Deluxe (DLX) 10-Q 2 Aug 24 2024 Q2 Quarterly report Financial data

Document

Document - shares	6 Months Ended
	Jun. 30, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-7945
Entity Registrant Name	DELUXE CORPORATION
Entity Central Index Key	0000027996
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0216800
Entity Address, Address Line One	801 S. Marquette Ave.
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402-2807
City Area Code	651
Local Phone Number	483-7111
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	DLX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,211,138

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents, including securities carried at fair value of $22,000 as of December 31, 2023	$ 23,077	$ 71,962
Trade accounts receivable, net of allowance for credit losses	175,170	191,005
Inventories and supplies, net of reserve	38,028	42,088
Funds held for customers	50,937	383,134
Prepaid expenses	38,332	30,116
Revenue in excess of billings	30,964	26,107
Other current assets	34,865	16,576
Total current assets	391,373	760,988
Deferred income taxes	8,129	8,694
Long-term investments	62,281	61,924
Property, plant and equipment, net of accumulated depreciation of $344,856 and $334,101, respectively	112,393	116,539
Operating lease assets	52,428	58,961
Intangibles, net of accumulated amortization of $752,687 and $775,190, respectively	357,815	391,744
Goodwill	1,430,542	1,430,590
Other non-current assets	251,345	251,182
Total assets	2,666,306	3,080,622
Current liabilities:
Accounts payable	160,235	154,863
Funds held for customers	51,870	386,622
Accrued liabilities	149,145	191,427
Current portion of long-term debt	43,124	86,153
Total current liabilities	404,374	819,065
Long-term debt	1,514,852	1,506,698
Operating lease liabilities	52,048	58,840
Deferred income taxes	12,487	22,649
Other non-current liabilities	62,069	68,754
Commitments and contingencies (Note 13)
Shareholders' equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: June 30, 2024 - 44,210; December 31, 2023 - 43,743)	44,210	43,743
Additional paid-in capital	106,466	99,141
Retained earnings	495,113	491,238
Accumulated other comprehensive loss	(25,900)	(30,028)
Non-controlling interest	587	522
Total shareholders' equity	620,476	604,616
Total liabilities and shareholders' equity	$ 2,666,306	$ 3,080,622

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Cash and cash equivalents, securities carried at fair value		$ 22,000
Accumulated depreciation	$ 344,856	334,101
Accumulated amortization	$ 752,687	$ 775,190
Common stock, par value (per share)	$ 1	$ 1
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	44,210	43,743

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total revenue	$ 537,816	$ 571,686	$ 1,072,770	$ 1,117,051
Total cost of revenue	(249,026)	(269,947)	(500,443)	(520,609)
Gross profit	288,790	301,739	572,327	596,442
Selling, general and administrative expense	(233,818)	(245,359)	(467,911)	(492,989)
Restructuring and integration expense	(11,064)	(24,191)	(24,868)	(37,132)
Gain on sale of businesses and long-lived assets	15,401	21,942	23,982	21,942
Operating income	59,309	54,131	103,530	88,263
Interest expense	(30,197)	(31,932)	(61,006)	(61,948)
Other income, net	1,786	824	4,726	3,247
Income before income taxes	30,898	23,023	47,250	29,562
Income tax provision	(10,401)	(6,622)	(15,923)	(10,381)
Net income	20,497	16,401	31,327	19,181
Net income attributable to non-controlling interest	(38)	(26)	(65)	(54)
Net income attributable to Deluxe	20,459	16,375	31,262	19,127
Total comprehensive income	20,434	25,517	35,455	25,554
Comprehensive income attributable to Deluxe	$ 20,396	$ 25,491	$ 35,390	$ 25,500
Basic earnings per share	$ 0.46	$ 0.38	$ 0.71	$ 0.44
Diluted earnings per share	$ 0.46	$ 0.37	$ 0.70	$ 0.44
Product [Member]
Total revenue	$ 309,225	$ 323,805	$ 609,536	$ 634,031
Total cost of revenue	(115,170)	(125,453)	(229,505)	(243,888)
Service [Member]
Total revenue	228,591	247,881	463,234	483,020
Total cost of revenue	$ (133,856)	$ (144,494)	$ (270,938)	$ (276,721)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common shares par value [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive loss [Member]	Non-controlling interest [Member]
Balance, beginning of period at Dec. 31, 2022	$ 604,224	$ 43,204	$ 79,234	$ 518,635	$ (37,264)	$ 415
Balance (in shares) at Dec. 31, 2022	43,204
Net income attributable to Deluxe	$ 19,127			19,127
Net income attributable to non-controlling interest	54					54
Net income	19,181
Cash dividends ($0.30 per share for the quarters ended June 30, 2024 and 2023 and $0.60 per share for the six months ended June 23, 2024 and 2023)	(26,704)			(26,704)
Common shares issued, net of tax withholding	$ (704)	409	(1,113)
Common shares issued, net of tax withholding (in shares)	409
Employee share-based compensation	$ 11,259		11,259
Other comprehensive income (loss)	6,373				6,373
Balance, end of period at Jun. 30, 2023	$ 613,629	43,613	89,380	511,058	(30,891)	469
Balance (in shares) at Jun. 30, 2023	43,613
Balance, beginning of period at Mar. 31, 2023	$ 595,649	43,421	83,800	507,992	(40,007)	443
Balance (in shares) at Mar. 31, 2023	43,421
Net income attributable to Deluxe	$ 16,375			16,375
Net income attributable to non-controlling interest	26					26
Net income	16,401
Cash dividends ($0.30 per share for the quarters ended June 30, 2024 and 2023 and $0.60 per share for the six months ended June 23, 2024 and 2023)	(13,309)			(13,309)
Common shares issued, net of tax withholding	$ 389	192	197
Common shares issued, net of tax withholding (in shares)	192
Employee share-based compensation	$ 5,383		5,383
Other comprehensive income (loss)	9,116				9,116
Balance, end of period at Jun. 30, 2023	$ 613,629	43,613	89,380	511,058	(30,891)	469
Balance (in shares) at Jun. 30, 2023	43,613
Balance, beginning of period at Dec. 31, 2023	$ 604,616	43,743	99,141	491,238	(30,028)	522
Balance (in shares) at Dec. 31, 2023	43,743
Net income attributable to Deluxe	$ 31,262			31,262
Net income attributable to non-controlling interest	65					65
Net income	31,327
Cash dividends ($0.30 per share for the quarters ended June 30, 2024 and 2023 and $0.60 per share for the six months ended June 23, 2024 and 2023)	(27,387)			(27,387)
Common shares issued, net of tax withholding	$ (2,379)	467	(2,846)
Common shares issued, net of tax withholding (in shares)	467
Employee share-based compensation	$ 10,171		10,171
Other comprehensive income (loss)	4,128				4,128
Balance, end of period at Jun. 30, 2024	$ 620,476	44,210	106,466	495,113	(25,900)	587
Balance (in shares) at Jun. 30, 2024	44,210
Balance, beginning of period at Mar. 31, 2024	$ 608,392	44,046	101,317	488,317	(25,837)	549
Balance (in shares) at Mar. 31, 2024	44,046
Net income attributable to Deluxe	$ 20,459			20,459
Net income attributable to non-controlling interest	38					38
Net income	20,497
Cash dividends ($0.30 per share for the quarters ended June 30, 2024 and 2023 and $0.60 per share for the six months ended June 23, 2024 and 2023)	(13,663)			(13,663)
Common shares issued, net of tax withholding	$ 310	164	146
Common shares issued, net of tax withholding (in shares)	164
Employee share-based compensation	$ 5,003		5,003
Other comprehensive income (loss)	(63)				(63)
Balance, end of period at Jun. 30, 2024	$ 620,476	$ 44,210	$ 106,466	$ 495,113	$ (25,900)	$ 587
Balance (in shares) at Jun. 30, 2024	44,210

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends per share	$ 0.30	$ 0.30	$ 0.60	$ 0.60

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 31,327	$ 19,181
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	10,375	11,052
Amortization of intangibles	73,064	75,076
Amortization of prepaid product discounts	16,354	17,173
Employee share-based compensation expense	10,130	11,350
Operating lease expense	9,279	10,522
Amortization of cloud computing arrangement implementation costs	8,247	7,470
Gain on sale of businesses and long-lived assets	(23,982)	(21,942)
Deferred income taxes	(11,887)	(9,489)
Other non-cash items, net	21,871	14,136
Changes in assets and liabilities:
Trade accounts receivable	6,682	(9,889)
Inventories and supplies	2,029	(4,609)
Payments for cloud computing arrangement implementation costs	(75)	(5,846)
Other current and non-current assets	(27,018)	4,660
Accounts payable	8,059	21,134
Prepaid product discount payments	(14,497)	(12,742)
Other accrued and non-current liabilities	(53,736)	(79,900)
Net cash provided by operating activities	66,222	47,337
Cash flows from investing activities:
Purchases of capital assets	(48,626)	(55,904)
Proceeds from sale of businesses and long-lived assets	4,738	27,880
Other	(50)	(9,878)
Net cash used by investing activities	(43,938)	(37,902)
Cash flows from financing activities:
Proceeds from issuing long-term debt and swingline loans, net of debt issuance costs	466,937	437,500
Payments on long-term debt and swingline loans	(504,306)	(416,376)
Net change in customer funds obligations	(328,376)	(149,336)
Cash dividends paid to shareholders	(27,469)	(26,852)
Other	(5,395)	(5,656)
Net cash used by financing activities	(398,609)	(160,720)
Effect of exchange rate change on cash, cash equivalents, restricted cash and restricted cash equivalents	(3,704)	3,063
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	(380,029)	(148,222)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of year	458,033	337,415
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period (Note 3)	$ 78,004	$ 189,193

Consolidated financial statemen

Consolidated financial statements	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated financial statements	NOTE 1: CONSOLIDATED FINANCIAL STATEMENTS The consolidated balance sheet as of June 30, 2024, the consolidated statements of comprehensive income for the quarters and six months ended June 30, 2024 and 2023, the consolidated statements of shareholders’ equity for the quarters and six months ended June 30, 2024 and 2023 and the consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited. The consolidated balance sheet as of December 31, 2023 was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, all adjustments necessary for a fair statement of the consolidated financial statements are included. Adjustments consist only of normal recurring items, except for any items discussed in the notes below. Interim results are not necessarily indicative of results for a full year or future results. The consolidated financial statements and notes are presented in accordance with instructions for Form 10-Q and do not contain certain information included in our annual consolidated financial statements and notes. The consolidated financial statements and notes appearing in this report should be read in conjunction with the consolidated audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"). The preparation of the consolidated financial statements requires us to make certain estimates and assumptions affecting the amounts reported in the consolidated financial statements and related notes. We base our estimates on historical experience and on various other factors and assumptions that we believe are reasonable, 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. During the quarter ended June 30, 2024, we recorded out-of-period correcting adjustments that increased net income attributable to Deluxe by $1,778. These adjustments were not material to any historical interim or annual period. Comparability – The consolidated statement of cash flows for the six months ended June 30, 2023 has 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 financing activities, employee taxes paid for shares withheld is included in other. Previously, this amount was presented separately. The consolidated statements of shareholders' equity for the quarter and six months ended June 30, 2023 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.

