Deluxe (DLX) 10-K 21 Feb 25 2024 FY Annual report Financial data

Document

Document - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 12, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-7945
Entity Registrant Name	DELUXE CORPORATION
Entity Central Index Key	0000027996
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0216800
Entity Address, Address Line One	801 S. Marquette Ave.
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402-2807
City Area Code	651
Local Phone Number	483-7111
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	DLX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Document Financial Statement Error Correction [Flag]	false
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 976,743,692
Common Stock, Shares Outstanding		44,430,803
Documents Incorporated by Reference	Portions of our definitive proxy statement to be filed within 120 days after our fiscal year-end are incorporated by reference in Part III.
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents, including securities carried at fair value of $0 and $22,000, respectively	$ 34,399	$ 71,962
Trade accounts receivable, net of allowance for credit losses	174,076	191,005
Inventories and supplies, net of reserve	36,393	42,088
Settlement processing assets	271,876	383,134
Prepaid expenses	32,751	30,116
Revenue in excess of billings	26,741	26,107
Other current assets	35,403	16,576
Total current assets	611,639	760,988
Deferred income taxes	6,969	8,694
Long-term investments	61,025	61,924
Property, plant and equipment, net of accumulated depreciation	111,587	116,539
Operating lease assets	49,382	58,961
Intangibles, net of accumulated amortization	331,053	391,744
Goodwill	1,422,737	1,430,590
Other non-current assets	236,644	251,182
Total assets	2,831,036	3,080,622
Current liabilities:
Accounts payable	164,878	154,863
Settlement processing obligations	273,915	386,622
Accrued liabilities	149,593	191,427
Current portion of long-term debt	37,130	86,153
Total current liabilities	625,516	819,065
Long-term debt	1,466,021	1,506,698
Operating lease liabilities	48,982	58,840
Deferred income taxes	2,104	22,649
Other non-current liabilities	67,495	68,754
Commitments and contingencies (Notes 10, 14 and 15)
Shareholders' equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: December 31, 2024 - 44,315; December 31, 2023 - 43,743)	44,315	43,743
Additional paid-in capital	117,122	99,141
Retained earnings	489,231	491,238
Accumulated other comprehensive loss	(29,916)	(30,028)
Non-controlling Interest	166	522
Total shareholders' equity	620,918	604,616
Total liabilities and shareholders' equity	$ 2,831,036	$ 3,080,622

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Cash and cash equivalents, fair value	$ 0	$ 22,000
Common stock, par value (per share)	$ 1	$ 1
Common stock, shares authorized	500,000	500,000
Common stock, shares outstanding	44,315	43,743

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total revenue	$ 2,121,761	$ 2,192,260	$ 2,238,010
Total cost of revenue	(995,311)	(1,029,577)	(1,032,116)
Gross profit	1,126,450	1,162,683	1,205,894
Selling, general and administrative expense	(909,168)	(956,068)	(993,250)
Restructuring and integration expense	(48,570)	(78,245)	(62,529)
Gain on sale of businesses and long-lived assets	31,207	32,421	19,331
Asset impairment charges	(7,743)	0	0
Operating income	192,176	160,791	169,446
Interest expense	(123,281)	(125,643)	(94,454)
Other income, net	7,602	4,651	9,386
Income before income taxes	76,497	39,799	84,378
Income tax provision	(23,552)	(13,572)	(18,848)
Net income	52,945	26,227	65,530
Net income attributable to non-controlling interest	(143)	(107)	(135)
Net income attributable to Deluxe	$ 52,802	$ 26,120	$ 65,395
Basic earnings per share	$ 1.20	$ 0.60	$ 1.52
Diluted earnings per share	$ 1.18	$ 0.59	$ 1.50
Product [Member]
Total revenue	$ 1,205,374	$ 1,257,600	$ 1,286,197
Total cost of revenue	(455,141)	(486,029)	(470,237)
Service [Member]
Total revenue	916,387	934,660	951,813
Total cost of revenue	$ (540,170)	$ (543,548)	$ (561,879)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income		$ 52,945	$ 26,227	$ 65,530
Postretirement benefit plans:
Net actuarial gain (loss) arising during the year		3,188	6,263	(11,235)
Less reclassification of amounts to net income:
Amortization of prior service credit		(1,041)	(1,037)	(1,042)
Amortization of net actuarial loss		1,111	1,822	836
Postretirement benefit plans		3,258	7,048	(11,441)
Interest rate swaps:
Unrealized gain (loss) arising during the year		2,298	(524)	4,869
Reclassification of realized gain to net income		(2,012)	(2,355)	(15)
Interest rate swaps		286	(2,879)	4,854
Debt securities:
Unrealized holding loss arising during the year		0	(183)	(571)
Reclassification of realized loss to net income		0	1,092	6
Debt securities		0	909	(565)
Foreign currency translation adjustment:
Unrealized foreign currency translation (loss) gain arising during the year		(3,432)	1,295	(4,170)
Reclassification of foreign currency translation loss to net income	[1]	0	863	5,550
Foreign currency translation adjustment		(3,432)	2,158	1,380
Other comprehensive income (loss)		112	7,236	(5,772)
Comprehensive income		53,057	33,463	59,758
Comprehensive income attributable to non-controlling Interest		(143)	(107)	(135)
Comprehensive income attributable to Deluxe		52,914	33,356	59,623
Postretirement benefit plans:
Net actuarial gain (loss) arising during the year		(1,164)	(2,298)	4,090
Less reclassification of amounts to net income:
Amortization of prior service credit		380	384	379
Amortization of net actuarial loss		(223)	(451)	(64)
Postretirement benefit plans		(1,007)	(2,365)	4,405
Interest rate swaps:
Unrealized gain (loss) arising during the year		(839)	194	(1,771)
Reclassification of realized gain to net income		773	872	5
Interest rate swaps		(66)	1,066	(1,766)
Debt securities:
Unrealized holding loss arising during the year		0	63	197
Reclassification of realized loss to net income		0	(376)	(2)
Debt securities		0	(313)	195
Total net tax (expense) benefit		$ (1,073)	$ (1,612)	$ 2,834
[1]Relates to the sale of our web hosting businesses. Further information can be found in Note 6

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common shares par value [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive loss [Member]	Non-controlling interest [Member]
Balance, beginning of year at Dec. 31, 2021	$ 574,598	$ 42,679	$ 57,368	$ 505,763	$ (31,492)	$ 280
Balance, shares at Dec. 31, 2021	42,679
Net income attributable to Deluxe	$ 65,395			65,395
Net income attributable to non-controlling Interest	135					135
Net income	65,530
Cash dividends ($1.20 per share)	(52,523)			(52,523)
Common shares issued, net of tax withholding	$ (1,917)	525	(2,442)
Common shares issued, net of tax withholding, shares	525
Employee share-based compensation	$ 24,308		24,308
Other comprehensive income (loss)	(5,772)				(5,772)
Balance, end of year at Dec. 31, 2022	$ 604,224	43,204	79,234	518,635	(37,264)	415
Balance, shares at Dec. 31, 2022	43,204
Net income attributable to Deluxe	$ 26,120			26,120
Net income attributable to non-controlling Interest	107					107
Net income	26,227
Cash dividends ($1.20 per share)	(53,517)			(53,517)
Common shares issued, net of tax withholding	$ 239	539	(300)
Common shares issued, net of tax withholding, shares	539
Employee share-based compensation	$ 20,207		20,207
Other comprehensive income (loss)	7,236				7,236
Balance, end of year at Dec. 31, 2023	$ 604,616	43,743	99,141	491,238	(30,028)	522
Balance, shares at Dec. 31, 2023	43,743
Net income attributable to Deluxe	$ 52,802			52,802
Net income attributable to non-controlling Interest	143					143
Net income	52,945
Cash dividends ($1.20 per share)	(54,809)			(54,809)
Common shares issued, net of tax withholding	$ (1,366)	572	(1,938)
Common shares issued, net of tax withholding, shares	572
Employee share-based compensation	$ 19,919		19,919
Other comprehensive income (loss)	112				112
Dividend paid to non-controlling interest	(499)					(499)
Balance, end of year at Dec. 31, 2024	$ 620,918	$ 44,315	$ 117,122	$ 489,231	$ (29,916)	$ 166
Balance, shares at Dec. 31, 2024	44,315

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends per share	$ 1.20	$ 1.20	$ 1.20

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 52,945	$ 26,227	$ 65,530
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	22,191	23,426	25,997
Amortization of intangibles	143,353	146,277	146,555
Asset impairment charges	7,743	0	0
Amortization of prepaid product discounts	35,216	33,370	34,400
Employee share-based compensation expense	19,944	20,525	23,676
Operating lease expense	18,317	18,811	20,480
Amortization of cloud computing arrangement implementation costs	16,495	15,743	11,307
Gain on sale of businesses and long-lived assets	(31,207)	(32,421)	(19,331)
Deferred income taxes	(20,390)	(31,876)	(28,529)
Other non-cash items, net	38,754	35,682	20,091
Changes in assets and liabilities:
Trade accounts receivable	3,493	7,359	(13,672)
Inventories and supplies	2,499	6,347	(19,062)
Payments for cloud computing arrangement implementation costs	(3,145)	(9,118)	(18,649)
Other current and non-current assets	(32,188)	7,272	(26,258)
Accounts payable	10,505	4,933	6,015
Prepaid product discount payments	(29,809)	(28,535)	(30,603)
Other accrued and non-current liabilities	(60,435)	(45,655)	(6,416)
Net cash provided by operating activities	194,281	198,367	191,531
Cash flows from investing activities:
Purchases of capital assets	(94,389)	(100,747)	(104,598)
Proceeds from sale of businesses and long-lived assets	23,295	53,635	25,248
Proceeds from sale of settlement processing asset debt securities	0	8,006	4,077
Other	1,252	(4,199)	(5,052)
Net cash used by investing activities	(69,842)	(43,305)	(80,325)
Cash flows from financing activities:
Proceeds from issuing long-term debt and swingline loans	1,807,590	583,500	640,000
Payments on long-term debt and swingline loans	(1,889,860)	(638,688)	(680,613)
Payments for debt issuance costs	(15,225)	0	0
Net change in settlement processing obligations	(108,036)	79,063	56,426
Cash dividends paid to shareholders	(54,155)	(53,325)	(52,647)
Other	(7,569)	(8,229)	(11,767)
Net cash used by financing activities	(267,255)	(37,679)	(48,601)
Effect of exchange rate change on cash, cash equivalents, restricted cash, and restricted cash equivalents	(6,064)	3,235	(10,681)
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents	(148,880)	120,618	51,924
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year	458,033	337,415	285,491
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year (Note 3)	$ 309,153	$ 458,033	$ 337,415

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	Nature of operations – We help businesses strengthen their customer relationships through trusted, technology-enabled solutions that facilitate payments, drive growth, and enhance operational efficiency. Our comprehensive suite of solutions includes merchant services, marketing and data analytics, treasury management solutions, and promotional products, along with customized checks and business forms. We support small and medium-sized businesses, financial institutions, and some of the world’s largest consumer brands. We also provide checks and accessories directly to consumers. Consolidation – The consolidated financial statements include the accounts of Deluxe Corporation and its wholly-owned subsidiaries. All intercompany accounts, transactions, and profits have been eliminated. Additionally, we are the primary beneficiary of a variable interest entity, MedPayExchange LLC, operating as Medical Payment Exchange (MPX), which facilitates payments to healthcare providers from insurance companies and other payers. Our partner's stake in MPX is presented as a non-controlling interest in the equity section of the consolidated balance sheets, distinct from our equity. Both net income and comprehensive income are attributed to us and the non-controlling interest. The amounts attributable to the non-controlling interest were not material to our consolidated financial statements in any of the periods presented. Comparability – The consolidated statements of cash flows for the years ended December 31, 2023 and 2022 have been modified to conform to the current year presentation. Within net cash used by financing activities, immaterial proceeds from issuing shares are included in the other caption. Previously, these amounts were presented separately. Use of estimates – The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). During their preparation, we are required to make certain estimates and assumptions that impact the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other factors and assumptions that we consider reasonable under the circumstances. These factors and assumptions form the basis for our judgments regarding the carrying values of our assets, liabilities, revenues, and expenses, as well as the related disclosure of contingent assets and liabilities. Actual results may differ significantly from these estimates and assumptions. Foreign currency translation – The financial statements of our foreign subsidiaries are measured in their respective functional currencies, primarily Canadian dollars, and are translated into U.S. dollars for consolidation. Assets and liabilities are translated using the exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the average exchange rates during the year. The resulting translation gains and losses are recorded in accumulated other comprehensive loss within the shareholders' equity section of the consolidated balance sheets. Foreign currency transaction gains and losses are recognized in other income, net on the consolidated statements of income. Cash and cash equivalents – We classify all cash on hand and other highly liquid investments with original maturities of three months or less as cash and cash equivalents. The carrying amounts of cash and cash equivalents reported in the consolidated balance sheets approximate their fair value. Occasionally, checks issued by us but not yet presented to the banks for payment may result in negative book cash balances. These book overdrafts are included in accounts payable on the consolidated balance sheets and were not material as of December 31, 2024 or December 31, 2023. Trade accounts receivable – Trade accounts receivable are initially recorded at the invoiced amount when goods or services are sold to customers. This also includes amounts due for products shipped and services rendered, but not yet invoiced (i.e., unbilled receivables). Our trade accounts receivable do not bear interest. They are presented net of the allowance for credit losses, which is a valuation account deducted from the asset's amortized cost basis to reflect the net amount expected to be collected. Accounts are charged off against the allowance when we determine that the uncollectibility is confirmed. The timing for writing off uncollected accounts varies by customer type but generally does not exceed one year from the receivable's due date. To calculate the allowance for credit losses, we use a combination of aging schedules with reserve rates applied to both current and aged receivables, as well as reserves based on historical loss rates and changes in current or projected conditions. Changes in the allowance for credit losses are recorded in selling, general and administrative (SG&A) expense on the consolidated statements of income. Additional details regarding our allowance for credit losses can be found in Note 3. Inventories and supplies – Inventories are valued at the lower of cost or net realizable value. Cost is determined using moving average and standard costs, which approximate the first-in, first-out method. We regularly review our inventory levels and record provisions for excess and/or obsolete inventory based on historical usage and future demand forecasts. It there is a significant change in the timing or level of demand for our products compared to our estimates, additional reserves may be required. This would necessitate an adjustment to the reserve for excess or obsolete inventory, resulting in a charge to net income during the period of the change. Charges for inventory write-downs are included in cost of products on the consolidated statements of income. Once inventories are written down, they are carried at this lower cost basis until they are sold or scrapped. Supplies consist of items not used directly in the production of goods, such as maintenance supplies and other materials utilized in the production area. Settlement processing assets and obligations – In our merchant services business, we temporarily hold funds collected from credit card networks and internet transaction processing on behalf of certain merchants. Similarly, in our treasury management cash receipt processing business, we remit a portion of the cash receipts to our clients on the business day following receipt. Previously, our former payroll services business collected funds from clients to cover payroll and related taxes, holding these funds temporarily until they were disbursed to the clients' employees and the relevant taxing authorities. Certain customer contracts place legal restrictions on the use of these funds. These funds are reported as settlement processing assets on the consolidated balance sheets. The corresponding liability for these obligations is reported as settlement processing obligations on the consolidated balance sheets. Earnings on settlement processing assets are included in revenue on the consolidated statements of income and have not been material over the past three years. Long-term investments – Our long-term investments primarily consist of the cash surrender values of company-owned life insurance policies. A portion of these policies fund obligations under our deferred compensation plan and our inactive supplemental executive retirement plan, as discussed in Note 12. Property, plant and equipment – Property, plant and equipment, including leasehold and other improvements that extend an asset's useful life or productive capabilities, are presented at historical cost less accumulated depreciation. Buildings are assigned useful lives of 40 years, while machinery and equipment generally have useful lives ranging from one Fully depreciated assets are retained in property, plant and equipment until they are disposed. Gains or losses from the disposition of property, plant and equipment are included in SG&A expense on the consolidated statements of income, unless they are presented separately as a component of gain or loss on sale of businesses and long-lived assets. Leases – We assess whether an arrangement constitutes a lease at its inception by evaluating if a contract explicitly or implicitly identifies assets used in the arrangement and if we derive substantially all the economic benefits from the use of the underlying assets while directing how and for what purpose the assets are used during the contract term. Lease expense is recognized on the straight-line basis over the lease term and is included in total cost of revenue and SG&A expense on the consolidated statements of income. Interest on finance leases is recorded in interest expense on the consolidated statements of income. Operating leases are reported as operating lease assets, accrued liabilities, and operating lease liabilities on the consolidated balance sheets. Finance leases are reported as property, plant and equipment, accrued liabilities, and other non-current liabilities on the consolidated balance sheets. Lease assets represent our right to use an underlying asset for the lease term, while lease liabilities represent our obligation to make lease payments arising from the lease. Both lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We have elected to exclude leases with original terms of one year or less from lease assets and liabilities. Additionally, we separate nonlease components, such as common area maintenance charges and utilities, from the associated lease component for real estate leases based on their estimated fair values. Since our lease agreements typically do not provide an implicit rate, we use our incremental borrowing rate, based on information available at the lease commencement date, to determine the present value of lease payments. Certain lease agreements include options to extend or terminate the lease, and the lease term considers these options when it is reasonably certain that we will exercise them. Intangibles – Intangible assets are recorded at historical cost less accumulated amortization. Amortization expense is generally calculated on the straight-line basis, except for customer lists, which are typically amortized using accelerated methods that reflect the pattern in which we receive the economic benefit of the asset. Intangibles have been assigned useful lives ranging from one SG&A expense on the consolidated statements of income, unless presented separately as a component of gain or loss on sale of businesses and long-lived assets. We capitalize costs of software developed or obtained for internal use, including website development costs, once the preliminary project stage has been completed, management commits to funding the project, and it is probable that the project will be completed and the software will be used to perform the function intended. Capitalized costs include (1) external direct costs of materials and services consumed in developing or obtaining internal-use software, (2) payroll and payroll-related costs for employees directly associated with and devoting time to the internal-use software project, and (3) interest costs incurred, when significant, during the development of internal-use software. Costs incurred in populating websites with information about the company or products are expensed as incurred. Capitalization of costs ceases when the project is substantially complete and ready for its intended use. The carrying value of internal-use software is reviewed in accordance with our policy on the impairment of long-lived assets and amortizable intangibles. Fully amortized software assets are retired when, according to our assessments, they are no longer in use. This determination is based on our evaluation of the software's utility and relevance to our operations. For software products developed for sale to customers, costs are expensed as incurred until technological feasibility is established. Once established, such costs are capitalized until the product is available for general release to customers. Business combinations – We periodically complete business combinations that align with our strategic objectives. The identifiable assets acquired and liabilities assumed in these transactions are recorded at their estimated fair values, and the results of operations of each acquired business are included in our consolidated statements of income from their respective acquisition dates. The purchase price for each acquisition is equivalent to the fair value of the consideration transferred, which includes any contingent consideration. Goodwill is recognized for the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed. In estimating the fair values of the assets acquired and liabilities assumed, we use our best estimates and assumptions. However, these fair value estimates are inherently uncertain and subject to refinement. Consequently, during the measurement period, which may extend up to one year from the acquisition date, we may record adjustments to the provisional amounts recognized for the assets acquired and liabilities assumed, with a corresponding offset to goodwill. Any adjustments identified after the measurement period are recorded in the consolidated statements of income. Transaction costs related to acquisitions are expensed as incurred and are included in SG&A expense on the consolidated statements of income. Impairment of long-lived assets and amortizable intangibles – We assess the recoverability of property, plant, equipment, and amortizable intangibles not held for sale whenever events or changes in circumstances suggest that the carrying amount of an asset group may not be recoverable. Such circumstances could include, but are not limited to, (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used or in its physical condition, or (3) an accumulation of costs significantly exceeding the amount originally expected for the acquisition or construction of an asset. To evaluate recoverability, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows associated with it. If the sum of the expected future net cash flows is less than the carrying value of the asset group, an impairment loss is recognized. The impairment loss is measured as the amount by which the carrying value of the asset group exceeds its estimated fair value. Since quoted market prices are not available for most of our assets, the fair value estimate is based on various valuation techniques, including the discounted value of estimated future cash flows. For property, plant, equipment, and intangibles held for sale, we evaluate recoverability by comparing the asset group's carrying amount with its estimated fair value less costs to sell. If the estimated fair value less costs to sell is less than the carrying value of the asset group, an impairment loss is recognized. The impairment loss is calculated as the amount by which the carrying value of the asset group exceeds its estimated fair value less costs to sell. The evaluation of asset impairment requires us to make assumptions about future cash flows over the life of the asset group being evaluated. These assumptions involve significant judgment, and actual results may differ from the assumed and estimated amounts. Impairment of goodwill – We evaluate the carrying value of goodwill annually as of July 31 st and between annual evaluations if events occur or circumstances change that may indicate a possible impairment. Such circumstances could include, but are not limited to, (1) a significant adverse change in legal factors or in the business climate, (2) unanticipated competition, (3) an adverse change in market conditions indicative of a decline in the fair value of the assets, (4) a change in our business strategy, or (5) an adverse action or assessment by a regulator. Information regarding the results of our goodwill impairment analyses can be found in Note 8. To assess goodwill for impairment, we assign it to individual reporting units. Identification of reporting units involves analyzing the components that comprise each of our operating segments, considering factors such as the manner in which we operate our business and the availability of discrete financial information. Components of an operating segment are aggregated to form a reporting unit if they have similar economic characteristics. We periodically review our reporting units to ensure they continue to reflect the manner in which we operate our business. During our annual goodwill impairment analysis, we have the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after this qualitative assessment, we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. When performing a quantitative analysis of goodwill, we calculate the estimated fair value of the reporting unit and compare this amount to the carrying amount of the reporting unit's net assets, including goodwill. We utilize a discounted cash flow model to calculate the estimated fair value of a reporting unit. This approach involves estimating future cash flows using the reporting unit's financial forecast from the perspective of an unrelated market participant. Using historical trending and internal forecasting techniques, we project revenue and apply our fixed and variable cost experience rates to the projected revenue to arrive at the future cash flows. A terminal value is then applied to the projected cash flow stream. Future estimated cash flows are discounted to their present value to calculate the estimated fair value. The discount rate used is the market-value-weighted-average of our estimated cost of capital derived using both known and estimated customary market metrics. To determine the estimated fair values of our reporting units, we estimate several factors, including projected 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. When completing a quantitative analysis for all of our reporting units, the summation of our reporting units' fair values is compared to our consolidated fair value, as indicated by our market capitalization, to evaluate the reasonableness of our calculations. If the carrying amount of a reporting unit's net assets exceeds its estimated fair value, an impairment loss is recorded for the difference, not to exceed the carrying amount of goodwill. Assets held for sale – Assets held for sale are recorded at the lower of their carrying value or estimated fair value minus the costs to sell. For assets to be classified as held for sale on our consolidated balance sheets, the following conditions must be met: (1) management has the authority and has committed to a plan to sell the assets; (2) the assets are available for immediate sale in their current condition; (3) an active program to locate a buyer has been initiated; (4) the sale of the assets is probable within one year; (5) the assets are being actively marketed at a reasonable price relative to their current fair value; and (6) it is unlikely that the plan to sell will be withdrawn or significantly altered. As of December 31, 2024 and December 31, 2023, no disposal groups were classified as held for sale on the consolidated balance sheets. Prepaid product discounts – Some of our contracts with financial institutions, primarily within our Print segment, require prepaid product discounts. These discounts may be provided as upfront cash payments or accruals for amounts owed to these clients. These prepaid product discounts are recorded in other non-current assets on the consolidated balance sheets and are typically amortized as reductions of revenue on the straight-line basis over the contract term. Currently, these amounts are being amortized over periods of up to 10 years, with a weighted-average period of five years as of December 31, 2024. When events or changes occur that affect the related contract, such as significant declines in anticipated profitability, we assess the carrying value of the prepaid product discounts to determine if they are impaired. If a financial institution terminates a contract before the agreement's termination date, or if the volume of orders through a financial institution falls below contractually specified minimums, we typically have a contractual right to a refund of the remaining unamortized prepaid product discount. Loans and notes receivable from distributors – At times, we have provided loans to certain distributors within our Print segment to facilitate their acquisition of other small business distributors. Additionally, we have sold our own distributor small business customer lists in exchange for notes receivable. These loans and notes receivable are recorded in other current assets and other non-current assets on the consolidated balance sheets. The interest rate on these receivables typically ranges from 4% to 7%, reflecting market interest rates at the time of the transactions. Interest is accrued as it is earned. As of December 31, 2024 and December 31, 2023, accrued interest included in loans and notes receivable was not material. To determine the allowance for credit losses related to these loans and notes receivable, we employ a loss-rate analysis that considers historical loss data, current delinquency rates, the credit quality of the loan recipients, and the portfolio mix. This analysis is adjusted to account for current loan-specific risk characteristics and changes in the business environment that may impact our small business distributors. Factors influencing these conditions include general economic trends, market changes for their products and services, and changes in governmental regulations. For periods beyond the reasonable and supportable forecast period, we use a reversion methodology, as many of our loans and notes receivable have longer terms. Allowances for impaired loans are typically based on collateral values or the present value of estimated cash flows. Additional details regarding our allowance for credit losses can be found in Note 3. To mitigate the risk of non-collection, we generally withhold commissions payable to the distributors to cover the monthly payments due on the receivables. Our notes receivable also typically grant us the right to acquire a distributor's customer list in the event of default. As of December 31, 2024 and December 31, 2023, past due amounts and receivables placed on non- accrual status were not material. Decisions to place receivables on non-accrual status or to resume interest accruals are made on a case-by-case basis, considering the specifics of each situation. Cloud computing arrangements – Implementation costs incurred in a hosting arrangement that qualifies as a service contract are recorded as non-current assets on the consolidated balance sheets. These implementation costs encompass activities such as integrating, configuring, and customizing the related software. When evaluating whether our cloud computing arrangements include a software license, we consider if we have the contractual right to take possession of the software at any point during the hosting period without incurring significant penalties, and whether it is feasible for us to either run the software on our own hardware or contract with an unrelated third party to host the software. If we determine that a cloud computing arrangement includes a software license, we account for the software license element in a manner consistent with the acquisition of other software licenses. Conversely, if we determine that a cloud computing arrangement does not include a software license, we account for the implementation costs as non-current assets. In both scenarios, the remaining elements of the arrangement are treated as a service contract. The capitalized cloud computing implementation costs are amortized on the straight-line basis over the fixed, non-cancellable term of the associated hosting arrangement, including any reasonably certain renewal periods. We apply the same impairment model to these assets as we use for evaluating internally-developed software for impairment. Advertising costs – We expense non-direct response advertising costs as they are incurred. Advertising costs that qualify for deferral were not material to our consolidated financial statements for any of the periods presented. Total advertising expense was $35,893 in 2024, $32,673 in 2023, and $38,731 in 2022. Litigation – We are involved in legal actions and claims that arise in the ordinary course of business. We establish accruals for legal matters when the expected outcome is either known or considered probable and can be reasonably estimated. These accruals do not include related legal and other costs anticipated to be incurred in the defense of these legal actions, as such costs are expensed as they are incurred. Additional information regarding litigation can be found in Note 15. Income taxes – We estimate our income tax provision based on the various jurisdictions where we operate. This involves estimating our current tax liability and recording deferred income taxes arising from temporary differences between the financial reporting basis of assets and liabilities and their respective tax reporting bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years when those temporary differences are anticipated to reverse. Net deferred tax assets are recognized to the extent that it is more likely than not that these benefits will be realized. If we believe that realization is not likely, we establish a valuation allowance against the net deferred tax assets. We are subject to tax audits in numerous domestic and international tax jurisdictions. These audits can be complex and may take several years to complete. In the normal course of business, we face challenges from the Internal Revenue Service (IRS) and other tax authorities regarding the amount of taxes due. These challenges can affect the timing or amount of taxable income or deductions, or the allocation of income among different tax jurisdictions. We recognize the benefits of tax return positions in the financial statements when it is more likely than not that these positions will be sustained by the taxing authorities based solely on their technical merits. If this recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that, in our judgment, is more than 50% likely to be realized. Accrued interest and penalties related to unrecognized tax positions is included in our provision for income taxes on the consolidated statements of income. Derivative financial instruments – We do not use derivative financial instruments for speculative or trading purposes. Our policy mandates that all derivative transactions must be linked to an existing balance sheet item or firm commitment, and the notional amount must not exceed the value of the exposure being hedged. All derivative financial instruments are recognized in the consolidated financial statements at fair value, regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are recognized periodically either in income or in shareholders' equity as a component of accumulated other comprehensive loss. This depends on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or a cash flow hedge, and whether the hedge is effective. Generally, changes in the fair value of derivatives accounted for as fair value hedges are recorded in income along with the portion of the change in the fair value of the hedged items that relate to the hedged risk. Changes in the fair value of derivatives accounted for as cash flow hedges, to the extent they are effective, are recorded in accumulated other comprehensive loss, net of tax. We classify the cash flows from derivative instruments designated as fair value or cash flow hedges in the same category as the cash flows from the items being hedged. Changes in the fair value of derivatives that do not qualify as hedges, as well as the ineffective portion of hedges, are included in net income. As of December 31, 2023, we had outstanding interest rate swaps related to our variable-rate debt. We terminated these agreements in December 2024, in conjunction with the refinancing of our debt. Additional details regarding these derivative financial instruments can be found in Note 7 and information regarding the refinancing of our debt can be found in Note 13. Revenue recognition – We recognize product revenue when control of the goods is transferred to our customers, reflecting the consideration we expect to receive in exchange for those goods. Typically, control is transferred when products are shipped. We have chosen to account for shipping and handling activities that occur after the customer has obtained control of the product as fulfillment activities, not as separate performance obligations. The majority of our service revenue is recognized as the services are provided. Most of our contracts involve either the shipment of tangible products or the delivery of services that have a single performance obligation or multiple performance obligations where control is transferred simultaneously. Revenue is presented on the consolidated statements of income net of rebates, discounts, amortization of prepaid product discounts, and taxes collected concurrent with revenue-producing activities. Many of our check supply contracts with financial institutions include rebates. These rebates are recorded as reductions of revenue and as accrued liabilities on the consolidated balance sheets when the related revenue is recognized. Amounts billed to customers for shipping and handling are included in revenue, while the related shipping and handling costs are reflected in cost of products and are accrued when the related revenue is recognized. When another party is involved in providing goods or services to a customer, we determine whether our obligation is to provide the specified good or service ourselves or to arrange for that good or service to be provided by the other party. When we are responsible for satisfying a performance obligation based on our ability to control the product or service provided, we are considered the principal and revenue is recognized for the gross amount of consideration. When the other party is primarily responsible for satisfying a performance obligation, we are considered the agent, and revenue is recognized in the amount of any fee or commission to which we are entitled. We sell certain products and services through a network of distributors and have determined that we are the principal in these transactions, recording revenue for the gross amount of consideration. Within Merchant Services, we present revenue net of the interchange fees retained by the card issuing financial institutions and the fees charged by the payment networks. Some contracts for data-driven marketing solutions include variable consideration that depends on the success of the marketing campaign, commonly referred to as pay-for-performance. We recognize revenue for estimated variable consideration as services are rendered, based on the most likely amount to be realized. Revenue is recognized to the extent that it is probable that a significant reversal of revenue will not occur when the contingency is resolved. Estimates regarding the recognition of variable consideration are updated each quarter, and typically, the amount of consideration for these contracts is finalized within three Our payment terms vary by customer type and the products or services offered. The time period between invoicing and when payment is due is not significant. For certain products, services, and customer types, we require payment before the products or services are delivered to the customer. When a customer pays in advance, primarily for treasury managemen

