Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 129

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 129
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 remaining life expectancy of plan participants at the time of each plan amendment.Postretirement benefit income – Postretirement benefit income is included in other income, net on the consolidated statements of income and consisted of the following components for the years ended December 31:(in thousands)202420232022Interest cost$1,742 $1,985 $1,121 Expected return on plan assets(8,395)(7,320)(7,462)Amortization of prior service credit(1,421)(1,421)(1,421)Amortization of net actuarial losses1,334 2,273 900 Net periodic benefit income$(6,740)$(4,483)$(6,862)Actuarial assumptions – In measuring the benefit obligations as of December 31, the following discount rate assumptions were used:Postretirement benefit planPension plan2024202320242023Discount rate5.48 %4.89 %5.35 %4.80 %In measuring net periodic benefit income for the years ended December 31, the following assumptions were used:Postretirement benefit planPension plan202420232022202420232022Discount rate4.89 %5.09 %2.61 %4.80 %5.00 %2.26 %Expected return on plan assets6.50 %6.25 %5.25 %— — — The discount rate assumption is derived from the rates of return on high-quality, fixed-income instruments that are currently available and whose cash flows approximate the timing and amount of our expected benefit payments. When determining the expected long-term rate of return on plan assets, we start with our historical returns and then make adjustments  for estimated inflation and projected market returns. Our inflation assumption is primarily based on an analysis of historical inflation data.

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

In measuring the benefit obligation as of December 31 for our postretirement benefit plan, the following assumptions for health care cost trend rates were used. These rates are utilized to determine our periodic benefit income for the following year.202420232022Participants under age 65Participants age 65 and olderParticipants under age 65Participants age 65 and olderParticipants under age 65Participants age 65 and olderHealth care cost trend rate assumed for next year6.0 %