New accounting pronouncements

New accounting pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting pronouncements	NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS ASU No. 2023-07 – In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 is required to 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	6 Months Ended
	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Supplemental balance sheet and cash flow information	NOTE 3: SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION Trade accounts receivable – Net trade accounts receivable was comprised of the following: (in thousands) June 30, December 31, Trade accounts receivable – gross $ 184,754 $ 197,546 Allowance for credit losses (9,584) (6,541) Trade accounts receivable – net (1) $ 175,170 $ 191,005 (1) Includes unbilled receivables of $52,249 as of June 30, 2024 and $43,673 as of December 31, 2023. Changes in the allowance for credit losses for the six months ended June 30, 2024 and 2023 were as follows: Six Months Ended (in thousands) 2024 2023 Balance, beginning of year $ 6,541 $ 4,182 Bad debt expense 8,980 3,027 Write-offs and other (5,937) (1,771) Balance, end of period $ 9,584 $ 5,438 Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) June 30, December 31, Finished and semi-finished goods $ 32,138 $ 34,194 Raw materials and supplies 17,125 17,339 Reserve for excess and obsolete items (11,235) (9,445) Inventories and supplies, net of reserve $ 38,028 $ 42,088 Available-for-sale debt securities – We did not hold any available-for-sale debt securities as of June 30, 2024. Available-for-sale debt securities held as of December 31, 2023 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 The domestic money market fund held highly liquid, short-term investments managed by the financial institution. Further information regarding the fair value of available-for-sale debt securities can be found in Note 8. Revenue in excess of billings – Revenue in excess of billings was comprised of the following: (in thousands) June 30, December 31, Conditional right to receive consideration $ 20,693 $ 20,680 Unconditional right to receive consideration (1) 10,271 5,427 Revenue in excess of billings $ 30,964 $ 26,107 (1) Represents revenues that are earned but not currently billable under the related contract terms. Intangibles – Intangibles were comprised of the following: June 30, 2024 December 31, 2023 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Internal-use software $ 577,245 $ (435,266) $ 141,979 $ 554,825 $ (412,364) $ 142,461 Customer lists/relationships 346,890 (239,298) 107,592 363,298 (235,557) 127,741 Partner relationships 75,100 (16,050) 59,050 74,911 (14,031) 60,880 Technology-based intangibles 65,700 (25,752) 39,948 97,633 (54,251) 43,382 Trade names 39,367 (31,516) 7,851 39,367 (23,792) 15,575 Software to be sold 6,200 (4,805) 1,395 36,900 (35,195) 1,705 Intangibles $ 1,110,502 $ (752,687) $ 357,815 $ 1,166,934 $ (775,190) $ 391,744 Amortization of intangibles was $37,366 for the quarter ended June 30, 2024, $36,859 for the quarter ended June 30, 2023, $73,064 for the six months ended June 30, 2024 and $75,076 for the six months ended June 30, 2023. During the quarter ended June 30, 2024, we modified the useful life of a trade name asset that we no longer expect to utilize beyond 2024. This change resulted in incremental amortization expense of $6,674 during the quarter, and a similar incremental amount is expected to be recognized during the quarter ended September 30, 2024. Based on the intangibles in service as of June 30, 2024, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2024 $ 61,171 2025 88,178 2026 58,906 2027 36,071 2028 26,993 In the normal course of business, we acquire and develop internal-use software. We also, at times, purchase customer list and partner relationship assets. During the six months ended June 30, 2024, we acquired or developed $37,710 of internal-use software with a weighted-average useful life of 3 years. Other intangibles acquired during the period were not material. Goodwill – In conjunction with the realignment of our reportable business segments effective January 1, 2024 (Note 15), the goodwill amounts by reportable segment as of December 31, 2023 have been recast to reflect our new segment structure. No goodwill impairment charges were recorded in conjunction with the segment realignment. Changes in goodwill by reportable segment and in total were as follows for the six months ended June 30, 2024: (in thousands) Merchant Services B2B Payments Data Solutions (1) Print (1) All Other Total Balance, December 31, 2023 $ 727,688 $ 160,431 $ 40,804 $ 493,924 $ 7,743 $ 1,430,590 Currency translation adjustment — — — (48) — (48) Balance, June 30, 2024 $ 727,688 $ 160,431 $ 40,804 $ 493,876 $ 7,743 $ 1,430,542 (1) The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period. Other non-current assets – Other non-current assets were comprised of the following: (in thousands) June 30, December 31, Postretirement benefit plan asset $ 99,163 $ 94,939 Cloud computing arrangement implementation costs 48,124 59,234 Prepaid product discounts (1) 41,390 40,376 Deferred contract acquisition costs (2) 20,513 21,103 Loans and notes receivable from distributors, net of allowance for credit losses (3) 12,081 12,443 Other 30,074 23,087 Other non-current assets $ 251,345 $ 251,182 (1) Amortization of prepaid product discounts was $16,354 for the six months ended June 30, 2024 and $17,173 for the six months ended June 30, 2023. (2) Amortization of deferred contract acquisition costs was $6,298 for the six months ended June 30, 2024 and $5,315 for the six months ended June 30, 2023. (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 $1,501 as of June 30, 2024 and $987 as of December 31, 2023. Changes in the allowance for credit losses related to loans and notes receivable from distributors were as follows for the six months ended June 30, 2024 and 2023: Six Months Ended (in thousands) 2024 2023 Balance, beginning of year $ 928 $ 1,024 Bad debt expense (benefit) 217 (73) Balance, end of period $ 1,145 $ 951 Past due receivables and those on non-accrual status were not material as of June 30, 2024 or December 31, 2023. We categorize loans and notes receivable into risk categories based on information about the ability of borrowers to service their debt, including current financial information, historical payment experience, current economic trends and other factors. The highest quality receivables are assigned a 1-2 internal grade. Those that have a potential weakness requiring management's attention are assigned a 3-4 internal grade. The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of June 30, 2024. There were no write-offs or recoveries recorded during the six months ended June 30, 2024. Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2024 2023 2020 2019 Prior Total Risk rating: 1-2 internal grade $ 967 $ 341 $ 928 $ 340 $ 11,448 $ 14,024 3-4 internal grade — — — — 703 703 Loans and notes receivable $ 967 $ 341 $ 928 $ 340 $ 12,151 $ 14,727 Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) June 30, December 31, Deferred revenue (1) $ 26,620 $ 35,343 Employee bonuses, including sales incentives 23,902 49,446 Income taxes 17,965 7,558 Operating lease liabilities 13,369 13,562 Customer rebates 10,637 12,718 Wages and payroll liabilities, including vacation 8,344 8,605 Prepaid product discounts 7,457 4,477 Restructuring 3,800 9,689 Other 37,051 50,029 Accrued liabilities $ 149,145 $ 191,427 (1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $24,333 for the six months ended June 30, 2024 and $29,637 for the six months ended June 30, 2023. Supplemental cash flow information – The reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets was as follows: (in thousands) June 30, June 30, Cash and cash equivalents $ 23,077 $ 39,052 Restricted cash and restricted cash equivalents included in funds held for customers 50,937 147,392 Non-current restricted cash included in other non-current assets 3,990 2,749 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 78,004 $ 189,193

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings per share	NOTE 4: EARNINGS PER SHARE The following table reflects the calculation of basic and diluted earnings per share. During each period, certain share-based awards, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. Quarter Ended Six Months Ended (in thousands, except per share amounts) 2024 2023 2024 2023 Earnings per share – basic: Net income $ 20,497 $ 16,401 $ 31,327 $ 19,181 Net income attributable to non-controlling interest (38) (26) (65) (54) Net income attributable to Deluxe 20,459 16,375 31,262 19,127 Income allocated to participating securities (5) (12) (14) (19) Income attributable to Deluxe available to common shareholders $ 20,454 $ 16,363 $ 31,248 $ 19,108 Weighted-average shares outstanding 44,162 43,524 44,039 43,421 Earnings per share – basic $ 0.46 $ 0.38 $ 0.71 $ 0.44 Earnings per share – diluted: Net income $ 20,497 $ 16,401 $ 31,327 $ 19,181 Net income attributable to non-controlling interest (38) (26) (65) (54) Net income attributable to Deluxe 20,459 16,375 31,262 19,127 Income allocated to participating securities — — (11) (10) Re-measurement of share-based awards classified as liabilities — — (37) (19) Income attributable to Deluxe available to common shareholders $ 20,459 $ 16,375 $ 31,214 $ 19,098 Weighted-average shares outstanding 44,162 43,524 44,039 43,421 Dilutive impact of potential common shares 524 216 547 279 Weighted-average shares and potential common shares outstanding 44,686 43,740 44,586 43,700 Earnings per share – diluted $ 0.46 $ 0.37 $ 0.70 $ 0.44 Antidilutive potential common shares excluded from calculation 1,295 1,553 1,295 1,553

Other comprehensive income (los

Other comprehensive income (loss)	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other comprehensive income (loss)	NOTE 5: 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 comprehensive income Quarter Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 $ 711 $ 711 Other income Net actuarial loss (334) (568) (667) (1,137) Other income Total amortization 21 (213) 44 (426) Other income Tax (expense) benefit (44) 16 (89) 32 Income tax provision Amortization of postretirement benefit plan items, net of tax (23) (197) (45) (394) Net income Realized gain on cash flow hedges 895 634 1,810 1,204 Interest expense Tax expense (242) (169) (489) (321) Income tax provision Realized gain on cash flow hedges, net of tax 653 465 1,321 883 Net income Currency translation adjustment (1) — (863) — (863) Gain on sale of businesses and long-lived assets Total reclassifications, net of tax $ 630 $ (595) $ 1,276 $ (374) (1) Relates to the sale of our North American web hosting business during the quarter ended June 30, 2023 (Note 6). Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2024 and 2023 were as follows: (in thousands) Postretirement benefit plans Net unrealized gain on cash flow hedges (1) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2023 $ (19,824) $ (286) $ (9,918) $ (30,028) Other comprehensive income (loss) before reclassifications — 6,903 (1,499) 5,404 Amounts reclassified from accumulated other comprehensive loss 45 (1,321) — (1,276) Net current-period other comprehensive income (loss) 45 5,582 (1,499) 4,128 Balance, June 30, 2024 $ (19,779) $ 5,296 $ (11,417) $ (25,900) (1) Other comprehensive income before reclassifications is net of income tax expense of $2,553. (in thousands) Postretirement benefit plans Net unrealized loss on debt securities (1) Net unrealized gain on cash flow hedges (2) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2022 $ (26,872) $ (909) $ 2,593 $ (12,076) $ (37,264) Other comprehensive (loss) income before reclassifications — (8) 4,858 1,149 5,999 Amounts reclassified from accumulated other comprehensive loss 394 — (883) 863 374 Net current-period other comprehensive income (loss) 394 (8) 3,975 2,012 6,373 Balance, June 30, 2023 $ (26,478) $ (917) $ 6,568 $ (10,064) $ (30,891) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $3. (2) Other comprehensive income before reclassifications is net of income tax expense of $1,768.

