Company: DLX
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0000027996-25-000142
Chunk: 109

Company: DELUXE CORP
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 2
Chunk 109
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 are subject to approval by our board of directors each quarter and, therefore, may change.

CAPITAL RESOURCES

As of March 31, 2025, the principal amount of our debt obligations was $1.51 billion, compared to $1.52 billion as of December 31, 2024. Our capital structure for each period was as follows:

 March 31, 2025December 31, 2024 (in thousands)AmountWeighted-average interest rateAmountWeighted-average interest rateChangeFixed interest rate$925,000 8.1 %$925,000 8.1 %$— Floating interest rate585,311 6.8 %596,917 7.2 %(11,606)Debt principal1,510,311 7.6 %1,521,917 7.7 %(11,606)Shareholders’ equity622,464  620,918  1,546 Total capital$2,132,775  $2,142,835  $(10,060)

As of March 31, 2025, total commitments under our revolving credit facility were $400 million, with $368 million available for borrowing. Detailed information regarding our outstanding debt, including our debt service obligations and debt covenants, can be found under the caption “Note 11: Debt” in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part I, Item 1 of this report.

In October 2018, our board of directors authorized the repurchase of up to $500 million of our common stock. This authorization does not have an expiration date. We have not repurchased any shares under this authorization since the first quarter of 2020. As of March 31, 2025, $287 million remained available for repurchase. Information regarding changes in shareholders' equity can be found in the consolidated statements of shareholders' equity located in Part I, Item 1 of this report.

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CRITICAL ACCOUNTING ESTIMATES

A description of our critical accounting estimates was provided in the MD&A section of the 2024 Form 10-K. During the first quarter of 2025, there were no modifications in the assessment or determination of these estimates.

New accounting pronouncements – Information regarding new accounting pronouncements not yet adopted can be found under the caption “Note 2: New Accounting Pronouncements” in the Condensed Notes to Unaudited Consolidated