Deluxe (DLX) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document

Document - shares	9 Months Ended
	Sep. 30, 2024	Oct. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
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		44,272,246

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 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	$ 41,307	$ 71,962
Trade accounts receivable, net of allowance for credit losses	172,260	191,005
Inventories and supplies, net of reserve	39,602	42,088
Funds held for customers	41,258	383,134
Prepaid expenses	37,084	30,116
Revenue in excess of billings	29,923	26,107
Other current assets	31,203	16,576
Total current assets	392,637	760,988
Deferred income taxes	8,745	8,694
Long-term investments	62,285	61,924
Property, plant and equipment, net of accumulated depreciation of $350,084 and $334,101, respectively	110,623	116,539
Operating lease assets	51,960	58,961
Intangibles, net of accumulated amortization of $790,413 and $775,190, respectively	337,813	391,744
Goodwill	1,423,861	1,430,590
Other non-current assets	234,993	251,182
Total assets	2,622,917	3,080,622
Current liabilities:
Accounts payable	161,126	154,863
Funds held for customers	42,683	386,622
Accrued liabilities	152,031	191,427
Current portion of long-term debt	71,914	86,153
Total current liabilities	427,754	819,065
Long-term debt	1,459,613	1,506,698
Operating lease liabilities	51,641	58,840
Deferred income taxes	3,966	22,649
Other non-current liabilities	67,258	68,754
Commitments and contingencies (Note 13)
Shareholders' equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: September 30, 2024 - 44,272; December 31, 2023 - 43,743)	44,272	43,743
Additional paid-in capital	111,679	99,141
Retained earnings	490,460	491,238
Accumulated other comprehensive loss	(33,852)	(30,028)
Non-controlling interest	126	522
Total shareholders' equity	612,685	604,616
Total liabilities and shareholders' equity	$ 2,622,917	$ 3,080,622

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Cash and cash equivalents, securities carried at fair value		$ 22,000
Accumulated depreciation	$ 350,084	334,101
Accumulated amortization	$ 790,413	$ 775,190
Common stock, par value (per share)	$ 1	$ 1
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	44,272	43,743

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 528,444	$ 537,844	$ 1,601,215	$ 1,654,896
Total cost of revenue	(246,577)	(255,127)	(747,020)	(775,737)
Gross profit	281,867	282,717	854,195	879,159
Selling, general and administrative expense	(227,764)	(233,891)	(695,677)	(726,880)
Restructuring and integration expense	(11,031)	(22,935)	(35,899)	(60,067)
Asset impairment charge	(6,700)	0	(6,700)	0
Gain (loss) on sale of businesses and long-lived assets	5,208	(4,324)	29,190	17,618
Operating income	41,580	21,567	145,109	109,830
Interest expense	(29,905)	(32,034)	(90,910)	(93,982)
Other income, net	1,834	1,316	6,560	4,562
Income (loss) before income taxes	13,509	(9,151)	60,759	20,410
Income tax (provision) benefit	(4,540)	1,194	(20,463)	(9,186)
Net income (loss)	8,969	(7,957)	40,296	11,224
Net income attributable to non-controlling interest	(38)	(26)	(103)	(80)
Net income (loss) attributable to Deluxe	8,931	(7,983)	40,193	11,144
Total comprehensive income (loss)	1,017	(5,716)	36,472	19,838
Comprehensive income (loss) attributable to Deluxe	$ 979	$ (5,742)	$ 36,369	$ 19,758
Basic earnings (loss) per share	$ 0.20	$ (0.18)	$ 0.91	$ 0.26
Diluted earnings (loss) per share	$ 0.20	$ (0.18)	$ 0.90	$ 0.25
Product [Member]
Total revenue	$ 298,693	$ 304,840	$ 908,230	$ 938,872
Total cost of revenue	(109,090)	(118,050)	(338,595)	(361,938)
Service [Member]
Total revenue	229,751	233,004	692,985	716,024
Total cost of revenue	$ (137,487)	$ (137,077)	$ (408,425)	$ (413,799)

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 (loss) attributable to Deluxe	$ 11,144			11,144
Net income attributable to non-controlling interest	80					80
Net income (loss)	11,224
Cash dividends ($0.30 per share for the quarters ended September 30, 2024 and 2023 and $0.90 per share for the nine months ended September 30, 2024 and 2023)	(40,102)			(40,102)
Common shares issued, net of tax withholding	$ (241)	487	(728)
Common shares issued, net of tax withholding (in shares)	487
Employee share-based compensation	$ 15,667		15,667
Other comprehensive income (loss)	8,614				8,614
Balance, end of period at Sep. 30, 2023	$ 599,386	43,691	94,173	489,677	(28,650)	495
Balance (in shares) at Sep. 30, 2023	43,691
Balance, beginning 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
Net income (loss) attributable to Deluxe	$ (7,983)			(7,983)
Net income attributable to non-controlling interest	26					26
Net income (loss)	(7,957)
Cash dividends ($0.30 per share for the quarters ended September 30, 2024 and 2023 and $0.90 per share for the nine months ended September 30, 2024 and 2023)	(13,398)			(13,398)
Common shares issued, net of tax withholding	$ 463	78	385
Common shares issued, net of tax withholding (in shares)	78
Employee share-based compensation	$ 4,408		4,408
Other comprehensive income (loss)	2,241				2,241
Balance, end of period at Sep. 30, 2023	$ 599,386	43,691	94,173	489,677	(28,650)	495
Balance (in shares) at Sep. 30, 2023	43,691
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 (loss) attributable to Deluxe	$ 40,193			40,193
Net income attributable to non-controlling interest	103					103
Net income (loss)	40,296
Cash dividends ($0.30 per share for the quarters ended September 30, 2024 and 2023 and $0.90 per share for the nine months ended September 30, 2024 and 2023)	(40,971)			(40,971)
Common shares issued, net of tax withholding	$ (1,951)	529	(2,480)
Common shares issued, net of tax withholding (in shares)	529
Employee share-based compensation	$ 15,018		15,018
Other comprehensive income (loss)	(3,824)				(3,824)
Dividend paid to non-controlling interest	(499)					(499)
Balance, end of period at Sep. 30, 2024	$ 612,685	44,272	111,679	490,460	(33,852)	126
Balance (in shares) at Sep. 30, 2024	44,272
Balance, beginning 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
Net income (loss) attributable to Deluxe	$ 8,931			8,931
Net income attributable to non-controlling interest	38					38
Net income (loss)	8,969
Cash dividends ($0.30 per share for the quarters ended September 30, 2024 and 2023 and $0.90 per share for the nine months ended September 30, 2024 and 2023)	(13,584)			(13,584)
Common shares issued, net of tax withholding	$ 428	62	366
Common shares issued, net of tax withholding (in shares)	62
Employee share-based compensation	$ 4,847		4,847
Other comprehensive income (loss)	(7,952)				(7,952)
Dividend paid to non-controlling interest	(499)					(499)
Balance, end of period at Sep. 30, 2024	$ 612,685	$ 44,272	$ 111,679	$ 490,460	$ (33,852)	$ 126
Balance (in shares) at Sep. 30, 2024	44,272

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends per share	$ 0.30	$ 0.30	$ 0.90	$ 0.90

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 40,296	$ 11,224
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	16,026	14,968
Amortization of intangibles	111,690	110,017
Asset impairment charge	6,700	0
Amortization of prepaid product discounts	24,844	25,291
Employee share-based compensation expense	14,972	15,889
Operating lease expense	14,011	14,387
Amortization of cloud computing arrangement implementation costs	12,362	11,682
Gain on sale of businesses and long-lived assets	(29,190)	(17,618)
Deferred income taxes	(17,808)	(20,406)
Other non-cash items, net	31,146	24,911
Changes in assets and liabilities:
Trade accounts receivable	6,593	(3,846)
Inventories and supplies	(877)	(625)
Payments for cloud computing arrangement implementation costs	(475)	(6,944)
Other current and non-current assets	(33,581)	(260)
Accounts payable	8,721	10,429
Prepaid product discount payments	(22,945)	(21,798)
Other accrued and non-current liabilities	(48,363)	(52,395)
Net cash provided by operating activities	134,122	114,906
Cash flows from investing activities:
Purchases of capital assets	(69,777)	(80,809)
Proceeds from sale of businesses and long-lived assets	18,321	39,872
Other	133	(9,798)
Net cash used by investing activities	(51,323)	(50,735)
Cash flows from financing activities:
Proceeds from issuing long-term debt and swingline loans, net of debt issuance costs	630,784	531,000
Payments on long-term debt and swingline loans	(695,295)	(545,532)
Net change in customer funds obligations	(338,955)	(150,936)
Cash dividends paid to shareholders	(40,826)	(40,140)
Other	(7,789)	(7,982)
Net cash used by financing activities	(452,081)	(213,590)
Effect of exchange rate change on cash, cash equivalents, restricted cash and restricted cash equivalents	(3,156)	993
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	(372,438)	(148,426)
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)	$ 85,595	$ 188,989