Divestitures

Divestitures	6 Months Ended
	Jun. 30, 2024
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Divestitures	NOTE 6: DIVESTITURES 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. We recognized related income of $15,401 during the quarter ended June 30, 2024 and $22,982 during the six months ended June 30, 2024, and we received related cash proceeds of $4,738 during the six months ended June 30, 2024. The income recognized is included in gain on sale of businesses and long-lived assets on the consolidated statements of comprehensive income. Recognition of the remaining income will be based on actual customer conversion and retention activity, which we expect to be completed during 2024. These businesses generated annual revenue of approximately $27,000 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 June 30, 2024. We evaluated this goodwill for impairment as of June 30, 2024, 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 during 2024, at the point when the remaining cash flows expected to be generated by these businesses no longer support the carrying value of the reporting unit. During the six months ended June 30, 2024, we also recognized a gain of $1,000 on the sale of a small business distributor customer list. 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 $21,942 during the quarter and six months ended June 30, 2023 . These businesses generated revenue of approximately $28,000 during 2023, through the sale date. Further information regarding this sale can be found under the caption "Note 6: Acquisition and Divestitures" in the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

Derivative financial instrument

Derivative financial instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	NOTE 7: DERIVATIVE FINANCIAL INSTRUMENTS As part of our interest rate risk management strategy, we have entered into interest rate swaps, which we designated as cash flow hedges, to mitigate variability in interest payments on a portion of our variable-rate debt (Note 12). Our derivative instruments were comprised of the following: June 30, December 31, (in thousands) Notional amount Interest rate (1) Maturity Balance sheet location Fair value Fair value June 2023 amortizing interest rate swap: $ 239,174 4.249 % June 2026 Other non-current assets and other non-current liabilities $ 1,369 $ (2,158) March 2023 200,000 4.003 % March 2026 Other non-current assets 2,422 287 September 2022 interest rate swap: 300,000 3.990 % September 2025 Other non-current assets 3,503 1,519 (1) In addition, an applicable margin ranging from 1.5% to 2.5%, depending on our consolidated total leverage ratio, is paid on amounts outstanding under our credit facility (Note 12). 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 to 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 June 30, 2024 and December 31, 2023, and their impact on consolidated net income and the 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	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	NOTE 8: FAIR VALUE MEASUREMENTS Recurring fair value measurements – C ash and cash equivalents included available-for-sale debt securities at December 31, 2023 (Note 3), which consisted of a domestic money market fund. The cost of the fund, which was traded in an active market, approximated its fair value because of the short-term nature of the underlying investments. The fair value of derivative instruments (Note 7) is 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 June 30, 2024 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income: Derivative assets (Note 7) Other non-current assets $ 7,294 $ 7,294 $ — $ 7,294 $ — Amortized cost: Cash Cash and cash equivalents 23,077 23,077 23,077 — — Cash Funds held for customers 50,937 50,937 50,937 — — Cash Other non-current assets 3,990 3,990 3,990 — — Loans and notes receivable from distributors Other current assets and other non-current assets 13,582 14,294 — — 14,294 Long-term debt Current portion of long-term debt and long-term debt 1,557,976 1,538,742 — 1,538,742 — Fair value measurements using December 31, 2023 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income: Available-for-sale debt securities 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 assets and other 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 —

Restructuring and integration e

Restructuring and integration expense	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and integration expense	NOTE 9: 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. 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 recorded 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 $10,000 during the quarter ended June 30, 2024 and $22,000 during the six months ended June 30, 2024. During the quarter and six months ended June 30, 2023, we incurred associated expense of approximately $15,000. To date, we have incurred expense of approximately $70,000, and we anticipate that we will incur additional North Star restructuring and integration expense of approximately $50,000 through 2025. Restructuring and integration expense is reflected on the consolidated statements of comprehensive income as follows: Quarter Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Total cost of revenue $ (35) $ 3,286 $ 898 $ 4,439 Operating expenses 11,064 24,191 24,868 37,132 Restructuring and integration expense $ 11,029 $ 27,477 $ 25,766 $ 41,571 Restructuring and integration expense for each period was comprised of the following: Quarter Ended Six Months Ended (in thousands) 2024 2023 2024 2023 External consulting and other costs $ 9,150 $ 12,930 $ 17,119 $ 20,621 Employee severance benefits (415) 6,161 1,557 6,347 Internal labor 384 1,750 1,222 3,872 Other 1,910 6,636 5,868 10,731 Restructuring and integration expense $ 11,029 $ 27,477 $ 25,766 $ 41,571 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 within the next year. Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2023 $ 9,689 Charges 2,056 Reversals (499) Payments (7,446) Balance, June 30, 2024 $ 3,800 The charges and reversals presented in the rollforward of our restructuring and integration accruals do not include items charged directly to expense as incurred, as those items are not reflected in accrued liabilities on the consolidated balance sheets.

Income tax provision

Income tax provision	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income tax provision	NOTE 10: INCOME TAX PROVISION The effective income tax rate for the six months ended June 30, 2024 was 33.7%, compared to the effective tax rate of 34.1% for the year ended December 31, 2023. The benefit of business exit activity in 2023 was more than offset by lower tax impacts in 2024 from share-based compensation, foreign operations and return to provision adjustments. The reconciliation of our effective tax rate for 2023 to the U.S. federal statutory tax rate can be found under the caption "Note 10: Income Tax Provision" in the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

Postretirement benefits

Postretirement benefits	6 Months Ended
	Jun. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Postretirement benefits	NOTE 11: POSTRETIREMENT BENEFITS We have historically provided certain health care benefits for eligible retired U.S. employees. In addition to our retiree health care plan, we also have a U.S. supplemental executive retirement plan. Further information regarding our postretirement benefit plans can be found under the caption “Note 12: Postretirement Benefits” in the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K. Postretirement benefit income is included in other income on the consolidated statements of comprehensive income and consisted of the following components: Quarter Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Interest cost $ 435 $ 496 $ 871 $ 993 Expected return on plan assets (2,099) (1,830) (4,197) (3,660) Amortization of prior service credit (355) (355) (711) (711) Amortization of net actuarial losses 334 568 667 1,137 Net periodic benefit income $ (1,685) $ (1,121) $ (3,370) $ (2,241)

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	NOTE 12: DEBT Debt outstanding was comprised of the following: (in thousands) June 30, December 31, Senior, secured term loan facility $ 790,563 $ 877,187 Senior, unsecured notes 475,000 475,000 Amounts drawn on senior, secured revolving credit facility 223,000 252,000 Securitization obligations 78,917 — Total principal amount 1,567,480 1,604,187 Less: unamortized discount and debt issuance costs (9,504) (11,336) Total debt, net of discount and debt issuance costs 1,557,976 1,592,851 Less: current portion of long-term debt, net of debt issuance costs (43,124) (86,153) Long-term debt $ 1,514,852 $ 1,506,698 Maturities of long-term debt were as follows as of June 30, 2024: (in thousands) Debt obligations 2025 $ 101,063 2026 912,500 2027 78,917 2028 — 2029 475,000 Total principal amount $ 1,567,480 Credit facility – In June 2021, we executed a senior, secured credit facility consisting of a revolving credit facility with commitments of $500,000 and a $1,155,000 term loan facility. The revolving credit facility includes a $40,000 swingline sub-facility and a $25,000 letter of credit sub-facility. 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 is required to 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 Secured Overnight Financing Rate ("SOFR") plus an applicable margin ranging from 1.5% to 2.5%, depending on our consolidated total leverage ratio, as defined in the credit agreement, and a commitment fee is payable on the unused portion of the revolving credit facility. Amounts outstanding under the credit facility had a weighted-average interest rate of 6.70% as of June 30, 2024 and 6.83% as of December 31, 2023, 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. During each remaining quarterly period, the consolidated total leverage ratio may not equal or exceed 4.25 to 1.00 and the consolidated secured leverage ratio may not equal or exceed 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 meet any of the above requirements would result in an event of default that would allow lenders to declare amounts outstanding immediately due and payable and would allow the lenders to enforce their interests against collateral pledged if we are unable to settle the amounts outstanding. We were in compliance with all debt covenants as of June 30, 2024. 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 in connection with incentive-based equity and compensation is limited to $60,000. As of June 30, 2024, amounts available for borrowing under our revolving credit facility were as follows: (in thousands) Available borrowings Revolving credit facility commitment $ 500,000 Amounts drawn on revolving credit facility (223,000) Outstanding letters of credit (1) (7,673) Net available for borrowing as of June 30, 2024 $ 269,327 (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 Payment Systems, L.P. in June 2021. Interest payments are due each June and December. During 2022, we settled $25,000 of these notes via open market purchases. 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. Securitization facility – In March 2024, Deluxe Receivables LLC, a wholly-owned subsidiary, entered into a receivables financing agreement (the “Securitization Facility”) with a group of financial institutions. The agreement terminates in March 2027, unless extended in accordance with its terms. The maximum amount available under the Securitization Facility is $80,000, subject to certain borrowing base adjustments. Under the agreement, we sold and will continue to automatically sell certain of our accounts receivable to the subsidiary as collateral for borrowings under the facility. Borrowings bear interest at SOFR plus an applicable margin, and a commitment fee is payable on the unused portion of the facility. Interest and fees are due monthly. As of June 30, 2024, $78,917 was outstanding under the facility at an interest rate of 6.91%. We utilized the proceeds from these borrowings to prepay amounts due under our secured term loan facility. The Securitization Facility is accounted for as a collateralized financing activity, rather than the sale of assets. As such, the subsidiary is consolidated, and the receivable balances pledged as collateral are presented as accounts receivable on the consolidated balance sheet, and the borrowings are presented as long-term debt. Cash receipts related to the underlying receivables are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within the consolidated statement of cash flows.

