Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 124

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 124
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420232022Balance, beginning of year$(14,984)$(7,996)$(10,993)Expense from change in allowances(1,196)(6,979)(6,086)Sale of business (Note 6)— — 8,745 Foreign currency translation— (9)338 Balance, end of year$(16,180)$(14,984)$(7,996)As of December 31, 2024, we had the following net operating loss, deductible interest, capital loss, and tax credit carryforwards:•state net operating loss carryforwards and tax credit carryforwards of $141,419, which expire at various dates between 2025 and 2050;•federal deductible interest carryforwards of $197,581, which do not expire; and•federal capital loss carryforwards of $61,426, which expire in 2027 and 2028.

NOTE 11: SHARE-BASED COMPENSATION PLANS

Our employee share-based compensation plans include our employee stock purchase plan and our long-term incentive plan. Effective April 27, 2022, our shareholders approved the Deluxe Corporation 2022 Stock Incentive Plan, which simultaneously terminated our previous plan. Under the new plan, 2.5 million shares of common stock, along with any shares 

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

released due to the forfeiture or termination of awards issued under the prior plan, are reserved for issuance. As of December 31, 2024, 1.5 million shares remained available for issuance.Under both our current and previous plans, we have granted non-qualified stock options, restricted stock units, and performance share unit awards. The current plan also permits the issuance of restricted stock and stock appreciation rights, although none of these were outstanding as of December 31, 2024. Our policy regarding the recognition of compensation expense for employee share-based awards can be found in Note 1.The following amounts were recognized in our consolidated statements of income for share-based compensation awards for the years ended December 31:(in thousands)202420232022Restricted stock units$14,058 $14,092 $16,632 Performance share unit awards4,705 4,127 3,840 Stock options733 1,845 2,665 Employee stock purchase plan448 461