Consolidated financial statemen

Consolidated financial statements	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated financial statements	NOTE 1: CONSOLIDATED FINANCIAL STATEMENTS The consolidated balance sheet as of September 30, 2024, the consolidated statements of comprehensive income (loss) for the quarters and nine months ended September 30, 2024 and 2023, the consolidated statements of shareholders’ equity for the quarters and nine months ended September 30, 2024 and 2023 and the consolidated statements of cash flows for the nine months ended September 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. Comparability – The consolidated statement of cash flows for the nine months ended September 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 nine months ended September 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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) September 30, December 31, Trade accounts receivable – gross $ 183,466 $ 197,546 Allowance for credit losses (11,206) (6,541) Trade accounts receivable – net (1) $ 172,260 $ 191,005 (1) Includes unbilled receivables of $61,416 as of September 30, 2024 and $43,673 as of December 31, 2023. Changes in the allowance for credit losses for the nine months ended September 30, 2024 and 2023 were as follows: Nine Months Ended (in thousands) 2024 2023 Balance, beginning of year $ 6,541 $ 4,182 Bad debt expense 12,040 5,191 Write-offs and other (7,375) (2,774) Balance, end of period $ 11,206 $ 6,599 Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) September 30, December 31, Finished and semi-finished goods $ 34,425 $ 34,194 Raw materials and supplies 17,230 17,339 Reserve for excess and obsolete items (12,053) (9,445) Inventories and supplies, net of reserve $ 39,602 $ 42,088 Available-for-sale debt securities – We did not hold any available-for-sale debt securities as of September 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) September 30, December 31, Conditional right to receive consideration $ 15,745 $ 20,680 Unconditional right to receive consideration (1) 14,178 5,427 Revenue in excess of billings $ 29,923 $ 26,107 (1) Represents revenues that are earned but not currently billable under the related contract terms. Intangibles – Intangibles were comprised of the following: September 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 $ 596,355 $ (453,331) $ 143,024 $ 554,825 $ (412,364) $ 142,461 Customer lists/relationships 345,208 (247,963) 97,245 363,298 (235,557) 127,741 Partner relationships 75,396 (17,660) 57,736 74,911 (14,031) 60,880 Technology-based intangibles 65,700 (27,783) 37,917 97,633 (54,251) 43,382 Trade names 39,367 (38,716) 651 39,367 (23,792) 15,575 Software to be sold 6,200 (4,960) 1,240 36,900 (35,195) 1,705 Intangibles $ 1,128,226 $ (790,413) $ 337,813 $ 1,166,934 $ (775,190) $ 391,744 Amortization of intangibles was $38,626 for the quarter ended September 30, 2024, $34,941 for the quarter ended September 30, 2023, $111,690 for the nine months ended September 30, 2024 and $110,017 for the nine months ended September 30, 2023. During the second quarter of 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 ended September 30, 2024 and $13,349 during the nine months ended September 30, 2024. The amount expected to be recognized during the fourth quarter of 2024 is not material. Based on the intangibles in service as of September 30, 2024, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2024 $ 32,230 2025 101,851 2026 72,200 2027 43,530 2028 27,115 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 nine months ended September 30, 2024, we acquired or developed $56,163 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 nine months ended September 30, 2024: (in thousands) Merchant Services B2B Payments Data Solutions (1) Print (1) All Other (1) Total Balance, December 31, 2023 $ 727,688 $ 160,431 $ 40,804 $ 493,924 $ 7,743 $ 1,430,590 Asset impairment charge (Note 6) — — — — (6,700) (6,700) Currency translation adjustment — — — (29) — (29) Balance, September 30, 2024 $ 727,688 $ 160,431 $ 40,804 $ 493,895 $ 1,043 $ 1,423,861 (1) The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period. All Other is net of accumulated impairment charges of $6,700 as of September 30, 2024. Other non-current assets – Other non-current assets were comprised of the following: (in thousands) September 30, December 31, Postretirement benefit plan asset $ 101,211 $ 94,939 Cloud computing arrangement implementation costs 44,409 59,234 Prepaid product discounts (1) 35,834 40,376 Deferred contract acquisition costs (2) 17,995 21,103 Loans and notes receivable from distributors, net of allowance for credit losses (3) 11,635 12,443 Other 23,909 23,087 Other non-current assets $ 234,993 $ 251,182 (1) Amortization of prepaid product discounts was $24,844 for the nine months ended September 30, 2024 and $25,291 for the nine months ended September 30, 2023. (2) Amortization of deferred contract acquisition costs was $9,445 for the nine months ended September 30, 2024 and $8,088 for the nine months ended September 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 $1,678 as of September 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 nine months ended September 30, 2024 and 2023: Nine Months Ended (in thousands) 2024 2023 Balance, beginning of year $ 928 $ 1,024 Bad debt expense (benefit) 184 (46) Balance, end of period $ 1,112 $ 978 Past due receivables and those on non-accrual status were not material as of September 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 September 30, 2024. There were no write-offs or recoveries recorded during the nine months ended September 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 $ 943 $ 328 $ 895 $ 324 $ 11,223 $ 13,713 3-4 internal grade — — — — 712 712 Loans and notes receivable $ 943 $ 328 $ 895 $ 324 $ 11,935 $ 14,425 Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) September 30, December 31, Employee bonuses, including sales incentives $ 32,308 $ 49,446 Deferred revenue (1) 22,885 35,343 Interest 15,063 10,481 Operating lease liabilities 12,674 13,562 Income taxes 12,659 7,558 Customer rebates 11,313 12,718 Wages and payroll liabilities, including vacation 11,269 8,605 Restructuring 2,936 9,689 Prepaid product discounts 1,775 4,477 Other 29,149 39,548 Accrued liabilities $ 152,031 $ 191,427 (1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $30,707 for the nine months ended September 30, 2024 and $37,972 for the nine months ended September 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) September 30, September 30, Cash and cash equivalents $ 41,307 $ 42,189 Restricted cash and restricted cash equivalents included in funds held for customers 41,258 143,893 Non-current restricted cash included in other non-current assets 3,030 2,907 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 85,595 $ 188,989

Earnings (loss) per share

Earnings (loss) per share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (loss) per share	NOTE 4: EARNINGS (LOSS) PER SHARE The following table reflects the calculation of basic and diluted earnings (loss) per share. During each period, certain share-based awards, as noted below, were excluded from the calculation of diluted earnings (loss) per share because their effect would have been antidilutive. Quarter Ended Nine Months Ended (in thousands, except per share amounts) 2024 2023 2024 2023 Earnings (loss) per share – basic: Net income (loss) $ 8,969 $ (7,957) $ 40,296 $ 11,224 Net income attributable to non-controlling interest (38) (26) (103) (80) Net income (loss) attributable to Deluxe 8,931 (7,983) 40,193 11,144 Income allocated to participating securities (3) (9) (15) (29) Income (loss) attributable to Deluxe available to common shareholders $ 8,928 $ (7,992) $ 40,178 $ 11,115 Weighted-average shares outstanding 44,250 43,663 44,106 43,498 Earnings (loss) per share – basic $ 0.20 $ (0.18) $ 0.91 $ 0.26 Earnings (loss) per share – diluted: Net income (loss) $ 8,969 $ (7,957) $ 40,296 $ 11,224 Net income attributable to non-controlling interest (38) (26) (103) (80) Net income (loss) attributable to Deluxe 8,931 (7,983) 40,193 11,144 Income allocated to participating securities (3) (9) (12) (29) Re-measurement of share-based awards classified as liabilities (7) — (45) — Income (loss) attributable to Deluxe available to common shareholders $ 8,921 $ (7,992) $ 40,136 $ 11,115 Weighted-average shares outstanding 44,250 43,663 44,106 43,498 Dilutive impact of potential common shares 556 — 550 273 Weighted-average shares and potential common shares outstanding 44,806 43,663 44,656 43,771 Earnings (loss) per share – diluted $ 0.20 $ (0.18) $ 0.90 $ 0.25 Antidilutive potential common shares excluded from calculation 1,205 1,450 1,205 1,450

Other comprehensive income (los

Other comprehensive income (loss)	9 Months Ended
	Sep. 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 (loss) was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of comprehensive income (loss) Quarter Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 $ 1,066 $ 1,066 Other income Net actuarial loss (334) (568) (1,001) (1,705) Other income Total amortization 21 (213) 65 (639) Other income Tax (expense) benefit (44) 17 (133) 49 Income tax (provision) benefit Amortization of postretirement benefit plan items, net of tax (23) (196) (68) (590) Net income (loss) Realized gain on cash flow hedges 830 984 2,640 2,191 Interest expense Tax expense (223) (264) (712) (588) Income tax (provision) benefit Realized gain on cash flow hedges, net of tax 607 720 1,928 1,603 Net income (loss) Currency translation adjustment (1) — — — (863) Gain (loss) on sale of businesses and long-lived assets Total reclassifications, net of tax $ 584 $ 524 $ 1,860 $ 150 (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 nine months ended September 30, 2024 and 2023 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss 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 loss before reclassifications — (1,013) (951) (1,964) Amounts reclassified from accumulated other comprehensive loss 68 (1,928) — (1,860) Net current-period other comprehensive income (loss) 68 (2,941) (951) (3,824) Balance, September 30, 2024 $ (19,756) $ (3,227) $ (10,869) $ (33,852) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $375. (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 — (183) 8,487 460 8,764 Amounts reclassified from accumulated other comprehensive loss 590 — (1,603) 863 (150) Net current-period other comprehensive income (loss) 590 (183) 6,884 1,323 8,614 Balance, September 30, 2023 $ (26,282) $ (1,092) $ 9,477 $ (10,753) $ (28,650) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $63. (2) Other comprehensive income before reclassifications is net of income tax expense of $3,114.