Other commitments and contingen

Other commitments and contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Other commitments and contingencies	NOTE 13: OTHER COMMITMENTS AND CONTINGENCIES Indemnifications – In the normal course of business, we periodically enter into agreements that incorporate general indemnification language. These indemnification provisions generally encompass third-party claims arising from our products and services, including, without limitation, service failures, breach of security, intellectual property rights, governmental regulations and/or employment-related matters. Performance under these indemnities would generally be triggered by our breach of the terms of the contract. In disposing of assets or businesses, we often provide representations, warranties and/or indemnities to cover various risks including, for example, unknown damage to the assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities and legal matters related to periods prior to disposition. We do not have the ability to estimate the potential liability from such indemnities because they relate to unknown conditions. However, we do not believe that any liability under these indemnities would have a material adverse effect on our financial position, annual results of operations or annual cash flows. We have recorded liabilities for known indemnifications related to environmental matters. These liabilities were not material as of June 30, 2024 or December 31, 2023. Self-insurance – We are self-insured for certain costs, primarily workers' compensation claims and medical and dental benefits for active employees and those employees on long-term disability. The liabilities associated with these items represent our best estimate of the ultimate obligations for reported claims plus those incurred, but not reported, and totaled $8,851 as of June 30, 2024 and $9,024 as of December 31, 2023. 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 June 30, 2024 or December 31, 2023. Our self-insurance liabilities are estimated, in part, by considering historical claims experience, demographic factors and other actuarial assumptions. The estimated accruals for these liabilities could be significantly affected if future events and claims differ from these assumptions and historical trends. Litigation – Recorded liabilities for legal matters, as well as related charges recorded in each period, were not material to our financial position, results of operations or liquidity during the periods presented, and we do not believe that any of the currently identified claims or litigation will materially affect our financial position, results of operations or liquidity, upon resolution. However, litigation is subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, it may cause a material adverse impact on our financial position, results of operations or liquidity in the period in which the ruling occurs or in future periods.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Shareholders' equity	NOTE 14: SHAREHOLDERS' EQUITY In October 2018, our board of directors authorized the repurchase of up to $500,000 of our common stock. This authorization has no expiration date. No shares were repurchased under this authorization during the six months ended June 30, 2024 or June 30, 2023, and $287,452 remained available for repurchase as of June 30, 2024.

Business segment information

Business segment information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Business segment information	NOTE 15: BUSINESS SEGMENT INFORMATION Effective January 1, 2024, we revised our reportable business segments to align with structural and management reporting changes that better reflect our portfolio mix and offerings. We now operate the following reportable segments, generally organized by product and service type: • 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, as well as fraud and security services and Deluxe Payment Exchange+, an accounts payable automation solution. • 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 the Notes to Consolidated Financial Statements included in the 2023 Form 10-K. We allocate corporate costs for our shared services functions to our business segments when the costs are directly attributable to a segment. This includes certain sales and marketing, 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, human resources, facilities, executive management and legal, tax and treasury costs that support the corporate function. All of our segments operate primarily in the U.S., with some operations in Canada. Through June 2023, we operated our former web hosting business in portions of Europe and through partners in Central and South America. Revenue and long-lived assets related to our foreign operations were not material to our consolidated financial statements during the periods covered by this report. No single customer accounted for more than 10% of consolidated revenue during the six months ended June 30, 2024 and 2023. Our chief operating decision maker ("CODM") is our Chief Executive Officer. He 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, 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 expenses outside of the normal course of business; and gains or losses on sales of businesses and long-lived assets. The CODM does not review segment asset information when making investment or operating decisions regarding our reportable business segments. The following is our segment information for the quarters and six months ended June 30, 2024 and 2023. The segment information for 2023 has been recast to reflect our current segment structure. Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Merchant Services: Revenue $ 98,527 $ 91,467 $ 195,004 $ 180,572 Adjusted EBITDA 19,188 17,300 40,625 35,727 B2B Payments: Revenue 70,230 76,341 139,648 151,537 Adjusted EBITDA 14,012 15,192 27,273 28,667 Data Solutions: Revenue 57,393 59,301 117,104 103,654 Adjusted EBITDA 15,796 13,382 30,665 23,638 Print: Revenue 308,745 324,517 612,079 638,557 Adjusted EBITDA 93,863 104,770 184,819 199,971 Total reportable segments: Revenue $ 534,895 $ 551,626 $ 1,063,835 $ 1,074,320 Adjusted EBITDA 142,859 150,644 283,382 288,003 All other: (1) Revenue 2,921 20,060 8,935 42,731 Adjusted EBITDA 1,588 8,239 5,225 18,041 Total: Revenue $ 537,816 $ 571,686 $ 1,072,770 $ 1,117,051 Adjusted EBITDA 144,447 158,883 288,607 306,044 (1) Includes our North American web hosting and logo design businesses, which were sold in June 2023, and our payroll and human resources services business, which we are in the process of exiting (Note 6). The following table presents the reconciliation of total segment adjusted EBITDA to consolidated income before income taxes: Quarter Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Total segment adjusted EBITDA $ 144,447 $ 158,883 $ 288,607 $ 306,044 Corporate operations (41,061) (50,511) (84,763) (97,236) Depreciation and amortization expense (41,692) (42,607) (83,439) (86,128) Interest expense (30,197) (31,932) (61,006) (61,948) Net income attributable to non-controlling interest 38 26 65 54 Restructuring and integration expense (11,029) (27,477) (25,766) (41,571) Share-based compensation expense (5,009) (5,484) (10,130) (11,350) Certain legal-related expense (benefit) — 183 (300) (245) Gain on sale of businesses and long-lived assets 15,401 21,942 23,982 21,942 Income before income taxes $ 30,898 $ 23,023 $ 47,250 $ 29,562 The following tables present revenue disaggregated by our product and service offerings: Quarter Ended June 30, 2024 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 179,360 $ — $ 179,360 Merchant services 98,527 — — — — 98,527 Promotional solutions — — — 71,021 — 71,021 Forms and other business products — — — 58,364 — 58,364 Treasury management solutions — 55,349 — — — 55,349 Data-driven marketing — — 52,495 — — 52,495 Other — 14,881 4,898 — 2,921 22,700 Total revenue $ 98,527 $ 70,230 $ 57,393 $ 308,745 $ 2,921 $ 537,816 Quarter Ended June 30, 2023 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 186,424 $ — $ 186,424 Merchant services 91,467 — — — — 91,467 Promotional solutions — — — 71,330 707 72,037 Forms and other business products — — — 66,763 — 66,763 Treasury management solutions — 61,166 — — — 61,166 Data-driven marketing — — 54,503 — — 54,503 Other — 15,175 4,798 — 19,353 39,326 Total revenue $ 91,467 $ 76,341 $ 59,301 $ 324,517 $ 20,060 $ 571,686 Six Months Ended June 30, 2024 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 357,844 $ — $ 357,844 Merchant services 195,004 — — — — 195,004 Promotional solutions — — — 132,079 — 132,079 Forms and other business products — — — 122,156 — 122,156 Treasury management solutions — 110,426 — — — 110,426 Data-driven marketing — — 106,819 — — 106,819 Other — 29,222 10,285 — 8,935 48,442 Total revenue $ 195,004 $ 139,648 $ 117,104 $ 612,079 $ 8,935 $ 1,072,770 Six Months Ended June 30, 2023 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 365,071 $ — $ 365,071 Merchant services 180,572 — — — — 180,572 Promotional solutions — — — 141,233 1,456 142,689 Forms and other business products — — — 132,253 — 132,253 Treasury management solutions — 121,640 — — — 121,640 Data-driven marketing — — 93,785 — — 93,785 Other — 29,897 9,869 — 41,275 81,041 Total revenue $ 180,572 $ 151,537 $ 103,654 $ 638,557 $ 42,731 $ 1,117,051

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Deluxe	$ 20,459	$ 16,375	$ 31,262	$ 19,127

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated financial statem_2

Consolidated financial statements (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Comparability	Comparability – The consolidated statement of cash flows for the six months ended June 30, 2023 has 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 financing activities, employee taxes paid for shares withheld is included in other. Previously, this amount was presented separately. The consolidated statements of shareholders' equity for the quarter and six months ended June 30, 2023 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.

Supplemental balance sheet an_2

Supplemental balance sheet and cash flow information (Tables)	6 Months Ended
	Jun. 30, 2024
Inventories and supplies	Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) June 30, December 31, Finished and semi-finished goods $ 32,138 $ 34,194 Raw materials and supplies 17,125 17,339 Reserve for excess and obsolete items (11,235) (9,445) Inventories and supplies, net of reserve $ 38,028 $ 42,088
Available-for-sale debt securities	Available-for-sale debt securities – We did not hold any available-for-sale debt securities as of June 30, 2024. Available-for-sale debt securities held as of December 31, 2023 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
Revenue in excess of billings	Revenue in excess of billings – Revenue in excess of billings was comprised of the following: (in thousands) June 30, December 31, Conditional right to receive consideration $ 20,693 $ 20,680 Unconditional right to receive consideration (1) 10,271 5,427 Revenue in excess of billings $ 30,964 $ 26,107 (1) Represents revenues that are earned but not currently billable under the related contract terms.
Intangibles	Intangibles – Intangibles were comprised of the following: June 30, 2024 December 31, 2023 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Internal-use software $ 577,245 $ (435,266) $ 141,979 $ 554,825 $ (412,364) $ 142,461 Customer lists/relationships 346,890 (239,298) 107,592 363,298 (235,557) 127,741 Partner relationships 75,100 (16,050) 59,050 74,911 (14,031) 60,880 Technology-based intangibles 65,700 (25,752) 39,948 97,633 (54,251) 43,382 Trade names 39,367 (31,516) 7,851 39,367 (23,792) 15,575 Software to be sold 6,200 (4,805) 1,395 36,900 (35,195) 1,705 Intangibles $ 1,110,502 $ (752,687) $ 357,815 $ 1,166,934 $ (775,190) $ 391,744
Estimated future amortization expense	Based on the intangibles in service as of June 30, 2024, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2024 $ 61,171 2025 88,178 2026 58,906 2027 36,071 2028 26,993
Goodwill	Goodwill – In conjunction with the realignment of our reportable business segments effective January 1, 2024 (Note 15), the goodwill amounts by reportable segment as of December 31, 2023 have been recast to reflect our new segment structure. No goodwill impairment charges were recorded in conjunction with the segment realignment. Changes in goodwill by reportable segment and in total were as follows for the six months ended June 30, 2024: (in thousands) Merchant Services B2B Payments Data Solutions (1) Print (1) All Other Total Balance, December 31, 2023 $ 727,688 $ 160,431 $ 40,804 $ 493,924 $ 7,743 $ 1,430,590 Currency translation adjustment — — — (48) — (48) Balance, June 30, 2024 $ 727,688 $ 160,431 $ 40,804 $ 493,876 $ 7,743 $ 1,430,542 (1) The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period.
Other non-current assets	Other non-current assets – Other non-current assets were comprised of the following: (in thousands) June 30, December 31, Postretirement benefit plan asset $ 99,163 $ 94,939 Cloud computing arrangement implementation costs 48,124 59,234 Prepaid product discounts (1) 41,390 40,376 Deferred contract acquisition costs (2) 20,513 21,103 Loans and notes receivable from distributors, net of allowance for credit losses (3) 12,081 12,443 Other 30,074 23,087 Other non-current assets $ 251,345 $ 251,182 (1) Amortization of prepaid product discounts was $16,354 for the six months ended June 30, 2024 and $17,173 for the six months ended June 30, 2023. (2) Amortization of deferred contract acquisition costs was $6,298 for the six months ended June 30, 2024 and $5,315 for the six months ended June 30, 2023. (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 $1,501 as of June 30, 2024 and $987 as of December 31, 2023.
Loans and notes receivable by credit quality Indicator	The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of June 30, 2024. There were no write-offs or recoveries recorded during the six months ended June 30, 2024. Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2024 2023 2020 2019 Prior Total Risk rating: 1-2 internal grade $ 967 $ 341 $ 928 $ 340 $ 11,448 $ 14,024 3-4 internal grade — — — — 703 703 Loans and notes receivable $ 967 $ 341 $ 928 $ 340 $ 12,151 $ 14,727
Accrued liabilities	Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) June 30, December 31, Deferred revenue (1) $ 26,620 $ 35,343 Employee bonuses, including sales incentives 23,902 49,446 Income taxes 17,965 7,558 Operating lease liabilities 13,369 13,562 Customer rebates 10,637 12,718 Wages and payroll liabilities, including vacation 8,344 8,605 Prepaid product discounts 7,457 4,477 Restructuring 3,800 9,689 Other 37,051 50,029 Accrued liabilities $ 149,145 $ 191,427 (1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $24,333 for the six months ended June 30, 2024 and $29,637 for the six months ended June 30, 2023.
Supplemental cash flow information	Supplemental cash flow information – The reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets was as follows: (in thousands) June 30, June 30, Cash and cash equivalents $ 23,077 $ 39,052 Restricted cash and restricted cash equivalents included in funds held for customers 50,937 147,392 Non-current restricted cash included in other non-current assets 3,990 2,749 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 78,004 $ 189,193
Trade accounts receivable [Member]
Allowance for credit losses	Trade accounts receivable – Net trade accounts receivable was comprised of the following: (in thousands) June 30, December 31, Trade accounts receivable – gross $ 184,754 $ 197,546 Allowance for credit losses (9,584) (6,541) Trade accounts receivable – net (1) $ 175,170 $ 191,005 (1) Includes unbilled receivables of $52,249 as of June 30, 2024 and $43,673 as of December 31, 2023. Changes in the allowance for credit losses for the six months ended June 30, 2024 and 2023 were as follows: Six Months Ended (in thousands) 2024 2023 Balance, beginning of year $ 6,541 $ 4,182 Bad debt expense 8,980 3,027 Write-offs and other (5,937) (1,771) Balance, end of period $ 9,584 $ 5,438
Loans and notes receivable [Member]
Allowance for credit losses	Changes in the allowance for credit losses related to loans and notes receivable from distributors were as follows for the six months ended June 30, 2024 and 2023: Six Months Ended (in thousands) 2024 2023 Balance, beginning of year $ 928 $ 1,024 Bad debt expense (benefit) 217 (73) Balance, end of period $ 1,145 $ 951