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	Accounting Standards Adopted During 2024 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. This standard aims to enhance the disclosure requirements for reportable segments, with a particular focus on providing information about significant segment expenses. We have adopted this standard in this report and have applied it retrospectively to all prior periods presented. Our segment disclosures can be found in Note 17. Accounting Standards Not Yet Adopted ASU No. 2023-09 – In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures. This standard modifies the required income tax disclosures to include specific categories in the income tax rate reconciliation and requires the disclosure of income tax payments by jurisdiction, among other changes. The guidance is effective for our annual consolidated financial statements for the year ending December 31, 2025. The standard must be applied on a prospective basis, although retrospective application is also permitted. We are currently evaluating the potential impact of adopting this new guidance on the related disclosures within our consolidated financial statements. ASU No. 2024-03 – In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. This standard does not change the expense captions presented on the face of the income statement. Instead, it requires the disaggregation of certain expense captions into specified categories within the footnotes to the financial statements. This standard is effective for our annual consolidated financial statements for the year ending December 31, 2027. The standard must be applied on a prospective basis, although retrospective application is also permitted. We are currently evaluating the potential impact of adopting this new guidance on the related disclosures within our consolidated financial statements.

SUPPLEMENTAL BALANCE SHEET AND

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION	Trade accounts receivable – Net trade accounts receivable was comprised of the following at December 31: (in thousands) 2024 2023 Trade accounts receivable – gross (1) $ 183,196 $ 197,546 Allowance for credit losses (9,120) (6,541) Trade accounts receivable – net $ 174,076 $ 191,005 (1) Includes unbilled receivables of $47,341 as of December 31, 2024 and $43,673 as of December 31, 2023. Changes in the allowance for credit losses for the years ended December 31 were as follows: (in thousands) 2024 2023 2022 Balance, beginning of year $ 6,541 $ 4,182 $ 4,130 Bad debt expense 12,910 7,045 4,185 Write-offs and other (10,331) (4,686) (4,133) Balance, end of year $ 9,120 $ 6,541 $ 4,182 Inventories and supplies – Inventories and supplies were comprised of the following at December 31: (in thousands) 2024 2023 Finished and semi-finished goods $ 31,146 $ 34,194 Raw materials and supplies 16,787 17,339 Reserve for excess and obsolete items (11,540) (9,445) Inventories and supplies, net of reserve $ 36,393 $ 42,088 Changes in the reserve for excess and obsolete items for the years ended December 31 were as follows: (in thousands) 2024 2023 2022 Balance, beginning of year $ 9,445 $ 6,400 $ 5,132 Amounts charged to expense 3,145 4,105 2,940 Write-offs and sales (1,050) (1,060) (1,672) Balance, end of year $ 11,540 $ 9,445 $ 6,400 Available-for-sale debt securities – We did not hold any available-for-sale debt securities as of December 31, 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 at December 31: (in thousands) 2024 2023 Conditional right to receive consideration $ 16,943 $ 20,680 Unconditional right to receive consideration (1) 9,798 5,427 Revenue in excess of billings $ 26,741 $ 26,107 (1) Represents revenues that are earned but not currently billable under the related contract terms. Property, plant and equipment – Property, plant and equipment was comprised of the following at December 31: 2024 2023 (in thousands) Gross carrying amount Accumulated depreciation Net carrying amount Gross carrying amount Accumulated depreciation Net carrying amount Machinery and equipment $ 329,460 $ (276,692) $ 52,768 $ 314,778 $ (262,308) $ 52,470 Buildings and improvements 124,188 (74,732) 49,456 123,072 (68,391) 54,681 Land and improvements 12,771 (3,408) 9,363 12,790 (3,402) 9,388 Property, plant and equipment $ 466,419 $ (354,832) $ 111,587 $ 450,640 $ (334,101) $ 116,539 Intangibles – Amortizable intangibles were comprised of the following at December 31: 2024 2023 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Internal-use software $ 488,840 $ (339,683) $ 149,157 $ 554,825 $ (412,364) $ 142,461 Customer lists/relationships 311,578 (223,272) 88,306 363,298 (235,557) 127,741 Partner relationships 76,252 (19,632) 56,620 74,911 (14,031) 60,880 Technology-based intangibles 65,000 (29,115) 35,885 97,633 (54,251) 43,382 Trade names — — — 39,367 (23,792) 15,575 Software to be sold 6,200 (5,115) 1,085 36,900 (35,195) 1,705 Intangibles $ 947,870 $ (616,817) $ 331,053 $ 1,166,934 $ (775,190) $ 391,744 During 2024, we retired fully amortized intangible assets that, based on our assessment, were no longer being used. During the second quarter of 2024, we modified the useful life of a trade name asset that we will no longer utilize in 2025. This change resulted in incremental amortization expense of $13,475 during the year ended December 31, 2024. Based on the intangibles in service as of December 31, 2024, estimated amortization expense for each of the next five years ending December 31 is as follows: (in thousands) Estimated 2025 $ 105,326 2026 76,977 2027 48,647 2028 28,363 2029 15,721 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 2024, we acquired or developed internal-use software of $79,394 with a weighted-average useful life of three years. During 2023, this amount was $81,349 with a weighted-average useful life of four years, and during 2022, this amount was $74,778 with a weighted-average useful life of three years. Also during 2022, we acquired small business distributor customer list assets of $18,267 with a weighted-average useful life of six years. Other intangibles acquired during these periods were not material. Goodwill – In conjunction with the realignment of our reportable business segments effective January 1, 2024 (Note 17), the goodwill amounts by reportable segment as of December 31, 2022 and 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 business segment and in total were as follows: (in thousands) Merchant Services B2B Payments Data Solutions (1) Print (1) All Other Total Balance, December 31, 2022 $ 728,516 $ 160,431 $ 40,804 $ 493,891 $ 7,743 $ 1,431,385 Currency translation adjustment and other (828) — — 33 — (795) Balance, December 31, 2023 $ 727,688 $ 160,431 $ 40,804 $ 493,924 $ 7,743 $ 1,430,590 Asset impairment charges (Note 6) — — — — (7,743) (7,743) Currency translation adjustment — — — (110) — (110) Balance, December 31, 2024 $ 727,688 $ 160,431 $ 40,804 $ 493,814 $ — $ 1,422,737 (1) The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period. Other non-current assets – Other non-current assets were comprised of the following at December 31: (in thousands) 2024 2023 Postretirement benefit plan asset (Note 12) $ 107,524 $ 94,939 Cloud computing arrangement implementation costs 42,470 59,234 Prepaid product discounts (1) 32,847 40,376 Deferred contract acquisition costs (2) 18,780 21,103 Loans and notes receivable from distributors, net of allowance for credit losses (3) 10,789 12,443 Other 24,234 23,087 Other non-current assets $ 236,644 $ 251,182 (1) Amortization of prepaid product discounts was $35,216 for 2024, $33,370 for 2023, and $34,400 for 2022. (2) Amortization of deferred contract acquisition costs was $12,382 for 2024, $11,061 for 2023, and $8,206 for 2022. (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 $1,753 as of December 31, 2024 and $987 as of December 31, 2023. Changes in the allowance for credit losses related to loans and notes receivable from distributors for the years ended December 31 were as follows: (in thousands) 2024 2023 2022 Balance, beginning of year $ 928 $ 1,024 $ 2,830 Bad debt expense (benefit) 152 (96) 1,195 Write-offs — — (2,599) Other (247) — (402) Balance, end of year $ 833 $ 928 $ 1,024 We categorize loans and notes receivable into risk categories based on information about the ability of the borrowers to service their debt, including current financial information, historical payment experience, current economic trends, and other factors. The highest quality receivables are assigned a 1-2 internal grade. Those that have a potential weakness requiring management's attention are assigned a 3-4 internal grade. The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of December 31, 2024. There were no write-offs or recoveries recorded during the year ended December 31, 2024 . Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2024 2023 2020 Prior Total Risk rating: 1-2 internal grade $ 919 $ 316 $ 861 $ 11,279 $ 13,375 3-4 internal grade — — — — — Loans and notes receivable $ 919 $ 316 $ 861 $ 11,279 $ 13,375 Accrued liabilities – Accrued liabilities were comprised of the following at December 31: (in thousands) 2024 2023 Employee cash bonuses, including sales incentives $ 33,422 $ 49,446 Deferred revenue (1) 31,605 35,343 Operating lease liabilities (Note 14) 12,406 13,562 Wages and payroll liabilities, including vacation 10,321 8,605 Customer rebates 10,100 12,718 Restructuring and integration (Note 9) 3,755 9,689 Prepaid product discounts 2,583 4,477 Other 45,401 57,587 Accrued liabilities $ 149,593 $ 191,427 (1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $36,973 for 2024, $43,624 for 2023, and $47,547 for 2022. Supplemental cash flow information – Supplemental cash flow information was as follows for the years ended December 31: (in thousands) 2024 2023 2022 Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets: Cash and cash equivalents $ 34,399 $ 71,962 $ 40,435 Restricted cash and restricted cash equivalents included in settlement processing assets 271,876 383,134 294,165 Non-current restricted cash included in other non-current assets 2,878 2,937 2,815 Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 309,153 $ 458,033 $ 337,415 Interest paid $ 117,828 $ 115,556 $ 87,108 Income taxes paid 49,893 47,945 38,629 Non-cash investing activities: Accrued purchases of capital assets $ 6,421 $ 11,924 $ 1,340 Non-cash financing activities: Vesting of restricted stock unit awards 11,426 8,538 13,602 Information regarding operating and finance leases executed in each period can be found in Note 14.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	The following table reflects the calculation of basic and diluted earnings per share. During each period, certain share-based awards, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. (in thousands, except per share amounts) 2024 2023 2022 Earnings per share – basic: Net income $ 52,945 $ 26,227 $ 65,530 Net income attributable to non-controlling interest (143) (107) (135) Net income attributable to Deluxe 52,802 26,120 65,395 Income allocated to participating securities (18) (38) (47) Income attributable to Deluxe available to common shareholders $ 52,784 $ 26,082 $ 65,348 Weighted-average shares outstanding 44,154 43,553 43,025 Earnings per share – basic $ 1.20 $ 0.60 $ 1.52 Earnings per share – diluted: Net income $ 52,945 $ 26,227 $ 65,530 Net income attributable to non-controlling interest (143) (107) (135) Net income attributable to Deluxe 52,802 26,120 65,395 Income allocated to participating securities (15) (38) (35) Remeasurement of share-based awards classified as liabilities (45) — (497) Income attributable to Deluxe available to common shareholders $ 52,742 $ 26,082 $ 64,863 Weighted-average shares outstanding 44,154 43,553 43,025 Dilutive impact of potential common shares 573 290 285 Weighted-average shares and potential common shares outstanding 44,727 43,843 43,310 Earnings per share – diluted $ 1.18 $ 0.59 $ 1.50 Antidilutive potential common shares excluded from calculation 1,242 1,380 1,732

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
OTHER COMPREHENSIVE INCOME (LOSS)	Reclassification adjustments – Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of income (in thousands) 2024 2023 2022 Amortization of postretirement benefit plan items: Prior service credit $ 1,421 $ 1,421 $ 1,421 Other income, net Net actuarial loss (1,334) (2,273) (900) Other income, net Total amortization 87 (852) 521 Other income, net Tax (expense) benefit (157) 67 (315) Income tax provision Amortization of postretirement benefit plan items, net of tax (70) (785) 206 Net income Cash flow hedges: Realized gain on cash flow hedges 2,785 3,227 20 Interest expense Tax expense (773) (872) (5) Income tax provision Realized gain on cash flow hedges, net of tax 2,012 2,355 15 Net income Debt securities: Realized loss on debt securities — (1,468) (8) Other income, net Tax benefit — 376 2 Income tax provision Realized loss on debt securities, net of tax — (1,092) (6) Net income Foreign currency translation adjustment (1) — (863) (5,550) Gain on sale of businesses and long-lived assets Total reclassifications, net of tax $ 1,942 $ (385) $ (5,335) (1) Relates to the sale of our web hosting businesses. Further information can be found in Note 6. Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on debt securities Net unrealized loss on cash flow hedges Foreign currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2021 $ (15,431) $ (344) $ (2,261) $ (13,456) $ (31,492) Other comprehensive (loss) income before reclassifications (11,235) (571) 4,869 (4,170) (11,107) Amounts reclassified from accumulated other comprehensive loss (206) 6 (15) 5,550 5,335 Net other comprehensive (loss) income (11,441) (565) 4,854 1,380 (5,772) Balance, December 31, 2022 (26,872) (909) 2,593 (12,076) (37,264) Other comprehensive income (loss) before reclassifications 6,263 (183) (524) 1,295 6,851 Amounts reclassified from accumulated other comprehensive loss 785 1,092 (2,355) 863 385 Net other comprehensive income (loss) 7,048 909 (2,879) 2,158 7,236 Balance, December 31, 2023 (19,824) — (286) (9,918) (30,028) Other comprehensive income (loss) before reclassifications 3,188 — 2,298 (3,432) 2,054 Amounts reclassified from accumulated other comprehensive loss 70 — (2,012) — (1,942) Net other comprehensive income (loss) 3,258 — 286 (3,432) 112 Balance, December 31, 2024 $ (16,566) $ — $ — $ (13,350) $ (29,916)

DIVESTITURES

DIVESTITURES	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
DIVESTITURES	Over the past three years, we made strategic decisions to exit certain businesses and dispose of other assets. We believe these actions enable us to concentrate our resources on our growth businesses, while optimizing our operations. Revenue generated by the exited businesses is reported as All Other in the business segment results presented in Note 17. Business exits and asset sales were as follows for the years ended December 31: (in thousands) Gain on sale of businesses and long-lived assets Proceeds from sale of businesses and long-lived assets 2024: Payroll and human resources services business $ 30,207 $ 23,295 Small business distributor customer list (1) 1,000 — Total 2024 $ 31,207 $ 23,295 2023: North American web hosting and logo design businesses – June 2023 (2) $ 17,486 $ 27,880 Payroll and human resources services business 10,700 15,669 Two facilities 3,792 8,094 Other 443 1,992 Total 2023 $ 32,421 $ 53,635 2022: Australian web hosting business – May 2022 (1) $ 15,166 $ 16,119 Strategic sourcing and retail packaging businesses – April and August 2022 (2) 1,804 $ 2,200 Facility 2,361 6,929 Total 2022 $ 19,331 $ 25,248 (1) A note receivable was executed in conjunction with this sale. No cash proceeds were received. (2) The assets and liabilities sold were not material to our consolidated balance sheets. Exit from payroll and human resources services business – In September and December 2023, we executed agreements to transition our U.S. and Canadian payroll and human resources services customers to other service providers. The recognition of income from this business exit was based on the timing of customer conversion and retention activities, which were substantially completed during 2024. We expect to receive the remaining cash proceeds during the first quarter of 2025. Our U.S. and Canadian payroll and human resources services business comprised a reporting unit that had a goodwill balance of $7,743 as of December 31, 2023. In conjunction with our phased transition out of this businesses, we determined that this goodwill was fully impaired during 2024, and we recorded pretax goodwill impairment charges of $7,743 .

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	As a component of our strategy to manage interest rate risk, we entered into interest rate swaps, designated as cash flow hedges, to reduce the fluctuations in interest payments on a portion of our variable-rate debt. In December 2024, coinciding with the refinancing of our debt (Note 13), we terminated these agreements and incurred an immaterial loss. Our derivative instruments were comprised of the following at December 31, 2023: December 31, 2023 (in thousands) Notional amount Interest Rate Maturity Balance Sheet Location Fair Value June 2023 amortizing interest rate swap: $ 271,659 4.249 % June 2026 Other non-current liabilities $ (2,158) March 2023 interest rate swap: 200,000 4.003 % March 2026 Other non-current assets 287 September 2022 interest rate swap: 300,000 3.990 % September 2025 Other non-current assets 1,519 Changes in the fair values of the interest rate swaps were recorded in accumulated other comprehensive loss on the consolidated balance sheets and were subsequently reclassified to interest expense as interest payments were made on the variable-rate debt. The fair values of these derivatives were calculated based on the applicable reference rate curve on the measurement date. As of December 31, 2023, the cash flow hedges were fully effective, and their effect on consolidated net income and our consolidated statements of cash flows during each of the past three years was not material.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	Goodwill impairment analyses We assess the carrying value of goodwill annually as of July 31 and between annual evaluations if events or changes in circumstances suggest a potential impairment. Our policy on impairment of goodwill, detailed in Note 1, outlines our methodology for evaluating goodwill impairment. 2024 annual goodwill impairment analyses – For the 2024 annual goodwill analysis, we chose to perform quantitative analyses for certain reporting units: Merchant Services, Treasury Management, and Business Essentials. These analyses indicated that the estimated fair values of these reporting units exceeded their carrying values. Estimating the fair values of our reporting units requires us to estimate several factors, including revenue growth rates, EBITDA margins, terminal growth rates, discount rates, and the allocation of shared and corporate items. These assumptions require significant judgment, and actual results may differ, potentially leading to future impairment charges. For our other reporting units with goodwill, we completed qualitative analyses. These analyses considered factors such as economic, market, and industry conditions, cost factors, and the overall financial performance of the reporting units. We also considered the most recent quantitative analyses from prior periods. These qualitative analyses indicated no changes in events or circumstances suggesting that the fair value of any reporting unit was less than its carrying amount. Consequently, no goodwill impairment charges were recorded from our 2024 annual impairment analysis. Exit from payroll and human resources services business – During 2024, we substantially completed our exit from our payroll and human resources services business, which constituted a reporting unit. The goodwill attributable to this reporting unit was $7,743 as of December 31, 2023. In conjunction with our phased transition out of this business, we determined that this goodwill was fully impaired in 2024, and we recorded pretax goodwill impairment charges of $7,743 . 2023 and 2022 annual goodwill impairment analyses – For the 2023 annual goodwill impairment analysis, we performed qualitative analyses for all of our reporting units. Similarly, in 2022, we performed qualitative analyses for all of our reporting units, except for our Data Analytics reporting unit, for which we performed a quantitative analysis. The qualitative assessments for both years indicated no changes in events or circumstances suggesting that the fair value of any reporting unit was less than its carrying amount. Additionally, the quantitative analysis of the Data Analytics reporting unit in 2022 indicated that its estimated fair value exceeded its carrying value. As a result, no goodwill impairment charges were recorded for either 2023 or 2022. Recurring fair value measurements Cash and cash equivalents included available-for-sale debt securities as of 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 due to the short-term nature of the underlying investments. The fair values of derivative instruments held as of December 31, 2023 (Note 7) were calculated based on the applicable reference rate curve on the measurement date. Information regarding the fair values of our financial instruments was as follows: Fair value measurements using Balance sheet location December 31, 2024 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Carrying value Fair value Amortized cost: Loans and notes receivable from distributors Other current and non-current assets $ 12,541 $ 13,013 $ — $ — $ 13,013 Long-term debt Current portion of long-term debt and long-term debt 1,503,151 1,508,347 — 1,508,347 — Fair value measurements using Balance sheet location December 31, 2023 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Carrying value Fair value Measured at fair value through comprehensive income: Available-for-sale debt securities Cash and cash equivalents $ 22,000 $ 22,000 $ 22,000 $ — $ — Derivative assets (Note 7) Other non-current assets 1,806 1,806 — 1,806 — Derivative liabilities (Note 7) Other non-current liabilities (2,158) (2,158) — (2,158) — Amortized cost: Loans and notes receivable from distributors Other current and non-current assets 13,430 13,249 — — 13,249 Long-term debt Current portion of long-term debt and long-term debt 1,592,851 1,554,028 — 1,554,028 —

RESTRUCTURING AND INTEGRATION E

RESTRUCTURING AND INTEGRATION EXPENSE	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND INTEGRATION EXPENSE	Restructuring and integration expense consists of costs related to initiatives aimed at driving earnings and cash flow growth, including costs related to the consolidation and migration of certain applications and processes. These costs consist primarily of consulting, project management services, internal labor, and other items such as facility closure and consolidation costs. Additionally, 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 enhance shareholder value by (1) accelerating our adjusted EBITDA growth, (2) increasing cash flow, (3) reducing debt, and (4) improving our leverage ratio. North Star is a comprehensive, multi-year plan that balances cost reduction and growth opportunities. On the cost side, we are focused on refining our organizational structure and transforming our infrastructure and operations. We have successfully completed the material elements of our organizational redesign, which included consolidating similar roles, reducing hierarchical layers, and expanding spans of control. We are also leveraging technology and process automation to digitize and streamline our operations. Additionally, we are scaling our operations by consolidating back-office functions and tapping into the global labor market. The associated restructuring and integration expense, which consisted primarily of consulting and severance costs, was approximately $50,000 during 2024 and $45,000 during 2023. We anticipate that we will incur approximately $15,000 of additional North Star restructuring and integration expense in 2025. Restructuring and integration expense is reflected on the consolidated statements of income as follows for the years ended December 31: (in thousands) 2024 2023 2022 Total cost of revenue $ 1,880 $ 12,230 $ 607 Operating expenses 48,570 78,245 62,529 Restructuring and integration expense $ 50,450 $ 90,475 $ 63,136 Restructuring and integration expense was comprised of the following for the years ended December 31: (in thousands) 2024 2023 2022 External consulting and other costs $ 33,659 $ 52,290 $ 32,067 Employee severance benefits 4,374 18,103 12,829 Internal labor 3,356 8,723 7,989 Other 9,061 11,359 10,251 Restructuring and integration expense $ 50,450 $ 90,475 $ 63,136 Our restructuring and integration accruals are included in accrued liabilities on the consolidated balance sheets. These accruals represent the anticipated cash payments necessary to fulfill the remaining severance obligations for employees who have already been terminated, as well as those expected to be terminated under our various initiatives. We expect that the majority of employee reductions and the associated severance payments will be completed by mid-2025. Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2021 $ 5,672 Charges 13,782 Reversals (953) Payments (9,973) Balance, December 31, 2022 8,528 Charges 18,653 Reversals (550) Payments (16,942) Balance, December 31, 2023 9,689 Charges 4,932 Reversals (558) Payments (10,308) Balance, December 31, 2024 $ 3,755 The charges and reversals shown in the rollforward of our restructuring and integration accruals exclude items that are expensed as incurred, as these items are not included in accrued liabilities on the consolidated balance sheets.