Divestitures

Divestitures	9 Months Ended
	Sep. 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 $5,208 during the quarter ended September 30, 2024 and $28,190 during the nine months ended September 30, 2024, and we received related cash proceeds of $18,321 during the nine months ended September 30, 2024. The income recognized is included in gain (loss) on sale of businesses and long-lived assets on the consolidated statements of comprehensive income (loss). Recognition of the remaining income will be based on actual customer conversion and retention activity, which we expect to be completed during the fourth quarter of 2024. These businesses generated annual revenue of approximately $27,000 during 2023. During the quarter ended September 30, 2024, we recognized a related pretax goodwill impairment charge of $6,700, as we determined that the remaining cash flows expected to be generated by these businesses no longer supported the carrying value of the related reporting unit as of September 30, 2024. Subsequent to the impairment charge, the remaining goodwill balance for this reporting unit was $1,043. In conjunction with our phased transition out of these businesses, we expect that this goodwill will be fully impaired during the fourth quarter of 2024. During the nine months ended September 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. During the quarter ended September 30, 2023, we recorded an out-of-period correcting adjustment that decreased the gain recognized on this sale by $4,457. This adjustment was not material to the period or any other historical interim or annual period. During the nine months ended September 30, 2023, we recognized a pretax gain of $17,486 on this sale. 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	9 Months Ended
	Sep. 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: September 30, December 31, (in thousands) Notional amount Interest rate (1) Maturity Balance sheet location Fair value Fair value June 2023 amortizing interest rate swap: $ 222,932 4.249 % June 2026 Other non-current liabilities $ (3,500) $ (2,158) March 2023 200,000 4.003 % March 2026 Other non-current liabilities and other non-current assets (807) 287 September 2022 interest rate swap: 300,000 3.990 % September 2025 Accrued liabilities and other non-current assets (73) 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 September 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	Jul. 01, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	NOTE 8: FAIR VALUE MEASUREMENTS Goodwill impairment analyses – Our policy regarding goodwill impairment can be found under the caption "Note 1: Significant Accounting Policies" in the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K. This policy explains our methodology for assessing the impairment of goodwill. In completing the 2024 annual impairment analysis as of July 31, 2024, we elected to perform quantitative analyses for certain of our reporting units: Merchant Services, Treasury Management and Business Essentials. These quantitative analyses indicated that the estimated fair values of the reporting units exceeded their carrying values. In determining the estimated fair values of our reporting units, we are required to estimate a number of factors, including revenue growth rates; earnings before interest, taxes, depreciation and amortization ("EBITDA") margins; terminal growth rates; discount rates; and the allocation of shared and corporate items. These assumptions require significant judgement. Actual results may differ from our assumptions and may result in future impairment charges. We elected to complete qualitative analyses for our remaining reporting units with goodwill. These qualitative analyses evaluated factors, including, but not limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. We also considered the most recent quantitative analyses completed in prior periods. In completing these qualitative assessments, we noted no changes in events or circumstances that indicated it was more likely than not that the fair value of any reporting unit was less than its carrying amount. As such, no goodwill impairment charges were recorded as a result of our 2024 annual impairment analysis. As of September 30, 2024, we also completed a quantitative analysis of the goodwill related to our U.S. and Canadian payroll and human resources services business, which we are currently in the process of exiting. This analysis resulted in a pretax goodwill impairment charge of $6,700 during the quarter ended September 30, 2024. Further information can be found in Note 6. 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 September 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 liabilities (Note 7) Accrued liabilities and other non-current liabilities $ (4,380) $ (4,380) $ — $ (4,380) $ — Amortized cost: Cash Cash and cash equivalents 41,307 41,307 41,307 — — Cash Funds held for customers 41,258 41,258 41,258 — — Cash Other non-current assets 3,030 3,030 3,030 — — Loans and notes receivable from distributors Other current assets and other non-current assets 13,314 14,278 — — 14,278 Long-term debt Current portion of long-term debt and long-term debt 1,531,527 1,515,895 — 1,515,895 — 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	9 Months Ended
	Sep. 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 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. As part of these initiatives, 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 $11,000 during the quarter ended September 30, 2024 and $20,000 during the quarter ended September 30, 2023. For the nine months ended September 30, 2024 and September 30, 2023, the associated expense was approximately $33,000 and $35,000, respectively. To date, we have incurred expense of approximately $80,000, and we anticipate that we will incur additional North Star restructuring and integration expense of approximately $30,000 through 2025. Restructuring and integration expense is reflected on the consolidated statements of comprehensive income (loss) as follows: Quarter Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Total cost of revenue $ 234 $ 6,429 $ 1,132 $ 10,868 Operating expenses 11,031 22,935 35,899 60,067 Restructuring and integration expense $ 11,265 $ 29,364 $ 37,031 $ 70,935 Restructuring and integration expense for each period was comprised of the following: Quarter Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 External consulting and other costs $ 8,614 $ 10,939 $ 25,733 $ 31,561 Employee severance benefits 902 11,179 2,459 17,526 Internal labor 381 2,469 1,602 6,341 Other 1,368 4,777 7,237 15,507 Restructuring and integration expense $ 11,265 $ 29,364 $ 37,031 $ 70,935 Our restructuring and integration accruals are included in accrued liabilities on the consolidated balance sheets and represent expected cash payments required to satisfy the remaining severance obligations to those employees already terminated and those expected to be terminated under our various initiatives. The majority of the employee reductions, as well as the related severance payments, are expected to be completed by mid-2025. Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2023 $ 9,689 Charges 2,961 Reversals (502) Payments (9,212) Balance, September 30, 2024 $ 2,936 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	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax provision	NOTE 10: INCOME TAX PROVISION Our effective income tax rate was 33.6% for the quarter ended September 30, 2024 and 33.7% for the nine months ended September 30, 2024, compared to an effective income tax rate of 34.1% for the year ended December 31, 2023. While there was a larger tax rate benefit from business exit activity in 2023 than in 2024, the 2024 tax rate benefited from lower tax impacts for share-based compensation, foreign operations and tax return to provision adjustments. For comparison, the reconciliation of our effective income 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. Our effective income tax rate for the quarter ended September 30, 2023 was 13.0%. This tax rate was driven by the pretax loss for the period, the impact of discrete items related to our business exit activity, and an increase in our state effective income tax rate during the quarter. Our effective income tax rate for the nine months ended September 30, 2023 was 45.0%. This tax rate was driven by the lower pretax income for the period, combined with tax expense related to share-based compensation and our foreign operations, including the repatriation of foreign earnings.

Postretirement benefits

Postretirement benefits	9 Months Ended
	Sep. 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, net on the consolidated statements of comprehensive income (loss) and consisted of the following components: Quarter Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Interest cost $ 435 $ 496 $ 1,306 $ 1,489 Expected return on plan assets (2,099) (1,830) (6,296) (5,490) Amortization of prior service credit (355) (355) (1,066) (1,066) Amortization of net actuarial losses 334 568 1,001 1,705 Net periodic benefit income $ (1,685) $ (1,121) $ (5,055) $ (3,362)

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	NOTE 12: DEBT Debt outstanding was comprised of the following: (in thousands) September 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 209,000 252,000 Securitization obligations 65,776 — Total principal amount 1,540,339 1,604,187 Less: unamortized discount and debt issuance costs (8,812) (11,336) Total debt, net of discount and debt issuance costs 1,531,527 1,592,851 Less: current portion of long-term debt, net of debt issuance costs (71,914) (86,153) Long-term debt $ 1,459,613 $ 1,506,698 Maturities of long-term debt were as follows as of September 30, 2024: (in thousands) Debt obligations 2025 $ 101,063 2026 898,500 2027 65,776 2028 — 2029 475,000 Total principal amount $ 1,540,339 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 6.60% as of September 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 September 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 September 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 (209,000) Outstanding letters of credit (1) (7,673) Net available for borrowing as of September 30, 2024 $ 283,327 (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 September 30, 2024, $65,776 was outstanding under the facility at an interest rate of 6.64%. 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	9 Months Ended
	Sep. 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 September 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 $9,047 as of September 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 September 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 cash flows 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 cash flows, 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 cash flows in the period in which the ruling occurs or in future periods.

