Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 131

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 131
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457 Plan assets$— $138,134 $— $— $138,134     

74

DELUXE CORPORATIONNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(dollars in thousands, except per share amounts)

Information regarding fair value measurements of plan assets was as follows as of December 31, 2023:Fair value measurements usingQuoted prices in active markets for identical assetsSignificant other observable inputsSignificant unobservable inputsInvestments measured at net asset valueFair value as ofDecember 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 planPension plan2025$4,084 $320 20263,752