Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 111

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 111
---
 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.

58

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

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)202420232020PriorTotalRisk 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)20242023Employee 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 vacation10,321 8,605 Customer rebates10,100 12,718 Restructuring and integration (Note 9)3,755 9,689 Prepaid product discounts2,583 4,477 Other45,401 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