INCOME TAX PROVISION

INCOME TAX PROVISION	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAX PROVISION	Income before income taxes was comprised of the following for the years ended December 31: (in thousands) 2024 2023 2022 U.S. $ 11,072 $ (7,636) $ 51,640 Foreign 65,425 47,435 32,738 Income before income taxes $ 76,497 $ 39,799 $ 84,378 The components of the income tax provision were as follows for the years ended December 31: (in thousands) 2024 2023 2022 Current tax provision: Federal $ 24,922 $ 20,999 $ 27,789 State 5,189 6,331 8,507 Foreign 13,831 18,118 11,081 Total current tax provision 43,942 45,448 47,377 Deferred tax provision: Federal (21,467) (20,357) (21,368) State (4,511) (4,389) (5,710) Foreign 5,588 (7,130) (1,451) Total deferred tax provision (20,390) (31,876) (28,529) Income tax provision $ 23,552 $ 13,572 $ 18,848 The effective tax rate on pretax income reconciles to the U.S. federal statutory tax rate for the years ended December 31 as follows: 2024 2023 2022 Income tax at federal statutory rate 21.0 % 21.0 % 21.0 % Foreign tax rate differences 4.2 % 5.7 % 1.9 % Tax on repatriation of foreign earnings 4.0 % 6.2 % 2.2 % Non-deductible executive compensation 3.0 % 4.1 % 2.2 % Change in valuation allowances 1.6 % 17.5 % 7.2 % Goodwill impairment charges 1.0 % — — State income tax expense, net of federal income tax benefit 0.7 % 2.0 % 2.7 % Tax impact of share-based compensation 0.6 % 6.7 % 3.2 % Return to provision adjustments (5.3 %) 2.0 % (1.9 %) Research and development tax credit (1.8 %) (3.0 %) (1.2 %) Change in state deferred income tax rates (0.2 %) 1.7 % 0.3 % Business exits (Note 6) — (30.2 %) (15.8 %) Other 2.0 % 0.4 % 0.5 % Effective tax rate 30.8 % 34.1 % 22.3 % In June 2023, we completed the sale of our North American web hosting business, and in May 2022, we completed the sale of our Australian web hosting business. We recognized capital losses on these transactions for tax purposes and recorded valuation allowances for the portion of the capital loss carryovers that we did not expect to realize. In December 2023, we executed an agreement to transition our Canadian payroll and human resources services customers to another service provider. We recognized a capital gain on this transaction for tax purposes, which we were able to partially offset with capital loss carryforwards. These capital loss carryforwards had previously been offset with a valuation allowance, and as a result, we reversed the previously recognized valuation allowance. We repatriated foreign earnings held in cash by our Canadian subsidiaries of $52,707 during 2024, $32,931 during 2023, and $25,526 during 2022. The associated tax expense included in the income tax provision was $3,038 in 2024, $2,168 in 2023, and $1,818 in 2022. We believe the accumulated and remaining cash of our Canadian subsidiaries is sufficient to meet their working capital needs. The historical unremitted Canadian earnings as of December 31, 2021 will continue to be reinvested indefinitely in the operations of those subsidiaries. Deferred income taxes have not been recognized on those earnings as of December 31, 2024. If we were to repatriate our foreign cash and cash equivalents into the U.S. at one time, the tax effects would generally be limited to foreign withholding taxes on any such distribution. As of December 31, 2024, the amount of cash and cash equivalents held by our foreign subsidiaries was $20,058, primarily in Canada. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued interest and penalties and the federal benefit of deductible state income tax, was as follows: (in thousands) 2024 2023 2022 Balance, beginning of year $ 2,390 $ 2,635 $ 2,551 Additions for tax positions of current year 413 249 250 Additions for tax positions of prior years 641 91 270 Reductions for tax positions of prior years (30) — (45) Settlements — (303) — Lapse of statutes of limitations (241) (282) (391) Balance, end of year $ 3,173 $ 2,390 $ 2,635 If the unrecognized tax benefits as of December 31, 2024 were recognized in the consolidated financial statements, income tax expense would decrease by $3,173. Accruals for interest and penalties, excluding the tax benefits of deductible interest, were $686 as of December 31, 2024 and $583 as of December 31, 2023. Our income tax provision included expense for interest and penalties of $103 in 2024, $70 in 2023, and $97 in 2022. We believe that it is reasonably possible that a decrease of up to $1,900 in unrecognized tax benefits may be necessary within the next 12 months, primarily related to the lapse of statutes of limitations. We also believe it is reasonably possible that an increase of up to $1,800 in unrecognized tax benefits may be necessary within the next 12 months, related to potential legislative and regulatory changes in certain state and local jurisdictions. Due to the nature of the underlying liabilities and the extended time frame often needed to resolve income tax uncertainties, we cannot provide reliable estimates of the amount or timing of cash payments that may be required to settle these liabilities. The statute of limitations for federal tax assessments for 2020 and prior years has expired. In general, income tax returns for the years 2021 through 2024 remain subject to examination by federal, foreign, state, and city tax jurisdictions. In the event that we have determined not to file income tax returns with a particular state or city, all years remain subject to examination by the tax jurisdiction. The ultimate outcome of tax matters may differ from our estimates and assumptions. Unfavorable settlement of any particular issue would require the use of cash and could result in increased income tax expense. Favorable resolution would result in reduced income tax expense. Tax-effected temporary differences that gave rise to deferred tax assets and liabilities as of December 31 were as follows: 2024 2023 (in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Goodwill $ — $ 46,947 $ — $ 40,572 Employee benefit plans — 20,533 — 14,482 Prepaid assets — 6,738 — 5,385 Cloud computing arrangements — 6,480 — 10,337 Revenue recognition — 6,356 — 7,187 Property, plant and equipment — 5,067 — 4,529 Acquisition costs — 1,602 — 1,604 Operating leases 16,844 13,203 20,078 15,923 Deductible interest carryforward 50,989 — 34,038 — Net operating loss, tax credit, and capital loss carryforwards 24,255 — 22,639 — Intangible assets 22,585 — 4,510 — Reserves and accruals 7,272 — 9,522 — Inventories 3,726 — 2,804 — Deferred revenue 1,503 — 1,406 — Gain on exit from payroll and human resources services business (Note 6) — — 6,100 — All other 1,385 588 670 719 Total deferred taxes 128,559 107,514 101,767 100,738 Valuation allowances (16,180) — (14,984) — Net deferred taxes $ 112,379 $ 107,514 $ 86,783 $ 100,738 The valuation allowances as of December 31, 2024 and December 31, 2023 related primarily to capital loss carryforwards in the U.S and net operating loss carryforwards in various state jurisdictions that we do not currently expect to fully realize. Changes in our valuation allowances for the years ended December 31 were as follows: (in thousands) 2024 2023 2022 Balance, beginning of year $ (14,984) $ (7,996) $ (10,993) Expense from change in allowances (1,196) (6,979) (6,086) Sale of business (Note 6) — — 8,745 Foreign currency translation — (9) 338 Balance, end of year $ (16,180) $ (14,984) $ (7,996) As of December 31, 2024, we had the following net operating loss, deductible interest, capital loss, and tax credit carryforwards: • state net operating loss carryforwards and tax credit carryforwards of $141,419, which expire at various dates between 2025 and 2050; • federal deductible interest carryforwards of $197,581, which do not expire; and • federal capital loss carryforwards of $61,426, which expire in 2027 and 2028.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
SHARE-BASED COMPENSATION PLANS	Our employee share-based compensation plans include our employee stock purchase plan and our long-term incentive plan. Effective April 27, 2022, our shareholders approved the Deluxe Corporation 2022 Stock Incentive Plan, which simultaneously terminated our previous plan. Under the new plan, 2.5 million shares of common stock, along with any shares released due to the forfeiture or termination of awards issued under the prior plan, are reserved for issuance. As of December 31, 2024, 1.5 million shares remained available for issuance. Under both our current and previous plans, we have granted non-qualified stock options, restricted stock units, and performance share unit awards. The current plan also permits the issuance of restricted stock and stock appreciation rights, although none of these were outstanding as of December 31, 2024. Our policy regarding the recognition of compensation expense for employee share-based awards can be found in Note 1. The following amounts were recognized in our consolidated statements of income for share-based compensation awards for the years ended December 31: (in thousands) 2024 2023 2022 Restricted stock units $ 14,058 $ 14,092 $ 16,632 Performance share unit awards 4,705 4,127 3,840 Stock options 733 1,845 2,665 Employee stock purchase plan 448 461 539 Total share-based compensation expense $ 19,944 $ 20,525 $ 23,676 Income tax benefit $ (6,347) $ (7,408) $ (6,853) As of December 31, 2024, the total compensation expense for unvested awards not yet recognized in our consolidated statements of income was $21,297, net of the effect of estimated forfeitures. This amount is expected to be recognized over a weighted-average period of 1.7 years. Non-qualified stock options – All options permit the purchase of shares of common stock at prices equal to the market value of the stock on the grant date. Options become exercisable starting one year after the grant date, with one-fourth vesting each year over four years. Options granted under the current plan can be exercised for up to 10 years following the grant date, while awards granted prior to 2019 have a seven Each option can be converted into one share of common stock upon exercise. Information regarding options issued under the current and all previous plans was as follows: Number of options (in thousands) Weighted-average exercise price per option Aggregate intrinsic value (1) (in thousands) Weighted-average remaining contractual term (in years) Outstanding at December 31, 2023 1,380 $ 44.91 Forfeited or expired (183) 50.63 Outstanding at December 31, 2024 1,197 44.03 $ — 4.1 Exercisable at December 31, 2024 1,147 44.15 $ — 4.0 (1) The intrinsic value of a stock award is defined as the amount by which the fair value of the underlying stock exceeds the exercise price of the award. Restricted stock units – We grant RSU awards under our long-term incentive plan, which generally vest over periods ranging from two Each RSU converts into one share of common stock upon completion of the vesting period. Information regarding our RSUs was as follows: Number of units (in thousands) Weighted-average grant date fair value per unit Weighted-average remaining vesting period (in years) Outstanding at December 31, 2023 1,221 $ 23.34 Granted 925 20.35 Vested (556) 23.47 Forfeited (118) 21.37 Outstanding at December 31, 2024 1,472 21.57 2.4 The fair market value of RSUs that vested was $11,426 for 2024, $8,538 for 2023, and $13,602 for 2022. Performance share unit awards – Our PSU awards have a three The following weighted-average assumptions were used in the Monte Carlo simulation model to determine the fair value of market-based PSUs granted: 2024 2023 2022 Risk-free interest rate 4.4 % 4.4 % 1.8 % Dividend yield 6.0 % 6.1 % 3.7 % Expected volatility 38.5 % 54.3 % 54.9 % The risk-free interest rate for periods within the expected award life is derived from the U.S. Treasury yield curve in effect at the grant date. The dividend yield is estimated over the expected life of the award, based on historical dividends paid. Expected volatility is calculated using the historical volatility of our stock over the expected life of the award. Information regarding unvested PSUs was as follows: Performance share units (in thousands) Weighted-average grant date fair value per unit Weighted-average remaining contractual term (in years) Unvested at December 31, 2023 524 $ 28.50 Granted (1) 273 18.56 Vested (65) 47.62 Forfeited (41) 33.35 Unvested at December 31, 2024 691 22.47 1.3 (1) Reflects awards granted assuming achievement of performance goals at target. Employee stock purchase plan – During 2024, 159 thousand shares were issued under this plan at prices ranging from $13.76 to $16.91. During 2023, 196 thousand shares were issued at prices ranging from $12.61 to $15.77. During 2022, 149 thousand shares were issued at prices ranging from $15.62 to $25.59.

POSTRETIREMENT BENEFITS

POSTRETIREMENT BENEFITS	12 Months Ended
	Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
POSTRETIREMENT BENEFITS	We have historically offered certain health care benefits to a large number of our retired U.S. employees. Employees who were hired before January 1, 2002 become eligible for these benefits if they meet the required years of service and age criteria before retiring. Employees hired on or after January 1, 2002 are not eligible to participate in the plan. In addition to our retiree health care plan, we also maintain an inactive U.S. supplemental executive retirement plan (SERP). This plan is no longer adding new participants and all current participants are retired. The SERP does not have any plan assets, but our obligation under this plan is fully funded through investments in company-owned life insurance policies. Obligations and funded status – Changes in our benefit obligation, plan assets, and funded status for the years ended December 31 were as follows: (in thousands) Postretirement benefit plan Pension plan (1) Change in benefit obligation: Benefit obligation, December 31, 2022 $ 39,709 $ 2,374 Interest cost 1,874 111 Net actuarial (gain) loss (785) 128 Benefits paid from plan assets and company funds (4,823) (324) Benefit obligation, December 31, 2023 35,975 2,289 Interest cost 1,639 103 Net actuarial (gain) loss (3,072) 52 Benefits paid from plan assets and company funds (3,932) (324) Benefit obligation, December 31, 2024 $ 30,610 $ 2,120 Change in plan assets: Fair value of plan assets, December 31, 2022 $ 119,052 $ — Return on plan assets 15,241 — Benefits paid (3,379) — Fair value of plan assets, December 31, 2023 130,914 — Return on plan assets 9,729 — Benefits paid (2,509) — Fair value of plan assets, December 31, 2024 $ 138,134 $ — Funded status, December 31, 2023 $ 94,939 $ (2,289) Funded status, December 31, 2024 $ 107,524 $ (2,120) (1) The accumulated benefit obligation equals the projected benefit obligation. The funded status of our plans was recognized on the consolidated balance sheets as of December 31 as follows: Postretirement benefit plan Pension plan (in thousands) 2024 2023 2024 2023 Other non-current assets $ 107,524 $ 94,939 $ — $ — Accrued liabilities — 324 324 Other non-current liabilities — — 1,796 1,965 Amounts included in accumulated other comprehensive loss that have not been recognized as components of postretirement benefit income were as follows as of December 31: (in thousands) 2024 2023 Unrecognized net actuarial loss $ (23,332) $ (29,019) Unrecognized prior service credit 5,650 7,071 Tax effect 1,116 2,124 Amount recognized in accumulated other comprehensive loss, net of tax $ (16,566) $ (19,824) Unrecognized net actuarial gains and losses arise when actual experience deviates from the assumptions made, as well as from changes in those assumptions. For 2024, the net actuarial gain was primarily driven by an increase in the discount rate applied to the benefit obligation and a decrease in the number of participants. For 2023, the net actuarial gain was mainly driven by demographic and claims experience, partially offset by a reduction in the discount rate applied to the benefit obligation. The unrecognized actuarial gains and losses related to our postretirement benefit plan are amortized over the average remaining life expectancy of inactive plan participants, given that a significant potion of the plan participants are classified as inactive. Currently, this amortization period is 12 years. The unrecognized prior service credit associated with our postretirement benefit plan stems from past plan amendments that reduced the accumulated postretirement benefit obligation. Initially, any reduction is applied to offset existing unrecognized prior service cost, followed by any remaining unrecognized transition obligation. Any surplus after these adjustments becomes the unrecognized prior service credit. The prior service credit is then amortized on the straight-line basis over the remaining life expectancy of plan participants at the time of each plan amendment. Postretirement benefit income – Postretirement benefit income is included in other income, net on the consolidated statements of income and consisted of the following components for the years ended December 31: (in thousands) 2024 2023 2022 Interest cost $ 1,742 $ 1,985 $ 1,121 Expected return on plan assets (8,395) (7,320) (7,462) Amortization of prior service credit (1,421) (1,421) (1,421) Amortization of net actuarial losses 1,334 2,273 900 Net periodic benefit income $ (6,740) $ (4,483) $ (6,862) Actuarial assumptions – In measuring the benefit obligations as of December 31, the following discount rate assumptions were used: Postretirement benefit plan Pension plan 2024 2023 2024 2023 Discount rate 5.48 % 4.89 % 5.35 % 4.80 % In measuring net periodic benefit income for the years ended December 31, the following assumptions were used: Postretirement benefit plan Pension plan 2024 2023 2022 2024 2023 2022 Discount rate 4.89 % 5.09 % 2.61 % 4.80 % 5.00 % 2.26 % Expected return on plan assets 6.50 % 6.25 % 5.25 % — — — The discount rate assumption is derived from the rates of return on high-quality, fixed-income instruments that are currently available and whose cash flows approximate the timing and amount of our expected benefit payments. When determining the expected long-term rate of return on plan assets, we start with our historical returns and then make adjustments for estimated inflation and projected market returns. Our inflation assumption is primarily based on an analysis of historical inflation data. In measuring the benefit obligation as of December 31 for our postretirement benefit plan, the following assumptions for health care cost trend rates were used. These rates are utilized to determine our periodic benefit income for the following year. 2024 2023 2022 Participants under age 65 Participants age 65 and older Participants under age 65 Participants age 65 and older Participants under age 65 Participants age 65 and older Health care cost trend rate assumed for next year 6.0 % 6.5 % 6.6 % 7.3 % 6.6 % 7.3 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2030 2030 2030 2030 2030 2030 Plan assets – The allocation of plan assets by asset category as of December 31 was as follows: Postretirement benefit plan 2024 2023 U.S. corporate debt securities 55 % 54 % International equity securities 20 % 20 % U.S. large capitalization equity securities 17 % 18 % Mortgage-backed securities 5 % 5 % U.S. small and mid-capitalization equity securities 3 % 3 % Total 100 % 100 % Our postretirement benefit plan is designed with assets intended to meet long-term obligations. To achieve this, we utilize a total return investment strategy that takes into account cash flow needs while balancing long-term projected returns against expected asset risks, which are measured using projected standard deviations. Our risk tolerance is determined by considering projected plan liabilities, the plan's funded status, projected liquidity needs, and our overall financial condition. The target asset allocation percentages for our postretirement benefit plan are derived from our liability and asset projections. The targeted allocation of plan assets is 60% fixed income securities, 20% international equity securities, 17% large capitalization equity securities, and 3% small and mid-capitalization equity securities. Information regarding fair value measurements of plan assets was as follows as of December 31, 2024: Fair value measurements using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Investments measured at net asset value Fair value as of December 31, 2024 (in thousands) (Level 1) (Level 2) (Level 3) U.S. corporate debt securities $ — $ 76,628 $ — $ — $ 76,628 International equity securities — 27,356 — — 27,356 U.S. large capitalization equity securities — 23,754 — — 23,754 Mortgage-backed securities — 6,939 — — 6,939 U.S. small and mid-capitalization equity securities — 3,457 — — 3,457 Plan assets $ — $ 138,134 $ — $ — $ 138,134 Information regarding fair value measurements of plan assets was as follows as of December 31, 2023: Fair value measurements using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Investments measured at net asset value Fair value as of December 31, 2023 (in thousands) (Level 1) (Level 2) (Level 3) U.S. corporate debt securities $ — $ 71,225 $ — $ — $ 71,225 International equity securities — 26,441 — — 26,441 U.S. large capitalization equity securities — 23,143 — — 23,143 Mortgage-backed securities — 6,540 — — 6,540 U.S. small and mid-capitalization equity securities — 3,565 — — 3,565 Plan assets $ — $ 130,914 $ — $ — $ 130,914 The Level 2 investments relate to investment funds that publish daily net asset value (NAV) per unit. The daily NAV is accessible to participants in the funds, and redemptions can be executed daily at the current NAV. The fair value and the number of units are determined and published, serving as the basis for current transactions. Although these investments do not qualify for the NAV practical expedient, they are measured at the published NAV because the quoted NAV per unit reflects the price at which the investment would be sold in a transaction between independent market participants. Our policy is to recognize transfers between fair value levels at the end of the reporting period during which the transfer occurred. Cash flows – We made no contributions to plan assets during the past three years. We have fully funded the SERP obligation with investments in company-owned life insurance policies. The cash surrender value of these policies is included in long-term investments on the consolidated balance sheets and totaled $8,007 as of December 31, 2024 and $7,713 as of December 31, 2023. The following benefit payments are expected to be paid during the years indicated: (in thousands) Postretirement benefit plan Pension plan 2025 $ 4,084 $ 320 2026 3,752 300 2027 3,463 280 2028 3,203 260 2029 2,951 240 2030 - 2034 11,904 860 401(k) plan – We offer a 401(k) plan to provide retirement benefits for eligible employees. This plan covers the majority of full-time employees and some part-time employees. Employees generally become eligible to participate in the plan after completing 30 days of service. Both employees and Deluxe contribute to the 401(k) plan. Employees can contribute up to 50% of eligible wages, subject to IRS limitations and the plan's terms and conditions. For most employees, we match 100% of the first 1% of wages contributed and 50% of the next 5% of wages contributed. The expense recognized for the 401(k) plan matching contributions was $11,282 for 2024, $12,046 for 2023, and $12,958 for 2022. All contributions from employees and Deluxe are remitted to the plan's trustee. Benefits provided by the plan are paid from the accumulated funds within the trust. Employees have a broad range of investment options to choose from when investing their 401(k) plan funds. Investing directly in our common stock is not an option, although the funds selected by employees may occasionally hold our common stock.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT	Debt outstanding was comprised of the following: (in thousands) 2024 2023 Senior secured term loan facility $ 500,000 $ 877,187 Senior unsecured notes 475,000 475,000 Senior secured notes 450,000 — Securitization obligations 78,917 — Amounts drawn on senior secured revolving credit facility 18,000 252,000 Total principal amount 1,521,917 1,604,187 Less: unamortized discount and debt issuance costs (18,766) (11,336) Total debt, net of discount and debt issuance costs 1,503,151 1,592,851 Less: current portion of long-term debt, net of debt issuance costs (37,130) (86,153) Long-term debt $ 1,466,021 $ 1,506,698 Maturities of long-term debt were as follows as of December 31, 2024: (in thousands) Debt obligations 2025 $ 37,500 2026 37,500 2027 116,417 2028 50,000 2029 1,280,500 Total principal amount $ 1,521,917 Credit facility – In December 2024, we executed a $900,000 amended and restated credit agreement, which includes commitments of $400,000 under a revolving credit facility and $500,000 under a term loan facility. The revolving credit facility includes a $40,000 swingline sub-facility and a $25,000 letter of credit sub-facility. Concurrently, we repaid and terminated our previous credit facility, recording interest expense of $1,670 for the write-off of the related unamortized debt issuance costs. Net proceeds from the new credit facility were $604,431. Loans under the new revolving credit facility can be borrowed, repaid, and re-borrowed until February 1, 2029, at which point all outstanding amounts must be repaid. The term loan facility is structured to be repaid in equal quarterly installments of $9,375 from March 2025 to December 2027, and $12,500 from March 2028 to December 2028, with the remaining balance due on February 1, 2029. The term loan facility includes mandatory prepayment requirements related to asset sales, certain casualty or other insured damage to assets, and new debt (excluding permitted debt), subject to certain limitations. No premium or penalty is incurred for any mandatory or voluntary prepayment of the term loan facility. Interest on the credit facility is payable at a fluctuating rate, as outlined in the credit agreement. A commitment fee is also payable on the unused portion of the revolving credit facility. Amounts outstanding under the current and previous credit facilities had a weighted-average interest rate of 7.23% as of December 31, 2024 and 6.83% as of December 31, 2023, which includes the impact of interest rate swaps that converted a portion of our variable-rate debt to fixed-rate debt. Additional details about the interest rate swaps can be found in Note 7. Borrowings under the credit facility are secured 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 includes customary covenants that limit levels of indebtedness, liens, mergers, certain asset dispositions, changes in business, advances, investments, loans, and restricted payments. These covenants are subject to various limitations and exceptions outlined in the credit agreement. Additionally, the credit agreement imposes requirements on our consolidated total leverage ratio and our consolidated secured leverage ratio. The consolidated total leverage ratio is calculated as (i) consolidated indebtedness minus unrestricted cash and cash equivalents in excess of $15,000 to (ii) consolidated EBITDA for the period, as defined in the agreement. The consolidated secured leverage ratio is defined as (i) consolidated secured indebtedness minus unrestricted cash and cash equivalents in excess of $15,000 to (ii) consolidated EBITDA for the period, as defined in the agreement. These ratios may not equal or exceed the following amounts during the periods indicated: Fiscal Quarter Ending Consolidated total leverage ratio Consolidated secured leverage ratio December 31, 2024 through March 31, 2026 4.25 to 1:00 3.50 to 1:00 June 30, 2026 and each fiscal quarter thereafter 4.00 to 1:00 3.25 to 1:00 Furthermore, we are required to maintain a minimum interest coverage ratio of at least 3.00 to 1.00 for the duration of the credit facility. This ratio is calculated as (i) consolidated EBITDA, as defined in the agreement, for the trailing four quarters to (ii) consolidated interest expense for the same period. In addition, if our consolidated total leverage ratio exceeds 2.75 to 1.00, the aggregate amount of permitted dividends, incentive-based share repurchases, and repurchases under an open market repurchase program is limited to an annual amount of $60,000, provided that the amount of any share repurchases made under an open market repurchase program does not exceed $30,000 in a fiscal year. Failure to comply with any of these requirements would constitute an event of default, which would enable the lenders to declare all amounts outstanding immediately due and payable. In such a scenario, the lenders would also have the right to enforce their interests against the collateral pledged if we were unable to settle the outstanding amounts. As of December 31, 2024, we were in compliance with all debt covenants. The credit agreement includes customary representations and warranties. As a condition for borrowing, it requires that all such representations and warranties be true and correct in all material respects on the date of each borrowing. This includes representations affirming that there has been no material adverse change in our business, assets, operations, or financial condition. As of December 31, 2024, amounts were available for borrowing under our revolving credit facility as follows: (in thousands) Total available Revolving credit facility commitment $ 400,000 Amount drawn on revolving credit facility (18,000) Outstanding letters of credit (1) (7,698) Net available for borrowing as of December 31, 2024 $ 374,302 (1) We utilize standby letters of credit primarily to secure certain obligations associated with our self-insured workers' compensation claims and environmental claims, as mandated by certain states. These letters of credit reduce the available borrowing capacity under our revolving credit facility. Senior unsecured and secured notes – In June 2021, we issued $500,000 of 8.0% senior unsecured notes that mature in June 2029. These 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 were utilized to finance the acquisition of First American Payment Systems, L.P. Interest payments are due each June and December. During the quarter ended September 30, 2022, we repurchased $25,000 of these notes on the open market, realizing a pretax gain of $1,726, which is included in interest expense on the consolidated statement of income. In December 2024, we issued $450,000 of 8.125% senior secured notes that mature in September 2029. However, if any of the senior unsecured notes remain outstanding as of February 1, 2029, the senior secured notes will mature on February 1, 2029. These notes were also issued via a private placement under Rule 144A of the Securities Act of 1933. The proceeds from this offering, net of discount and offering costs, were $441,481, resulting in an effective interest rate of 8.6%. The net proceeds, along with borrowings from the new credit facility established in December 2024, were used to refinance the previous senior secured term loan facility and revolving credit facility. Interest payments for these notes are due each March and September. The indentures governing the notes include covenants that restrict our ability, and that of our restricted subsidiaries, to undertake certain actions. These restrictions include limitations on incurring additional debt and liens, issuing redeemable and preferred stock, paying dividends and distributions, making loans and investments, and consolidating, merging, or selling all or substantially all of our assets. Securitization facility – In March 2024, Deluxe Receivables LLC, a wholly-owned subsidiary, established a receivables financing agreement (the “Securitization Facility”). This agreement terminates in March 2027, unless extended per its terms. The maximum borrowing capacity under the Securitization Facility is $80,000, subject to certain borrowing base adjustments. Under this agreement, we have sold and will continue to automatically sell certain accounts receivable to the subsidiary, which serve as collateral for borrowings under the facility and which totaled approximately $117,000 as of December 31, 2024. Borrowings accrue interest at a commercial paper rate for borrowings funded by a conduit lender through the issuance of notes, and for other borrowings, at the Secured Overnight Financing Rate plus an applicable margin. Also, a commitment fee is charged on the unused portion of the facility. Interest and fees are payable monthly. As of December 31, 2024, $78,917 was outstanding under the facility at an interest rate of 6.22%. The proceeds from these borrowings were used to prepay amounts due under our former secured term loan facility. The Securitization Facility is treated as a collateralized financing activity rather than a sale of assets. Consequently, the subsidiary is consolidated, and the receivable balances pledged as collateral are reported as accounts receivable on the consolidated balance sheet, while the borrowings are classified as long-term debt. Cash receipts from the underlying receivables are reflected as operating cash flows on the consolidated statement of cash flows, and borrowings and repayments under the collateralized loans are reflected as financing cash flows.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
LEASES	We have entered into operating leases for the majority of our facilities, with remaining terms extending up to 10 years as of December 31, 2024. These leases allow us to mitigate risks associated with property ownership, such as real estate price fluctuations, and provide us with greater flexibility in managing our real estate needs. Additionally, we have operating leases for certain equipment, including production printers and data center equipment. Some of these leases include options to extend the lease term, although the impact of these renewal periods was not material to the amounts recorded for operating lease assets and liabilities. We have also entered into finance leases for our corporate headquarters and certain information technology hardware. Leases were reflected on the consolidated balance sheets as follows at December 31: (in thousands) 2024 2023 Operating leases: Operating lease assets $ 49,382 $ 58,961 Accrued liabilities $ 12,406 $ 13,562 Operating lease liabilities 48,982 58,840 Total operating lease liabilities $ 61,388 $ 72,402 Weighted-average remaining lease term 5 years 6 years Weighted-average discount rate 8.5 % 7.8 % Finance leases: Property, plant and equipment, gross $ 28,166 $ 26,941 Accumulated depreciation (5,995) (4,188) Property, plant and equipment, net $ 22,171 $ 22,753 Accrued liabilities $ 1,895 $ 1,146 Other non-current liabilities 25,471 26,134 Total finance lease liabilities $ 27,366 $ 27,280 Weighted-average remaining lease term 12 years 14 years Weighted-average discount rate 6.0 % 6.0 % The components of lease expense for the years ended December 31 were as follows: (in thousands) 2024 2023 2022 Operating lease expense $ 18,317 $ 18,811 $ 20,480 Finance lease expense: Amortization of right-of-use assets 1,807 2,067 1,853 Interest on lease liabilities 1,603 1,659 1,697 Total finance lease expense 3,410 3,726 3,550 Total lease expense $ 21,727 $ 22,537 $ 24,030 Supplemental cash flow information related to leases for the years ended December 31 was as follows: (in thousands) 2024 2023 2022 Lease assets obtained in exchange for lease obligations: Operating leases $ 3,617 $ 26,167 $ 6,294 Finance leases 1,225 — — Cash paid for amounts included in lease obligations: Operating cash flows from operating leases $ 16,993 $ 19,922 $ 19,015 Operating cash flows from finance leases 1,603 1,659 1,697 Financing cash flows from finance leases 1,140 2,715 1,290 Maturities of lease liabilities were as follows at December 31, 2024: (in thousands) Operating lease obligations Finance 2025 $ 16,878 $ 3,211 2026 16,763 3,245 2027 12,764 3,280 2028 9,521 3,315 2029 8,294 2,916 Thereafter 14,403 23,235 Total lease payments 78,623 39,202 Less imputed interest (17,235) (11,836) Present value of lease payments $ 61,388 $ 27,366

