$ 9,410
Maturities of operating lease liabilities
2024	17,829
2025	17,746
2026	16,210
2027	12,168
2028	8,882
Thereafter	19,294
Total lease payments	92,129
Less imputed interest	(19,727)
Total operating lease liabilities	72,402	61,705
Maturities of finance lease liabilities
2024	2,743
2025	2,777
2026	2,812
2027	2,847
2028	2,881
Thereafter	26,151
Total lease payments	40,211
Less imputed interest	(12,931)
Total finance lease liabilities	$ 27,280	$ 28,337
First American [Member]
Supplemental cash flow information
Operating lease assets acquired					$ 24,396
Real estate [Member] | Maximum [Member]
Operating leases:
Remaining lease term	11 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 for 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, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Self-insurance liabilities		$ 9,024	$ 9,661
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
	Jun. 30, 2021	Dec. 31, 2023	Oct. 24, 2018
Share repurchase authorization			$ 500,000
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, 2023 USD ($) customers segment	Dec. 31, 2022 USD ($) customers	Dec. 31, 2021 USD ($) customers
Business segment information [Line Items]
Number of reportable segments | segment	4
Revenue	$ 2,192,260	$ 2,238,010	$ 2,022,197
Depreciation and amortization	(169,703)	(172,552)	(148,767)
Interest expense	(125,643)	(94,454)	(55,554)
Net income attributable to non-controlling Interest	107	135	139
Restructuring and integration expense	(90,475)	(63,136)	(58,947)
Share-based compensation expense	(20,525)	(23,676)	(29,477)
Acquisition transaction costs	0	(130)	(18,913)
Certain legal-related (expense) benefit	(2,195)	730	(2,443)
Loss on sale of investment securities	(1,323)	0	0
Gain on sale of businesses and long-lived assets	32,421	19,331	0
Income before income taxes	39,799	84,378	93,803
Reportable business segments [Member]
Business segment information [Line Items]
Adjusted EBITDA	609,582	612,866	585,356
Reportable business segments [Member] | Payments [Member]
Business segment information [Line Items]
Revenue	690,704	678,580	510,359
Adjusted EBITDA	152,798	144,605	105,576
Reportable business segments [Member] | Data Solutions [Member]
Business segment information [Line Items]
Revenue	238,817	267,525	262,310
Adjusted EBITDA	55,700	68,214	70,172
Reportable business segments [Member] | Promotional Solutions [Member]
Business segment information [Line Items]
Revenue	541,650	562,917	546,473
Adjusted EBITDA	80,751	79,549	85,384
Reportable business segments [Member] | Checks [Member]
Business segment information [Line Items]
Revenue	721,089	728,988	703,055
Adjusted EBITDA	320,333	320,498	324,224
Corporate operations [Member]
Business segment information [Line Items]
Adjusted EBITDA	$ (192,447)	$ (194,736)	$ (177,591)
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Product and service information [Line Items]
Total revenue	$ 2,192,260	$ 2,238,010	$ 2,022,197
U. S. [Member]
Product and service information [Line Items]
Total revenue	2,087,652	2,120,985	1,897,388
Foreign, primarily Canada and Australia [Member]
Product and service information [Line Items]
Total revenue	104,608	117,025	124,809
Reportable business segments [Member] | Payments [Member]
Product and service information [Line Items]
Total revenue	690,704	678,580	510,359
Reportable business segments [Member] | Payments [Member] | U. S. [Member]
Product and service information [Line Items]
Total revenue	640,769	634,945	469,102
Reportable business segments [Member] | Payments [Member] | Foreign, primarily Canada and Australia [Member]
Product and service information [Line Items]
Total revenue	49,935	43,635	41,257
Reportable business segments [Member] | Data Solutions [Member]
Product and service information [Line Items]
Total revenue	238,817	267,525	262,310
Reportable business segments [Member] | Data Solutions [Member] | U. S. [Member]
Product and service information [Line Items]
Total revenue	233,090	248,227	227,091
Reportable business segments [Member] | Data Solutions [Member] | Foreign, primarily Canada and Australia [Member]
Product and service information [Line Items]
Total revenue	5,727	19,298	35,219
Reportable business segments [Member] | Promotional Solutions [Member]
Product and service information [Line Items]
Total revenue	541,650	562,917	546,473
Reportable business segments [Member] | Promotional Solutions [Member] | U. S. [Member]
Product and service information [Line Items]
Total revenue	518,929	537,643	522,966
Reportable business segments [Member] | Promotional Solutions [Member] | Foreign, primarily Canada and Australia [Member]
Product and service information [Line Items]
Total revenue	22,721	25,274	23,507
Reportable business segments [Member] | Checks [Member]
Product and service information [Line Items]
Total revenue	721,089	728,988	703,055
Reportable business segments [Member] | Checks [Member] | U. S. [Member]
Product and service information [Line Items]
Total revenue	694,864	700,170	678,229
Reportable business segments [Member] | Checks [Member] | Foreign, primarily Canada and Australia [Member]
Product and service information [Line Items]
Total revenue	26,225	28,818	24,826
Checks [Member]
Product and service information [Line Items]
Total revenue	721,089	728,988	703,055
Checks [Member] | Reportable business segments [Member] | Checks [Member]
Product and service information [Line Items]
Total revenue	721,089	728,988	703,055
Merchant services and other payment solutions [Member]
Product and service information [Line Items]
Total revenue	450,384	437,395	276,118
Merchant services and other payment solutions [Member] | Reportable business segments [Member] | Payments [Member]
Product and service information [Line Items]
Total revenue	450,384	437,395	276,118
Marketing and promotional solutions [Member]
Product and service information [Line Items]
Total revenue	278,200	272,997	249,480
Marketing and promotional solutions [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Product and service information [Line Items]
Total revenue	278,200	272,997	249,480
Forms and other products [Member]
Product and service information [Line Items]
Total revenue	263,450	289,920	296,993
Forms and other products [Member] | Reportable business segments [Member] | Promotional Solutions [Member]
Product and service information [Line Items]
Total revenue	263,450	289,920	296,993
Treasury management solutions [Member]
Product and service information [Line Items]
Total revenue	240,320	241,185	234,241
Treasury management solutions [Member] | Reportable business segments [Member] | Payments [Member]
Product and service information [Line Items]
Total revenue	240,320	241,185	234,241
Data-driven marketing solutions [Member]
Product and service information [Line Items]
Total revenue	192,656	177,598	150,772
Data-driven marketing solutions [Member] | Reportable business segments [Member] | Data Solutions [Member]
Product and service information [Line Items]
Total revenue	192,656	177,598	150,772
Web and hosted solutions [Member]
Product and service information [Line Items]
Total revenue	46,161	89,927	111,538
Web and hosted solutions [Member] | Reportable business segments [Member] | Data Solutions [Member]
Product and service information [Line Items]
Total revenue	$ 46,161	$ 89,927	$ 111,538