Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 120

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 120
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 December 31, 20239,689 Charges4,932 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.

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

NOTE 10: INCOME TAX PROVISION

Income before income taxes was comprised of the following for the years ended December 31:(in thousands)202420232022U.S.$11,072 $(7,636)$51,640 Foreign65,425 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)202420232022Current tax provision:Federal$24,922 $20,999 $27,789 State5,189 6,331 8,507 Foreign13,831 18,118 11,081 Total current tax provision43,942 45,448 47,377 Deferred tax provision:Federal(21,467)(20,357)(21,368)State(4,511)(4,389)(5,710)Foreign5,588 (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:202420232022Income tax at federal statutory rate21.0 %21.0 %21.0 %Foreign tax rate differences4.2 %5.7 %1.9 %Tax on repatriation of foreign earnings4.0 %6.2 %2.2 %Non-deductible executive compensation3.0 %4.1 %2.2 %Change in valuation allowances1.6 %17.5 %7.2 %Goodwill impairment charges1.0 %— — State