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings per share	The following table reflects the calculation of basic and diluted earnings per share. During each period, certain share-based awards, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. Quarter Ended Six Months Ended (in thousands, except per share amounts) 2024 2023 2024 2023 Earnings per share – basic: Net income $ 20,497 $ 16,401 $ 31,327 $ 19,181 Net income attributable to non-controlling interest (38) (26) (65) (54) Net income attributable to Deluxe 20,459 16,375 31,262 19,127 Income allocated to participating securities (5) (12) (14) (19) Income attributable to Deluxe available to common shareholders $ 20,454 $ 16,363 $ 31,248 $ 19,108 Weighted-average shares outstanding 44,162 43,524 44,039 43,421 Earnings per share – basic $ 0.46 $ 0.38 $ 0.71 $ 0.44 Earnings per share – diluted: Net income $ 20,497 $ 16,401 $ 31,327 $ 19,181 Net income attributable to non-controlling interest (38) (26) (65) (54) Net income attributable to Deluxe 20,459 16,375 31,262 19,127 Income allocated to participating securities — — (11) (10) Re-measurement of share-based awards classified as liabilities — — (37) (19) Income attributable to Deluxe available to common shareholders $ 20,459 $ 16,375 $ 31,214 $ 19,098 Weighted-average shares outstanding 44,162 43,524 44,039 43,421 Dilutive impact of potential common shares 524 216 547 279 Weighted-average shares and potential common shares outstanding 44,686 43,740 44,586 43,700 Earnings per share – diluted $ 0.46 $ 0.37 $ 0.70 $ 0.44 Antidilutive potential common shares excluded from calculation 1,295 1,553 1,295 1,553

Other comprehensive income (l_2

Other comprehensive income (loss) (Tables)	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Reclassification adjustments	Reclassification adjustments – Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of comprehensive income Quarter Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 $ 711 $ 711 Other income Net actuarial loss (334) (568) (667) (1,137) Other income Total amortization 21 (213) 44 (426) Other income Tax (expense) benefit (44) 16 (89) 32 Income tax provision Amortization of postretirement benefit plan items, net of tax (23) (197) (45) (394) Net income Realized gain on cash flow hedges 895 634 1,810 1,204 Interest expense Tax expense (242) (169) (489) (321) Income tax provision Realized gain on cash flow hedges, net of tax 653 465 1,321 883 Net income Currency translation adjustment (1) — (863) — (863) Gain on sale of businesses and long-lived assets Total reclassifications, net of tax $ 630 $ (595) $ 1,276 $ (374)
Accumulated other comprehensive loss	Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2024 and 2023 were as follows: (in thousands) Postretirement benefit plans Net unrealized gain on cash flow hedges (1) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2023 $ (19,824) $ (286) $ (9,918) $ (30,028) Other comprehensive income (loss) before reclassifications — 6,903 (1,499) 5,404 Amounts reclassified from accumulated other comprehensive loss 45 (1,321) — (1,276) Net current-period other comprehensive income (loss) 45 5,582 (1,499) 4,128 Balance, June 30, 2024 $ (19,779) $ 5,296 $ (11,417) $ (25,900) (1) Other comprehensive income before reclassifications is net of income tax expense of $2,553. (in thousands) Postretirement benefit plans Net unrealized loss on debt securities (1) Net unrealized gain on cash flow hedges (2) Currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2022 $ (26,872) $ (909) $ 2,593 $ (12,076) $ (37,264) Other comprehensive (loss) income before reclassifications — (8) 4,858 1,149 5,999 Amounts reclassified from accumulated other comprehensive loss 394 — (883) 863 374 Net current-period other comprehensive income (loss) 394 (8) 3,975 2,012 6,373 Balance, June 30, 2023 $ (26,478) $ (917) $ 6,568 $ (10,064) $ (30,891) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $3. (2) Other comprehensive income before reclassifications is net of income tax expense of $1,768.

Derivative financial instrume_2

Derivative financial instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	Our derivative instruments were comprised of the following: June 30, December 31, (in thousands) Notional amount Interest rate (1) Maturity Balance sheet location Fair value Fair value June 2023 amortizing interest rate swap: $ 239,174 4.249 % June 2026 Other non-current assets and other non-current liabilities $ 1,369 $ (2,158) March 2023 200,000 4.003 % March 2026 Other non-current assets 2,422 287 September 2022 interest rate swap: 300,000 3.990 % September 2025 Other non-current assets 3,503 1,519 (1)

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair value of financial instruments	Information regarding the fair values of our financial instruments was as follows: Fair value measurements using June 30, 2024 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income: Derivative assets (Note 7) Other non-current assets $ 7,294 $ 7,294 $ — $ 7,294 $ — Amortized cost: Cash Cash and cash equivalents 23,077 23,077 23,077 — — Cash Funds held for customers 50,937 50,937 50,937 — — Cash Other non-current assets 3,990 3,990 3,990 — — Loans and notes receivable from distributors Other current assets and other non-current assets 13,582 14,294 — — 14,294 Long-term debt Current portion of long-term debt and long-term debt 1,557,976 1,538,742 — 1,538,742 — Fair value measurements using December 31, 2023 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Balance sheet location Carrying value Fair value Measured at fair value through comprehensive income: Available-for-sale debt securities 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 assets and other 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 —

Restructuring and integration_2

Restructuring and integration expense (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and integration expense	Restructuring and integration expense is reflected on the consolidated statements of comprehensive income as follows: Quarter Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Total cost of revenue $ (35) $ 3,286 $ 898 $ 4,439 Operating expenses 11,064 24,191 24,868 37,132 Restructuring and integration expense $ 11,029 $ 27,477 $ 25,766 $ 41,571 Restructuring and integration expense for each period was comprised of the following: Quarter Ended Six Months Ended (in thousands) 2024 2023 2024 2023 External consulting and other costs $ 9,150 $ 12,930 $ 17,119 $ 20,621 Employee severance benefits (415) 6,161 1,557 6,347 Internal labor 384 1,750 1,222 3,872 Other 1,910 6,636 5,868 10,731 Restructuring and integration expense $ 11,029 $ 27,477 $ 25,766 $ 41,571
Changes in restructuring and integration accruals	Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2023 $ 9,689 Charges 2,056 Reversals (499) Payments (7,446) Balance, June 30, 2024 $ 3,800

Postretirement benefits (Tables

Postretirement benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Components of net periodic benefit income	Postretirement benefit income is included in other income on the consolidated statements of comprehensive income and consisted of the following components: Quarter Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Interest cost $ 435 $ 496 $ 871 $ 993 Expected return on plan assets (2,099) (1,830) (4,197) (3,660) Amortization of prior service credit (355) (355) (711) (711) Amortization of net actuarial losses 334 568 667 1,137 Net periodic benefit income $ (1,685) $ (1,121) $ (3,370) $ (2,241)

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt outstanding	Debt outstanding was comprised of the following: (in thousands) June 30, December 31, Senior, secured term loan facility $ 790,563 $ 877,187 Senior, unsecured notes 475,000 475,000 Amounts drawn on senior, secured revolving credit facility 223,000 252,000 Securitization obligations 78,917 — Total principal amount 1,567,480 1,604,187 Less: unamortized discount and debt issuance costs (9,504) (11,336) Total debt, net of discount and debt issuance costs 1,557,976 1,592,851 Less: current portion of long-term debt, net of debt issuance costs (43,124) (86,153) Long-term debt $ 1,514,852 $ 1,506,698
Maturities of long-term debt	Maturities of long-term debt were as follows as of June 30, 2024: (in thousands) Debt obligations 2025 $ 101,063 2026 912,500 2027 78,917 2028 — 2029 475,000 Total principal amount $ 1,567,480
Revolving credit facility	As of June 30, 2024, amounts available for borrowing under our revolving credit facility were as follows: (in thousands) Available borrowings Revolving credit facility commitment $ 500,000 Amounts drawn on revolving credit facility (223,000) Outstanding letters of credit (1) (7,673) Net available for borrowing as of June 30, 2024 $ 269,327 (1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our revolving credit facility.