Shareholders' equity

Shareholders' equity	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 or September 30, 2023, and $287,452 remained available for repurchase as of September 30, 2024.

Business segment information

Business segment information	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 30, 2024 and 2023. The segment information for 2023 has been recast to reflect our current segment structure. Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Merchant Services: Revenue $ 93,531 $ 87,984 $ 288,536 $ 268,556 Adjusted EBITDA 17,752 17,393 58,377 53,120 B2B Payments: Revenue 75,140 74,581 214,788 226,118 Adjusted EBITDA 15,264 16,074 42,537 44,741 Data Solutions: Revenue 61,065 64,080 178,169 167,735 Adjusted EBITDA 17,485 15,317 48,150 38,956 Print: Revenue 297,313 304,282 909,393 942,839 Adjusted EBITDA 97,407 98,044 282,226 298,015 Total reportable segments: Revenue $ 527,049 $ 530,927 $ 1,590,886 $ 1,605,248 Adjusted EBITDA 147,908 146,828 431,290 434,832 All other: (1) Revenue 1,395 6,917 10,329 49,648 Adjusted EBITDA 448 4,130 5,672 22,170 Total: Revenue $ 528,444 $ 537,844 $ 1,601,215 $ 1,654,896 Adjusted EBITDA 148,356 150,958 436,962 457,002 (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 (loss) before income taxes: Quarter Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Total segment adjusted EBITDA $ 148,356 $ 150,958 $ 436,962 $ 457,002 Corporate operations (43,454) (49,068) (128,217) (146,304) Depreciation and amortization expense (44,277) (38,857) (127,716) (124,985) Interest expense (29,905) (32,034) (90,910) (93,982) Net income attributable to non-controlling interest 38 26 103 80 Asset impairment charge (6,700) — (6,700) — Restructuring and integration expense (11,265) (29,364) (37,031) (70,935) Share-based compensation expense (4,842) (4,539) (14,972) (15,889) Certain legal-related benefit (expense) 350 (1,949) 50 (2,195) Gain (loss) on sale of businesses and long-lived assets 5,208 (4,324) 29,190 17,618 Income (loss) before income taxes $ 13,509 $ (9,151) $ 60,759 $ 20,410 The following tables present revenue disaggregated by our product and service offerings: Quarter Ended September 30, 2024 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 176,827 $ — $ 176,827 Merchant services 93,531 — — — — 93,531 Promotional solutions — — — 61,264 — 61,264 Forms and other business products — — — 59,222 — 59,222 Treasury management solutions — 58,574 — — — 58,574 Data-driven marketing — — 56,520 — — 56,520 Other — 16,566 4,545 — 1,395 22,506 Total revenue $ 93,531 $ 75,140 $ 61,065 $ 297,313 $ 1,395 $ 528,444 Quarter Ended September 30, 2023 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 179,990 $ — $ 179,990 Merchant services 87,984 — — — — 87,984 Promotional solutions — — — 62,309 — 62,309 Forms and other business products — — — 61,983 — 61,983 Treasury management solutions — 59,224 — — — 59,224 Data-driven marketing — — 59,561 — — 59,561 Other — 15,357 4,519 — 6,917 26,793 Total revenue $ 87,984 $ 74,581 $ 64,080 $ 304,282 $ 6,917 $ 537,844 Nine Months Ended September 30, 2024 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 534,672 $ — $ 534,672 Merchant services 288,536 — — — — 288,536 Promotional solutions — — — 193,343 — 193,343 Forms and other business products — — — 181,378 — 181,378 Treasury management solutions — 169,000 — — — 169,000 Data-driven marketing — — 163,339 — — 163,339 Other — 45,788 14,830 — 10,329 70,947 Total revenue $ 288,536 $ 214,788 $ 178,169 $ 909,393 $ 10,329 $ 1,601,215 Nine Months Ended September 30, 2023 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 545,061 $ — $ 545,061 Merchant services 268,556 — — — — 268,556 Promotional solutions — — — 203,542 1,456 204,998 Forms and other business products — — — 194,236 — 194,236 Treasury management solutions — 180,864 — — — 180,864 Data-driven marketing — — 153,346 — — 153,346 Other — 45,254 14,389 — 48,192 107,835 Total revenue $ 268,556 $ 226,118 $ 167,735 $ 942,839 $ 49,648 $ 1,654,896

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Deluxe	$ 8,931	$ (7,983)	$ 40,193	$ 11,144

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Comparability	Comparability – The consolidated statement of cash flows for the nine months ended September 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 nine months ended September 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)	9 Months Ended
	Sep. 30, 2024
Inventories and supplies	Inventories and supplies – Inventories and supplies were comprised of the following: (in thousands) September 30, December 31, Finished and semi-finished goods $ 34,425 $ 34,194 Raw materials and supplies 17,230 17,339 Reserve for excess and obsolete items (12,053) (9,445) Inventories and supplies, net of reserve $ 39,602 $ 42,088
Available-for-sale debt securities	Available-for-sale debt securities – We did not hold any available-for-sale debt securities as of September 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) September 30, December 31, Conditional right to receive consideration $ 15,745 $ 20,680 Unconditional right to receive consideration (1) 14,178 5,427 Revenue in excess of billings $ 29,923 $ 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: September 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 $ 596,355 $ (453,331) $ 143,024 $ 554,825 $ (412,364) $ 142,461 Customer lists/relationships 345,208 (247,963) 97,245 363,298 (235,557) 127,741 Partner relationships 75,396 (17,660) 57,736 74,911 (14,031) 60,880 Technology-based intangibles 65,700 (27,783) 37,917 97,633 (54,251) 43,382 Trade names 39,367 (38,716) 651 39,367 (23,792) 15,575 Software to be sold 6,200 (4,960) 1,240 36,900 (35,195) 1,705 Intangibles $ 1,128,226 $ (790,413) $ 337,813 $ 1,166,934 $ (775,190) $ 391,744
Estimated future amortization expense	Based on the intangibles in service as of September 30, 2024, estimated future amortization expense is as follows: (in thousands) Estimated Remainder of 2024 $ 32,230 2025 101,851 2026 72,200 2027 43,530 2028 27,115
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 nine months ended September 30, 2024: (in thousands) Merchant Services B2B Payments Data Solutions (1) Print (1) All Other (1) Total Balance, December 31, 2023 $ 727,688 $ 160,431 $ 40,804 $ 493,924 $ 7,743 $ 1,430,590 Asset impairment charge (Note 6) — — — — (6,700) (6,700) Currency translation adjustment — — — (29) — (29) Balance, September 30, 2024 $ 727,688 $ 160,431 $ 40,804 $ 493,895 $ 1,043 $ 1,423,861 (1) The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period. All Other is net of accumulated impairment charges of $6,700 as of September 30, 2024.
Other non-current assets	Other non-current assets – Other non-current assets were comprised of the following: (in thousands) September 30, December 31, Postretirement benefit plan asset $ 101,211 $ 94,939 Cloud computing arrangement implementation costs 44,409 59,234 Prepaid product discounts (1) 35,834 40,376 Deferred contract acquisition costs (2) 17,995 21,103 Loans and notes receivable from distributors, net of allowance for credit losses (3) 11,635 12,443 Other 23,909 23,087 Other non-current assets $ 234,993 $ 251,182 (1) Amortization of prepaid product discounts was $24,844 for the nine months ended September 30, 2024 and $25,291 for the nine months ended September 30, 2023. (2) Amortization of deferred contract acquisition costs was $9,445 for the nine months ended September 30, 2024 and $8,088 for the nine months ended September 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 $1,678 as of September 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 September 30, 2024. There were no write-offs or recoveries recorded during the nine months ended September 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 $ 943 $ 328 $ 895 $ 324 $ 11,223 $ 13,713 3-4 internal grade — — — — 712 712 Loans and notes receivable $ 943 $ 328 $ 895 $ 324 $ 11,935 $ 14,425
Accrued liabilities	Accrued liabilities – Accrued liabilities were comprised of the following: (in thousands) September 30, December 31, Employee bonuses, including sales incentives $ 32,308 $ 49,446 Deferred revenue (1) 22,885 35,343 Interest 15,063 10,481 Operating lease liabilities 12,674 13,562 Income taxes 12,659 7,558 Customer rebates 11,313 12,718 Wages and payroll liabilities, including vacation 11,269 8,605 Restructuring 2,936 9,689 Prepaid product discounts 1,775 4,477 Other 29,149 39,548 Accrued liabilities $ 152,031 $ 191,427 (1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $30,707 for the nine months ended September 30, 2024 and $37,972 for the nine months ended September 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) September 30, September 30, Cash and cash equivalents $ 41,307 $ 42,189 Restricted cash and restricted cash equivalents included in funds held for customers 41,258 143,893 Non-current restricted cash included in other non-current assets 3,030 2,907 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 85,595 $ 188,989
Trade accounts receivable [Member]
Allowance for credit losses	Trade accounts receivable – Net trade accounts receivable was comprised of the following: (in thousands) September 30, December 31, Trade accounts receivable – gross $ 183,466 $ 197,546 Allowance for credit losses (11,206) (6,541) Trade accounts receivable – net (1) $ 172,260 $ 191,005 (1) Includes unbilled receivables of $61,416 as of September 30, 2024 and $43,673 as of December 31, 2023. Changes in the allowance for credit losses for the nine months ended September 30, 2024 and 2023 were as follows: Nine Months Ended (in thousands) 2024 2023 Balance, beginning of year $ 6,541 $ 4,182 Bad debt expense 12,040 5,191 Write-offs and other (7,375) (2,774) Balance, end of period $ 11,206 $ 6,599
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 nine months ended September 30, 2024 and 2023: Nine Months Ended (in thousands) 2024 2023 Balance, beginning of year $ 928 $ 1,024 Bad debt expense (benefit) 184 (46) Balance, end of period $ 1,112 $ 978

