Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 107

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 107
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 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)202420232022Balance, beginning of year$6,541 $4,182 $4,130 Bad debt expense12,910 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)20242023Finished and semi-finished goods$31,146 $34,194 Raw materials and supplies16,787 17,339 Reserve for excess and obsolete items(11,540)(9,445)Inventories and supplies, net of reserve$36,393 $42,088 

55

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

Changes in the reserve for excess and obsolete items for the years ended December 31 were as follows:(in thousands)202420232022Balance, beginning of year$9,445 $6,400 $5,132 Amounts charged to expense3,145 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)CostGross unrealized gainsGross unrealized lossesFair valueCash 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