Business segment information (T

Business segment information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Business segment information	The following is our segment information for the quarters and six months ended June 30, 2024 and 2023. The segment information for 2023 has been recast to reflect our current segment structure. Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Merchant Services: Revenue $ 98,527 $ 91,467 $ 195,004 $ 180,572 Adjusted EBITDA 19,188 17,300 40,625 35,727 B2B Payments: Revenue 70,230 76,341 139,648 151,537 Adjusted EBITDA 14,012 15,192 27,273 28,667 Data Solutions: Revenue 57,393 59,301 117,104 103,654 Adjusted EBITDA 15,796 13,382 30,665 23,638 Print: Revenue 308,745 324,517 612,079 638,557 Adjusted EBITDA 93,863 104,770 184,819 199,971 Total reportable segments: Revenue $ 534,895 $ 551,626 $ 1,063,835 $ 1,074,320 Adjusted EBITDA 142,859 150,644 283,382 288,003 All other: (1) Revenue 2,921 20,060 8,935 42,731 Adjusted EBITDA 1,588 8,239 5,225 18,041 Total: Revenue $ 537,816 $ 571,686 $ 1,072,770 $ 1,117,051 Adjusted EBITDA 144,447 158,883 288,607 306,044 (1) Includes our North American web hosting and logo design businesses, which were sold in June 2023, and our payroll and human resources services business, which we are in the process of exiting (Note 6).
Reconciliation of adjusted EBITDA to income before income taxes	The following table presents the reconciliation of total segment adjusted EBITDA to consolidated income before income taxes: Quarter Ended Six Months Ended (in thousands) 2024 2023 2024 2023 Total segment adjusted EBITDA $ 144,447 $ 158,883 $ 288,607 $ 306,044 Corporate operations (41,061) (50,511) (84,763) (97,236) Depreciation and amortization expense (41,692) (42,607) (83,439) (86,128) Interest expense (30,197) (31,932) (61,006) (61,948) Net income attributable to non-controlling interest 38 26 65 54 Restructuring and integration expense (11,029) (27,477) (25,766) (41,571) Share-based compensation expense (5,009) (5,484) (10,130) (11,350) Certain legal-related expense (benefit) — 183 (300) (245) Gain on sale of businesses and long-lived assets 15,401 21,942 23,982 21,942 Income before income taxes $ 30,898 $ 23,023 $ 47,250 $ 29,562
Revenue disaggregated by product and service offerings	The following tables present revenue disaggregated by our product and service offerings: Quarter Ended June 30, 2024 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 179,360 $ — $ 179,360 Merchant services 98,527 — — — — 98,527 Promotional solutions — — — 71,021 — 71,021 Forms and other business products — — — 58,364 — 58,364 Treasury management solutions — 55,349 — — — 55,349 Data-driven marketing — — 52,495 — — 52,495 Other — 14,881 4,898 — 2,921 22,700 Total revenue $ 98,527 $ 70,230 $ 57,393 $ 308,745 $ 2,921 $ 537,816 Quarter Ended June 30, 2023 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 186,424 $ — $ 186,424 Merchant services 91,467 — — — — 91,467 Promotional solutions — — — 71,330 707 72,037 Forms and other business products — — — 66,763 — 66,763 Treasury management solutions — 61,166 — — — 61,166 Data-driven marketing — — 54,503 — — 54,503 Other — 15,175 4,798 — 19,353 39,326 Total revenue $ 91,467 $ 76,341 $ 59,301 $ 324,517 $ 20,060 $ 571,686 Six Months Ended June 30, 2024 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 357,844 $ — $ 357,844 Merchant services 195,004 — — — — 195,004 Promotional solutions — — — 132,079 — 132,079 Forms and other business products — — — 122,156 — 122,156 Treasury management solutions — 110,426 — — — 110,426 Data-driven marketing — — 106,819 — — 106,819 Other — 29,222 10,285 — 8,935 48,442 Total revenue $ 195,004 $ 139,648 $ 117,104 $ 612,079 $ 8,935 $ 1,072,770 Six Months Ended June 30, 2023 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 365,071 $ — $ 365,071 Merchant services 180,572 — — — — 180,572 Promotional solutions — — — 141,233 1,456 142,689 Forms and other business products — — — 132,253 — 132,253 Treasury management solutions — 121,640 — — — 121,640 Data-driven marketing — — 93,785 — — 93,785 Other — 29,897 9,869 — 41,275 81,041 Total revenue $ 180,572 $ 151,537 $ 103,654 $ 638,557 $ 42,731 $ 1,117,051

Consolidated financial statem_3

Consolidated financial statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Prior period adjustment [Line Items]
Net income attributable to Deluxe	$ 20,459	$ 16,375	$ 31,262	$ 19,127
Out-of-period adjustment [Member]
Prior period adjustment [Line Items]
Net income attributable to Deluxe	$ 1,778

Supplemental balance sheet an_3

Supplemental balance sheet and cash flow information (trade accounts receivable, allowance for credit losses) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Trade accounts receivable
Trade accounts receivable - gross		$ 184,754		$ 197,546
Allowance for credit losses		(9,584)		(6,541)
Trade accounts receivable - net	[1]	175,170		191,005
Unbilled receivables		52,249		$ 43,673
Changes in allowance for credit losses
Balance, beginning of year		6,541	$ 4,182
Bad debt expense		8,980	3,027
Write-offs and other		(5,937)	(1,771)
Balance, end of period		$ 9,584	$ 5,438
[1]Includes unbilled receivables of $52,249 as of June 30, 2024 and $43,673 as of December 31, 2023.

Supplemental balance sheet an_4

Supplemental balance sheet and cash flow information (inventories and supplies) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventories and supplies
Finished and semi-finished goods	$ 32,138	$ 34,194
Raw materials and supplies	17,125	17,339
Reserve for excess and obsolete items	(11,235)	(9,445)
Inventories and supplies, net of reserve	$ 38,028	$ 42,088

Supplemental balance sheet an_5

Supplemental balance sheet and cash flow information (available-for-sale debt securities) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Available-for-sale debt securities [Line Items]
Cost	$ 22,000
Gross unrealized gains	0
Gross unrealized losses	0
Fair value	22,000
Cash and cash equivalents [Member] | Money market securities [Member] | Domestic [Member]
Available-for-sale debt securities [Line Items]
Cost	22,000
Gross unrealized gains	0
Gross unrealized losses	0
Fair value	$ 22,000

Supplemental balance sheet an_6

Supplemental balance sheet and cash flow information (revenue in excess of billings) (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Revenue in excess of billings
Conditional right to receive consideration		$ 20,693	$ 20,680
Unconditional right to receive consideration	[1]	10,271	5,427
Revenue in excess of billings		$ 30,964	$ 26,107
[1] Represents revenues that are earned but not currently billable under the related contract terms.

Supplemental balance sheet an_7

Supplemental balance sheet and cash flow information (intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Amortizable intangibles [Line Items]
Gross carrying amount	$ 1,110,502		$ 1,110,502		$ 1,166,934
Accumulated amortization	(752,687)		(752,687)		(775,190)
Net carrying amount	357,815		357,815		391,744
Amortization of intangibles	37,366	$ 36,859	73,064	$ 75,076
Estimated future amortization expense
Remainder of 2024	61,171		61,171
2025	88,178		88,178
2026	58,906		58,906
2027	36,071		36,071
2028	26,993		26,993
Internal-use software [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	577,245		577,245		554,825
Accumulated amortization	(435,266)		(435,266)		(412,364)
Net carrying amount	141,979		141,979		142,461
Acquired intangibles			$ 37,710
Acquired intangibles, weighted-average useful life (in years)			3 years
Customer lists/relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	346,890		$ 346,890		363,298
Accumulated amortization	(239,298)		(239,298)		(235,557)
Net carrying amount	107,592		107,592		127,741
Partner relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	75,100		75,100		74,911
Accumulated amortization	(16,050)		(16,050)		(14,031)
Net carrying amount	59,050		59,050		60,880
Technology-based intangibles [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	65,700		65,700		97,633
Accumulated amortization	(25,752)		(25,752)		(54,251)
Net carrying amount	39,948		39,948		43,382
Trade names [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	39,367		39,367		39,367
Accumulated amortization	(31,516)		(31,516)		(23,792)
Net carrying amount	7,851		7,851		15,575
Trade names [Member] | Modification of useful life [Member]
Amortizable intangibles [Line Items]
Amortization of intangibles	6,674
Software to be sold [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	6,200		6,200		36,900
Accumulated amortization	(4,805)		(4,805)		(35,195)
Net carrying amount	$ 1,395		$ 1,395		$ 1,705

Supplemental balance sheet an_8

Supplemental balance sheet and cash flow information (goodwill) (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill impairment charges		$ 0
Goodwill, beginning of year		1,430,590	$ 1,430,590
Currency translation adjustment			(48)
Goodwill, end of period			1,430,542
Operating segments [Member] | Merchant Services [Member]
Goodwill [Roll Forward]
Goodwill, beginning of year		727,688	727,688
Goodwill, end of period			727,688
Operating segments [Member] | B2B Payments [Member]
Goodwill [Roll Forward]
Goodwill, beginning of year		160,431	160,431
Goodwill, end of period			160,431
Operating segments [Member] | Data Solutions [Member]
Goodwill [Roll Forward]
Goodwill, beginning of year	[1]	40,804	40,804
Goodwill, end of period	[1]		40,804
Goodwill accumulated impairment charges			145,584	$ 145,584
Operating segments [Member] | Print [Member]
Goodwill [Roll Forward]
Goodwill, beginning of year	[1]	493,924	493,924
Currency translation adjustment			(48)
Goodwill, end of period	[1]		493,876
Goodwill accumulated impairment charges			193,699	$ 193,699
Operating segments [Member] | All Other [Member]
Goodwill [Roll Forward]
Goodwill, beginning of year		$ 7,743	7,743
Goodwill, end of period			$ 7,743
[1]The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period

Supplemental balance sheet an_9

Supplemental balance sheet and cash flow information (other non-current assets) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Other non-current assets
Postretirement benefit plan asset		$ 99,163		$ 94,939
Cloud computing arrangements implementation costs		48,124		59,234
Prepaid product discounts	[1]	41,390		40,376
Deferred contract acquisition costs	[2]	20,513		21,103
Loans and notes receivable from distributors, net of allowance for credit losses	[3]	12,081		12,443
Other		30,074		23,087
Other non-current assets		251,345		251,182
Amortization of prepaid product discounts		16,354	$ 17,173
Amortization of deferred contract acquisition costs		6,298	5,315
Loans and notes receivable, current		1,501		$ 987
Loans and notes receivable from distributors [Member]
Loans and notes receivable from distributors, allowance for credit losses [Line Items]
Balance, beginning of year		928	1,024
Bad debt expense (benefit)		217	(73)
Balance, end of period		1,145	$ 951
Write-offs		0
Recoveries		0
Loans and notes receivable from distributors, credit quality information
2024		967
2023		341
2020		928
2019		340
Prior		12,151
Total		14,727
Loans and notes receivable from distributors [Member] | 1-2 internal grade member [Member]
Loans and notes receivable from distributors, credit quality information
2024		967
2023		341
2020		928
2019		340
Prior		11,448
Total		14,024
Loans and notes receivable from distributors [Member] | 3-4 internal grade [Member]
Loans and notes receivable from distributors, credit quality information
2024		0
2023		0
2020		0
2019		0
Prior		703
Total		$ 703
[1] Amortization of prepaid product discounts was $16,354 for the six months ended June 30, 2024 and $17,173 for the six months ended June 30, 2023. Amortization of deferred contract acquisition costs was $6,298 for the six months ended June 30, 2024 and $5,315 for the six months ended June 30, 2023. Amount includes the non-current portion of loans and notes receivable. The current portion of these receivables is included in other current assets on the consolidated balance sheets and was $1,501 as of June 30, 2024 and $987 as of December 31, 2023.