Earnings (loss) per share (Tabl

Earnings (loss) per share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (loss) per share	The following table reflects the calculation of basic and diluted earnings (loss) per share. During each period, certain share-based awards, as noted below, were excluded from the calculation of diluted earnings (loss) per share because their effect would have been antidilutive. Quarter Ended Nine Months Ended (in thousands, except per share amounts) 2024 2023 2024 2023 Earnings (loss) per share – basic: Net income (loss) $ 8,969 $ (7,957) $ 40,296 $ 11,224 Net income attributable to non-controlling interest (38) (26) (103) (80) Net income (loss) attributable to Deluxe 8,931 (7,983) 40,193 11,144 Income allocated to participating securities (3) (9) (15) (29) Income (loss) attributable to Deluxe available to common shareholders $ 8,928 $ (7,992) $ 40,178 $ 11,115 Weighted-average shares outstanding 44,250 43,663 44,106 43,498 Earnings (loss) per share – basic $ 0.20 $ (0.18) $ 0.91 $ 0.26 Earnings (loss) per share – diluted: Net income (loss) $ 8,969 $ (7,957) $ 40,296 $ 11,224 Net income attributable to non-controlling interest (38) (26) (103) (80) Net income (loss) attributable to Deluxe 8,931 (7,983) 40,193 11,144 Income allocated to participating securities (3) (9) (12) (29) Re-measurement of share-based awards classified as liabilities (7) — (45) — Income (loss) attributable to Deluxe available to common shareholders $ 8,921 $ (7,992) $ 40,136 $ 11,115 Weighted-average shares outstanding 44,250 43,663 44,106 43,498 Dilutive impact of potential common shares 556 — 550 273 Weighted-average shares and potential common shares outstanding 44,806 43,663 44,656 43,771 Earnings (loss) per share – diluted $ 0.20 $ (0.18) $ 0.90 $ 0.25 Antidilutive potential common shares excluded from calculation 1,205 1,450 1,205 1,450

Other comprehensive income (l_2

Other comprehensive income (loss) (Tables)	9 Months Ended
	Sep. 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 (loss) was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of comprehensive income (loss) Quarter Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Amortization of postretirement benefit plan items: Prior service credit $ 355 $ 355 $ 1,066 $ 1,066 Other income Net actuarial loss (334) (568) (1,001) (1,705) Other income Total amortization 21 (213) 65 (639) Other income Tax (expense) benefit (44) 17 (133) 49 Income tax (provision) benefit Amortization of postretirement benefit plan items, net of tax (23) (196) (68) (590) Net income (loss) Realized gain on cash flow hedges 830 984 2,640 2,191 Interest expense Tax expense (223) (264) (712) (588) Income tax (provision) benefit Realized gain on cash flow hedges, net of tax 607 720 1,928 1,603 Net income (loss) Currency translation adjustment (1) — — — (863) Gain (loss) on sale of businesses and long-lived assets Total reclassifications, net of tax $ 584 $ 524 $ 1,860 $ 150 (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	Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss for the nine months ended September 30, 2024 and 2023 were as follows: (in thousands) Postretirement benefit plans Net unrealized loss 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 loss before reclassifications — (1,013) (951) (1,964) Amounts reclassified from accumulated other comprehensive loss 68 (1,928) — (1,860) Net current-period other comprehensive income (loss) 68 (2,941) (951) (3,824) Balance, September 30, 2024 $ (19,756) $ (3,227) $ (10,869) $ (33,852) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $375. (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 — (183) 8,487 460 8,764 Amounts reclassified from accumulated other comprehensive loss 590 — (1,603) 863 (150) Net current-period other comprehensive income (loss) 590 (183) 6,884 1,323 8,614 Balance, September 30, 2023 $ (26,282) $ (1,092) $ 9,477 $ (10,753) $ (28,650) (1) Other comprehensive loss before reclassifications is net of an income tax benefit of $63. (2) Other comprehensive income before reclassifications is net of income tax expense of $3,114.

Derivative financial instrume_2

Derivative financial instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	Our derivative instruments were comprised of the following: September 30, December 31, (in thousands) Notional amount Interest rate (1) Maturity Balance sheet location Fair value Fair value June 2023 amortizing interest rate swap: $ 222,932 4.249 % June 2026 Other non-current liabilities $ (3,500) $ (2,158) March 2023 200,000 4.003 % March 2026 Other non-current liabilities and other non-current assets (807) 287 September 2022 interest rate swap: 300,000 3.990 % September 2025 Accrued liabilities and other non-current assets (73) 1,519 (1)

Fair value measurements (Tables

Fair value measurements (Tables)	9 Months Ended
	Sep. 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 September 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 liabilities (Note 7) Accrued liabilities and other non-current liabilities $ (4,380) $ (4,380) $ — $ (4,380) $ — Amortized cost: Cash Cash and cash equivalents 41,307 41,307 41,307 — — Cash Funds held for customers 41,258 41,258 41,258 — — Cash Other non-current assets 3,030 3,030 3,030 — — Loans and notes receivable from distributors Other current assets and other non-current assets 13,314 14,278 — — 14,278 Long-term debt Current portion of long-term debt and long-term debt 1,531,527 1,515,895 — 1,515,895 — 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)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and integration expense	Restructuring and integration expense is reflected on the consolidated statements of comprehensive income (loss) as follows: Quarter Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Total cost of revenue $ 234 $ 6,429 $ 1,132 $ 10,868 Operating expenses 11,031 22,935 35,899 60,067 Restructuring and integration expense $ 11,265 $ 29,364 $ 37,031 $ 70,935 Restructuring and integration expense for each period was comprised of the following: Quarter Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 External consulting and other costs $ 8,614 $ 10,939 $ 25,733 $ 31,561 Employee severance benefits 902 11,179 2,459 17,526 Internal labor 381 2,469 1,602 6,341 Other 1,368 4,777 7,237 15,507 Restructuring and integration expense $ 11,265 $ 29,364 $ 37,031 $ 70,935
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 2,961 Reversals (502) Payments (9,212) Balance, September 30, 2024 $ 2,936

