Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 118

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 118
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rying valueFair valueAmortized cost:Loans and notes receivable from distributorsOther current and non-current assets$12,541 $13,013 $— $— $13,013 Long-term debtCurrent portion of long-term debt and long-term debt1,503,151 1,508,347 — 1,508,347 —  Fair value measurements usingBalance sheet locationDecember 31, 2023Quoted prices in active markets for identical assets(Level 1)Significant other observable inputs(Level 2)Significant unobservable inputs(Level 3)(in thousands)Carrying valueFair valueMeasured at fair value through comprehensive income:Available-for-sale debt securitiesCash and cash equivalents$22,000 $22,000 $22,000 $— $— Derivative assets (Note 7)Other non-current assets1,806 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 distributorsOther current and non-current assets13,430 13,249 — — 13,249 Long-term debtCurrent portion of long-term debt and long-term debt1,592,851 1,554,028 — 1,554,028 — 

NOTE 9: 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