Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 127

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 127
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 plan at prices ranging from $13.76 to $16.91. During 2023, 196 thousand shares were issued at prices ranging from $12.61 to $15.77. During 2022, 149 thousand shares were issued at prices ranging from $15.62 to $25.59.

NOTE 12: POSTRETIREMENT BENEFITS

We have historically offered certain health care benefits to a large number of our retired U.S. employees. Employees who were hired before January 1, 2002 become eligible for these benefits if they meet the required years of service and age criteria 

71

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

before retiring. Employees hired on or after January 1, 2002 are not eligible to participate in the plan. In addition to our retiree health care plan, we also maintain an inactive U.S. supplemental executive retirement plan (SERP). This plan is no longer adding new participants and all current participants are retired. The SERP does not have any plan assets, but our obligation under this plan is fully funded through investments in company-owned life insurance policies.Obligations and funded status – Changes in our benefit obligation, plan assets, and funded status for the years ended December 31 were as follows:(in thousands)Postretirement benefit planPension plan(1)Change in benefit obligation:Benefit obligation, December 31, 2022$39,709 $2,374 Interest cost1,874 111 Net actuarial (gain) loss(785)128 Benefits paid from plan assets and company funds(4,823)(324)Benefit obligation, December 31, 202335,975 2,289 Interest cost1,639 103 Net actuarial (gain) loss(3,072)52 Benefits paid from plan assets and company funds(3,932)(324)Benefit obligation, December 31, 2024$30,610 $2,120 Change in plan assets:Fair value of plan assets, December 31, 2022$119,052 $— Return on plan assets15,241 — Benefits paid(3,379)— Fair value of plan assets, December 31, 2023130,914 — Return on plan assets9,729 — Benefits paid(2,509)— Fair