Postretirement benefits (Tables

Postretirement benefits (Tables)	9 Months Ended
	Sep. 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, net on the consolidated statements of comprehensive income (loss) and consisted of the following components: Quarter Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Interest cost $ 435 $ 496 $ 1,306 $ 1,489 Expected return on plan assets (2,099) (1,830) (6,296) (5,490) Amortization of prior service credit (355) (355) (1,066) (1,066) Amortization of net actuarial losses 334 568 1,001 1,705 Net periodic benefit income $ (1,685) $ (1,121) $ (5,055) $ (3,362)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt outstanding	Debt outstanding was comprised of the following: (in thousands) September 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 209,000 252,000 Securitization obligations 65,776 — Total principal amount 1,540,339 1,604,187 Less: unamortized discount and debt issuance costs (8,812) (11,336) Total debt, net of discount and debt issuance costs 1,531,527 1,592,851 Less: current portion of long-term debt, net of debt issuance costs (71,914) (86,153) Long-term debt $ 1,459,613 $ 1,506,698
Maturities of long-term debt	Maturities of long-term debt were as follows as of September 30, 2024: (in thousands) Debt obligations 2025 $ 101,063 2026 898,500 2027 65,776 2028 — 2029 475,000 Total principal amount $ 1,540,339
Revolving credit facility	As of September 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 (209,000) Outstanding letters of credit (1) (7,673) Net available for borrowing as of September 30, 2024 $ 283,327 (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)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Business segment information	The following is our segment information for the quarters and nine months ended September 30, 2024 and 2023. The segment information for 2023 has been recast to reflect our current segment structure. Quarter Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Merchant Services: Revenue $ 93,531 $ 87,984 $ 288,536 $ 268,556 Adjusted EBITDA 17,752 17,393 58,377 53,120 B2B Payments: Revenue 75,140 74,581 214,788 226,118 Adjusted EBITDA 15,264 16,074 42,537 44,741 Data Solutions: Revenue 61,065 64,080 178,169 167,735 Adjusted EBITDA 17,485 15,317 48,150 38,956 Print: Revenue 297,313 304,282 909,393 942,839 Adjusted EBITDA 97,407 98,044 282,226 298,015 Total reportable segments: Revenue $ 527,049 $ 530,927 $ 1,590,886 $ 1,605,248 Adjusted EBITDA 147,908 146,828 431,290 434,832 All other: (1) Revenue 1,395 6,917 10,329 49,648 Adjusted EBITDA 448 4,130 5,672 22,170 Total: Revenue $ 528,444 $ 537,844 $ 1,601,215 $ 1,654,896 Adjusted EBITDA 148,356 150,958 436,962 457,002 (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 (loss) before income taxes: Quarter Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Total segment adjusted EBITDA $ 148,356 $ 150,958 $ 436,962 $ 457,002 Corporate operations (43,454) (49,068) (128,217) (146,304) Depreciation and amortization expense (44,277) (38,857) (127,716) (124,985) Interest expense (29,905) (32,034) (90,910) (93,982) Net income attributable to non-controlling interest 38 26 103 80 Asset impairment charge (6,700) — (6,700) — Restructuring and integration expense (11,265) (29,364) (37,031) (70,935) Share-based compensation expense (4,842) (4,539) (14,972) (15,889) Certain legal-related benefit (expense) 350 (1,949) 50 (2,195) Gain (loss) on sale of businesses and long-lived assets 5,208 (4,324) 29,190 17,618 Income (loss) before income taxes $ 13,509 $ (9,151) $ 60,759 $ 20,410
Revenue disaggregated by product and service offerings	The following tables present revenue disaggregated by our product and service offerings: Quarter Ended September 30, 2024 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 176,827 $ — $ 176,827 Merchant services 93,531 — — — — 93,531 Promotional solutions — — — 61,264 — 61,264 Forms and other business products — — — 59,222 — 59,222 Treasury management solutions — 58,574 — — — 58,574 Data-driven marketing — — 56,520 — — 56,520 Other — 16,566 4,545 — 1,395 22,506 Total revenue $ 93,531 $ 75,140 $ 61,065 $ 297,313 $ 1,395 $ 528,444 Quarter Ended September 30, 2023 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 179,990 $ — $ 179,990 Merchant services 87,984 — — — — 87,984 Promotional solutions — — — 62,309 — 62,309 Forms and other business products — — — 61,983 — 61,983 Treasury management solutions — 59,224 — — — 59,224 Data-driven marketing — — 59,561 — — 59,561 Other — 15,357 4,519 — 6,917 26,793 Total revenue $ 87,984 $ 74,581 $ 64,080 $ 304,282 $ 6,917 $ 537,844 Nine Months Ended September 30, 2024 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 534,672 $ — $ 534,672 Merchant services 288,536 — — — — 288,536 Promotional solutions — — — 193,343 — 193,343 Forms and other business products — — — 181,378 — 181,378 Treasury management solutions — 169,000 — — — 169,000 Data-driven marketing — — 163,339 — — 163,339 Other — 45,788 14,830 — 10,329 70,947 Total revenue $ 288,536 $ 214,788 $ 178,169 $ 909,393 $ 10,329 $ 1,601,215 Nine Months Ended September 30, 2023 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 545,061 $ — $ 545,061 Merchant services 268,556 — — — — 268,556 Promotional solutions — — — 203,542 1,456 204,998 Forms and other business products — — — 194,236 — 194,236 Treasury management solutions — 180,864 — — — 180,864 Data-driven marketing — — 153,346 — — 153,346 Other — 45,254 14,389 — 48,192 107,835 Total revenue $ 268,556 $ 226,118 $ 167,735 $ 942,839 $ 49,648 $ 1,654,896

Supplemental balance sheet an_3

Supplemental balance sheet and cash flow information (trade accounts receivable, allowance for credit losses) (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Trade accounts receivable
Trade accounts receivable - gross		$ 183,466		$ 197,546
Allowance for credit losses		(11,206)		(6,541)
Trade accounts receivable - net	[1]	172,260		191,005
Unbilled receivables		61,416		$ 43,673
Changes in allowance for credit losses
Balance, beginning of year		6,541	$ 4,182
Bad debt expense		12,040	5,191
Write-offs and other		(7,375)	(2,774)
Balance, end of period		$ 11,206	$ 6,599
[1]Includes unbilled receivables of $61,416 as of September 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	Sep. 30, 2024	Dec. 31, 2023
Inventories and supplies
Finished and semi-finished goods	$ 34,425	$ 34,194
Raw materials and supplies	17,230	17,339
Reserve for excess and obsolete items	(12,053)	(9,445)
Inventories and supplies, net of reserve	$ 39,602	$ 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		Sep. 30, 2024	Dec. 31, 2023
Revenue in excess of billings
Conditional right to receive consideration		$ 15,745	$ 20,680
Unconditional right to receive consideration	[1]	14,178	5,427
Revenue in excess of billings		$ 29,923	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Amortizable intangibles [Line Items]
Gross carrying amount	$ 1,128,226		$ 1,128,226		$ 1,166,934
Accumulated amortization	(790,413)		(790,413)		(775,190)
Net carrying amount	337,813		337,813		391,744
Amortization of intangibles	38,626	$ 34,941	111,690	$ 110,017
Estimated future amortization expense
Remainder of 2024	32,230		32,230
2025	101,851		101,851
2026	72,200		72,200
2027	43,530		43,530
2028	27,115		27,115
Internal-use software [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	596,355		596,355		554,825
Accumulated amortization	(453,331)		(453,331)		(412,364)
Net carrying amount	143,024		143,024		142,461
Acquired intangibles			$ 56,163
Acquired intangibles, weighted-average useful life (in years)			3 years
Customer lists/relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	345,208		$ 345,208		363,298
Accumulated amortization	(247,963)		(247,963)		(235,557)
Net carrying amount	97,245		97,245		127,741
Partner relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	75,396		75,396		74,911
Accumulated amortization	(17,660)		(17,660)		(14,031)
Net carrying amount	57,736		57,736		60,880
Technology-based intangibles [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	65,700		65,700		97,633
Accumulated amortization	(27,783)		(27,783)		(54,251)
Net carrying amount	37,917		37,917		43,382
Trade names [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	39,367		39,367		39,367
Accumulated amortization	(38,716)		(38,716)		(23,792)
Net carrying amount	651		651		15,575
Trade names [Member] | Modification of useful life [Member]
Amortizable intangibles [Line Items]
Amortization of intangibles	6,674		13,349
Software to be sold [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	6,200		6,200		36,900
Accumulated amortization	(4,960)		(4,960)		(35,195)
Net carrying amount	$ 1,240		$ 1,240		$ 1,705

Supplemental balance sheet an_8

Supplemental balance sheet and cash flow information (goodwill) (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning of year			$ 1,430,590		$ 1,430,590
Asset impairment charge (Note 6)		$ (6,700)	0	$ 0	(6,700)	$ 0
Currency translation adjustment					(29)
Goodwill, end of period		1,423,861			1,423,861
Operating segments [Member] | Merchant Services [Member]
Goodwill [Roll Forward]
Goodwill, beginning of year			727,688		727,688
Goodwill, end of period		727,688			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			160,431
Operating segments [Member] | Data Solutions [Member]
Goodwill [Roll Forward]
Goodwill, beginning of year			40,804		40,804
Goodwill, end of period	[1]	40,804			40,804
Goodwill accumulated impairment charges		145,584			145,584		$ 145,584
Operating segments [Member] | Print [Member]
Goodwill [Roll Forward]
Goodwill, beginning of year			493,924		493,924
Currency translation adjustment					(29)
Goodwill, end of period	[1]	493,895			493,895
Goodwill accumulated impairment charges		193,699			193,699		$ 193,699
Operating segments [Member] | All Other [Member]
Goodwill [Roll Forward]
Goodwill, beginning of year			$ 7,743		7,743
Asset impairment charge (Note 6)					(6,700)
Goodwill, end of period	[1]	1,043			1,043
Goodwill accumulated impairment charges		$ 6,700			$ 6,700
[1] (1)