Supplemental balance sheet a_10

Supplemental balance sheet and cash flow information (accrued liabilities, supplemental cash flow information) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Accrued liabilities
Deferred revenue	[1]	$ 26,620		$ 35,343
Employee bonuses, including sales incentives		23,902		49,446
Income taxes		17,965		7,558
Operating lease liabilities		13,369		13,562
Customer rebates		10,637		12,718
Wages and payroll liabilities, including vacation		8,344		8,605
Prepaid product discounts		7,457		4,477
Restructuring		3,800		9,689
Other		37,051		50,029
Accrued liabilities		149,145		191,427
Deferred revenue recognized		24,333	$ 29,637
Supplemental cash flow information
Cash and cash equivalents		23,077	39,052	$ 71,962
Restricted cash and restricted cash equivalents included in funds held for customers		$ 50,937	147,392
Restricted cash and restricted cash equivalents included in funds held for customers [Extensible Enumeration]		Funds held for customers		Funds held for customers
Non-current restricted cash included in other non-current assets		$ 3,990	2,749	$ 2,937
Total cash, cash equivalents, restricted cash and restricted cash equivalents		$ 78,004	$ 189,193	$ 458,033	$ 337,415
[1] Revenue recognized for amounts included in deferred revenue at the beginning of the period was $24,333 for the six months ended June 30, 2024 and $29,637 for the six months ended June 30, 2023.

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings per share - basic:
Net income	$ 20,497	$ 16,401	$ 31,327	$ 19,181
Net income attributable to non-controlling interest	(38)	(26)	(65)	(54)
Net income attributable to Deluxe	20,459	16,375	31,262	19,127
Income allocated to participating securities	(5)	(12)	(14)	(19)
Income attributable to Deluxe available to common shareholders	$ 20,454	$ 16,363	$ 31,248	$ 19,108
Weighted-average shares outstanding	44,162	43,524	44,039	43,421
Earnings per share - basic	$ 0.46	$ 0.38	$ 0.71	$ 0.44
Earnings per share - diluted:
Net income	$ 20,497	$ 16,401	$ 31,327	$ 19,181
Net income attributable to non-controlling interest	(38)	(26)	(65)	(54)
Net income attributable to Deluxe	20,459	16,375	31,262	19,127
Income allocated to participating securities	0	0	(11)	(10)
Re-measurement of share-based awards classified as liabilities	0	0	(37)	(19)
Income attributable to Deluxe available to common shareholders	$ 20,459	$ 16,375	$ 31,214	$ 19,098
Weighted-average shares outstanding	44,162	43,524	44,039	43,421
Dilutive impact of potential common shares	524	216	547	279
Weighted-average shares and potential common shares outstanding	44,686	43,740	44,586	43,700
Earnings per share - diluted	$ 0.46	$ 0.37	$ 0.70	$ 0.44
Antidilutive potential common shares excluded from calculation	1,295	1,553	1,295	1,553

Other comprehensive income (l_3

Other comprehensive income (loss) (reclassification adjustments) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023		Jun. 30, 2024	Jun. 30, 2023
Amounts reclassified from accumulated other comprehensive loss
Prior service credit	$ 355	$ 355		$ 711	$ 711
Net actuarial loss	(334)	(568)		(667)	(1,137)
Total amortization	21	(213)		44	(426)
Tax (expense) benefit	(44)	16		(89)	32
Amortization of postretirement benefit plan items, net of tax	(23)	(197)		(45)	(394)
Realized gain on cash flow hedges	895	634		1,810	1,204
Tax expense	(242)	(169)		(489)	(321)
Realized gain on cash flow hedges, net of tax	653	465		1,321	883
Currency translation adjustment	0	863	[1]	0	863	[1]
Total reclassifications, net of tax	$ 630	$ (595)		$ 1,276	$ (374)
[1] Relates to the sale of our North American web hosting business during the quarter ended June 30, 2023 (Note 6).

Other comprehensive income (l_4

Other comprehensive income (loss) (accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024		Jun. 30, 2023
Postretirement benefit plans [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of period		$ (19,824)		$ (26,872)
Other comprehensive income (loss) before reclassifications		0		0
Amounts reclassified from accumulated other comprehensive loss		45		394
Net current-period other comprehensive income (loss)		45		394
Balance, end of period		(19,779)		(26,478)
Net unrealized loss on debt securities [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of period				(909)
Other comprehensive income (loss) before reclassifications	[1]			(8)
Amounts reclassified from accumulated other comprehensive loss				0
Net current-period other comprehensive income (loss)				(8)
Balance, end of period				(917)
Unrealized gain on debt securities arising during the period, tax benefit				(3)
Net unrealized gain on cash flow hedges [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of period		(286)		2,593
Other comprehensive income (loss) before reclassifications		6,903	[2]	4,858	[3]
Amounts reclassified from accumulated other comprehensive loss		(1,321)		(883)
Net current-period other comprehensive income (loss)		5,582		3,975
Balance, end of period		5,296		6,568
Unrealized loss on cash flow hedge arising during the period, tax expense		2,553		1,768
Currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of period		(9,918)		(12,076)
Other comprehensive income (loss) before reclassifications		(1,499)		1,149
Amounts reclassified from accumulated other comprehensive loss		0		863
Net current-period other comprehensive income (loss)		(1,499)		2,012
Balance, end of period		(11,417)		(10,064)
Accumulated other comprehensive loss [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of period		(30,028)		(37,264)
Other comprehensive income (loss) before reclassifications		5,404		5,999
Amounts reclassified from accumulated other comprehensive loss		(1,276)		374
Net current-period other comprehensive income (loss)		4,128		6,373
Balance, end of period		$ (25,900)		$ (30,891)
[1] Other comprehensive loss before reclassifications is net of an income tax benefit of $3. Other comprehensive income before reclassifications is net of income tax expense of $2,553. Other comprehensive income before reclassifications is net of income tax expense of $1,768.

Divestitures (Details)

Divestitures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Divestitures [Line Items]
Total revenue	$ 537,816	$ 571,686	$ 1,072,770	$ 1,117,051
Gain on sale of businesses and long-lived assets	15,401	$ 21,942	23,982	21,942
Goodwill	1,430,542		1,430,542		$ 1,430,590
North American web hosting and logo design businesses [Member]
Divestitures [Line Items]
Total revenue					28,000
Gain on sale of businesses and long-lived assets				$ 21,942
Cash proceeds					31,230
Payroll and human resource services business
Divestitures [Line Items]
Total revenue					$ 27,000
Gain on sale of businesses and long-lived assets	15,401		22,982
Cash proceeds			4,738
Goodwill	$ 7,743		7,743
Customer lists/relationships [Member]
Divestitures [Line Items]
Gain on sale of businesses and long-lived assets			$ 1,000

Derivative financial instrume_3

Derivative financial instruments (Details) - USD ($) $ in Thousands			6 Months Ended
		Jun. 01, 2021	Jun. 30, 2024	Dec. 31, 2023	Jun. 20, 2023	Mar. 20, 2023	Sep. 20, 2022
Credit facility agreement [Member] | Minimum [Member]
Derivative [Line Items]
Interest rate margin on variable-rate debt		1.50%	1.50%
Credit facility agreement [Member] | Maximum [Member]
Derivative [Line Items]
Interest rate margin on variable-rate debt		2.50%	2.50%
Amortizing interest rate swap June 2023
Derivative [Line Items]
Notional amount			$ 239,174
Interest rate	[1]				4.249%
Fair value asset / (liability), other non-current assets			1,369
Fair value asset / (liability), other non-current liabilities				$ (2,158)
Interest rate swap March 2023
Derivative [Line Items]
Notional amount						$ 200,000
Interest rate	[1]					4.003%
Fair value asset / (liability), other non-current assets			2,422	287
Interest rate swap September 2022
Derivative [Line Items]
Notional amount							$ 300,000
Interest rate	[1]						3.99%
Fair value asset / (liability), other non-current assets			$ 3,503	$ 1,519
[1] In addition, an applicable margin ranging from 1.5% to 2.5%, depending on our consolidated total leverage ratio, is paid on amounts outstanding under our credit facility (Note 12).