OTHER COMMITMENTS AND CONTINGEN

OTHER COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
OTHER COMMITMENTS AND CONTINGENCIES	Indemnifications – In the normal course of business, we periodically enter into agreements that incorporate general indemnification language. These indemnification provisions generally encompass third-party claims arising from our products and services. This includes, but is not limited to, service failures, breaches of security, intellectual property rights, compliance with governmental regulations, and employment-related matters. Performance under these indemnities would generally be triggered by our breach of the terms of the contract. When disposing of assets or businesses, we often provide representations, warranties, and indemnities to cover various risks. These risks may include unknown damage to the assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities and legal matters related to periods prior to disposition. We do not have the ability to estimate the potential liability from such indemnities because they relate to unknown conditions. However, we do not believe that any liability under these indemnities would have a material adverse effect on our financial position, annual results of operations, or annual cash flows. We have recorded liabilities for known indemnifications related to environmental matters. These liabilities were not material as of December 31, 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, as well as those incurred, but not reported. These liabilities totaled $8,200 as of December 31, 2024 and $9,024 as of December 31, 2023, and are included in accrued liabilities and other non-current liabilities on the consolidated balance sheets. Our workers' compensation liability is recorded at present value, and the difference between the discounted and undiscounted liability was not material as of December 31, 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 – The liabilities recorded for legal matters, along with the related charges over the past three years, have not had a material impact on our financial position, results of operations, or liquidity during the periods presented. We do not anticipate that any of the currently identified claims or litigation will materially affect our financial position, results of operations, or liquidity upon resolution. However, it is important to note that litigation carries inherent uncertainties, and unfavorable rulings are possible. Should an unfavorable ruling occur, it could have a material adverse effect on our financial position, results of operations, or liquidity in the period of the ruling or in future periods.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	In October 2018, our board of directors authorized the repurchase of up to $500,000 of our common stock. This authorization does not have an expiration date. Over the past three years, no shares were repurchased under this authorization. As of December 31, 2024, $287,452 remained available for repurchase.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
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, cash application, and payment acceptance solutions, as well as integrated accounts payable disbursements, such as eChecks, Medical Payment Exchange, and Deluxe Payment Exchange + , as well as fraud and security services. • Data Solutions – provides data, analytics, and marketing services for both business-to-business and business-to-consumer marketing, as well as financial institution profitability reporting and business incorporation services. • Print – provides printed personal and business checks, business essentials, including printed business forms and business accessories, as well as branded promotional, print, apparel, and digital storefront solutions. The accounting policies applied to our segments are consistent with those outlined in Note 1. We allocate corporate costs for shared services functions to our business segments when these costs are directly attributable to a specific segment. This allocation includes certain expenses related to sales and marketing, supply chain, real estate, finance, information technology, and legal services. Costs that cannot be directly attributed to a specific business segment are reported under Corporate operations. These costs primarily include marketing, accounting, information technology, human resources, facilities, executive management, and the legal, tax, and treasury functions that support the overall corporate structure. Our segments primarily operate within the U.S., with some activities in Canada. Until June 2023, we also operated our former web hosting business in parts of Europe and through partners in Central and South America. Additionally, until May 2022, our web hosting business had operations in Australia. The revenue and long-lived assets associated with our foreign operations were not material to our consolidated financial statements for the periods covered by this report. No single customer contributed more than 10% of our consolidated revenue over the past three years. Our Chief Executive Officer serves as the chief operating decision maker (CODM). In this role, he evaluates the performance of each segment and makes resource allocation decisions based on adjusted EBITDA. Adjusted EBITDA for each segment excludes depreciation and amortization expense, interest expense, income tax expense, and certain other amounts that can vary from period to period. These amounts may include asset impairment charges, restructuring and integration expense, share-based compensation expense, certain legal-related expenses that fall outside the normal course of business, and gains or losses on the sale of businesses and long-lived assets. The CODM uses adjusted EBITDA in both the annual planning and interim forecasting processes. On a monthly basis, the CODM reviews variances between actual results and both the plan and forecast, using this analysis to guide resource distribution and strategic adjustments. Additionally, the CODM compares segment adjusted EBITDA margins to those of competitors. This benchmarking is essential for evaluating the relative performance of our segments within the industry, ensuring that we remain competitive, and identifying areas for improvement. Furthermore, adjusted EBITDA plays a significant role in establishing employee performance-based compensation, aligning employee incentives with our financial goals. The CODM does not review segment asset information when making investment or operating decisions regarding our reportable segments. The following is our segment information for the years ended December 31. The segment information for 2023 and 2022 has been recast to reflect our current segment structure. (in thousands) 2024 2023 2022 Merchant Services: Revenue $ 384,038 $ 364,233 $ 347,709 Other segment items (305,498) (289,834) (276,949) Adjusted EBITDA 78,540 74,399 70,760 B2B Payments: Revenue 287,851 299,196 307,117 Other segment items (230,763) (237,162) (235,875) Adjusted EBITDA 57,088 62,034 71,242 Data Solutions: Revenue 234,033 211,788 196,707 Other segment items (173,590) (165,507) (151,874) Adjusted EBITDA 60,443 46,281 44,833 Print: Revenue 1,205,077 1,261,283 1,276,775 Other segment items (828,476) (860,341) (877,730) Adjusted EBITDA 376,601 400,942 399,045 Total reportable segments: Revenue $ 2,110,999 $ 2,136,500 $ 2,128,308 Other segment items (1,538,327) (1,552,844) (1,542,428) Adjusted EBITDA 572,672 583,656 585,880 All other: (1) Revenue 10,762 55,760 109,702 Other segment items (5,140) (29,834) (79,570) Adjusted EBITDA 5,622 25,926 30,132 Total segments: Consolidated revenue $ 2,121,761 $ 2,192,260 $ 2,238,010 Other segment items (1,543,467) (1,582,678) (1,621,998) Adjusted EBITDA 578,294 609,582 616,012 (1) Includes businesses sold during 2023 and 2022, including the web hosting, logo design, strategic sourcing, and retail packaging businesses, and the payroll and human resources services business that we substantially exited during 2024 (Note 6). The CODM does not review segment expense information. Instead, he receives commentary that discusses variances between planned, forecasted, or prior year adjusted EBITDA amounts. This commentary may include discussion of relevant expense categories, which can vary from period to period based on the drivers of the variances. Additionally, the CODM reviews consolidated expense information as presented in our consolidated financial statements, as well as consolidated expenses for our various shared services support functions. For all our segments, other segment items primarily consist of cost of revenue, selling expenses, and allocated costs of our shared services functions, including information technology, real estate, and finance costs. For our digital businesses, which include Merchant Services, B2B Payments, and Data Solutions, cost of revenue includes information technology costs, payroll and related expenses, and related overhead. For the Print segment, cost of revenue includes raw materials used to manufacture products, shipping and handling costs, third-party costs for outsourced products, payroll and related expenses, information technology costs, and related overhead. Selling expenses for all segments include costs associated with our sales organization and certain marketing and advertising expenses. They also encompass the costs of our call center operations for the Merchant Services, B2B Payments, and Print segments, as well as external commissions for the B2B Payments and Print segments. The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes: (in thousands) 2024 2023 2022 Total segment adjusted EBITDA $ 578,294 $ 609,582 $ 616,012 Corporate operations (166,219) (192,447) (197,882) Depreciation and amortization (165,544) (169,703) (172,552) Interest expense (123,281) (125,643) (94,454) Non-controlling interest 143 107 135 Asset impairment charges (7,743) — — Restructuring and integration expense (50,450) (90,475) (63,136) Share-based compensation expense (19,944) (20,525) (23,676) Acquisition transaction costs — — (130) Certain legal-related benefit (expense) 34 (2,195) 730 Loss on sale of investment securities — (1,323) — Gain on sale of businesses and long-lived assets 31,207 32,421 19,331 Income before income taxes $ 76,497 $ 39,799 $ 84,378 The following tables present revenue disaggregated by our product and service offerings: Year Ended December 31, 2024 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 702,702 $ — $ 702,702 Mer chant services 384,038 — — — — 384,038 Promotional solutions — — — 262,009 — 262,009 Forms and other business products — — — 240,366 — 240,366 Treasury management solutions — 225,568 — — — 225,568 Data-driven marketing — — 214,589 — — 214,589 Other payment solutions — 62,283 — — — 62,283 Other web-based solutions — — 19,444 — — 19,444 Other — — — — 10,762 10,762 Total revenue $ 384,038 $ 287,851 $ 234,033 $ 1,205,077 $ 10,762 $ 2,121,761 Year Ended December 31, 2023 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 721,089 $ — $ 721,089 Merchant services 364,233 — — — — 364,233 Promotional solutions — — — 276,744 1,456 278,200 Forms and other business products — — — 263,450 — 263,450 Treasury management solutions — 240,320 — — — 240,320 Data-driven marketing — — 192,656 — — 192,656 Other payment solutions — 58,876 — — — 58,876 Other web-based solutions — — 19,132 — — 19,132 Other — — — — 54,304 54,304 Total revenue $ 364,233 $ 299,196 $ 211,788 $ 1,261,283 $ 55,760 $ 2,192,260 Year Ended December 31, 2022 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 728,988 $ — $ 728,988 Merchant services 347,709 — — — — 347,709 Promotional solutions — — — 257,867 15,130 272,997 Forms and other business products — — — 289,920 — 289,920 Treasury management solutions — 241,185 — — — 241,185 Data-driven marketing — — 177,598 — — 177,598 Other payment solutions — 65,932 — — — 65,932 Other web-based solutions — — 19,109 — — 19,109 Other — — — — 94,572 94,572 Total revenue $ 347,709 $ 307,117 $ 196,707 $ 1,276,775 $ 109,702 $ 2,238,010

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income attributable to Deluxe	$ 52,802	$ 26,120	$ 65,395