Supplemental balance sheet an_9

Supplemental balance sheet and cash flow information (other non-current assets) (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Other non-current assets
Postretirement benefit plan asset		$ 101,211		$ 94,939
Cloud computing arrangements implementation costs		44,409		59,234
Prepaid product discounts	[1]	35,834		40,376
Deferred contract acquisition costs	[2]	17,995		21,103
Loans and notes receivable from distributors, net of allowance for credit losses	[3]	11,635		12,443
Other		23,909		23,087
Other non-current assets		234,993		251,182
Amortization of prepaid product discounts		24,844	$ 25,291
Amortization of deferred contract acquisition costs		9,445	8,088
Loans and notes receivable from distributors, current		1,678		$ 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)		184	(46)
Balance, end of period		1,112	$ 978
Write-offs		0
Recoveries		0
Loans and notes receivable from distributors, credit quality information
2024		943
2023		328
2020		895
2019		324
Prior		11,935
Total		14,425
Loans and notes receivable from distributors [Member] | 1-2 internal grade member [Member]
Loans and notes receivable from distributors, credit quality information
2024		943
2023		328
2020		895
2019		324
Prior		11,223
Total		13,713
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		712
Total		$ 712
[1] Amortization of prepaid product discounts was $24,844 for the nine months ended September 30, 2024 and $25,291 for the nine months ended September 30, 2023. Amortization of deferred contract acquisition costs was $9,445 for the nine months ended September 30, 2024 and $8,088 for the nine months ended September 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 $1,678 as of September 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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Accrued liabilities
Deferred revenue	[1]	$ 22,885		$ 35,343
Employee bonuses, including sales incentives		32,308		49,446
Interest		15,063		10,481
Operating lease liabilities		12,674		13,562
Income taxes		12,659		7,558
Customer rebates		11,313		12,718
Wages and payroll liabilities, including vacation		11,269		8,605
Restructuring		2,936		9,689
Prepaid product discounts		1,775		4,477
Other		29,149		39,548
Accrued liabilities		152,031		191,427
Deferred revenue recognized		30,707	$ 37,972
Supplemental cash flow information
Cash and cash equivalents		41,307	42,189	71,962
Restricted cash and restricted cash equivalents included in funds held for customers		$ 41,258	$ 143,893
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		$ 3,030	$ 2,907	2,937
Total cash, cash equivalents, restricted cash and restricted cash equivalents		$ 85,595	$ 188,989	$ 458,033	$ 337,415
[1] Revenue recognized for amounts included in deferred revenue at the beginning of the period was $30,707 for the nine months ended September 30, 2024 and $37,972 for the nine months ended September 30, 2023.

Earnings (loss) per share (Deta

Earnings (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings (loss) per share - basic:
Net income (loss)	$ 8,969	$ (7,957)	$ 40,296	$ 11,224
Net income attributable to non-controlling interest	(38)	(26)	(103)	(80)
Net income (loss) attributable to Deluxe	8,931	(7,983)	40,193	11,144
Income allocated to participating securities	(3)	(9)	(15)	(29)
Income (loss) attributable to Deluxe available to common shareholders	$ 8,928	$ (7,992)	$ 40,178	$ 11,115
Weighted-average shares outstanding	44,250	43,663	44,106	43,498
Earnings (loss) per share - basic	$ 0.20	$ (0.18)	$ 0.91	$ 0.26
Earnings (loss) per share - diluted:
Net income (loss)	$ 8,969	$ (7,957)	$ 40,296	$ 11,224
Net income attributable to non-controlling interest	(38)	(26)	(103)	(80)
Net income (loss) attributable to Deluxe	8,931	(7,983)	40,193	11,144
Income allocated to participating securities	(3)	(9)	(12)	(29)
Re-measurement of share-based awards classified as liabilities	(7)	0	(45)	0
Income (loss) attributable to Deluxe available to common shareholders	$ 8,921	$ (7,992)	$ 40,136	$ 11,115
Weighted-average shares outstanding	44,250	43,663	44,106	43,498
Dilutive impact of potential common shares	556	0	550	273
Weighted-average shares and potential common shares outstanding	44,806	43,663	44,656	43,771
Earnings (loss) per share - diluted	$ 0.20	$ (0.18)	$ 0.90	$ 0.25
Antidilutive potential common shares excluded from calculation	1,205	1,450	1,205	1,450

Other comprehensive income (l_3

Other comprehensive income (loss) (reclassification adjustments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amounts reclassified from accumulated other comprehensive loss
Prior service credit	$ 355	$ 355	$ 1,066	$ 1,066
Net actuarial loss	(334)	(568)	(1,001)	(1,705)
Total amortization	21	(213)	65	(639)
Tax (expense) benefit	(44)	17	(133)	49
Amortization of postretirement benefit plan items, net of tax	(23)	(196)	(68)	(590)
Realized gain on cash flow hedges	830	984	2,640	2,191
Tax expense	(223)	(264)	(712)	(588)
Realized gain on cash flow hedges, net of tax	607	720	1,928	1,603
Currency translation adjustment	0	0	0	863	[1]
Total reclassifications, net of tax	$ 584	$ 524	$ 1,860	$ 150
[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		9 Months Ended
		Sep. 30, 2024		Sep. 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		68		590
Net current-period other comprehensive income (loss)		68		590
Balance, end of period		(19,756)		(26,282)
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]			(183)
Amounts reclassified from accumulated other comprehensive loss				0
Net current-period other comprehensive income (loss)				(183)
Balance, end of period				(1,092)
Unrealized loss on debt securities arising during the period, tax benefit				(63)
Net unrealized (loss) 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		(1,013)	[2]	8,487	[3]
Amounts reclassified from accumulated other comprehensive loss		(1,928)		(1,603)
Net current-period other comprehensive income (loss)		(2,941)		6,884
Balance, end of period		(3,227)		9,477
Unrealized (loss) gain on cash flow hedges arising during the period, tax (benefit) expense		(375)		3,114
Currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of period		(9,918)		(12,076)
Other comprehensive income (loss) before reclassifications		(951)		460
Amounts reclassified from accumulated other comprehensive loss		0		863
Net current-period other comprehensive income (loss)		(951)		1,323
Balance, end of period		(10,869)		(10,753)
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		(1,964)		8,764
Amounts reclassified from accumulated other comprehensive loss		(1,860)		(150)
Net current-period other comprehensive income (loss)		(3,824)		8,614
Balance, end of period		$ (33,852)		$ (28,650)
[1] Other comprehensive loss before reclassifications is net of an income tax benefit of $63. Other comprehensive loss before reclassifications is net of an income tax benefit of $375. Other comprehensive income before reclassifications is net of income tax expense of $3,114.

Divestitures (Details)

Divestitures (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2023	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Divestitures [Line Items]
Total revenue		$ 528,444		$ 537,844	$ 1,601,215	$ 1,654,896
Gain (loss) on sale of businesses and long-lived assets		5,208		(4,324)	29,190	17,618
Goodwill impairment charge		6,700	$ 0	0	6,700	0
Goodwill		1,423,861			1,423,861		$ 1,430,590
North American web hosting and logo design businesses [Member]
Divestitures [Line Items]
Total revenue							28,000
Gain (loss) on sale of businesses and long-lived assets						$ 17,486
Cash proceeds from business exit	$ 31,230
North American web hosting and logo design businesses [Member] | AmountOfAdjustmentToPriorPeriodGainOnDisposalMember [Member]
Divestitures [Line Items]
Gain (loss) on sale of businesses and long-lived assets				$ (4,457)
Payroll and human resource services business
Divestitures [Line Items]
Total revenue							$ 27,000
Gain (loss) on sale of businesses and long-lived assets		5,208			28,190
Cash proceeds from business exit					18,321
Goodwill impairment charge		6,700
Goodwill		$ 1,043			1,043
Customer lists/relationships [Member]
Divestitures [Line Items]
Gain (loss) on sale of businesses and long-lived assets					$ 1,000

Derivative financial instrume_3

Derivative financial instruments (Details) - USD ($) $ in Thousands			9 Months Ended
		Jun. 01, 2021	Sep. 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					$ 222,932
Interest rate	[1]				4.249%
Fair value asset / (liability), other non-current liabilities			$ (3,500)	$ (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				287
Fair value asset / (liability), other non-current liabilities			(807)
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				$ 1,519
Fair value asset / (liability), accrued liabilities			$ (73)
[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	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair value measurements [Line Items]
Goodwill impairment charge	$ 6,700	$ 0	$ 0	$ 6,700	$ 0
Derivative assets (Note 7) [Extensible Enumeration]						Other non-current assets
Derivative Liability (Note 7) [Extensible Enumeration]	Accrued liabilities, Other non-current liabilities			Accrued liabilities, Other non-current liabilities		Other non-current liabilities
Derivative assets (Note 7)						$ 1,806
Derivative liability (Note 7)	$ (4,380)			$ (4,380)		(2,158)
Cash, fair value						22,000
Restricted cash, carrying value	3,030		$ 2,907	3,030	$ 2,907	2,937
Restricted cash, fair value	3,030			3,030		2,937
Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Derivative assets (Note 7)						1,806
Derivative liability (Note 7)	(4,380)			(4,380)		(2,158)
Non-recurring fair value measurement [Member]
Fair value measurements [Line Items]
Goodwill impairment charge	0
Quoted prices in active markets for identical assets (Level 1) [Member]
Fair value measurements [Line Items]
Restricted cash, fair value	3,030			3,030		2,937
Significant other observable inputs (Level 2) [Member] | Recurring fair value measurements [Member]
Fair value measurements [Line Items]
Derivative assets (Note 7)						1,806
Derivative liability (Note 7)	(4,380)			(4,380)		(2,158)
Funds held for customers [Member]
Fair value measurements [Line Items]
Cash, carrying value	41,258			41,258		383,134
Cash, fair value	41,258			41,258		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	41,258			41,258		383,134
Other current and noncurrent assets [Member]
Fair value measurements [Line Items]
Loans and notes receivable from distributors	13,314			13,314		13,430
Loans and notes receivable from distributors, fair value	14,278			14,278		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	14,278			14,278		13,249
Cash and cash equivalents [Member]
Fair value measurements [Line Items]
Cash, carrying value	41,307			41,307		49,962
Cash, fair value	41,307			41,307		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	41,307			41,307		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	1,531,527			1,531,527		1,592,851
Long-term debt, fair value	1,515,895			1,515,895		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	1,515,895			$ 1,515,895		$ 1,554,028
Payroll and human resource services business
Fair value measurements [Line Items]
Goodwill impairment charge	$ 6,700