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Fair value measurements [Line Items]
Derivative assets (Note 7) [Extensible Enumeration]	Other non-current assets	Other non-current assets
Derivative Liability (Note 7) [Extensible Enumeration]		Other non-current liabilities
Derivative assets (Note 7)	$ 7,294	$ 1,806
Derivative liability (Note 7)		(2,158)
Cash, fair value		22,000
Restricted cash, carrying value	3,990	2,937	$ 2,749
Restricted cash, fair value	3,990	2,937
Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Derivative assets (Note 7)	7,294	1,806
Derivative liability (Note 7)		(2,158)
Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements [Line Items]
Restricted cash, fair value	3,990	2,937
Significant other observable inputs (Level 2) [Member] | Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Derivative assets (Note 7)	7,294	1,806
Derivative liability (Note 7)		(2,158)
Funds held for customers [Member]
Fair value measurements [Line Items]
Cash, carrying value	50,937	383,134
Cash, fair value	50,937	383,134
Funds held for customers [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements [Line Items]
Cash, fair value	50,937	383,134
Other current and noncurrent assets [Member]
Fair value measurements [Line Items]
Loans and notes receivable from distributors	13,582	13,430
Loans and notes receivable from distributors, fair value	14,294	13,249
Other current and noncurrent assets [Member] | Significant unobservable inputs (Level 3) [Member]
Fair value measurements [Line Items]
Loans and notes receivable from distributors, fair value	14,294	13,249
Cash and cash equivalents [Member]
Fair value measurements [Line Items]
Cash, carrying value	23,077	49,962
Cash, fair value	23,077	49,962
Cash and cash equivalents [Member] | Money market securities [Member]
Fair value measurements [Line Items]
Cash equivalents		22,000
Cash and cash equivalents [Member] | Money market securities [Member] | Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Cash, fair value		22,000
Cash and cash equivalents [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements [Line Items]
Cash, fair value	23,077	49,962
Cash and cash equivalents [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Money market securities [Member] | Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Cash, fair value		22,000
Current portion of long-term debt and long-term debt [Member]
Fair value measurements [Line Items]
Long-term debt	1,557,976	1,592,851
Long-term debt, fair value	1,538,742	1,554,028
Current portion of long-term debt and long-term debt [Member] | Significant other observable inputs (Level 2) [Member]
Fair value measurements [Line Items]
Long-term debt, fair value	$ 1,538,742	$ 1,554,028

Restructuring and integration_3

Restructuring and integration expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		15 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 11,029	$ 27,477	$ 25,766	$ 41,571
Total cost of revenue [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	(35)	3,286	898	4,439
Operating expenses [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	11,064	24,191	24,868	37,132
North Star program [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	10,000	15,000	22,000	15,000	$ 70,000
Anticipated additional restructuring and integration expense	50,000		50,000		$ 50,000
External consulting and other costs [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	9,150	12,930	17,119	20,621
Employee severance benefits [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense			2,056
Restructuring charges, net	(415)	6,161	1,557	6,347
Internal labor [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	384	1,750	1,222	3,872
Other [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 1,910	$ 6,636	$ 5,868	$ 10,731

Restructuring and integration_4

Restructuring and integration expense (accruals) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Balance, December 31, 2023			$ 9,689
Charges	$ 11,029	$ 27,477	25,766	$ 41,571
Balance, June 30, 2024	3,800		3,800
Employee severance benefits [Member]
Restructuring Cost and Reserve [Line Items]
Balance, December 31, 2023			9,689
Charges			2,056
Reversals			(499)
Payments			(7,446)
Balance, June 30, 2024	$ 3,800		$ 3,800

Income tax provision (Details)

Income tax provision (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	33.70%	34.10%

Postretirement benefits (Detail

Postretirement benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net periodic benefit income
Interest cost	$ 435	$ 496	$ 871	$ 993
Expected return on plan assets	(2,099)	(1,830)	(4,197)	(3,660)
Amortization of prior service credit	(355)	(355)	(711)	(711)
Amortization of net actuarial losses	334	568	667	1,137
Net periodic benefit income	$ (1,685)	$ (1,121)	$ (3,370)	$ (2,241)

Debt (Details)

Debt (Details) $ in Thousands			3 Months Ended						6 Months Ended	23 Months Ended
		Jun. 01, 2021 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 01, 2026 USD ($)	Mar. 13, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt instruments [Line Items]
Total principal amount								$ 1,567,480	$ 1,567,480			$ 1,604,187
Less: unamortized discount and debt issuance costs								(9,504)	(9,504)			(11,336)
Total debt, net of discount and debt issuance costs								1,557,976	1,557,976			1,592,851
Less: current portion of long-term debt, net of debt issuance costs								(43,124)	(43,124)			(86,153)
Long-term debt								1,514,852	1,514,852			1,506,698
Maturities of long-term debt
2025								101,063	101,063
2026								912,500	912,500
2027								78,917	78,917
2028								0	0
2029								475,000	475,000
Senior, secured revolving credit facility [Member]
Debt instruments [Line Items]
Total principal amount								223,000	223,000			252,000
Credit facility, commitment		$ 500,000						500,000	500,000
Net available for borrowing as of June 30, 2024								269,327	269,327
Senior, secured term loan facility [Member]
Debt instruments [Line Items]
Total principal amount		1,155,000						790,563	790,563			$ 877,187
Senior, secured term loan facility [Member] | Forecast [Member]
Debt instruments [Line Items]
Repayment amount			$ 28,875	$ 28,875	$ 28,875	$ 21,656	$ 21,656
Swingline sub-facility [Member]
Debt instruments [Line Items]
Credit facility, commitment		40,000						40,000	40,000
Letter of credit sub-facility [Member]
Debt instruments [Line Items]
Credit facility, commitment		25,000						25,000	25,000
Outstanding letters of credit	[1]							$ (7,673)	$ (7,673)
Credit facility agreement [Member]
Debt instruments [Line Items]
Weighted-average interest rate at period end								6.70%	6.70%			6.83%
Maximum consolidated total leverage ratio								4.25
Maximum consolidated secured leverage ratio								3.50
Minimum interest coverage ratio								3
Consolidated total leverage ratio limiting permitted payments								2.75
Permitted payments								$ 60,000
Credit facility agreement [Member] | Forecast [Member]
Debt instruments [Line Items]
Maximum consolidated total leverage ratio										4.25
Maximum consolidated secured leverage ratio										3.50
Minimum interest coverage ratio										3
Consolidated total leverage ratio limiting permitted payments										2.75
Permitted payments										$ 60,000
Senior, unsecured notes [Member]
Debt instruments [Line Items]
Total principal amount		$ 500,000						475,000	$ 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
Securitization facility [Member]
Debt instruments [Line Items]
Total principal amount								78,917	78,917			$ 0
Credit facility, commitment								$ 80,000	$ 80,000		$ 80,000
Weighted-average interest rate at period end								6.91%	6.91%
Minimum [Member] | Credit facility agreement [Member]
Debt instruments [Line Items]
Interest rate margin on variable-rate debt		1.50%							1.50%
Maximum [Member] | Credit facility agreement [Member]
Debt instruments [Line Items]
Interest rate margin on variable-rate debt		2.50%							2.50%
[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.

Other commitments and conting_2

Other commitments and contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Self-insurance liabilities	$ 8,851	$ 9,024

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Oct. 24, 2018
Stockholders' Equity Note [Abstract]
Share repurchase program, authorized amount			$ 500,000
Common shares repurchased (in shares)	0	0
Amount remaining under share repurchase authorization	$ 287,452

Business segment information (D

Business segment information (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) customers	Jun. 30, 2023 USD ($) customers
Business segment information [Line Items]
Revenue		$ 537,816	$ 571,686	$ 1,072,770	$ 1,117,051
Depreciation and amortization expense		(41,692)	(42,607)	(83,439)	(86,128)
Interest expense		(30,197)	(31,932)	(61,006)	(61,948)
Net income attributable to non-controlling interest		38	26	65	54
Restructuring and integration expense		(11,029)	(27,477)	(25,766)	(41,571)
Share-based compensation expense		(5,009)	(5,484)	(10,130)	(11,350)
Certain legal-related expense (benefit)		0	183	(300)	(245)
Gain on sale of businesses and long-lived assets		15,401	21,942	23,982	21,942
Income before income taxes		30,898	23,023	47,250	29,562
Operating segments [Member]
Business segment information [Line Items]
Adjusted EBITDA		144,447	158,883	288,607	306,044
Operating segments [Member] | Merchant Services [Member]
Business segment information [Line Items]
Revenue		98,527	91,467	195,004	180,572
Adjusted EBITDA		19,188	17,300	40,625	35,727
Operating segments [Member] | B2B Payments [Member]
Business segment information [Line Items]
Revenue		70,230	76,341	139,648	151,537
Adjusted EBITDA		14,012	15,192	27,273	28,667
Operating segments [Member] | Data Solutions [Member]
Business segment information [Line Items]
Revenue		57,393	59,301	117,104	103,654
Adjusted EBITDA		15,796	13,382	30,665	23,638
Operating segments [Member] | Print [Member]
Business segment information [Line Items]
Revenue		308,745	324,517	612,079	638,557
Adjusted EBITDA		93,863	104,770	184,819	199,971
Operating segments [Member] | Total reportable segments [Member]
Business segment information [Line Items]
Revenue		534,895	551,626	1,063,835	1,074,320
Adjusted EBITDA		142,859	150,644	283,382	288,003
Operating segments [Member] | All Other [Member]
Business segment information [Line Items]
Revenue	[1]	2,921	20,060	8,935	42,731
Adjusted EBITDA	[1]	1,588	8,239	5,225	18,041
Corporate operations [Member]
Business segment information [Line Items]
Adjusted EBITDA		$ (41,061)	$ (50,511)	$ (84,763)	$ (97,236)
Customer concentration risk [Member]
Business segment information [Line Items]
Number of customers | customers				0	0
Customer concentration risk [Member] | Total revenue benchmark [Member] | Major Customers [Member]
Business segment information [Line Items]
Concentration risk, percentage				10%	10%
[1]Includes our North American web hosting and logo design businesses, which were sold in June 2023, and our payroll and human resources services business, which we are in the process of exiting (Note 6).

Business segment information _2

Business segment information (disaggregated revenue information) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregated revenue information
Revenue		$ 537,816	$ 571,686	$ 1,072,770	$ 1,117,051
Merchant Services [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		98,527	91,467	195,004	180,572
B2B Payments [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		70,230	76,341	139,648	151,537
Data Solutions [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		57,393	59,301	117,104	103,654
Print [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		308,745	324,517	612,079	638,557
All Other [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue	[1]	2,921	20,060	8,935	42,731
Checks [Member]
Disaggregated revenue information
Revenue		179,360	186,424	357,844	365,071
Checks [Member] | Print [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		179,360	186,424	357,844	365,071
Merchant services [Member]
Disaggregated revenue information
Revenue		98,527	91,467	195,004	180,572
Merchant services [Member] | Merchant Services [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		98,527	91,467	195,004	180,572
Promotional solutions [Member]
Disaggregated revenue information
Revenue		71,021	72,037	132,079	142,689
Promotional solutions [Member] | Print [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		71,021	71,330	132,079	141,233
Promotional solutions [Member] | All Other [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue			707		1,456
Forms and other business products [Member]
Disaggregated revenue information
Revenue		58,364	66,763	122,156	132,253
Forms and other business products [Member] | Print [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		58,364	66,763	122,156	132,253
Treasury management solutions [Member]
Disaggregated revenue information
Revenue		55,349	61,166	110,426	121,640
Treasury management solutions [Member] | B2B Payments [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		55,349	61,166	110,426	121,640
Data-driven marketing [Member]
Disaggregated revenue information
Revenue		52,495	54,503	106,819	93,785
Data-driven marketing [Member] | Data Solutions [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		52,495	54,503	106,819	93,785
Other [Member]
Disaggregated revenue information
Revenue		22,700	39,326	48,442	81,041
Other [Member] | B2B Payments [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		14,881	15,175	29,222	29,897
Other [Member] | Data Solutions [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		4,898	4,798	10,285	9,869
Other [Member] | All Other [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		$ 2,921	$ 19,353	$ 8,935	$ 41,275
[1]Includes our North American web hosting and logo design businesses, which were sold in June 2023, and our payroll and human resources services business, which we are in the process of exiting (Note 6).