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We are a trusted partner for businesses of all sizes, and we take this responsibility seriously. Ensuring the secure and continuous operation of our networks and systems, as well as the processing, maintenance, and confidentiality of the sensitive information they contain, is vital to our business operations and strategy. We process records containing confidential data related to individuals and businesses. Additionally, some of our products are hosted solutions, and the volume of data we store for our customers, including personal, critical business, and other potentially sensitive information, has been growing. Technology-based organizations like ours are susceptible to targeted attacks that aim to exploit network and system vulnerabilities. A successful cyberattack could lead to the disclosure or misuse of sensitive business and personal information, disrupt our operations, damage our reputation, and deter clients and consumers from using our products and services. It could also result in litigation, the termination of client contracts, government inquiries, and/or enforcement actions. Any of these events would have a material negative impact on our business, prospects, results of operations, and financial position. We have established a risk-based information/cybersecurity program dedicated to safeguarding our data and solutions. Our privacy policies, along with associated controls and procedures, provide a comprehensive framework to guide the handling of data. We employ a defense-in-depth strategy, utilizing multiple security layers and the CIA (confidential, integrity, and availability) triad model. Our information security program is led by our Chief Information Security Officer (CISO) and the Information Security department, which sets the policies, standards, and strategies to manage security risk. The CISO has over two decades of experience with global technology organizations across various industries. We allocate significant resources to addressing security vulnerabilities by enhancing security and reliability features in our products and services, providing employee security training, monitoring our operations 24/7, reviewing and auditing our systems against independent security control frameworks, and conducting security maturity assessments. We may also engage third-party consultants, legal advisors, or audit firms to evaluate and test our risk management systems and assess and remediate potential cybersecurity incidents. These assessments inform our annual and multi-year cybersecurity strategies and our product security plans. In addition, our operations rely on several third parties, including vendors, developers, and partners, who are critical to our business and may have access to our confidential data regarding consumers, employees, contractors, suppliers, and other business partners. We conduct due diligence on these third parties regarding their security and business controls and have established monitoring procedures to mitigate risks related to data breaches or other security incidents originating from these third parties. Our Enterprise Risk Management Committee, led by our Assurance and Risk Advisory Services group, Chief Financial Officer, and Chief Administrative Officer, collaborates with our executive leadership team and senior-level staff, including the Chief Compliance Officer and the CISO, to evaluate and oversee our primary enterprise risks, including cybersecurity. The CISO provides periodic updates to the board of directors, ensuring that comprehensive risk reviews are conducted and that our cyber risk assessment, practices, and policies are thoroughly discussed with management. Additionally, our Assurance and Risk Advisory Services group delivers periodic updates to the Audit and Finance committee of the board of directors covering financial and enterprise risks, including cybersecurity. In the event of a cybersecurity incident, our Cybersecurity Incident Response team will act according to our incident management plans to communicate with our executive leadership team and coordinate the response. Our Chief Executive Officer, Chief Financial Officer, General Counsel, Chief Technology and Digital Officer, CISO, and Chief Compliance Officer are responsible for assessing such incidents for materiality, ensuring that any required notification or communication occurs, and determining whether any prohibition on the trading of our common stock by insiders should be imposed before disclosing information about a material cybersecurity event. We maintain cybersecurity insurance coverage to cover costs resulting from cyberattacks, although this coverage may not reimburse us for all losses. As of the date of this report, we are not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition and that are required to be reported in this Form 10-K. For further discussion of the risks associated with cybersecurity incidents see Item 1A, "Operational Risks – Security breaches, computer malware, or other cyberattacks involving the confidential information we maintain could significantly damage our reputation, expose us to litigation and enforcement actions, and substantially harm our business and results of operations ."
Cybersecurity Risk Management Processes Integrated [Text Block]	We are a trusted partner for businesses of all sizes, and we take this responsibility seriously. Ensuring the secure and continuous operation of our networks and systems, as well as the processing, maintenance, and confidentiality of the sensitive information they contain, is vital to our business operations and strategy. We process records containing confidential data related to individuals and businesses. Additionally, some of our products are hosted solutions, and the volume of data we store for our customers, including personal, critical business, and other potentially sensitive information, has been growing. Technology-based organizations like ours are susceptible to targeted attacks that aim to exploit network and system vulnerabilities. A successful cyberattack could lead to the disclosure or misuse of sensitive business and personal information, disrupt our operations, damage our reputation, and deter clients and consumers from using our products and services. It could also result in litigation, the termination of client contracts, government inquiries, and/or enforcement actions. Any of these events would have a material negative impact on our business, prospects, results of operations, and financial position. We have established a risk-based information/cybersecurity program dedicated to safeguarding our data and solutions. Our privacy policies, along with associated controls and procedures, provide a comprehensive framework to guide the handling of data. We employ a defense-in-depth strategy, utilizing multiple security layers and the CIA (confidential, integrity, and availability) triad model. Our information security program is led by our Chief Information Security Officer (CISO) and the Information Security department, which sets the policies, standards, and strategies to manage security risk. The CISO has over two decades of experience with global technology organizations across various industries. We allocate significant resources to addressing security vulnerabilities by enhancing security and reliability features in our products and services, providing employee security training, monitoring our operations 24/7, reviewing and auditing our systems against independent security control frameworks, and conducting security maturity assessments. We may also engage third-party consultants, legal advisors, or audit firms to evaluate and test our risk management systems and assess and remediate potential cybersecurity incidents. These assessments inform our annual and multi-year cybersecurity strategies and our product security plans. In addition, our operations rely on several third parties, including vendors, developers, and partners, who are critical to our business and may have access to our confidential data regarding consumers, employees, contractors, suppliers, and other business partners. We conduct due diligence on these third parties regarding their security and business controls and have established monitoring procedures to mitigate risks related to data breaches or other security incidents originating from these third parties.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	As of the date of this report, we are not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition and that are required to be reported in this Form 10-K. For further discussion of the risks associated with cybersecurity incidents see Item 1A, "Operational Risks – Security breaches, computer malware, or other cyberattacks involving the confidential information we maintain could significantly damage our reputation, expose us to litigation and enforcement actions, and substantially harm our business and results of operations ."
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Additionally, our Assurance and Risk Advisory Services group delivers periodic updates to the Audit and Finance committee of the board of directors covering financial and enterprise risks, including cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Enterprise Risk Management Committee, led by our Assurance and Risk Advisory Services group, Chief Financial Officer, and Chief Administrative Officer, collaborates with our executive leadership team and senior-level staff, including the Chief Compliance Officer and the CISO, to evaluate and oversee our primary enterprise risks, including cybersecurity. The CISO provides periodic updates to the board of directors, ensuring that comprehensive risk reviews are conducted and that our cyber risk assessment, practices, and policies are thoroughly discussed with management. Additionally, our Assurance and Risk Advisory Services group delivers periodic updates to the Audit and Finance committee of the board of directors covering financial and enterprise risks, including cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our information security program is led by our Chief Information Security Officer (CISO) and the Information Security department, which sets the policies, standards, and strategies to manage security risk.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO has over two decades of experience with global technology organizations across various industries.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In the event of a cybersecurity incident, our Cybersecurity Incident Response team will act according to our incident management plans to communicate with our executive leadership team and coordinate the response. Our Chief Executive Officer, Chief Financial Officer, General Counsel, Chief Technology and Digital Officer, CISO, and Chief Compliance Officer are responsible for assessing such incidents for materiality, ensuring that any required notification or communication occurs, and determining whether any prohibition on the trading of our common stock by insiders should be imposed before disclosing information about a material cybersecurity event. We maintain cybersecurity insurance coverage to cover costs resulting from cyberattacks, although this coverage may not reimburse us for all losses.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Nature of operations	Nature of operations – We help businesses strengthen their customer relationships through trusted, technology-enabled solutions that facilitate payments, drive growth, and enhance operational efficiency. Our comprehensive suite of solutions includes merchant services, marketing and data analytics, treasury management solutions, and promotional products, along with customized checks and business forms. We support small and medium-sized businesses, financial institutions, and some of the world’s largest consumer brands. We also provide checks and accessories directly to consumers.
Consolidation	Consolidation – The consolidated financial statements include the accounts of Deluxe Corporation and its wholly-owned subsidiaries. All intercompany accounts, transactions, and profits have been eliminated. Additionally, we are the primary beneficiary of a variable interest entity, MedPayExchange LLC, operating as Medical Payment Exchange (MPX), which facilitates payments to healthcare providers from insurance companies and other payers. Our partner's stake in MPX is presented as a non-controlling interest in the equity section of the consolidated balance sheets, distinct from our equity. Both net income and comprehensive income are attributed to us and the non-controlling interest. The amounts attributable to the non-controlling interest were not material to our consolidated financial statements in any of the periods presented.
Comparability	Comparability – The consolidated statements of cash flows for the years ended December 31, 2023 and 2022 have been modified to conform to the current year presentation. Within net cash used by financing activities, immaterial proceeds from issuing shares are included in the other caption. Previously, these amounts were presented separately.
Use of estimates	Use of estimates – The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). During their preparation, we are required to make certain estimates and assumptions that impact the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other factors and assumptions that we consider reasonable under the circumstances. These factors and assumptions form the basis for our judgments regarding the carrying values of our assets, liabilities, revenues, and expenses, as well as the related disclosure of contingent assets and liabilities. Actual results may differ significantly from these estimates and assumptions.
Foreign currency translation	Foreign currency translation –
Cash and cash equivalents	Cash and cash equivalents –
Trade accounts receivable	Trade accounts receivable – Trade accounts receivable are initially recorded at the invoiced amount when goods or services are sold to customers. This also includes amounts due for products shipped and services rendered, but not yet invoiced (i.e., unbilled receivables). Our trade accounts receivable do not bear interest. They are presented net of the allowance for credit losses, which is a valuation account deducted from the asset's amortized cost basis to reflect the net amount expected to be collected. Accounts are charged off against the allowance when we determine that the uncollectibility is confirmed. The timing for writing off uncollected accounts varies by customer type but generally does not exceed one year from the receivable's due date. To calculate the allowance for credit losses, we use a combination of aging schedules with reserve rates applied to both current and aged receivables, as well as reserves based on historical loss rates and changes in current or projected conditions. Changes in the allowance for credit losses are recorded in selling, general and administrative (SG&A) expense on the consolidated statements of income. Additional details regarding our allowance for credit losses can be found in Note 3.
Inventories and supplies	Inventories and supplies – Inventories are valued at the lower of cost or net realizable value. Cost is determined using moving average and standard costs, which approximate the first-in, first-out method. We regularly review our inventory levels and record provisions for excess and/or obsolete inventory based on historical usage and future demand forecasts. It there is a significant change in the timing or level of demand for our products compared to our estimates, additional reserves may be required. This would necessitate an adjustment to the reserve for excess or obsolete inventory, resulting in a charge to net income during the period of the change. Charges for inventory write-downs are included in cost of products on the consolidated statements of income. Once inventories are written down, they are carried at this lower cost basis until they are sold or scrapped. Supplies consist of items not used directly in the production of goods, such as maintenance supplies and other materials utilized in the production area.
Settlement processing assets and obligations	Settlement processing assets and obligations – In our merchant services business, we temporarily hold funds collected from credit card networks and internet transaction processing on behalf of certain merchants. Similarly, in our treasury management cash receipt processing business, we remit a portion of the cash receipts to our clients on the business day following receipt. Previously, our former payroll services business collected funds from clients to cover payroll and related taxes, holding these funds temporarily until they were disbursed to the clients' employees and the relevant taxing authorities. Certain customer contracts place legal restrictions on the use of these funds. These funds are reported as settlement processing assets on the consolidated balance sheets. The corresponding liability for these obligations is reported as settlement processing obligations on the consolidated balance sheets. Earnings on settlement processing assets are included in revenue on the consolidated statements of income and have not been material over the past three years.
Long-term investments	Long-term investments – Our long-term investments primarily consist of the cash surrender values of company-owned life insurance policies. A portion of these policies fund obligations under our deferred compensation plan and our inactive supplemental executive retirement plan, as discussed in Note 12.
Property, plant and equipment	Property, plant and equipment – Property, plant and equipment, including leasehold and other improvements that extend an asset's useful life or productive capabilities, are presented at historical cost less accumulated depreciation. Buildings are assigned useful lives of 40 years, while machinery and equipment generally have useful lives ranging from one Fully depreciated assets are retained in property, plant and equipment until they are disposed. Gains or losses from the disposition of property, plant and equipment are included in SG&A expense on the consolidated statements of income, unless they are presented separately as a component of gain or loss on sale of businesses and long-lived assets.
Leases	Leases – We assess whether an arrangement constitutes a lease at its inception by evaluating if a contract explicitly or implicitly identifies assets used in the arrangement and if we derive substantially all the economic benefits from the use of the underlying assets while directing how and for what purpose the assets are used during the contract term. Lease expense is recognized on the straight-line basis over the lease term and is included in total cost of revenue and SG&A expense on the consolidated statements of income. Interest on finance leases is recorded in interest expense on the consolidated statements of income. Operating leases are reported as operating lease assets, accrued liabilities, and operating lease liabilities on the consolidated balance sheets. Finance leases are reported as property, plant and equipment, accrued liabilities, and other non-current liabilities on the consolidated balance sheets. Lease assets represent our right to use an underlying asset for the lease term, while lease liabilities represent our obligation to make lease payments arising from the lease. Both lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We have elected to exclude leases with original terms of one year or less from lease assets and liabilities. Additionally, we separate nonlease components, such as common area maintenance charges and utilities, from the associated lease component for real estate leases based on their estimated fair values. Since our lease agreements typically do not provide an implicit rate, we use our incremental borrowing rate, based on information available at the lease commencement date, to determine the present value of lease payments. Certain lease agreements include options to extend or terminate the
Intangibles	Intangibles – Intangible assets are recorded at historical cost less accumulated amortization. Amortization expense is generally calculated on the straight-line basis, except for customer lists, which are typically amortized using accelerated methods that reflect the pattern in which we receive the economic benefit of the asset. Intangibles have been assigned useful lives ranging from one SG&A expense on the consolidated statements of income, unless presented separately as a component of gain or loss on sale of businesses and long-lived assets. We capitalize costs of software developed or obtained for internal use, including website development costs, once the preliminary project stage has been completed, management commits to funding the project, and it is probable that the project will be completed and the software will be used to perform the function intended. Capitalized costs include (1) external direct costs of materials and services consumed in developing or obtaining internal-use software, (2) payroll and payroll-related costs for employees directly associated with and devoting time to the internal-use software project, and (3) interest costs incurred, when significant, during the development of internal-use software. Costs incurred in populating websites with information about the company or products are expensed as incurred. Capitalization of costs ceases when the project is substantially complete and ready for its intended use. The carrying value of internal-use software is reviewed in accordance with our policy on the impairment of long-lived assets and amortizable intangibles. Fully amortized software assets are retired when, according to our assessments, they are no longer in use. This determination is based on our evaluation of the software's utility and relevance to our operations. For software products developed for sale to customers, costs are expensed as incurred until technological feasibility is established. Once established, such costs are capitalized until the product is available for general release to customers.
Business combinations	Business combinations – We periodically complete business combinations that align with our strategic objectives. The identifiable assets acquired and liabilities assumed in these transactions are recorded at their estimated fair values, and the results of operations of each acquired business are included in our consolidated statements of income from their respective acquisition dates. The purchase price for each acquisition is equivalent to the fair value of the consideration transferred, which includes any contingent consideration. Goodwill is recognized for the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed. In estimating the fair values of the assets acquired and liabilities assumed, we use our best estimates and assumptions. However, these fair value estimates are inherently uncertain and subject to refinement. Consequently, during the measurement period, which may extend up to one year from the acquisition date, we may record adjustments to the provisional amounts recognized for the assets acquired and liabilities assumed, with a corresponding offset to goodwill. Any adjustments identified after the measurement period are recorded in the consolidated statements of income. Transaction costs related to acquisitions are expensed as incurred and are included in SG&A expense on the consolidated statements of income.
Impairment of long-lived assets and amortizable intangibles	Impairment of long-lived assets and amortizable intangibles – We assess the recoverability of property, plant, equipment, and amortizable intangibles not held for sale whenever events or changes in circumstances suggest that the carrying amount of an asset group may not be recoverable. Such circumstances could include, but are not limited to, (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which an asset is used or in its physical condition, or (3) an accumulation of costs significantly exceeding the amount originally expected for the acquisition or construction of an asset. To evaluate recoverability, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows associated with it. If the sum of the expected future net cash flows is less than the carrying value of the asset group, an impairment loss is recognized. The impairment loss is measured as the amount by which the carrying value of the asset group exceeds its estimated fair value. Since quoted market prices are not available for most of our assets, the fair value estimate is based on various valuation techniques, including the discounted value of estimated future cash flows. For property, plant, equipment, and intangibles held for sale, we evaluate recoverability by comparing the asset group's carrying amount with its estimated fair value less costs to sell. If the estimated fair value less costs to sell is less than the carrying value of the asset group, an impairment loss is recognized. The impairment loss is calculated as the amount by which the carrying value of the asset group exceeds its estimated fair value less costs to sell. The evaluation of asset impairment requires us to make assumptions about future cash flows over the life of the asset group being evaluated. These assumptions involve significant judgment, and actual results may differ from the assumed and estimated amounts.
Impairment of goodwill	Impairment of goodwill – We evaluate the carrying value of goodwill annually as of July 31 st and between annual evaluations if events occur or circumstances change that may indicate a possible impairment. Such circumstances could include, but are not limited to, (1) a significant adverse change in legal factors or in the business climate, (2) unanticipated competition, (3) an adverse change in market conditions indicative of a decline in the fair value of the assets, (4) a change in our business strategy, or (5) an adverse action or assessment by a regulator. Information regarding the results of our goodwill impairment analyses can be found in Note 8. To assess goodwill for impairment, we assign it to individual reporting units. Identification of reporting units involves analyzing the components that comprise each of our operating segments, considering factors such as the manner in which we operate our business and the availability of discrete financial information. Components of an operating segment are aggregated to form a reporting unit if they have similar economic characteristics. We periodically review our reporting units to ensure they continue to reflect the manner in which we operate our business. During our annual goodwill impairment analysis, we have the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after this qualitative assessment, we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. When performing a quantitative analysis of goodwill, we calculate the estimated fair value of the reporting unit and compare this amount to the carrying amount of the reporting unit's net assets, including goodwill. We utilize a discounted cash flow model to calculate the estimated fair value of a reporting unit. This approach involves estimating future cash flows using the reporting unit's financial forecast from the perspective of an unrelated market participant. Using historical trending and internal forecasting techniques, we project revenue and apply our fixed and variable cost experience rates to the projected revenue to arrive at the future cash flows. A terminal value is then applied to the projected cash flow stream. Future estimated cash flows are discounted to their present value to calculate the estimated fair value. The discount rate used is the market-value-weighted-average of our estimated cost of capital derived using both known and estimated customary market metrics. To determine the estimated fair values of our reporting units, we estimate several factors, including projected 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. When completing a quantitative analysis for all of our reporting units, the summation of our reporting units' fair values is compared to our consolidated fair value, as indicated by our market capitalization, to evaluate the reasonableness of our calculations. If the carrying amount of a reporting unit's net assets exceeds its estimated fair value, an impairment loss is recorded for the difference, not to exceed the carrying amount of goodwill.
Assets held for sale	Assets held for sale – Assets held for sale are recorded at the lower of their carrying value or estimated fair value minus the costs to sell. For assets to be classified as held for sale on our consolidated balance sheets, the following conditions must be met: (1) management has the authority and has committed to a plan to sell the assets; (2) the assets are available for immediate sale in their current condition; (3) an active program to locate a buyer has been initiated; (4) the sale of the assets is probable within one year; (5) the assets are being actively marketed at a reasonable price relative to their current fair value; and (6) it is unlikely that the plan to sell will be withdrawn or significantly altered. As of December 31, 2024 and December 31, 2023, no disposal groups were classified as held for sale on the consolidated balance sheets.
Prepaid product discounts	Prepaid product discounts – Some of our contracts with financial institutions, primarily within our Print segment, require prepaid product discounts. These discounts may be provided as upfront cash payments or accruals for amounts owed to these clients. These prepaid product discounts are recorded in other non-current assets on the consolidated balance sheets and are typically amortized as reductions of revenue on the straight-line basis over the contract term. Currently, these amounts are being amortized over periods of up to 10 years, with a weighted-average period of five years as of December 31, 2024. When events or changes occur that affect the related contract, such as significant declines in anticipated profitability, we assess the carrying value of the prepaid product discounts to determine if they are impaired. If a financial institution terminates a contract before the agreement's termination date, or if the volume of orders through a financial institution falls below contractually specified minimums, we typically have a contractual right to a refund of the remaining unamortized prepaid product discount.
Loans and notes receivable from distributors	Loans and notes receivable from distributors – At times, we have provided loans to certain distributors within our Print segment to facilitate their acquisition of other small business distributors. Additionally, we have sold our own distributor small business customer lists in exchange for notes receivable. These loans and notes receivable are recorded in other current assets and other non-current assets on the consolidated balance sheets. The interest rate on these receivables typically ranges from 4% to 7%, reflecting market interest rates at the time of the transactions. Interest is accrued as it is earned. As of December 31, 2024 and December 31, 2023, accrued interest included in loans and notes receivable was not material. To determine the allowance for credit losses related to these loans and notes receivable, we employ a loss-rate analysis that considers historical loss data, current delinquency rates, the credit quality of the loan recipients, and the portfolio mix. This analysis is adjusted to account for current loan-specific risk characteristics and changes in the business environment that may impact our small business distributors. Factors influencing these conditions include general economic trends, market changes for their products and services, and changes in governmental regulations. For periods beyond the reasonable and supportable forecast period, we use a reversion methodology, as many of our loans and notes receivable have longer terms. Allowances for impaired loans are typically based on collateral values or the present value of estimated cash flows. Additional details regarding our allowance for credit losses can be found in Note 3. To mitigate the risk of non-collection, we generally withhold commissions payable to the distributors to cover the monthly payments due on the receivables. Our notes receivable also typically grant us the right to acquire a distributor's customer list in the event of default. As of December 31, 2024 and December 31, 2023, past due amounts and receivables placed on non- accrual status were not material. Decisions to place receivables on non-accrual status or to resume interest accruals are made on a case-by-case basis, considering the specifics of each situation.
Cloud computing arrangements	Cloud computing arrangements – Implementation costs incurred in a hosting arrangement that qualifies as a service contract are recorded as non-current assets on the consolidated balance sheets. These implementation costs encompass activities such as integrating, configuring, and customizing the related software. When evaluating whether our cloud computing arrangements include a software license, we consider if we have the contractual right to take possession of the software at any point during the hosting period without incurring significant penalties, and whether it is feasible for us to either run the software on our own hardware or contract with an unrelated third party to host the software. If we determine that a cloud computing arrangement includes a software license, we account for the software license element in a manner consistent with the acquisition of other software licenses. Conversely, if we determine that a cloud computing arrangement does not include a software license, we account for the implementation costs as non-current assets. In both scenarios, the remaining elements of the arrangement are treated as a service contract. The capitalized cloud computing implementation costs are amortized on the straight-line basis over the fixed, non-cancellable term of the associated hosting arrangement, including any reasonably certain renewal periods. We apply the same impairment model to these assets as we use for evaluating internally-developed software for impairment.
Advertising costs	Advertising costs – We expense non-direct response advertising costs as they are incurred. Advertising costs that qualify for deferral were not material to our consolidated financial statements for any of the periods presented. Total advertising expense was $35,893 in 2024, $32,673 in 2023, and $38,731 in 2022.
Litigation	Litigation – We are involved in legal actions and claims that arise in the ordinary course of business. We establish accruals for legal matters when the expected outcome is either known or considered probable and can be reasonably estimated. These accruals do not include related legal and other costs anticipated to be incurred in the defense of these legal actions, as such costs are expensed as they are incurred. Additional information regarding litigation can be found in Note 15.
Income taxes	Income taxes – We estimate our income tax provision based on the various jurisdictions where we operate. This involves estimating our current tax liability and recording deferred income taxes arising from temporary differences between the financial reporting basis of assets and liabilities and their respective tax reporting bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years when those temporary differences are anticipated to reverse. Net deferred tax assets are recognized to the extent that it is more likely than not that these benefits will be realized. If we believe that realization is not likely, we establish a valuation allowance against the net deferred tax assets. We are subject to tax audits in numerous domestic and international tax jurisdictions. These audits can be complex and may take several years to complete. In the normal course of business, we face challenges from the Internal Revenue Service (IRS) and other tax authorities regarding the amount of taxes due. These challenges can affect the timing or amount of taxable income or deductions, or the allocation of income among different tax jurisdictions. We recognize the benefits of tax return positions in the financial statements when it is more likely than not that these positions will be sustained by the taxing authorities based solely on their technical merits. If this recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that, in our judgment, is more than 50% likely to be realized. Accrued interest and penalties related to unrecognized tax positions is included in our provision for income taxes on the consolidated statements of income.
Derivative financial instruments	Derivative financial instruments – We do not use derivative financial instruments for speculative or trading purposes. Our policy mandates that all derivative transactions must be linked to an existing balance sheet item or firm commitment, and the notional amount must not exceed the value of the exposure being hedged. All derivative financial instruments are recognized in the consolidated financial statements at fair value, regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are recognized periodically either in income or in shareholders' equity as a component of accumulated other comprehensive loss. This depends on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or a cash flow hedge, and whether the hedge is effective. Generally, changes in the fair value of derivatives accounted for as fair value hedges are recorded in income along with the portion of the change in the fair value of the hedged items that relate to the hedged risk. Changes in the fair value of derivatives accounted for as cash flow hedges, to the extent they are effective, are recorded in accumulated other comprehensive loss, net of tax. We classify the cash flows from derivative instruments designated as fair value or cash flow hedges in the same category as the cash flows from the items being hedged. Changes in the fair value of derivatives that do not qualify as hedges, as well as the ineffective portion of hedges, are included in net income. As of December 31, 2023, we had outstanding interest rate swaps related to our variable-rate debt. We terminated these agreements in December 2024, in conjunction with the refinancing of our debt. Additional details regarding these derivative financial instruments can be found in Note 7 and information regarding the refinancing of our debt can be found in Note 13.
Revenue recognition	Revenue recognition – We recognize product revenue when control of the goods is transferred to our customers, reflecting the consideration we expect to receive in exchange for those goods. Typically, control is transferred when products are shipped. We have chosen to account for shipping and handling activities that occur after the customer has obtained control of the product as fulfillment activities, not as separate performance obligations. The majority of our service revenue is recognized as the services are provided. Most of our contracts involve either the shipment of tangible products or the delivery of services that have a single performance obligation or multiple performance obligations where control is transferred simultaneously. Revenue is presented on the consolidated statements of income net of rebates, discounts, amortization of prepaid product discounts, and taxes collected concurrent with revenue-producing activities. Many of our check supply contracts with financial institutions include rebates. These rebates are recorded as reductions of revenue and as accrued liabilities on the consolidated balance sheets when the related revenue is recognized. Amounts billed to customers for shipping and handling are included in revenue, while the related shipping and handling costs are reflected in cost of products and are accrued when the related revenue is recognized. When another party is involved in providing goods or services to a customer, we determine whether our obligation is to provide the specified good or service ourselves or to arrange for that good or service to be provided by the other party. When we are responsible for satisfying a performance obligation based on our ability to control the product or service provided, we are considered the principal and revenue is recognized for the gross amount of consideration. When the other party is primarily responsible for satisfying a performance obligation, we are considered the agent, and revenue is recognized in the amount of any fee or commission to which we are entitled. We sell certain products and services through a network of distributors and have determined that we are the principal in these transactions, recording revenue for the gross amount of consideration. Within Merchant Services, we present revenue net of the interchange fees retained by the card issuing financial institutions and the fees charged by the payment networks. Some contracts for data-driven marketing solutions include variable consideration that depends on the success of the marketing campaign, commonly referred to as pay-for-performance. We recognize revenue for estimated variable consideration as services are rendered, based on the most likely amount to be realized. Revenue is recognized to the extent that it is probable that a significant reversal of revenue will not occur when the contingency is resolved. Estimates regarding the recognition of variable consideration are updated each quarter, and typically, the amount of consideration for these contracts is finalized within three Our payment terms vary by customer type and the products or services offered. The time period between invoicing and when payment is due is not significant. For certain products, services, and customer types, we require payment before the products or services are delivered to the customer. When a customer pays in advance, primarily for treasury management solutions, we defer the revenue and recognize it as the services are performed, generally over a period of less than one year. Deferred revenue is included in accrued liabilities and other non-current liabilities on the consolidated balance sheets. We do not anticipate that the revenue to be recognized from other unsatisfied performance obligations will be material to our annual consolidated revenue. We record sales commissions related to obtaining check supply and treasury management solution contracts, as well as contract acquisition costs within our Merchant Services segment, as other non-current assets on the consolidated balance sheets. These contract acquisition costs are amortized as SG&A expense on the straight-line basis, which approximates the timing of the transfer of goods or services to the customer. These amounts are amortized over periods ranging from two
Restructuring and integration expense	Restructuring and integration expense – Restructuring and integration expenses arise from significant changes in how certain business functions are conducted, including initiatives aimed at driving earnings and cash flow growth, as well as the consolidation and migration of applications and processes. These expenses also arise from our various cost management actions, such as facility closings and the relocation of business activities. The costs associated with these efforts include consulting fees, project management services, internal labor, and expenses related to facility closures and consolidations, all of which are expensed as incurred. Additionally, we accrue the costs for employee termination benefits payable under our severance benefit plan. Accruals for these benefits are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Estimating these accruals requires making assumptions, as some employees may choose to voluntarily leave the company before their termination date or secure another position within the company, in which case they do not receive termination benefits. If our assumptions and estimates differ from actual costs, subsequent adjustments to restructuring and integration accruals may be necessary. These accruals are included in accrued liabilities on the consolidated balance sheets.
Employee share-based compensation	Employee share-based compensation – Employee share-based compensation includes non-qualified stock options, restricted stock units, performance share unit awards, and an employee stock purchase plan. The expense for share-based compensation is included in total cost of revenue and SG&A expense on the consolidated statements of income, based on the functional areas of the employees receiving the awards. Expense is recognized as follows: • Stock options – The fair value of stock options is measured on the grant date using the Black-Scholes option pricing model. The related compensation expense is recognized on the straight-line basis, net of estimated forfeitures, over the options' vesting periods. • Restricted stock units (RSUs) – The fair value of most of our RSUs is measured on the grant date based on the market value of our common stock. The related compensation expense, net of estimated forfeitures, is recognized over the applicable service period. Certain RSU awards may be settled in cash if an employee voluntarily leaves the company. These awards are included in accrued liabilities and other non-current liabilities on the consolidated balance sheets and are remeasured at fair value as of each balance sheet date. • Employee stock purchase plan (ESPP) – Compensation expense resulting from the 15% discount provided under our ESPP is recognized over each three • Performance share unit (PSU) awards – These awards specify certain performance and market-based conditions that must be met for the awards to vest. For the portion of the awards based on a performance condition, the performance target is not considered in determining the fair value of the awards. Thus, fair value is measured on the grant date based on the market value of our common stock. The related compensation expense for this type of award is recognized, net of estimated forfeitures, over the related service period. The amount of compensation expense depends on our periodic assessment of the probability of achieving the targets and our estimate, which may vary over time, of the number of shares that will ultimately be issued. For the portion of the awards based on a market condition, fair value is calculated on the grant date using the Monte Carlo simulation model. All compensation costs for these awards are recognized, net of estimated forfeitures, over the related service period, even if the market condition is never satisfied.
Postretirement benefit plan	Postretirement benefit plan – We have historically offered certain health care benefits to a large number of our retired U.S. employees who were hired prior to January 1, 2002. The calculation of our postretirement benefit income and obligation involves various actuarial assumptions and methodologies. These assumptions include, but are not limited to, the discount rate, the expected long-term rate of return on plan assets, estimated medical claims, the expected health care cost trend rate, and the average remaining life expectancy of plan participants. Each year, we analyze these assumptions during the actuarial valuation of the plan. When actual events differ from our assumptions or when we change the assumptions used, an actuarial gain or loss occurs. This gain or loss is immediately recognized on the consolidated balance sheets within accumulated other comprehensive loss and is amortized into postretirement benefit income over the average remaining life expectancy of inactive plan participants, as a large percentage of our plan participants are classified as inactive. Valuing our postretirement plan requires judgment about inherently uncertain circumstances, including projected equity market performance, the number of plan participants, catastrophic health care events for our plan participants, and significant changes in medical costs. Actual results may differ from the assumed and estimated amounts, leading to adjustments in future periods.
Earnings per share	Earnings per share – We calculate earnings per share (EPS) using the two-class method, as we have unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalent payments. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating security based on dividends declared and participation rights in undistributed earnings. Basic EPS is calculated by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the year. Diluted EPS is calculated by adjusting the weighted-average number of common shares outstanding to include the effect of potential common shares, such as stock options and other awards that are dilutive. This adjustment is calculated using the treasury stock method, which assumes that the proceeds from the exercise of stock options and other dilutive instruments are used to repurchase common shares at the average market price during the period.
Comprehensive income	Comprehensive income – Comprehensive income encompasses all changes in equity during the period, except those resulting from transactions with shareholders. Our total comprehensive income includes net income, changes in the funded status and amortization of amounts related to our postretirement benefit plans, unrealized gains and losses on cash flow hedges, unrealized gains and losses on available-for-sale debt securities, and foreign currency translation adjustments. The items of other comprehensive income (loss) are included in accumulated other comprehensive loss on the consolidated balance sheets and statements of shareholders' equity, net of their related tax impacts. We release stranded income tax effects from accumulated other comprehensive loss when the circumstances upon which they are premised cease to exist.

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting pronouncements	Accounting Standards Adopted During 2024 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. This standard aims to enhance the disclosure requirements for reportable segments, with a particular focus on providing information about significant segment expenses. We have adopted this standard in this report and have applied it retrospectively to all prior periods presented. Our segment disclosures can be found in Note 17. Accounting Standards Not Yet Adopted ASU No. 2023-09 – In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures. This standard modifies the required income tax disclosures to include specific categories in the income tax rate reconciliation and requires the disclosure of income tax payments by jurisdiction, among other changes. The guidance is effective for our annual consolidated financial statements for the year ending December 31, 2025. The standard must be applied on a prospective basis, although retrospective application is also permitted. We are currently evaluating the potential impact of adopting this new guidance on the related disclosures within our consolidated financial statements. ASU No. 2024-03 – In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. This standard does not change the expense captions presented on the face of the income statement. Instead, it requires the disaggregation of certain expense captions into specified categories within the footnotes to the financial statements. This standard is effective for our annual consolidated financial statements for the year ending December 31, 2027. The standard must be applied on a prospective basis, although retrospective application is also permitted. We are currently evaluating the potential impact of adopting this new guidance on the related disclosures within our consolidated financial statements.

SUPPLEMENTAL BALANCE SHEET AN_2

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
Inventories and supplies	Inventories and supplies were comprised of the following at December 31: (in thousands) 2024 2023 Finished and semi-finished goods $ 31,146 $ 34,194 Raw materials and supplies 16,787 17,339 Reserve for excess and obsolete items (11,540) (9,445) Inventories and supplies, net of reserve $ 36,393 $ 42,088 Changes in the reserve for excess and obsolete items for the years ended December 31 were as follows: (in thousands) 2024 2023 2022 Balance, beginning of year $ 9,445 $ 6,400 $ 5,132 Amounts charged to expense 3,145 4,105 2,940 Write-offs and sales (1,050) (1,060) (1,672) Balance, end of year $ 11,540 $ 9,445 $ 6,400
Available-for-sale debt securities	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 was comprised of the following at December 31: (in thousands) 2024 2023 Conditional right to receive consideration $ 16,943 $ 20,680 Unconditional right to receive consideration (1) 9,798 5,427 Revenue in excess of billings $ 26,741 $ 26,107 (1) Represents revenues that are earned but not currently billable under the related contract terms.
Property, plant and equipment	Property, plant and equipment was comprised of the following at December 31: 2024 2023 (in thousands) Gross carrying amount Accumulated depreciation Net carrying amount Gross carrying amount Accumulated depreciation Net carrying amount Machinery and equipment $ 329,460 $ (276,692) $ 52,768 $ 314,778 $ (262,308) $ 52,470 Buildings and improvements 124,188 (74,732) 49,456 123,072 (68,391) 54,681 Land and improvements 12,771 (3,408) 9,363 12,790 (3,402) 9,388 Property, plant and equipment $ 466,419 $ (354,832) $ 111,587 $ 450,640 $ (334,101) $ 116,539
Intangibles	Amortizable intangibles were comprised of the following at December 31: 2024 2023 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Internal-use software $ 488,840 $ (339,683) $ 149,157 $ 554,825 $ (412,364) $ 142,461 Customer lists/relationships 311,578 (223,272) 88,306 363,298 (235,557) 127,741 Partner relationships 76,252 (19,632) 56,620 74,911 (14,031) 60,880 Technology-based intangibles 65,000 (29,115) 35,885 97,633 (54,251) 43,382 Trade names — — — 39,367 (23,792) 15,575 Software to be sold 6,200 (5,115) 1,085 36,900 (35,195) 1,705 Intangibles $ 947,870 $ (616,817) $ 331,053 $ 1,166,934 $ (775,190) $ 391,744
Estimated amortization expense	Based on the intangibles in service as of December 31, 2024, estimated amortization expense for each of the next five years ending December 31 is as follows: (in thousands) Estimated 2025 $ 105,326 2026 76,977 2027 48,647 2028 28,363 2029 15,721
Goodwill	Changes in goodwill by reportable business segment and in total were as follows: (in thousands) Merchant Services B2B Payments Data Solutions (1) Print (1) All Other Total Balance, December 31, 2022 $ 728,516 $ 160,431 $ 40,804 $ 493,891 $ 7,743 $ 1,431,385 Currency translation adjustment and other (828) — — 33 — (795) Balance, December 31, 2023 $ 727,688 $ 160,431 $ 40,804 $ 493,924 $ 7,743 $ 1,430,590 Asset impairment charges (Note 6) — — — — (7,743) (7,743) Currency translation adjustment — — — (110) — (110) Balance, December 31, 2024 $ 727,688 $ 160,431 $ 40,804 $ 493,814 $ — $ 1,422,737 (1) The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period.
Other non-current assets	Other non-current assets were comprised of the following at December 31: (in thousands) 2024 2023 Postretirement benefit plan asset (Note 12) $ 107,524 $ 94,939 Cloud computing arrangement implementation costs 42,470 59,234 Prepaid product discounts (1) 32,847 40,376 Deferred contract acquisition costs (2) 18,780 21,103 Loans and notes receivable from distributors, net of allowance for credit losses (3) 10,789 12,443 Other 24,234 23,087 Other non-current assets $ 236,644 $ 251,182 (1) Amortization of prepaid product discounts was $35,216 for 2024, $33,370 for 2023, and $34,400 for 2022. (2) Amortization of deferred contract acquisition costs was $12,382 for 2024, $11,061 for 2023, and $8,206 for 2022. (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 $1,753 as of December 31, 2024 and $987 as of December 31, 2023.
Loans and notes receivable by credit quality indicator and year of origination	The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of December 31, 2024. There were no write-offs or recoveries recorded during the year ended December 31, 2024 . Loans and notes receivable from distributors amortized cost basis by origination year (in thousands) 2024 2023 2020 Prior Total Risk rating: 1-2 internal grade $ 919 $ 316 $ 861 $ 11,279 $ 13,375 3-4 internal grade — — — — — Loans and notes receivable $ 919 $ 316 $ 861 $ 11,279 $ 13,375
Accrued liabilities	Accrued liabilities were comprised of the following at December 31: (in thousands) 2024 2023 Employee cash bonuses, including sales incentives $ 33,422 $ 49,446 Deferred revenue (1) 31,605 35,343 Operating lease liabilities (Note 14) 12,406 13,562 Wages and payroll liabilities, including vacation 10,321 8,605 Customer rebates 10,100 12,718 Restructuring and integration (Note 9) 3,755 9,689 Prepaid product discounts 2,583 4,477 Other 45,401 57,587 Accrued liabilities $ 149,593 $ 191,427 (1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $36,973 for 2024, $43,624 for 2023, and $47,547 for 2022.
Supplemental cash flow information	Supplemental cash flow information was as follows for the years ended December 31: (in thousands) 2024 2023 2022 Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets: Cash and cash equivalents $ 34,399 $ 71,962 $ 40,435 Restricted cash and restricted cash equivalents included in settlement processing assets 271,876 383,134 294,165 Non-current restricted cash included in other non-current assets 2,878 2,937 2,815 Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 309,153 $ 458,033 $ 337,415 Interest paid $ 117,828 $ 115,556 $ 87,108 Income taxes paid 49,893 47,945 38,629 Non-cash investing activities: Accrued purchases of capital assets $ 6,421 $ 11,924 $ 1,340 Non-cash financing activities: Vesting of restricted stock unit awards 11,426 8,538 13,602 Information regarding operating and finance leases executed in each period can be found in Note 14.
Trade accounts receivable [Member]
Allowance for credit losses	Net trade accounts receivable was comprised of the following at December 31: (in thousands) 2024 2023 Trade accounts receivable – gross (1) $ 183,196 $ 197,546 Allowance for credit losses (9,120) (6,541) Trade accounts receivable – net $ 174,076 $ 191,005 (1) Includes unbilled receivables of $47,341 as of December 31, 2024 and $43,673 as of December 31, 2023. Changes in the allowance for credit losses for the years ended December 31 were as follows: (in thousands) 2024 2023 2022 Balance, beginning of year $ 6,541 $ 4,182 $ 4,130 Bad debt expense 12,910 7,045 4,185 Write-offs and other (10,331) (4,686) (4,133) Balance, end of year $ 9,120 $ 6,541 $ 4,182
Notes receivable [Member]
Allowance for credit losses	Changes in the allowance for credit losses related to loans and notes receivable from distributors for the years ended December 31 were as follows: (in thousands) 2024 2023 2022 Balance, beginning of year $ 928 $ 1,024 $ 2,830 Bad debt expense (benefit) 152 (96) 1,195 Write-offs — — (2,599) Other (247) — (402) Balance, end of year $ 833 $ 928 $ 1,024

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per share	The following table reflects the calculation of basic and diluted earnings per share. During each period, certain share-based awards, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. (in thousands, except per share amounts) 2024 2023 2022 Earnings per share – basic: Net income $ 52,945 $ 26,227 $ 65,530 Net income attributable to non-controlling interest (143) (107) (135) Net income attributable to Deluxe 52,802 26,120 65,395 Income allocated to participating securities (18) (38) (47) Income attributable to Deluxe available to common shareholders $ 52,784 $ 26,082 $ 65,348 Weighted-average shares outstanding 44,154 43,553 43,025 Earnings per share – basic $ 1.20 $ 0.60 $ 1.52 Earnings per share – diluted: Net income $ 52,945 $ 26,227 $ 65,530 Net income attributable to non-controlling interest (143) (107) (135) Net income attributable to Deluxe 52,802 26,120 65,395 Income allocated to participating securities (15) (38) (35) Remeasurement of share-based awards classified as liabilities (45) — (497) Income attributable to Deluxe available to common shareholders $ 52,742 $ 26,082 $ 64,863 Weighted-average shares outstanding 44,154 43,553 43,025 Dilutive impact of potential common shares 573 290 285 Weighted-average shares and potential common shares outstanding 44,727 43,843 43,310 Earnings per share – diluted $ 1.18 $ 0.59 $ 1.50 Antidilutive potential common shares excluded from calculation 1,242 1,380 1,732