Restructuring and integration_3

Restructuring and integration expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		18 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 11,265	$ 29,364	$ 37,031	$ 70,935
Total cost of revenue [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	234	6,429	1,132	10,868
Operating expenses [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	11,031	22,935	35,899	60,067
North Star program [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	11,000	20,000	33,000	35,000	$ 80,000
Anticipated additional restructuring and integration expense	30,000		30,000		$ 30,000
External consulting and other costs [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	8,614	10,939	25,733	31,561
Employee severance benefits [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense			2,961
Restructuring charges, net	902	11,179	2,459	17,526
Internal labor [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	381	2,469	1,602	6,341
Other [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 1,368	$ 4,777	$ 7,237	$ 15,507

Restructuring and integration_4

Restructuring and integration expense (accruals) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Balance, December 31, 2023			$ 9,689
Charges	$ 11,265	$ 29,364	37,031	$ 70,935
Balance, September 30, 2024	2,936		2,936
Employee severance benefits [Member]
Restructuring Cost and Reserve [Line Items]
Balance, December 31, 2023			9,689
Charges			2,961
Reversals			(502)
Payments			(9,212)
Balance, September 30, 2024	$ 2,936		$ 2,936

Income tax provision (Details)

Income tax provision (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	33.60%	13%	33.70%	45%	34.10%

Postretirement benefits (Detail

Postretirement benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net periodic benefit income
Interest cost	$ 435	$ 496	$ 1,306	$ 1,489
Expected return on plan assets	(2,099)	(1,830)	(6,296)	(5,490)
Amortization of prior service credit	(355)	(355)	(1,066)	(1,066)
Amortization of net actuarial losses	334	568	1,001	1,705
Net periodic benefit income	$ (1,685)	$ (1,121)	$ (5,055)	$ (3,362)

Debt (Details)

Debt (Details) $ in Thousands			3 Months Ended					9 Months Ended	20 Months Ended
		Jun. 01, 2021 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 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								$ 1,540,339			$ 1,604,187
Less: unamortized discount and debt issuance costs								(8,812)			(11,336)
Total debt, net of discount and debt issuance costs								1,531,527			1,592,851
Less: current portion of long-term debt, net of debt issuance costs								(71,914)			(86,153)
Long-term debt								1,459,613			1,506,698
Maturities of long-term debt
2025								101,063
2026								898,500
2027								65,776
2028								0
2029								475,000
Senior, secured revolving credit facility [Member]
Debt instruments [Line Items]
Total principal amount								209,000			252,000
Credit facility, commitment		$ 500,000						500,000
Net available for borrowing as of September 30, 2024								283,327
Senior, secured term loan facility [Member]
Debt instruments [Line Items]
Total principal amount		1,155,000						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
Letter of credit sub-facility [Member]
Debt instruments [Line Items]
Credit facility, commitment		25,000						25,000
Outstanding letters of credit	[1]							$ (7,673)
Credit facility agreement [Member]
Debt instruments [Line Items]
Weighted-average interest rate at period end								6.60%			6.83%
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
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								65,776			$ 0
Credit facility, commitment								$ 80,000		$ 80,000
Weighted-average interest rate at period end								6.64%
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	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Self-insurance liabilities	$ 9,047	$ 9,024

Shareholders' equity (Details)

Shareholders' equity (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 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			9 Months Ended
		Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) customers	Sep. 30, 2023 USD ($) customers
Business segment information [Line Items]
Revenue		$ 528,444		$ 537,844	$ 1,601,215	$ 1,654,896
Depreciation and amortization expense		(44,277)		(38,857)	(127,716)	(124,985)
Interest expense		(29,905)		(32,034)	(90,910)	(93,982)
Net income attributable to non-controlling interest		38		26	103	80
Asset impairment charge		(6,700)	$ 0	0	(6,700)	0
Restructuring and integration expense		(11,265)		(29,364)	(37,031)	(70,935)
Share-based compensation expense		(4,842)		(4,539)	(14,972)	(15,889)
Certain legal-related benefit (expense)		350		(1,949)	50	(2,195)
Gain (loss) on sale of businesses and long-lived assets		5,208		(4,324)	29,190	17,618
Income (loss) before income taxes		13,509		(9,151)	60,759	20,410
Operating segments [Member]
Business segment information [Line Items]
Adjusted EBITDA		148,356		150,958	436,962	457,002
Operating segments [Member] | Merchant Services [Member]
Business segment information [Line Items]
Revenue		93,531		87,984	288,536	268,556
Adjusted EBITDA		17,752		17,393	58,377	53,120
Operating segments [Member] | B2B Payments [Member]
Business segment information [Line Items]
Revenue		75,140		74,581	214,788	226,118
Adjusted EBITDA		15,264		16,074	42,537	44,741
Operating segments [Member] | Data Solutions [Member]
Business segment information [Line Items]
Revenue		61,065		64,080	178,169	167,735
Adjusted EBITDA		17,485		15,317	48,150	38,956
Operating segments [Member] | Print [Member]
Business segment information [Line Items]
Revenue		297,313		304,282	909,393	942,839
Adjusted EBITDA		97,407		98,044	282,226	298,015
Operating segments [Member] | Total reportable segments [Member]
Business segment information [Line Items]
Revenue		527,049		530,927	1,590,886	1,605,248
Adjusted EBITDA		147,908		146,828	431,290	434,832
Operating segments [Member] | All Other [Member]
Business segment information [Line Items]
Revenue	[1]	1,395		6,917	10,329	49,648
Adjusted EBITDA	[1]	448		4,130	5,672	22,170
Asset impairment charge					(6,700)
Corporate operations [Member]
Business segment information [Line Items]
Adjusted EBITDA		$ (43,454)		$ (49,068)	$ (128,217)	$ (146,304)
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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregated revenue information
Revenue		$ 528,444	$ 537,844	$ 1,601,215	$ 1,654,896
Merchant Services [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		93,531	87,984	288,536	268,556
B2B Payments [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		75,140	74,581	214,788	226,118
Data Solutions [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		61,065	64,080	178,169	167,735
Print [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		297,313	304,282	909,393	942,839
All Other [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue	[1]	1,395	6,917	10,329	49,648
Checks [Member]
Disaggregated revenue information
Revenue		176,827	179,990	534,672	545,061
Checks [Member] | Print [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		176,827	179,990	534,672	545,061
Merchant services [Member]
Disaggregated revenue information
Revenue		93,531	87,984	288,536	268,556
Merchant services [Member] | Merchant Services [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		93,531	87,984	288,536	268,556
Promotional solutions [Member]
Disaggregated revenue information
Revenue		61,264	62,309	193,343	204,998
Promotional solutions [Member] | Print [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		61,264	62,309	193,343	203,542
Promotional solutions [Member] | All Other [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue					1,456
Forms and other business products [Member]
Disaggregated revenue information
Revenue		59,222	61,983	181,378	194,236
Forms and other business products [Member] | Print [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		59,222	61,983	181,378	194,236
Treasury management solutions [Member]
Disaggregated revenue information
Revenue		58,574	59,224	169,000	180,864
Treasury management solutions [Member] | B2B Payments [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		58,574	59,224	169,000	180,864
Data-driven marketing [Member]
Disaggregated revenue information
Revenue		56,520	59,561	163,339	153,346
Data-driven marketing [Member] | Data Solutions [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		56,520	59,561	163,339	153,346
Other [Member]
Disaggregated revenue information
Revenue		22,506	26,793	70,947	107,835
Other [Member] | B2B Payments [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		16,566	15,357	45,788	45,254
Other [Member] | Data Solutions [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		4,545	4,519	14,830	14,389
Other [Member] | All Other [Member] | Operating segments [Member]
Disaggregated revenue information
Revenue		$ 1,395	$ 6,917	$ 10,329	$ 48,192
[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).