Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 132

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 132
---
 300 20273,463 280 20283,203 260 20292,951 240 2030 - 203411,904 860 401(k) plan – We offer a 401(k) plan to provide retirement benefits for eligible employees. This plan covers the majority of full-time employees and some part-time employees. Employees generally become eligible to participate in the plan after completing 30 days of service.Both employees and Deluxe contribute to the 401(k) plan. Employees can contribute up to 50% of eligible wages, subject to IRS limitations and the plan's terms and conditions. For most employees, we match 100% of the first 1% of wages contributed and 50% of the next 5% of wages contributed. The expense recognized for the 401(k) plan matching contributions was $11,282 for 2024, $12,046 for 2023, and $12,958 for 2022. All contributions from employees and Deluxe are remitted to the plan's trustee. Benefits provided by the plan are paid from the accumulated funds within the trust.Employees have a broad range of investment options to choose from when investing their 401(k) plan funds. Investing directly in our common stock is not an option, although the funds selected by employees may occasionally hold our common stock.

75

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

NOTE 13: DEBT

Debt outstanding was comprised of the following:(in thousands)20242023Senior secured term loan facility$500,000 $877,187 Senior unsecured notes475,000 475,000 Senior secured notes450,000 — Securitization obligations78,917 — Amounts drawn on senior secured revolving credit facility18,000 252,000 Total principal amount1,521,917 1,604,187 Less: unamortized discount and debt issuance costs(18,766)(11,336)Total debt, net of discount and debt issuance costs1,503,151 1,592,851 Less: current portion of long-term debt, net of debt issuance costs(37,130)(86,153)Long-term debt$1,466,021 $1,506,698 Maturities of long-term debt were as follows as of December 31, 2024:(in thousands)Debt obligations202