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Reclassification adjustments	Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows: Accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in consolidated statements of income (in thousands) 2024 2023 2022 Amortization of postretirement benefit plan items: Prior service credit $ 1,421 $ 1,421 $ 1,421 Other income, net Net actuarial loss (1,334) (2,273) (900) Other income, net Total amortization 87 (852) 521 Other income, net Tax (expense) benefit (157) 67 (315) Income tax provision Amortization of postretirement benefit plan items, net of tax (70) (785) 206 Net income Cash flow hedges: Realized gain on cash flow hedges 2,785 3,227 20 Interest expense Tax expense (773) (872) (5) Income tax provision Realized gain on cash flow hedges, net of tax 2,012 2,355 15 Net income Debt securities: Realized loss on debt securities — (1,468) (8) Other income, net Tax benefit — 376 2 Income tax provision Realized loss on debt securities, net of tax — (1,092) (6) Net income Foreign currency translation adjustment (1) — (863) (5,550) Gain on sale of businesses and long-lived assets Total reclassifications, net of tax $ 1,942 $ (385) $ (5,335) (1) Relates to the sale of our web hosting businesses. Further information can be found in Note 6.
Accumulated other comprehensive loss	Changes in the components of accumulated other comprehensive loss were as follows: (in thousands) Postretirement benefit plans Net unrealized loss on debt securities Net unrealized loss on cash flow hedges Foreign currency translation adjustment Accumulated other comprehensive loss Balance, December 31, 2021 $ (15,431) $ (344) $ (2,261) $ (13,456) $ (31,492) Other comprehensive (loss) income before reclassifications (11,235) (571) 4,869 (4,170) (11,107) Amounts reclassified from accumulated other comprehensive loss (206) 6 (15) 5,550 5,335 Net other comprehensive (loss) income (11,441) (565) 4,854 1,380 (5,772) Balance, December 31, 2022 (26,872) (909) 2,593 (12,076) (37,264) Other comprehensive income (loss) before reclassifications 6,263 (183) (524) 1,295 6,851 Amounts reclassified from accumulated other comprehensive loss 785 1,092 (2,355) 863 385 Net other comprehensive income (loss) 7,048 909 (2,879) 2,158 7,236 Balance, December 31, 2023 (19,824) — (286) (9,918) (30,028) Other comprehensive income (loss) before reclassifications 3,188 — 2,298 (3,432) 2,054 Amounts reclassified from accumulated other comprehensive loss 70 — (2,012) — (1,942) Net other comprehensive income (loss) 3,258 — 286 (3,432) 112 Balance, December 31, 2024 $ (16,566) $ — $ — $ (13,350) $ (29,916)

DIVESTITURES (Tables)

DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Business exits and asset sales [Table Text Block]	Business exits and asset sales were as follows for the years ended December 31: (in thousands) Gain on sale of businesses and long-lived assets Proceeds from sale of businesses and long-lived assets 2024: Payroll and human resources services business $ 30,207 $ 23,295 Small business distributor customer list (1) 1,000 — Total 2024 $ 31,207 $ 23,295 2023: North American web hosting and logo design businesses – June 2023 (2) $ 17,486 $ 27,880 Payroll and human resources services business 10,700 15,669 Two facilities 3,792 8,094 Other 443 1,992 Total 2023 $ 32,421 $ 53,635 2022: Australian web hosting business – May 2022 (1) $ 15,166 $ 16,119 Strategic sourcing and retail packaging businesses – April and August 2022 (2) 1,804 $ 2,200 Facility 2,361 6,929 Total 2022 $ 19,331 $ 25,248 (1) A note receivable was executed in conjunction with this sale. No cash proceeds were received. (2) The assets and liabilities sold were not material to our consolidated balance sheets.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	As a component of our strategy to manage interest rate risk, we entered into interest rate swaps, designated as cash flow hedges, to reduce the fluctuations in interest payments on a portion of our variable-rate debt. In December 2024, coinciding with the refinancing of our debt (Note 13), we terminated these agreements and incurred an immaterial loss. Our derivative instruments were comprised of the following at December 31, 2023: December 31, 2023 (in thousands) Notional amount Interest Rate Maturity Balance Sheet Location Fair Value June 2023 amortizing interest rate swap: $ 271,659 4.249 % June 2026 Other non-current liabilities $ (2,158) March 2023 interest rate swap: 200,000 4.003 % March 2026 Other non-current assets 287 September 2022 interest rate swap: 300,000 3.990 % September 2025 Other non-current assets 1,519

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 Balance sheet location December 31, 2024 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Carrying value Fair value Amortized cost: Loans and notes receivable from distributors Other current and non-current assets $ 12,541 $ 13,013 $ — $ — $ 13,013 Long-term debt Current portion of long-term debt and long-term debt 1,503,151 1,508,347 — 1,508,347 — Fair value measurements using Balance sheet location December 31, 2023 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) Carrying value Fair value Measured at fair value through comprehensive income: Available-for-sale debt securities Cash and cash equivalents $ 22,000 $ 22,000 $ 22,000 $ — $ — Derivative assets (Note 7) Other non-current assets 1,806 1,806 — 1,806 — Derivative liabilities (Note 7) Other non-current liabilities (2,158) (2,158) — (2,158) — Amortized cost: Loans and notes receivable from distributors Other current and non-current assets 13,430 13,249 — — 13,249 Long-term debt Current portion of long-term debt and long-term debt 1,592,851 1,554,028 — 1,554,028 —

RESTRUCTURING AND INTEGRATION_2

RESTRUCTURING AND INTEGRATION EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and integration expense	Restructuring and integration expense is reflected on the consolidated statements of income as follows for the years ended December 31: (in thousands) 2024 2023 2022 Total cost of revenue $ 1,880 $ 12,230 $ 607 Operating expenses 48,570 78,245 62,529 Restructuring and integration expense $ 50,450 $ 90,475 $ 63,136 Restructuring and integration expense was comprised of the following for the years ended December 31: (in thousands) 2024 2023 2022 External consulting and other costs $ 33,659 $ 52,290 $ 32,067 Employee severance benefits 4,374 18,103 12,829 Internal labor 3,356 8,723 7,989 Other 9,061 11,359 10,251 Restructuring and integration expense $ 50,450 $ 90,475 $ 63,136
Changes in restructuring and integration accruals	Changes in our restructuring and integration accruals were as follows: (in thousands) Employee severance benefits Balance, December 31, 2021 $ 5,672 Charges 13,782 Reversals (953) Payments (9,973) Balance, December 31, 2022 8,528 Charges 18,653 Reversals (550) Payments (16,942) Balance, December 31, 2023 9,689 Charges 4,932 Reversals (558) Payments (10,308) Balance, December 31, 2024 $ 3,755

INCOME TAX PROVISION (Tables)

INCOME TAX PROVISION (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income before income taxes	Income before income taxes was comprised of the following for the years ended December 31: (in thousands) 2024 2023 2022 U.S. $ 11,072 $ (7,636) $ 51,640 Foreign 65,425 47,435 32,738 Income before income taxes $ 76,497 $ 39,799 $ 84,378
Components of income tax provision	The components of the income tax provision were as follows for the years ended December 31: (in thousands) 2024 2023 2022 Current tax provision: Federal $ 24,922 $ 20,999 $ 27,789 State 5,189 6,331 8,507 Foreign 13,831 18,118 11,081 Total current tax provision 43,942 45,448 47,377 Deferred tax provision: Federal (21,467) (20,357) (21,368) State (4,511) (4,389) (5,710) Foreign 5,588 (7,130) (1,451) Total deferred tax provision (20,390) (31,876) (28,529) Income tax provision $ 23,552 $ 13,572 $ 18,848
Effective tax rate reconciliation	The effective tax rate on pretax income reconciles to the U.S. federal statutory tax rate for the years ended December 31 as follows: 2024 2023 2022 Income tax at federal statutory rate 21.0 % 21.0 % 21.0 % Foreign tax rate differences 4.2 % 5.7 % 1.9 % Tax on repatriation of foreign earnings 4.0 % 6.2 % 2.2 % Non-deductible executive compensation 3.0 % 4.1 % 2.2 % Change in valuation allowances 1.6 % 17.5 % 7.2 % Goodwill impairment charges 1.0 % — — State income tax expense, net of federal income tax benefit 0.7 % 2.0 % 2.7 % Tax impact of share-based compensation 0.6 % 6.7 % 3.2 % Return to provision adjustments (5.3 %) 2.0 % (1.9 %) Research and development tax credit (1.8 %) (3.0 %) (1.2 %) Change in state deferred income tax rates (0.2 %) 1.7 % 0.3 % Business exits (Note 6) — (30.2 %) (15.8 %) Other 2.0 % 0.4 % 0.5 % Effective tax rate 30.8 % 34.1 % 22.3 %
Rollforward of unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued interest and penalties and the federal benefit of deductible state income tax, was as follows: (in thousands) 2024 2023 2022 Balance, beginning of year $ 2,390 $ 2,635 $ 2,551 Additions for tax positions of current year 413 249 250 Additions for tax positions of prior years 641 91 270 Reductions for tax positions of prior years (30) — (45) Settlements — (303) — Lapse of statutes of limitations (241) (282) (391) Balance, end of year $ 3,173 $ 2,390 $ 2,635
Deferred tax assets and liabilities	Tax-effected temporary differences that gave rise to deferred tax assets and liabilities as of December 31 were as follows: 2024 2023 (in thousands) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Goodwill $ — $ 46,947 $ — $ 40,572 Employee benefit plans — 20,533 — 14,482 Prepaid assets — 6,738 — 5,385 Cloud computing arrangements — 6,480 — 10,337 Revenue recognition — 6,356 — 7,187 Property, plant and equipment — 5,067 — 4,529 Acquisition costs — 1,602 — 1,604 Operating leases 16,844 13,203 20,078 15,923 Deductible interest carryforward 50,989 — 34,038 — Net operating loss, tax credit, and capital loss carryforwards 24,255 — 22,639 — Intangible assets 22,585 — 4,510 — Reserves and accruals 7,272 — 9,522 — Inventories 3,726 — 2,804 — Deferred revenue 1,503 — 1,406 — Gain on exit from payroll and human resources services business (Note 6) — — 6,100 — All other 1,385 588 670 719 Total deferred taxes 128,559 107,514 101,767 100,738 Valuation allowances (16,180) — (14,984) — Net deferred taxes $ 112,379 $ 107,514 $ 86,783 $ 100,738
Rollforward of deferred income tax valuation allowances	Changes in our valuation allowances for the years ended December 31 were as follows: (in thousands) 2024 2023 2022 Balance, beginning of year $ (14,984) $ (7,996) $ (10,993) Expense from change in allowances (1,196) (6,979) (6,086) Sale of business (Note 6) — — 8,745 Foreign currency translation — (9) 338 Balance, end of year $ (16,180) $ (14,984) $ (7,996)

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-based compensation expense	The following amounts were recognized in our consolidated statements of income for share-based compensation awards for the years ended December 31: (in thousands) 2024 2023 2022 Restricted stock units $ 14,058 $ 14,092 $ 16,632 Performance share unit awards 4,705 4,127 3,840 Stock options 733 1,845 2,665 Employee stock purchase plan 448 461 539 Total share-based compensation expense $ 19,944 $ 20,525 $ 23,676 Income tax benefit $ (6,347) $ (7,408) $ (6,853)
Stock options rollforward	Information regarding options issued under the current and all previous plans was as follows: Number of options (in thousands) Weighted-average exercise price per option Aggregate intrinsic value (1) (in thousands) Weighted-average remaining contractual term (in years) Outstanding at December 31, 2023 1,380 $ 44.91 Forfeited or expired (183) 50.63 Outstanding at December 31, 2024 1,197 44.03 $ — 4.1 Exercisable at December 31, 2024 1,147 44.15 $ — 4.0
Restricted stock units rollforward	Information regarding our RSUs was as follows: Number of units (in thousands) Weighted-average grant date fair value per unit Weighted-average remaining vesting period (in years) Outstanding at December 31, 2023 1,221 $ 23.34 Granted 925 20.35 Vested (556) 23.47 Forfeited (118) 21.37 Outstanding at December 31, 2024 1,472 21.57 2.4
Weighted-average assumptions used in Monte Carlo simulation pricing model, performance share awards	The following weighted-average assumptions were used in the Monte Carlo simulation model to determine the fair value of market-based PSUs granted: 2024 2023 2022 Risk-free interest rate 4.4 % 4.4 % 1.8 % Dividend yield 6.0 % 6.1 % 3.7 % Expected volatility 38.5 % 54.3 % 54.9 %
Performance share awards rollforward	Information regarding unvested PSUs was as follows: Performance share units (in thousands) Weighted-average grant date fair value per unit Weighted-average remaining contractual term (in years) Unvested at December 31, 2023 524 $ 28.50 Granted (1) 273 18.56 Vested (65) 47.62 Forfeited (41) 33.35 Unvested at December 31, 2024 691 22.47 1.3 (1) Reflects awards granted assuming achievement of performance goals at target.

POSTRETIREMENT BENEFITS (Tables

POSTRETIREMENT BENEFITS (Tables)	12 Months Ended
	Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Change in benefit obligation, plan assets and funded status	Changes in our benefit obligation, plan assets, and funded status for the years ended December 31 were as follows: (in thousands) Postretirement benefit plan Pension plan (1) Change in benefit obligation: Benefit obligation, December 31, 2022 $ 39,709 $ 2,374 Interest cost 1,874 111 Net actuarial (gain) loss (785) 128 Benefits paid from plan assets and company funds (4,823) (324) Benefit obligation, December 31, 2023 35,975 2,289 Interest cost 1,639 103 Net actuarial (gain) loss (3,072) 52 Benefits paid from plan assets and company funds (3,932) (324) Benefit obligation, December 31, 2024 $ 30,610 $ 2,120 Change in plan assets: Fair value of plan assets, December 31, 2022 $ 119,052 $ — Return on plan assets 15,241 — Benefits paid (3,379) — Fair value of plan assets, December 31, 2023 130,914 — Return on plan assets 9,729 — Benefits paid (2,509) — Fair value of plan assets, December 31, 2024 $ 138,134 $ — Funded status, December 31, 2023 $ 94,939 $ (2,289) Funded status, December 31, 2024 $ 107,524 $ (2,120) (1) The accumulated benefit obligation equals the projected benefit obligation.
Amounts recognized in consolidated balance sheets	The funded status of our plans was recognized on the consolidated balance sheets as of December 31 as follows: Postretirement benefit plan Pension plan (in thousands) 2024 2023 2024 2023 Other non-current assets $ 107,524 $ 94,939 $ — $ — Accrued liabilities — 324 324 Other non-current liabilities — — 1,796 1,965
Amounts included in other comprehensive loss that have not been recognized as components of postretirement benefit income	Amounts included in accumulated other comprehensive loss that have not been recognized as components of postretirement benefit income were as follows as of December 31: (in thousands) 2024 2023 Unrecognized net actuarial loss $ (23,332) $ (29,019) Unrecognized prior service credit 5,650 7,071 Tax effect 1,116 2,124 Amount recognized in accumulated other comprehensive loss, net of tax $ (16,566) $ (19,824)
Components of net periodic benefit income	Postretirement benefit income is included in other income, net on the consolidated statements of income and consisted of the following components for the years ended December 31: (in thousands) 2024 2023 2022 Interest cost $ 1,742 $ 1,985 $ 1,121 Expected return on plan assets (8,395) (7,320) (7,462) Amortization of prior service credit (1,421) (1,421) (1,421) Amortization of net actuarial losses 1,334 2,273 900 Net periodic benefit income $ (6,740) $ (4,483) $ (6,862)
Actuarial assumptions used in measuring benefit obligation and net periodic benefit income	In measuring the benefit obligations as of December 31, the following discount rate assumptions were used: Postretirement benefit plan Pension plan 2024 2023 2024 2023 Discount rate 5.48 % 4.89 % 5.35 % 4.80 % In measuring net periodic benefit income for the years ended December 31, the following assumptions were used: Postretirement benefit plan Pension plan 2024 2023 2022 2024 2023 2022 Discount rate 4.89 % 5.09 % 2.61 % 4.80 % 5.00 % 2.26 % Expected return on plan assets 6.50 % 6.25 % 5.25 % — — —
Health care cost trend rate assumptions	In measuring the benefit obligation as of December 31 for our postretirement benefit plan, the following assumptions for health care cost trend rates were used. These rates are utilized to determine our periodic benefit income for the following year. 2024 2023 2022 Participants under age 65 Participants age 65 and older Participants under age 65 Participants age 65 and older Participants under age 65 Participants age 65 and older Health care cost trend rate assumed for next year 6.0 % 6.5 % 6.6 % 7.3 % 6.6 % 7.3 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2030 2030 2030 2030 2030 2030
Allocation of plan assets by asset category	The allocation of plan assets by asset category as of December 31 was as follows: Postretirement benefit plan 2024 2023 U.S. corporate debt securities 55 % 54 % International equity securities 20 % 20 % U.S. large capitalization equity securities 17 % 18 % Mortgage-backed securities 5 % 5 % U.S. small and mid-capitalization equity securities 3 % 3 % Total 100 % 100 % Our postretirement benefit plan is designed with assets intended to meet long-term obligations. To achieve this, we utilize a total return investment strategy that takes into account cash flow needs while balancing long-term projected returns against expected asset risks, which are measured using projected standard deviations. Our risk tolerance is determined by considering projected plan liabilities, the plan's funded status, projected liquidity needs, and our overall financial condition. The target asset allocation percentages for our postretirement benefit plan are derived from our liability and asset projections. The targeted allocation of plan assets is 60% fixed income securities, 20% international equity securities, 17% large capitalization equity securities, and 3% small and mid-capitalization equity securities. Information regarding fair value measurements of plan assets was as follows as of December 31, 2024: Fair value measurements using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Investments measured at net asset value Fair value as of December 31, 2024 (in thousands) (Level 1) (Level 2) (Level 3) U.S. corporate debt securities $ — $ 76,628 $ — $ — $ 76,628 International equity securities — 27,356 — — 27,356 U.S. large capitalization equity securities — 23,754 — — 23,754 Mortgage-backed securities — 6,939 — — 6,939 U.S. small and mid-capitalization equity securities — 3,457 — — 3,457 Plan assets $ — $ 138,134 $ — $ — $ 138,134 Information regarding fair value measurements of plan assets was as follows as of December 31, 2023: Fair value measurements using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Investments measured at net asset value Fair value as of December 31, 2023 (in thousands) (Level 1) (Level 2) (Level 3) U.S. corporate debt securities $ — $ 71,225 $ — $ — $ 71,225 International equity securities — 26,441 — — 26,441 U.S. large capitalization equity securities — 23,143 — — 23,143 Mortgage-backed securities — 6,540 — — 6,540 U.S. small and mid-capitalization equity securities — 3,565 — — 3,565 Plan assets $ — $ 130,914 $ — $ — $ 130,914
Expected benefit payments	The following benefit payments are expected to be paid during the years indicated: (in thousands) Postretirement benefit plan Pension plan 2025 $ 4,084 $ 320 2026 3,752 300 2027 3,463 280 2028 3,203 260 2029 2,951 240 2030 - 2034 11,904 860

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt outstanding	Debt outstanding was comprised of the following: (in thousands) 2024 2023 Senior secured term loan facility $ 500,000 $ 877,187 Senior unsecured notes 475,000 475,000 Senior secured notes 450,000 — Securitization obligations 78,917 — Amounts drawn on senior secured revolving credit facility 18,000 252,000 Total principal amount 1,521,917 1,604,187 Less: unamortized discount and debt issuance costs (18,766) (11,336) Total debt, net of discount and debt issuance costs 1,503,151 1,592,851 Less: current portion of long-term debt, net of debt issuance costs (37,130) (86,153) Long-term debt $ 1,466,021 $ 1,506,698
Maturities of long-term debt	Maturities of long-term debt were as follows as of December 31, 2024: (in thousands) Debt obligations 2025 $ 37,500 2026 37,500 2027 116,417 2028 50,000 2029 1,280,500 Total principal amount $ 1,521,917
Leverage ratio requirements	hese ratios may not equal or exceed the following amounts during the periods indicated: Fiscal Quarter Ending Consolidated total leverage ratio Consolidated secured leverage ratio December 31, 2024 through March 31, 2026 4.25 to 1:00 3.50 to 1:00 June 30, 2026 and each fiscal quarter thereafter 4.00 to 1:00 3.25 to 1:00
Revolving credit facility	As of December 31, 2024, amounts were available for borrowing under our revolving credit facility as follows: (in thousands) Total available Revolving credit facility commitment $ 400,000 Amount drawn on revolving credit facility (18,000) Outstanding letters of credit (1) (7,698) Net available for borrowing as of December 31, 2024 $ 374,302 (1) We utilize standby letters of credit primarily to secure certain obligations associated with our self-insured workers' compensation claims and environmental claims, as mandated by certain states. These letters of credit reduce the available borrowing capacity under our revolving credit facility.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Balance sheet information related to leases	Leases were reflected on the consolidated balance sheets as follows at December 31: (in thousands) 2024 2023 Operating leases: Operating lease assets $ 49,382 $ 58,961 Accrued liabilities $ 12,406 $ 13,562 Operating lease liabilities 48,982 58,840 Total operating lease liabilities $ 61,388 $ 72,402 Weighted-average remaining lease term 5 years 6 years Weighted-average discount rate 8.5 % 7.8 % Finance leases: Property, plant and equipment, gross $ 28,166 $ 26,941 Accumulated depreciation (5,995) (4,188) Property, plant and equipment, net $ 22,171 $ 22,753 Accrued liabilities $ 1,895 $ 1,146 Other non-current liabilities 25,471 26,134 Total finance lease liabilities $ 27,366 $ 27,280 Weighted-average remaining lease term 12 years 14 years Weighted-average discount rate 6.0 % 6.0 %
Components of lease expense	The components of lease expense for the years ended December 31 were as follows: (in thousands) 2024 2023 2022 Operating lease expense $ 18,317 $ 18,811 $ 20,480 Finance lease expense: Amortization of right-of-use assets 1,807 2,067 1,853 Interest on lease liabilities 1,603 1,659 1,697 Total finance lease expense 3,410 3,726 3,550 Total lease expense $ 21,727 $ 22,537 $ 24,030
Statements of cash flows information related to leases	Supplemental cash flow information related to leases for the years ended December 31 was as follows: (in thousands) 2024 2023 2022 Lease assets obtained in exchange for lease obligations: Operating leases $ 3,617 $ 26,167 $ 6,294 Finance leases 1,225 — — Cash paid for amounts included in lease obligations: Operating cash flows from operating leases $ 16,993 $ 19,922 $ 19,015 Operating cash flows from finance leases 1,603 1,659 1,697 Financing cash flows from finance leases 1,140 2,715 1,290
Maturities of lease liabilities	Maturities of lease liabilities were as follows at December 31, 2024: (in thousands) Operating lease obligations Finance 2025 $ 16,878 $ 3,211 2026 16,763 3,245 2027 12,764 3,280 2028 9,521 3,315 2029 8,294 2,916 Thereafter 14,403 23,235 Total lease payments 78,623 39,202 Less imputed interest (17,235) (11,836) Present value of lease payments $ 61,388 $ 27,366

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Business segment information	The following is our segment information for the years ended December 31. The segment information for 2023 and 2022 has been recast to reflect our current segment structure. (in thousands) 2024 2023 2022 Merchant Services: Revenue $ 384,038 $ 364,233 $ 347,709 Other segment items (305,498) (289,834) (276,949) Adjusted EBITDA 78,540 74,399 70,760 B2B Payments: Revenue 287,851 299,196 307,117 Other segment items (230,763) (237,162) (235,875) Adjusted EBITDA 57,088 62,034 71,242 Data Solutions: Revenue 234,033 211,788 196,707 Other segment items (173,590) (165,507) (151,874) Adjusted EBITDA 60,443 46,281 44,833 Print: Revenue 1,205,077 1,261,283 1,276,775 Other segment items (828,476) (860,341) (877,730) Adjusted EBITDA 376,601 400,942 399,045 Total reportable segments: Revenue $ 2,110,999 $ 2,136,500 $ 2,128,308 Other segment items (1,538,327) (1,552,844) (1,542,428) Adjusted EBITDA 572,672 583,656 585,880 All other: (1) Revenue 10,762 55,760 109,702 Other segment items (5,140) (29,834) (79,570) Adjusted EBITDA 5,622 25,926 30,132 Total segments: Consolidated revenue $ 2,121,761 $ 2,192,260 $ 2,238,010 Other segment items (1,543,467) (1,582,678) (1,621,998) Adjusted EBITDA 578,294 609,582 616,012 (1) Includes businesses sold during 2023 and 2022, including the web hosting, logo design, strategic sourcing, and retail packaging businesses, and the payroll and human resources services business that we substantially exited during 2024 (Note 6).
Reconciliation of total segment adjusted EBITDA to consolidated income before income taxes	The following table presents a reconciliation of total segment adjusted EBITDA to consolidated income before income taxes: (in thousands) 2024 2023 2022 Total segment adjusted EBITDA $ 578,294 $ 609,582 $ 616,012 Corporate operations (166,219) (192,447) (197,882) Depreciation and amortization (165,544) (169,703) (172,552) Interest expense (123,281) (125,643) (94,454) Non-controlling interest 143 107 135 Asset impairment charges (7,743) — — Restructuring and integration expense (50,450) (90,475) (63,136) Share-based compensation expense (19,944) (20,525) (23,676) Acquisition transaction costs — — (130) Certain legal-related benefit (expense) 34 (2,195) 730 Loss on sale of investment securities — (1,323) — Gain on sale of businesses and long-lived assets 31,207 32,421 19,331 Income before income taxes $ 76,497 $ 39,799 $ 84,378
Revenue disaggregated by product and service offerings	The following tables present revenue disaggregated by our product and service offerings: Year Ended December 31, 2024 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 702,702 $ — $ 702,702 Mer chant services 384,038 — — — — 384,038 Promotional solutions — — — 262,009 — 262,009 Forms and other business products — — — 240,366 — 240,366 Treasury management solutions — 225,568 — — — 225,568 Data-driven marketing — — 214,589 — — 214,589 Other payment solutions — 62,283 — — — 62,283 Other web-based solutions — — 19,444 — — 19,444 Other — — — — 10,762 10,762 Total revenue $ 384,038 $ 287,851 $ 234,033 $ 1,205,077 $ 10,762 $ 2,121,761 Year Ended December 31, 2023 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 721,089 $ — $ 721,089 Merchant services 364,233 — — — — 364,233 Promotional solutions — — — 276,744 1,456 278,200 Forms and other business products — — — 263,450 — 263,450 Treasury management solutions — 240,320 — — — 240,320 Data-driven marketing — — 192,656 — — 192,656 Other payment solutions — 58,876 — — — 58,876 Other web-based solutions — — 19,132 — — 19,132 Other — — — — 54,304 54,304 Total revenue $ 364,233 $ 299,196 $ 211,788 $ 1,261,283 $ 55,760 $ 2,192,260 Year Ended December 31, 2022 (in thousands) Merchant Services B2B Data Print All Consolidated Checks $ — $ — $ — $ 728,988 $ — $ 728,988 Merchant services 347,709 — — — — 347,709 Promotional solutions — — — 257,867 15,130 272,997 Forms and other business products — — — 289,920 — 289,920 Treasury management solutions — 241,185 — — — 241,185 Data-driven marketing — — 177,598 — — 177,598 Other payment solutions — 65,932 — — — 65,932 Other web-based solutions — — 19,109 — — 19,109 Other — — — — 94,572 94,572 Total revenue $ 347,709 $ 307,117 $ 196,707 $ 1,276,775 $ 109,702 $ 2,238,010

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (cash and cash equivalents and trade accounts receivable) (Details)	12 Months Ended
	Dec. 31, 2024
Cash and cash equivalents
Maximum maturity of cash equivalents	3 months
Trade accounts receivable
Period for write-off of trade accounts receivable	1 year

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (property, plant and equipment and leases) (Details)	12 Months Ended
	Dec. 31, 2024
Maximum [Member]
Property, plant and equipment [Line Items]
Short-term lease term	1 year
Building [Member]
Property, plant and equipment [Line Items]
Useful life	40 years
Machinery and equipment [Member] | Minimum [Member]
Property, plant and equipment [Line Items]
Useful life	1 year
Machinery and equipment [Member] | Maximum [Member]
Property, plant and equipment [Line Items]
Useful life	11 years
Machinery and equipment [Member] | Weighted-average [Member]
Property, plant and equipment [Line Items]
Useful life	7 years

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (intangibles) (Details)	Dec. 31, 2024
Minimum [Member]
Amortizable intangibles [Line Items]
Useful life	1 year
Maximum [Member]
Amortizable intangibles [Line Items]
Useful life	15 years
Weighted-average [Member]
Amortizable intangibles [Line Items]
Useful life	7 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (business combinations, assets held for sale, and prepaid product discounts) (Details) - disposal_groups	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business ccmbinations
Measurement period	1 year
Assets held for sale
Number of disposal groups held for sale	0	0
Maximum [Member]
Prepaid product discounts [Line Items]
Amortization period	10 years
Weighted-average [Member]
Prepaid product discounts [Line Items]
Amortization period	5 years

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES (loans and notes receivable from distributors and advertising costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Advertising costs
Advertising expense	$ 35,893	$ 32,673	$ 38,731
Minimum [Member]
Loans and notes receivable [Line Items]
Interest rate, loans and notes receivable	4%
Maximum [Member]
Loans and notes receivable [Line Items]
Interest rate, loans and notes receivable	7%

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES (income taxes, revenue recognition) (Details)	12 Months Ended
	Dec. 31, 2024
Income taxes
Measurement of tax benefit, minimum percentage tax benefit must be likely to be realized	50%
Deferred revenue, period over which recognized	1 year
Contract costs practical expedient period	1 year
Minimum [Member]
Capitalized contract costs amortization period	2 years
Maximum [Member]
Capitalized contract costs amortization period	5 years
Data-driven marketing [Member] | Minimum [Member]
Variable consideration, period over which finalized	3 months
Data-driven marketing [Member] | Maximum [Member]
Variable consideration, period over which finalized	4 months

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES (employee share-based compensation) (Details) - Employee stock purchase plan [Member]	12 Months Ended
	Dec. 31, 2024
Share-based compensation plans [Line Items]
Employee stock purchase plan discount	15%
Purchase period	3 months

SUPPLEMENTAL BALANCE SHEET AN_3

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (trade accounts receivable) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Trade accounts receivable
Trade accounts receivable - gross	[1]	$ 183,196	$ 197,546
Allowance for credit losses		(9,120)	(6,541)	$ (4,182)
Trade accounts receivable - net		174,076	191,005
Unbilled receivables		47,341	43,673
Changes in allowance for credit losses
Balance, beginning of year		6,541	4,182	4,130
Bad debt expense		12,910	7,045	4,185
Write-offs and other		(10,331)	(4,686)	(4,133)
Balance, end of year		$ 9,120	$ 6,541	$ 4,182
[1]Includes unbilled receivables of $47,341 as of December 31, 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventories and supplies
Finished and semi-finished goods	$ 31,146	$ 34,194
Raw materials and supplies	16,787	17,339
Reserve for excess and obsolete items	(11,540)	(9,445)	$ (6,400)
Inventories and supplies, net of reserve	36,393	42,088
Changes in reserves for excess and obsolete items
Balance, beginning of year	9,445	6,400	5,132
Balance, end of year	11,540	9,445	6,400
Reserve for excess and obsolete inventory [Member]
Changes in reserves for excess and obsolete items
Amounts charged to expense	3,145	4,105	2,940
Write-offs and other	$ (1,050)	$ (1,060)	$ (1,672)

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
Available-for-sale debt securities	22,000
Cash and cash equivalents [Member] | Money market fund [Member]
Available-for-sale debt securities [Line Items]
Available-for-sale debt securities	22,000
Cash and cash equivalents [Member] | Money market fund [Member] | Domestic [Member]
Available-for-sale debt securities [Line Items]
Cost	22,000
Gross unrealized gains	0
Gross unrealized losses	0
Available-for-sale debt securities	$ 22,000

SUPPLEMENTAL BALANCE SHEET AN_6

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (revenue in excess of billings) (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Conditional right to receive consideration		$ 16,943	$ 20,680
Unconditional right to receive consideration	[1]	9,798	5,427
Revenue in excess of billings		$ 26,741	$ 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 (property, plant and equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, plant and equipment [Line Items]
Gross carrying amount	$ 466,419	$ 450,640
Accumulated depreciation	(354,832)	(334,101)
Net carrying amount	111,587	116,539
Machinery and equipment [Member]
Property, plant and equipment [Line Items]
Gross carrying amount	329,460	314,778
Accumulated depreciation	(276,692)	(262,308)
Net carrying amount	52,768	52,470
Buildings and improvements [Member]
Property, plant and equipment [Line Items]
Gross carrying amount	124,188	123,072
Accumulated depreciation	(74,732)	(68,391)
Net carrying amount	49,456	54,681
Land and improvements [Member]
Property, plant and equipment [Line Items]
Gross carrying amount	12,771	12,790
Accumulated depreciation	(3,408)	(3,402)
Net carrying amount	$ 9,363	$ 9,388

SUPPLEMENTAL BALANCE SHEET AN_8

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (intangibles) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amortizable intangibles [Line Items]
Gross carrying amount	$ 947,870	$ 1,166,934
Accumulated amortization	(616,817)	(775,190)
Net carrying amount	331,053	391,744
Amortization of intangibles	143,353	146,277	$ 146,555
Estimated future amortization expense
2025	105,326
2026	76,977
2027	48,647
2028	28,363
2029	15,721
Internal-use software [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	488,840	554,825
Accumulated amortization	(339,683)	(412,364)
Net carrying amount	149,157	142,461
Acquired intangibles	$ 79,394	$ 81,349	$ 74,778
Weighted-average amortization period (in years)	3 years	4 years	3 years
Customer lists/relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	$ 311,578	$ 363,298
Accumulated amortization	(223,272)	(235,557)
Net carrying amount		127,741
Acquired intangibles			$ 18,267
Weighted-average amortization period (in years)			6 years
Partner relationships [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	76,252	74,911
Accumulated amortization	(19,632)	(14,031)
Net carrying amount	56,620	60,880
Technology-based intangibles [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	65,000	97,633
Accumulated amortization	(29,115)	(54,251)
Net carrying amount	35,885	43,382
Trade names [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	0	39,367
Accumulated amortization	0	(23,792)
Net carrying amount	0	15,575
Trade names [Member] | Modification of useful life [Member]
Amortizable intangibles [Line Items]
Amortization of intangibles	13,475
Software to be sold [Member]
Amortizable intangibles [Line Items]
Gross carrying amount	6,200	36,900
Accumulated amortization	(5,115)	(35,195)
Net carrying amount	$ 1,085	$ 1,705

SUPPLEMENTAL BALANCE SHEET AN_9

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (goodwill) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in goodwill
Goodwill, net of accumulated impairment charges, beginning of year		$ 1,430,590	$ 1,430,590	$ 1,431,385
Currency translation adjustment and other			(110)	(795)
Asset impairment charges (Note 6)		0	(7,743)	0	$ 0
Goodwill, net of accumulated impairment charges, end of period			1,422,737	1,430,590	1,431,385
Reportable business segments [Member] | Merchant Services [Member]
Changes in goodwill
Goodwill, net of accumulated impairment charges, beginning of year		727,688	727,688	728,516
Currency translation adjustment and other				(828)
Goodwill, net of accumulated impairment charges, end of period			727,688	727,688	728,516
Reportable business segments [Member] | B2B Payments [Member]
Changes in goodwill
Goodwill, net of accumulated impairment charges, beginning of year		160,431	160,431	160,431
Goodwill, net of accumulated impairment charges, end of period			160,431	160,431	160,431
Reportable business segments [Member] | Data Solutions [Member]
Changes in goodwill
Goodwill, net of accumulated impairment charges, beginning of year	[1]	40,804	40,804	40,804
Goodwill, net of accumulated impairment charges, end of period	[1]		40,804	40,804	40,804
Goodwill accumulated impairment charges			(145,584)	(145,584)	(145,584)
Reportable business segments [Member] | Print [Member]
Changes in goodwill
Goodwill, net of accumulated impairment charges, beginning of year	[1]	493,924	493,924	493,891
Currency translation adjustment and other			(110)	33
Goodwill, net of accumulated impairment charges, end of period	[1]		493,814	493,924	493,891
Goodwill accumulated impairment charges			(193,699)	(193,699)	(193,699)
Reportable business segments [Member] | All Other [Member]
Changes in goodwill
Goodwill, net of accumulated impairment charges, beginning of year		$ 7,743	7,743	7,743
Asset impairment charges (Note 6)			(7,743)
Goodwill, net of accumulated impairment charges, end of period			$ 0	$ 7,743	$ 7,743
[1] The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period.

SUPPLEMENTAL BALANCE SHEET A_10

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (other non-current assets) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other non-current assets
Postretirement benefit plan asset (Note 12)		$ 107,524	$ 94,939
Cloud computing arrangement implementation costs		42,470	59,234
Prepaid product discounts	[1]	32,847	40,376
Deferred contract acquisition costs	[2]	18,780	21,103
Loans and notes receivable from distributors, net of allowance for credit losses	[3]	10,789	12,443
Other		24,234	23,087
Other non-current assets		236,644	251,182
Amortization of prepaid product discounts		35,216	33,370	$ 34,400
Amortization of contract acquisition costs		12,382	11,061	8,206
Loans and notes receivable from distributors, current		1,753	987
Loans and notes receivable from distributors [Member]
Loans and notes receivable allowance for credit losses [Line Items]
Balance, beginning of year		928	1,024	2,830
Bad debt expense (benefit)		152	(96)	1,195
Write-offs		0	0	(2,599)
Other		(247)	0	(402)
Balance, end of year		833	$ 928	$ 1,024
Recoveries		0
Loans and notes receivable credit quality information by origination year
2024		919
2023		316
2020		861
Prior		11,279
Total		13,375
Loans and notes receivable from distributors [Member] | 1 to 2 internal grade [Member]
Loans and notes receivable credit quality information by origination year
2024		919
2023		316
2020		861
Prior		11,279
Total		13,375
Loans and notes receivable from distributors [Member] | 3 to 4 internal grade [Member]
Loans and notes receivable credit quality information by origination year
2024		0
2023		0
2020		0
Prior		0
Total		$ 0
[1]Amortization of prepaid product discounts was $35,216 for 2024, $33,370 for 2023, and $34,400 for 2022.[2]Amortization of deferred contract acquisition costs was $12,382 for 2024, $11,061 for 2023, and $8,206 for 2022.[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 $1,753 as of December 31, 2024 and $987 as of December 31, 2023.

SUPPLEMENTAL BALANCE SHEET A_11

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (accrued liabilities) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accrued liabilities
Employee cash bonuses, including sales incentives		$ 33,422	$ 49,446
Deferred revenue	[1]	31,605	35,343
Operating lease liabilities (Note 14)		12,406	13,562
Wages and payroll liabilities, including vacation		10,321	8,605
Customer rebates		10,100	12,718
Restructuring and integration (Note 9)		3,755	9,689
Prepaid product discounts		2,583	4,477
Other		45,401	57,587
Accrued liabilities		149,593	191,427
Recognition of deferred revenue		$ 36,973	$ 43,624	$ 47,547
[1] Revenue recognized for amounts included in deferred revenue at the beginning of the period was $36,973 for 2024, $43,624 for 2023, and $47,547 for 2022.

SUPPLEMENTAL BALANCE SHEET A_12

SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (supplemental cash flow information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 34,399	$ 71,962	$ 40,435
Restricted cash and restricted cash equivalents included in settlement processing assets	$ 271,876	$ 383,134	$ 294,165
Restricted cash and restricted cash equivalents included in settlement processing assets [Extensible Enumeration]	Settlement processing assets	Settlement processing assets	Settlement processing assets
Non-current restricted cash included in other non-current assets	$ 2,878	$ 2,937	$ 2,815
Non-current restricted cash included in other non-current assets [Extensible Enumeration]	Other non-current assets	Other non-current assets	Other non-current assets
Cash, cash equivalents, restricted cash, and restricted cash equivalents	$ 309,153	$ 458,033	$ 337,415	$ 285,491
Interest paid	117,828	115,556	87,108
Income taxes paid	49,893	47,945	38,629
Accrued purchases of capital assets	6,421	11,924	1,340
Restricted stock units [Member]
Vesting of restricted stock unit awards	$ 11,426	$ 8,538	$ 13,602

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings per share - basic:
Net income	$ 52,945	$ 26,227	$ 65,530
Net income attributable to non-controlling interest	(143)	(107)	(135)
Net income attributable to Deluxe	52,802	26,120	65,395
Income allocated to participating securities	(18)	(38)	(47)
Income attributable to Deluxe available to common shareholders	$ 52,784	$ 26,082	$ 65,348
Weighted-average shares outstanding	44,154	43,553	43,025
Earnings per share - basic	$ 1.20	$ 0.60	$ 1.52
Earnings per share - diluted:
Net income	$ 52,945	$ 26,227	$ 65,530
Net income attributable to non-controlling interest	(143)	(107)	(135)
Net income attributable to Deluxe	52,802	26,120	65,395
Income allocated to participating securities	(15)	(38)	(35)
Remeasurement of share-based awards classified as liabilities	(45)	0	(497)
Income attributable to Deluxe available to common shareholders	$ 52,742	$ 26,082	$ 64,863
Weighted-average shares outstanding	44,154	43,553	43,025
Dilutive impact of potential common shares	573	290	285
Weighted-average shares and potential common shares outstanding	44,727	43,843	43,310
Earnings per share - diluted	$ 1.18	$ 0.59	$ 1.50
Antidilutive potential common shares excluded from calculation	1,242	1,380	1,732

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) (reclassification adjustments) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Prior service credit		$ 1,421	$ 1,421	$ 1,421
Net actuarial loss		(1,334)	(2,273)	(900)
Total amortization		87	(852)	521
Tax (expense) benefit		(157)	67	(315)
Amortization of postretirement benefit plan items, net of tax		(70)	(785)	206
Realized gain on cash flow hedges		2,785	3,227	20
Tax expense		(773)	(872)	(5)
Realized gain on cash flow hedges, net of tax		2,012	2,355	15
Realized loss on debt securities		0	(1,468)	(8)
Tax benefit		0	376	2
Realized loss on debt securities, net of tax		0	(1,092)	(6)
Foreign currency translation adjustment	[1]	0	(863)	(5,550)
Total reclassifications, net of tax		$ 1,942	$ (385)	$ (5,335)
[1]Relates to the sale of our web hosting businesses. Further information can be found in Note 6

OTHER COMPREHENSIVE INCOME (L_4

OTHER COMPREHENSIVE INCOME (LOSS) (accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	$ (30,028)	$ (37,264)	$ (31,492)
Other comprehensive income (loss) before reclassifications	2,054	6,851	(11,107)
Amounts reclassified from accumulated other comprehensive loss	(1,942)	385	5,335
Other comprehensive income (loss)	112	7,236	(5,772)
Accumulated other comprehensive loss	(29,916)	(30,028)	(37,264)
Balance, end of year	(29,916)	(30,028)	(37,264)
Postretirement benefit plans [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	(19,824)	(26,872)	(15,431)
Other comprehensive income (loss) before reclassifications	3,188	6,263	(11,235)
Amounts reclassified from accumulated other comprehensive loss	70	785	(206)
Other comprehensive income (loss)	3,258	7,048	(11,441)
Accumulated other comprehensive loss	(16,566)	(19,824)	(26,872)
Balance, end of year	(16,566)	(19,824)	(26,872)
Net unrealized loss on debt securities [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	0	(909)	(344)
Other comprehensive income (loss) before reclassifications	0	(183)	(571)
Amounts reclassified from accumulated other comprehensive loss	0	1,092	6
Other comprehensive income (loss)	0	909	(565)
Accumulated other comprehensive loss	0	0	(909)
Balance, end of year	0	0	(909)
Net unrealized loss on cash flow hedges [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	(286)	2,593	(2,261)
Other comprehensive income (loss) before reclassifications	2,298	(524)	4,869
Amounts reclassified from accumulated other comprehensive loss	(2,012)	(2,355)	(15)
Other comprehensive income (loss)	286	(2,879)	4,854
Accumulated other comprehensive loss	0	(286)	2,593
Balance, end of year	0	(286)	2,593
Foreign currency translation adjustment [Member]
Accumulated other comprehensive loss [Line Items]
Balance, beginning of year	(9,918)	(12,076)	(13,456)
Other comprehensive income (loss) before reclassifications	(3,432)	1,295	(4,170)
Amounts reclassified from accumulated other comprehensive loss	0	863	5,550
Other comprehensive income (loss)	(3,432)	2,158	1,380
Accumulated other comprehensive loss	(13,350)	(9,918)	(12,076)
Balance, end of year	$ (13,350)	$ (9,918)	$ (12,076)

DIVESTITURES (Details)

DIVESTITURES (Details) $ in Thousands		3 Months Ended		12 Months Ended
		Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($)
Divestitures [Line Items]
Gain on sale of businesses and long-lived assets				$ 31,207	$ 32,421	$ 19,331
Proceeds from sale of businesses and long-lived assets				23,295	53,635	25,248
Goodwill		$ 1,422,737		1,422,737	1,430,590	1,431,385
Goodwill impairment charges			$ 0	7,743	0	0
Nonrecurring [Member]
Divestitures [Line Items]
Goodwill impairment charges				0	0	0
U.S. & Canadian payroll and human resources services [Member]
Divestitures [Line Items]
Gain on sale of businesses and long-lived assets				30,207	10,700
Proceeds from sale of businesses and long-lived assets				23,295	15,669
Goodwill					7,743
U.S. & Canadian payroll and human resources services [Member] | Nonrecurring [Member]
Divestitures [Line Items]
Goodwill impairment charges				7,743
Small business distributor customer list [Member]
Divestitures [Line Items]
Gain on sale of businesses and long-lived assets		$ 1,000
Proceeds from sale of businesses and long-lived assets	[1]			$ 0
North American web hosting business [Member]
Divestitures [Line Items]
Gain on sale of businesses and long-lived assets	[2]				17,486
Proceeds from sale of businesses and long-lived assets	[2]				27,880
Facilities
Divestitures [Line Items]
Gain on sale of businesses and long-lived assets					3,792	2,361
Proceeds from sale of businesses and long-lived assets					$ 8,094	6,929
Number of facilities | facility					2
Other [Member]
Divestitures [Line Items]
Gain on sale of businesses and long-lived assets					$ 443
Proceeds from sale of businesses and long-lived assets					$ 1,992
Australian web hosting business [Member]
Divestitures [Line Items]
Gain on sale of businesses and long-lived assets	[2]					15,166
Proceeds from sale of businesses and long-lived assets	[2]					16,119
Strategic sourcing and retail packaging businesses [Member]
Divestitures [Line Items]
Gain on sale of businesses and long-lived assets	[2]					1,804
Proceeds from sale of businesses and long-lived assets	[2]					$ 2,200
[1] A note receivable was executed in conjunction with this sale. No cash proceeds were received. The assets and liabilities sold were not material to our consolidated balance sheets.

DERIVATIVE FINANCIAL INSTRUME_3

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

FAIR VALUE MEASUREMENTS (goodwi

FAIR VALUE MEASUREMENTS (goodwill impairment analyses) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of asset impairment analyses [Line Items]
Goodwill impairment charges	$ 0	$ 7,743	$ 0	$ 0
Nonrecurring [Member]
Schedule of asset impairment analyses [Line Items]
Goodwill impairment charges		0	$ 0	$ 0
Nonrecurring [Member] | U.S. & Canadian payroll and human resources services [Member]
Schedule of asset impairment analyses [Line Items]
Goodwill impairment charges		$ 7,743

FAIR VALUE MEASUREMENTS (financ

FAIR VALUE MEASUREMENTS (financial instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities		$ 22,000
Derivative assets (Note 7)		$ 1,806
Derivative assets [Extensible Enumeration]		Other non-current assets
Derivative liability (Note 7)		$ (2,158)
Derivative liability [Extensible Enumeration]		Other non-current liabilities
Long-term debt	$ 1,503,151	$ 1,592,851
Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative assets (Note 7)		1,806
Derivative liability (Note 7)		(2,158)
Significant other observable inputs (Level 2) [Member] | Recurring fair value measurements [Member]
Fair value measurements, financial instruments [Line Items]
Derivative assets (Note 7)		1,806
Derivative liability (Note 7)		(2,158)
Cash and cash equivalents [Member] | Money market fund [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities		22,000
Cash and cash equivalents [Member] | Recurring fair value measurements [Member] | Money market fund [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities		22,000
Cash and cash equivalents [Member] | Quoted prices in active markets for identical assets (Level 1) [Member] | Recurring fair value measurements [Member] | Money market fund [Member]
Fair value measurements, financial instruments [Line Items]
Available-for-sale debt securities		22,000
Other current and non-current assets [Member]
Fair value measurements, financial instruments [Line Items]
Loans and notes receivable from distributors	12,541	13,430
Loans and notes receivable from distributors, fair value	13,013	13,249
Other current and non-current assets [Member] | Significant unobservable inputs (Level 3) [Member]
Fair value measurements, financial instruments [Line Items]
Loans and notes receivable from distributors, fair value	13,013	13,249
Current portion of long-term debt and long-term debt [Member]
Fair value measurements, financial instruments [Line Items]
Long-term debt	1,503,151	1,592,851
Long-term debt, fair value	1,508,347	1,554,028
Current portion of long-term debt and long-term debt [Member] | Significant other observable inputs (Level 2) [Member]
Fair value measurements, financial instruments [Line Items]
Long-term debt, fair value	$ 1,508,347	$ 1,554,028

RESTRUCTURING AND INTEGRATION_3

RESTRUCTURING AND INTEGRATION EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2025
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 50,450	$ 90,475	$ 63,136
Restructuring and integration expense	48,570	78,245	62,529
North Star Program
Restructuring and integration expense [Line Items]
Restructuring and integration expense	50,000	45,000
Forecast [Member] | North Star Program
Restructuring and integration expense [Line Items]
Anticipated restructuring and integration expense in the next year				$ 15,000
External consulting and other costs [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	33,659	52,290	32,067
Employee severance [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	4,932	18,653	13,782
Restructuring and integration expense, net of reversals	4,374	18,103	12,829
Internal labor [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	3,356	8,723	7,989
Other [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense	$ 9,061	$ 11,359	$ 10,251
Total cost of revenue [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense [Extensible Enumeration]	Cost of Revenue	Cost of Revenue	Cost of Revenue
Restructuring and integration expense	$ 1,880	$ 12,230	$ 607
Operating expenses [Member]
Restructuring and integration expense [Line Items]
Restructuring and integration expense [Extensible Enumeration]	Restructuring and integration expense	Restructuring and integration expense	Restructuring and integration expense
Restructuring and integration expense	$ 48,570	$ 78,245	$ 62,529

RESTRUCTURING AND INTEGRATION_4

RESTRUCTURING AND INTEGRATION EXPENSE (restructuring and integration accruals) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and integration accruals [Line Items]
Charges	$ 50,450	$ 90,475	$ 63,136
Employee severance [Member]
Restructuring and integration accruals [Line Items]
Balance, beginning of year	9,689	8,528	5,672
Charges	4,932	18,653	13,782
Reversals	(558)	(550)	(953)
Payments	(10,308)	(16,942)	(9,973)
Balance, end of year	$ 3,755	$ 9,689	$ 8,528

INCOME TAX PROVISION (income ta

INCOME TAX PROVISION (income tax provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income before income taxes
U.S.	$ 11,072	$ (7,636)	$ 51,640
Foreign	65,425	47,435	32,738
Income before income taxes	76,497	39,799	84,378
Current tax provision:
Federal	24,922	20,999	27,789
State	5,189	6,331	8,507
Foreign	13,831	18,118	11,081
Total current tax provision	43,942	45,448	47,377
Deferred tax provision:
Federal	(21,467)	(20,357)	(21,368)
State	(4,511)	(4,389)	(5,710)
Foreign	5,588	(7,130)	(1,451)
Total deferred tax provision	(20,390)	(31,876)	(28,529)
Income tax provision	$ 23,552	$ 13,572	$ 18,848
Reconciliation of effective tax rate to U.S. statutory tax rate
Income tax at federal statutory rate	21%	21%	21%
Foreign tax rate differences	4.20%	5.70%	1.90%
Tax on repatriation of foreign earnings	4%	6.20%	2.20%
Non-deductible executive compensation	3%	4.10%	2.20%
Change in valuation allowances	1.60%	17.50%	7.20%
Goodwill impairment charges	1%	0%	0%
State income tax expense, net of federal income tax benefit	0.70%	2%	2.70%
Tax impact of share-based compensation	0.60%	6.70%	3.20%
Return to provision adjustments	(5.30%)	2%	(1.90%)
Research and development tax credit	(1.80%)	(3.00%)	(1.20%)
Change in state deferred income tax rates	(0.20%)	1.70%	0.30%
Business exits (Note 6)	0%	(30.20%)	(15.80%)
Other	2%	0.40%	0.50%
Effective tax rate	30.80%	34.10%	22.30%

INCOME TAX PROVISION (repatriat

INCOME TAX PROVISION (repatriation and unrecognized tax benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Foreign earnings repatriated	$ 52,707	$ 32,931	$ 25,526
Income tax expense on repatriation of foreign earnings	3,038	2,168	1,818
Cash and cash equivalents	34,399	71,962	40,435
Changes in unrecognized tax benefits
Balance, beginning of year	2,390	2,635	2,551
Additions for tax positions of current year	413	249	250
Additions for tax positions of prior years	641	91	270
Reductions for tax positions of prior years	(30)		(45)
Settlements		(303)
Lapse of statutes of limitations	(241)	(282)	(391)
Balance, end of year	3,173	2,390	2,635
Unrecognized tax benefits
Unrecognized tax benefits that would decrease income tax expense	3,173
Accruals for interest and penalties	686	583
Net increase in income tax provision for interest and penalties	103	$ 70	$ 97
Amount by which it is reasonably possible that unrecognized tax benefits will decrease in next 12 months	1,900
Amount by which it is reasonably possible that unrecognized tax benefits will increase in next 12 months	1,800
Foreign, primarily Canada [Member]
Cash and cash equivalents	$ 20,058

INCOME TAX PROVISION (deferred

INCOME TAX PROVISION (deferred income taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Operating leases	$ 16,844	$ 20,078
Deductible interest carryforward	50,989	34,038
Net operating loss, tax credit, and capital loss carryforwards	24,255	22,639
Intangible assets	22,585	4,510
Reserves and accruals	7,272	9,522
Inventories	3,726	2,804
Deferred revenue	1,503	1,406
Gain on exit from payroll and human resources services business (Note 6)	0	6,100
All other	1,385	670
Total deferred taxes	128,559	101,767
Valuation allowances	(16,180)	(14,984)	$ (7,996)
Net deferred taxes	112,379	86,783
Deferred tax liabilities
Goodwill	46,947	40,572
Employee benefit plans	20,533	14,482
Prepaid assets	6,738	5,385
Cloud computing arrangements	6,480	10,337
Revenue recognition	6,356	7,187
Property, plant and equipment	5,067	4,529
Acquisition costs	1,602	1,604
Operating leases	13,203	15,923
All other	588	719
Total deferred taxes	107,514	100,738
Net deferred taxes	107,514	100,738
Changes in deferred tax asset valuation allowances
Balance, beginning of year	(14,984)	(7,996)	(10,993)
Expense from change in allowances	(1,196)	(6,979)	(6,086)
Sale of business (Note 6)	0	0	8,745
Foreign currency translation	0	(9)	338
Balance, end of year	$ (16,180)	$ (14,984)	$ (7,996)

INCOME TAX PROVISION (net opera

INCOME TAX PROVISION (net operating loss, tax credit, and capital loss carryforwards) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
State [Member]
Tax carryforwards [Line Items]
Net operating loss and tax credit carryforwards	$ 141,419
Federal [Member] | Deductible interest carryforward [Member]
Tax carryforwards [Line Items]
Tax credit carryforwards	197,581
Federal [Member] | Capital loss carryforward [Member]
Tax carryforwards [Line Items]
Tax credit carryforwards	$ 61,426

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS (long-term incentive plan and share-based compensation expense) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 27, 2022
Share-based compensation plans [Line Items]
Common stock reserved for issuance				2.5
Common stock available for issuance	1.5
Share-based compensation expense	$ 19,944	$ 20,525	$ 23,676
Income tax benefit	(6,347)	(7,408)	(6,853)
Compensation expense not yet recognized for unvested awards	$ 21,297
Weighted-average period over which expense for unvested awards will be recognized	1 year 8 months 12 days
Restricted stock units [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	$ 14,058	14,092	16,632
Performance share unit awards [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	4,705	4,127	3,840
Stock options [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	733	1,845	2,665
Employee stock purchase plan [Member]
Share-based compensation plans [Line Items]
Share-based compensation expense	$ 448	$ 461	$ 539

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS (award terms) (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2018
Stock options [Member]
Share-based compensation plans [Line Items]
Options vesting each year during vesting period	25%
Term of award	10 years	7 years
Number of shares of common stock into which each award is convertible	1
Stock options [Member] | Minimum [Member]
Share-based compensation plans [Line Items]
Award vesting period	1 year
Stock options [Member] | Maximum [Member]
Share-based compensation plans [Line Items]
Award vesting period	4 years
Restricted stock units [Member]
Share-based compensation plans [Line Items]
Number of shares of common stock into which each award is convertible	1
Restricted stock units [Member] | Minimum [Member]
Share-based compensation plans [Line Items]
Award vesting period	2 years
Restricted stock units [Member] | Maximum [Member]
Share-based compensation plans [Line Items]
Award vesting period	4 years
Performance share unit awards [Member]
Share-based compensation plans [Line Items]
Award vesting period	3 years
Period after grant when vesting of stock options may be modified in certain circumstances outlined in award agreement	1 year

SHARE-BASED COMPENSATION PLAN_4

SHARE-BASED COMPENSATION PLANS (stock options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in number of stock options
Options granted	0	0	0
Outstanding, beginning of year	1,380
Forfeited or expired	(183)
Outstanding, end of year	1,197	1,380
Exercisable, end of year	1,147
Weighted-average exercise price per option
Outstanding, beginning of year	$ 44.91
Forfeited or expired	50.63
Outstanding, end of year	44.03	$ 44.91
Exercisable, end of year	$ 44.15
Additional disclosures
Aggregate intrinsic value, options outstanding, end of year	$ 0
Aggregate intrinsic value, options exercisable, end of year	$ 0
Weighted average remaining contractual term, options outstanding, end of year	4 years 1 month 6 days
Weighted-average remaining contractual term, options exercisable, end of year	4 years

SHARE-BASED COMPENSATION PLAN_5

SHARE-BASED COMPENSATION PLANS (restricted stock units and performance share unit awards) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted stock units [Member]
Changes in share-based compensation awards (in thousands)
Outstanding, beginning of year		1,221
Granted		925
Vested		(556)
Forfeited		(118)
Outstanding, end of year		1,472	1,221
Weighted-average grant date fair value
Outstanding, beginning of year		$ 23.34
Granted		20.35
Vested		23.47
Forfeited		21.37
Outstanding, end of year		$ 21.57	$ 23.34
Additional disclosures
Weighted-average remaining contractual term, outstanding, end of year		2 years 4 months 24 days
Fair value, awards vested		$ 11,426	$ 8,538	$ 13,602
Performance share unit awards [Member]
Assumptions, Monte Carlo simulation model
Risk-free interest rate		4.40%	4.40%	1.80%
Dividend yield		6%	6.10%	3.70%
Expected volatility		38.50%	54.30%	54.90%
Changes in share-based compensation awards (in thousands)
Outstanding, beginning of year		524
Granted	[1]	273
Vested		(65)
Forfeited		(41)
Outstanding, end of year		691	524
Weighted-average grant date fair value
Outstanding, beginning of year		$ 28.50
Granted		18.56
Vested		47.62
Forfeited		33.35
Outstanding, end of year		$ 22.47	$ 28.50
Additional disclosures
Weighted-average remaining contractual term, outstanding, end of year		1 year 3 months 18 days
[1]Reflects awards granted assuming achievement of performance goals at target.

SHARE-BASED COMPENSATION PLAN_6

SHARE-BASED COMPENSATION PLANS (employee stock purchase plan) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee stock purchase plan [Line Items]
Number of shares issued, employee stock purchase plan	159	196	149
Minimum [Member]
Employee stock purchase plan [Line Items]
Purchase price per share, employee stock purchase plan	$ 13.76	$ 12.61	$ 15.62
Maximum [Member]
Employee stock purchase plan [Line Items]
Purchase price per share, employee stock purchase plan	$ 16.91	$ 15.77	$ 25.59

POSTRETIREMENT BENEFITS (obliga

POSTRETIREMENT BENEFITS (obligations and funded status) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in benefit obligation
Interest cost		$ 1,742	$ 1,985	$ 1,121
Change in plan assets
Fair value of plan assets, beginning of year		130,914
Fair value of plan assets, end of year		138,134	130,914
Amounts recognized on the consolidated balance sheets
Other non-current assets		107,524	94,939
Amounts recognized in accumulated other comprehensive loss
Unrecognized net actuarial loss		(23,332)	(29,019)
Unrecognized prior service credit		5,650	7,071
Tax effect		1,116	2,124
Amount recognized in accumulated other comprehensive loss, net of tax		(16,566)	(19,824)
Postretirement benefit plan [Member]
Change in benefit obligation
Benefit obligation, beginning of year		35,975	39,709
Interest cost		1,639	1,874
Net actuarial (gain) loss		(3,072)	(785)
Benefits paid from plan assets and company funds		(3,932)	(4,823)
Benefit obligation, end of year		30,610	35,975	39,709
Change in plan assets
Fair value of plan assets, beginning of year		130,914	119,052
Return on plan assets		9,729	15,241
Benefits paid		(2,509)	(3,379)
Fair value of plan assets, end of year		138,134	130,914	119,052
Funded status		107,524	94,939
Amounts recognized on the consolidated balance sheets
Other non-current assets		$ 107,524	94,939
Amounts recognized in accumulated other comprehensive loss
Amortization period net actuarial loss		12 years
Pension plan [Member]
Change in benefit obligation
Benefit obligation, beginning of year	[1]	$ 2,289	2,374
Interest cost		103	111
Net actuarial (gain) loss		52	128
Benefits paid from plan assets and company funds		(324)	(324)
Benefit obligation, end of year	[1]	2,120	2,289	2,374
Change in plan assets
Fair value of plan assets, beginning of year		0	0
Fair value of plan assets, end of year		0	0	$ 0
Funded status		(2,120)	(2,289)
Amounts recognized on the consolidated balance sheets
Accrued liabilities		324	324
Other non-current liabilities		$ 1,796	$ 1,965
[1]The accumulated benefit obligation equals the projected benefit obligation

POSTRETIREMENT BENEFITS (net pe

POSTRETIREMENT BENEFITS (net periodic benefit income and actuarial assumptions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net periodic benefit income
Interest cost	$ 1,742	$ 1,985	$ 1,121
Postretirement plans, interest cost [Extensible Enumeration]	Other income, net	Other income, net	Other income, net
Expected return on plan assets	$ (8,395)	$ (7,320)	$ (7,462)
Postretirement plans, expected return on plan assets [Extensible Enumeration]	Other income, net	Other income, net	Other income, net
Amortization of prior service credit	$ (1,421)	$ (1,421)	$ (1,421)
Postretirement plans, amortization of prior service credit [Extensible Enumeration]	Other income, net	Other income, net	Other income, net
Amortization of net actuarial losses	$ 1,334	$ 2,273	$ 900
Postretirement plans, amortization of net actuarial losses [Extensible Enumeration]	Other income, net	Other income, net	Other income, net
Net periodic benefit income	$ (6,740)	$ (4,483)	$ (6,862)
Participants under age 65 [Member]
Health care cost trend rates
Health care cost trend rate assumed for next year	6%	6.60%	6.60%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50%	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2030	2030	2030
Participants age 65 and older [Member]
Health care cost trend rates
Health care cost trend rate assumed for next year	6.50%	7.30%	7.30%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50%	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2030	2030	2030
Postretirement benefit plan [Member]
Net periodic benefit income
Interest cost	$ 1,639	$ 1,874
Actuarial assumptions
Discount rate, benefit obligation	5.48%	4.89%
Discount rate, net periodic benefit income	4.89%	5.09%	2.61%
Expected return on plan assets	6.50%	6.25%	5.25%
Pension plan [Member]
Net periodic benefit income
Interest cost	$ 103	$ 111
Actuarial assumptions
Discount rate, benefit obligation	5.35%	4.80%
Discount rate, net periodic benefit income	4.80%	5%	2.26%

POSTRETIREMENT BENEFITS (plan a

POSTRETIREMENT BENEFITS (plan assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Postretirement benefits [Line Items]
Postretirement benefit plan, plan assets [Extensible List]	Postretirement benefit plan [Member]	Postretirement benefit plan [Member]
Allocation of plan assets	100%	100%
Fair value of plan assets	$ 138,134	$ 130,914
Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	138,134	130,914
Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	$ 0
U.S. corporate debt securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	55%	54%
Fair value of plan assets	$ 76,628	$ 71,225
U.S. corporate debt securities [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
U.S. corporate debt securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	76,628	71,225
U.S. corporate debt securities [Member] | Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
U.S. corporate debt securities [Member] | Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	$ 0
International equity securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	20%	20%
Target allocation of plan assets	20%
Fair value of plan assets	$ 27,356	$ 26,441
International equity securities [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
International equity securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	27,356	26,441
International equity securities [Member] | Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
International equity securities [Member] | Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	$ 0
U,S, large capitalization equity securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	17%	18%
Target allocation of plan assets	17%
Fair value of plan assets	$ 23,754	$ 23,143
U,S, large capitalization equity securities [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
U,S, large capitalization equity securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	23,754	23,143
U,S, large capitalization equity securities [Member] | Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
U,S, large capitalization equity securities [Member] | Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	$ 0
Mortgage-backed securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	5%	5%
Fair value of plan assets	$ 6,939	$ 6,540
Mortgage-backed securities [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
Mortgage-backed securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	6,939	6,540
Mortgage-backed securities [Member] | Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
Mortgage-backed securities [Member] | Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	$ 0
U.S. small and mid-capitalization equity securities [Member]
Postretirement benefits [Line Items]
Allocation of plan assets	3%	3%
Target allocation of plan assets	3%
Fair value of plan assets	$ 3,457	$ 3,565
U.S. small and mid-capitalization equity securities [Member] | Quoted prices in active markets for identical assets (Level 1) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
U.S. small and mid-capitalization equity securities [Member] | Significant other observable inputs (Level 2) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	3,457	3,565
U.S. small and mid-capitalization equity securities [Member] | Significant unobservable inputs (Level 3) [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	0	0
U.S. small and mid-capitalization equity securities [Member] | Investments measured at net asset value [Member]
Postretirement benefits [Line Items]
Fair value of plan assets	$ 0	$ 0
Fixed income securities [Member]
Postretirement benefits [Line Items]
Target allocation of plan assets	60%

POSTRETIREMENT BENEFITS (cash f

POSTRETIREMENT BENEFITS (cash flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Postretirement benefits [Line Items]
Postretirement benefit plan, contributions [Extensible List]	Postretirement benefit plan [Member]	Postretirement benefit plan [Member]
Company contributions	$ 0	$ 0	$ 0
Postretirement benefit plan [Member]
Expected benefit payments
2025	4,084
2026	3,752
2027	3,463
2028	3,203
2029	2,951
2030 - 2034	11,904
Pension plan [Member]
Postretirement benefits [Line Items]
Cash surrender value of insurance polices that fund pension plan	8,007	$ 7,713
Expected benefit payments
2025	320
2026	300
2027	280
2028	260
2029	240
2030 - 2034	$ 860

POSTRETIREMENT BENEFITS (401k P

POSTRETIREMENT BENEFITS (401k Plan) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee compensation plans [Line Items]
401(k) contributions, maximum annual employee contribution, percent of wages	50%
401(k) expense	$ 11,282	$ 12,046	$ 12,958
Employee service requirement	30 days
401(k) plan, first 1% of wages contributed by employee [Member]
Employee compensation plans [Line Items]
Employer matching 401(k) contribution, percentage	100%
401(k) plan, next 5% of wages contributed by employee [Member]
Employee compensation plans [Line Items]
Employer matching 401(k) contribution, percentage	50%
401(k) plan, 100% employer match [Member]
Employee compensation plans [Line Items]
Employee 401(k) contribution receiving employer match, percent of wages	1%
401(k) plan, 50% employer match [Member]
Employee compensation plans [Line Items]
Employee 401(k) contribution receiving employer match, percent of wages	5%

DEBT (Details)

DEBT (Details) $ in Thousands				1 Months Ended	3 Months Ended																	12 Months Ended	15 Months Ended	34 Months Ended	49 Months Ended
		Dec. 03, 2024 USD ($)	Jun. 01, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2028 USD ($)	Sep. 30, 2028 USD ($)	Jun. 30, 2028 USD ($)	Mar. 31, 2028 USD ($)	Dec. 31, 2027 USD ($)	Sep. 30, 2027 USD ($)	Jun. 30, 2027 USD ($)	Mar. 31, 2027 USD ($)	Dec. 31, 2026 USD ($)	Sep. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2026	Feb. 01, 2029	Feb. 01, 2029 USD ($)	Mar. 13, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt instruments [Line Items]
Total principal amount				$ 1,521,917																		$ 1,521,917					$ 1,604,187
Less: unamortized discount and debt issuance costs				(18,766)																		(18,766)					(11,336)
Total debt, net of discount and debt issuance costs				1,503,151																		1,503,151					1,592,851
Less: current portion of long-term debt, net of debt issuance costs				(37,130)																		(37,130)					(86,153)
Long-term debt				1,466,021																		1,466,021					$ 1,506,698
Maturities of Long-term Debt
2025				37,500																		37,500
2026				37,500																		37,500
2027				116,417																		116,417
2028				50,000																		50,000
2029				$ 1,280,500																		$ 1,280,500
Credit facility
Maximum borrowing capacity		$ 900,000
Net proceeds from credit facility		604,431
Weighted-average Interest rate at period end				7.23%																		7.23%					6.83%
Maximum total leverage ratio				4.25
Maximum consolidated secured leverage ratio				3.50
Minimum interest coverage ratio				3
Outstanding letters of credit	[1]			$ (7,698)																		$ (7,698)
Net available for borrowing as of December 31, 2024				374,302																		374,302
Securitization facility
Accounts receivable	[2]			183,196																		183,196					$ 197,546
Forecast [Member]
Credit facility
Unrestricted cash and cash equivalents minimum used to compute leverage ratios																									$ 15,000
Maximum total leverage ratio																							4.25	4
Maximum consolidated secured leverage ratio																							3.50	3.25
Minimum interest coverage ratio																									3
Maximum total leverage ratio limiting permitted payments																									2.75
Total annual permitted payments limitation																									$ 60,000
Annual share repurchase limitation																									$ 30,000
Senior secured term loan facility [Member]
Debt instruments [Line Items]
Total principal amount				500,000																		500,000					877,187
Credit facility
Maximum borrowing capacity		500,000
Senior secured term loan facility [Member] | Forecast [Member]
Credit facility
Repayment amount					$ 12,500	$ 12,500	$ 12,500	$ 12,500	$ 9,375	$ 9,375	$ 9,375	$ 9,375	$ 9,375	$ 9,375	$ 9,375	$ 9,375	$ 9,375	$ 9,375	$ 9,375	$ 9,375
Senior unsecured notes [Member]
Debt instruments [Line Items]
Total principal amount			$ 500,000	475,000																		475,000					475,000
Senior unsecured and secured notes
Stated interest rate			8%
Proceeds from debt offering, net of discount and debt issuance costs			$ 490,741
Effective interest rate			8.30%
Debt settled																					$ 25,000
Gain on debt retirement																					$ 1,726
Senior secured notes [Member]
Debt instruments [Line Items]
Total principal amount		$ 450,000		450,000																		450,000
Senior unsecured and secured notes
Stated interest rate		8.125%
Proceeds from debt offering, net of discount and debt issuance costs		$ 441,481
Effective interest rate		8.60%
Securitization obligations [Member]
Debt instruments [Line Items]
Total principal amount				$ 78,917																		$ 78,917
Credit facility
Maximum borrowing capacity																										$ 80,000
Weighted-average Interest rate at period end				6.22%																		6.22%
Securitization obligations [Member] | Collateral [Member]
Securitization facility
Accounts receivable				$ 117,000																		$ 117,000
Senior secured revolving credit facility [Member]
Debt instruments [Line Items]
Total principal amount				18,000																		18,000					$ 252,000
Credit facility
Maximum borrowing capacity		$ 400,000		$ 400,000																		400,000
Swing-line sub-facility [Member]
Credit facility
Maximum borrowing capacity		40,000
Letter of credit sub-facility [Member]
Credit facility
Maximum borrowing capacity		$ 25,000
Previous credit facilty [Member]
Credit facility
Write-off of unamortized debt issuance costs																						$ 1,670
[1] We utilize standby letters of credit primarily to secure certain obligations associated with our self-insured workers' compensation claims and environmental claims, as mandated by certain states. These letters of credit reduce the available borrowing capacity under our revolving credit facility.

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating leases:
Operating lease assets	$ 49,382	$ 58,961
Accrued liabilities	$ 12,406	$ 13,562
Current operating lease liability [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liabilities	$ 48,982	$ 58,840
Total operating lease liabilities	$ 61,388	$ 72,402
Weighted-average remaining lease term (in years)	5 years	6 years
Weighted-average discount rate	8.50%	7.80%
Finance leases:
Property, plant and equipment, gross	$ 28,166	$ 26,941
Accumulated depreciation	(5,995)	(4,188)
Property, plant and equipment, net	$ 22,171	$ 22,753
Finance lease right-of-use asset [Extensible Enumeration]	Property, plant and equipment, net of accumulated depreciation	Property, plant and equipment, net of accumulated depreciation
Accrued liabilities	$ 1,895	$ 1,146
Current finance lease liability [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Other non-current liabilities	$ 25,471	$ 26,134
Non-current finance lease liability [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Total finance lease liabilities	$ 27,366	$ 27,280
Weighted-average remaining lease term (in years)	12 years	14 years
Weighted-average discount rate	6%	6%
Lease expense
Operating lease expense	$ 18,317	$ 18,811	$ 20,480
Amortization of right-of-use assets	1,807	2,067	1,853
Interest on lease liabillities	1,603	1,659	1,697
Total finance lease expense	3,410	3,726	3,550
Total lease expense	21,727	22,537	24,030
Supplemental cash flow information
Lease assets obtained in exchange for lease obligations, operating leases	3,617	26,167	6,294
Lease assets obtained in exchange for lease liabilities, finance leases	1,225	0	0
Operating cash flows from operating leases	16,993	19,922	19,015
Operating cash flows from finance leases	1,603	1,659	1,697
Financing cash flows from finance leases	1,140	2,715	$ 1,290
Maturities of operating lease liabilities
2025	16,878
2026	16,763
2027	12,764
2028	9,521
2029	8,294
Thereafter	14,403
Total lease payments	78,623
Less imputed interest	(17,235)
Total operating lease liabilities	61,388	72,402
Maturities of finance lease liabilities
2025	3,211
2026	3,245
2027	3,280
2028	3,315
2029	2,916
Thereafter	23,235
Total lease payments	39,202
Less imputed interest	(11,836)
Total finance lease liabilities	$ 27,366	$ 27,280
Real estate [Member] | Maximum [Member]
Operating leases:
Remaining lease term	10 years

OTHER COMMITMENTS AND CONTING_2

OTHER COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Self-insurance liabilities	$ 8,200	$ 9,024

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 24, 2018
Stockholders' Equity Note [Abstract]
Share repurchase authorization				$ 500,000
Common shares repurchased	0	0	0
Remaining available for repurchase	$ 287,452

BUSINESS SEGMENT INFORMATION (s

BUSINESS SEGMENT INFORMATION (segment results) (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2024 USD ($) customers	Dec. 31, 2023 USD ($) customers	Dec. 31, 2022 USD ($) customers
Business segment information [Line Items]
Revenue		$ 2,121,761	$ 2,192,260	$ 2,238,010
Depreciation and amortization		(165,544)	(169,703)	(172,552)
Interest expense		(123,281)	(125,643)	(94,454)
Net income attributable to non-controlling Interest		143	107	135
Asset impairment charges		(7,743)	0	0
Restructuring and integration expense		(50,450)	(90,475)	(63,136)
Share-based compensation expense		(19,944)	(20,525)	(23,676)
Acquisition transaction costs		0	0	(130)
Certain legal-related benefit (expense)		34	(2,195)	730
Loss on sale of investment securities		0	(1,323)	0
Gain on sale of businesses and long-lived assets		31,207	32,421	19,331
Income before income taxes		76,497	39,799	84,378
All Other [Member]
Business segment information [Line Items]
Revenue	[1]	10,762	55,760	109,702
Other segment items	[1]	(5,140)	(29,834)	(79,570)
Adjusted EBITDA	[1]	5,622	25,926	30,132
Reportable business segments [Member]
Business segment information [Line Items]
Revenue		2,121,761	2,192,260	2,238,010
Other segment items		(1,543,467)	(1,582,678)	(1,621,998)
Adjusted EBITDA		578,294	609,582	616,012
Reportable business segments [Member] | Merchant Services [Member]
Business segment information [Line Items]
Revenue		384,038	364,233	347,709
Other segment items		(305,498)	(289,834)	(276,949)
Adjusted EBITDA		78,540	74,399	70,760
Reportable business segments [Member] | B2B Payments [Member]
Business segment information [Line Items]
Revenue		287,851	299,196	307,117
Other segment items		(230,763)	(237,162)	(235,875)
Adjusted EBITDA		57,088	62,034	71,242
Reportable business segments [Member] | Data Solutions [Member]
Business segment information [Line Items]
Revenue		234,033	211,788	196,707
Other segment items		(173,590)	(165,507)	(151,874)
Adjusted EBITDA		60,443	46,281	44,833
Reportable business segments [Member] | Print [Member]
Business segment information [Line Items]
Revenue		1,205,077	1,261,283	1,276,775
Other segment items		(828,476)	(860,341)	(877,730)
Adjusted EBITDA		376,601	400,942	399,045
Reportable business segments [Member] | Total reportable segments [Member]
Business segment information [Line Items]
Revenue		2,110,999	2,136,500	2,128,308
Other segment items		(1,538,327)	(1,552,844)	(1,542,428)
Adjusted EBITDA		572,672	583,656	585,880
Corporate operations [Member]
Business segment information [Line Items]
Adjusted EBITDA		$ (166,219)	$ (192,447)	$ (197,882)
Customer concentration risk [Member]
Business segment information [Line Items]
Number of customers | customers		0	0	0
Customer concentration risk [Member] | Total revenue benchmark [Member] | Major customers [Member]
Business segment information [Line Items]
Concentration risk, percentage		10%	10%	10%
[1] Includes businesses sold during 2023 and 2022, including the web hosting, logo design, strategic sourcing, and retail packaging businesses, and the payroll and human resources services business that we substantially exited during 2024 (Note 6).

BUSINESS SEGMENT INFORMATION (d

BUSINESS SEGMENT INFORMATION (disaggregated revenue information) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Product and service information [Line Items]
Total revenue		$ 2,121,761	$ 2,192,260	$ 2,238,010
All Other [Member]
Product and service information [Line Items]
Total revenue	[1]	10,762	55,760	109,702
Reportable business segments [Member]
Product and service information [Line Items]
Total revenue		2,121,761	2,192,260	2,238,010
Reportable business segments [Member] | Merchant Services [Member]
Product and service information [Line Items]
Total revenue		384,038	364,233	347,709
Reportable business segments [Member] | B2B Payments [Member]
Product and service information [Line Items]
Total revenue		287,851	299,196	307,117
Reportable business segments [Member] | Data Solutions [Member]
Product and service information [Line Items]
Total revenue		234,033	211,788	196,707
Reportable business segments [Member] | Print [Member]
Product and service information [Line Items]
Total revenue		1,205,077	1,261,283	1,276,775
Checks [Member]
Product and service information [Line Items]
Total revenue		702,702	721,089	728,988
Checks [Member] | Reportable business segments [Member] | Print [Member]
Product and service information [Line Items]
Total revenue		702,702	721,089	728,988
Merchant services [Member]
Product and service information [Line Items]
Total revenue		384,038	364,233	347,709
Merchant services [Member] | Reportable business segments [Member] | Merchant Services [Member]
Product and service information [Line Items]
Total revenue		384,038	364,233	347,709
Promotional solutions [Member]
Product and service information [Line Items]
Total revenue		262,009	278,200	272,997
Promotional solutions [Member] | All Other [Member]
Product and service information [Line Items]
Total revenue			1,456	15,130
Promotional solutions [Member] | Reportable business segments [Member] | Print [Member]
Product and service information [Line Items]
Total revenue		262,009	276,744	257,867
Forms and other business products [Member]
Product and service information [Line Items]
Total revenue		240,366	263,450	289,920
Forms and other business products [Member] | Reportable business segments [Member] | Print [Member]
Product and service information [Line Items]
Total revenue		240,366	263,450	289,920
Treasury management solutions [Member]
Product and service information [Line Items]
Total revenue		225,568	240,320	241,185
Treasury management solutions [Member] | Reportable business segments [Member] | B2B Payments [Member]
Product and service information [Line Items]
Total revenue		225,568	240,320	241,185
Data-driven marketing [Member]
Product and service information [Line Items]
Total revenue		214,589	192,656	177,598
Data-driven marketing [Member] | Reportable business segments [Member] | Data Solutions [Member]
Product and service information [Line Items]
Total revenue		214,589	192,656	177,598
Other payment solutions [Member]
Product and service information [Line Items]
Total revenue		62,283	58,876	65,932
Other payment solutions [Member] | Reportable business segments [Member] | B2B Payments [Member]
Product and service information [Line Items]
Total revenue		62,283	58,876	65,932
Other web-based solutions [Member]
Product and service information [Line Items]
Total revenue		19,444	19,132	19,109
Other web-based solutions [Member] | Reportable business segments [Member] | Data Solutions [Member]
Product and service information [Line Items]
Total revenue		19,444	19,132	19,109
Other [Member]
Product and service information [Line Items]
Total revenue		10,762	54,304	94,572
Other [Member] | All Other [Member]
Product and service information [Line Items]
Total revenue		$ 10,762	$ 54,304	$ 94,572
[1] Includes businesses sold during 2023 and 2022, including the web hosting, logo design, strategic sourcing, and retail packaging businesses, and the payroll and human resources services business that we substantially exited during 2024 (Note 6).