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SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Inventories and supplies Inventories and supplies were comprised of the following at December 31:
(in thousands)20232022
Finished and semi-finished goods$34,194 $40,715 
Raw materials and supplies17,339 17,952 
Reserve for excess and obsolete items(9,445)(6,400)
Inventories and supplies, net of reserve$42,088 $52,267 

Changes in the reserve for excess and obsolete items for the years ended December 31 were as follows:
(in thousands)202320222021
Balance, beginning of year$6,400 $5,132 $11,748 
Amounts charged to expense4,105 2,940 3,513 
Write-offs and sales(1,060)(1,672)(10,129)
Balance, end of year$9,445 $6,400 $5,132 
Available-for-sale debt securities Available-for-sale debt securities were comprised of the following:
 December 31, 2023
(in thousands)CostGross unrealized gainsGross unrealized lossesFair value
Cash equivalents:
Domestic money market fund$22,000 $— $— $22,000 
Available-for-sale debt securities$22,000 $— $— $22,000 

 December 31, 2022
(in thousands)CostGross unrealized gainsGross unrealized lossesFair value
Cash equivalents:
Domestic money market fund$5,000 $— $— $5,000 
Funds held for customers:(1)
Canadian and provincial government securities9,190 — (1,064)8,126 
Available-for-sale debt securities$14,190 $— $(1,064)$13,126 

(1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2022, also included cash of $294,165.
Revenue in excess of billings Revenue in excess of billings was comprised of the following at December 31:
(in thousands)20232022
Conditional right to receive consideration$20,680 $26,520 
Unconditional right to receive consideration(1)
5,427 12,241 
Revenue in excess of billings$26,107 $38,761 

(1) Represents revenues that are earned but not currently billable under the related contract terms.
Property, plant and equipment Property, plant and equipment was comprised of the following at December 31:
20232022
(in thousands)Gross carrying amountAccumulated depreciationNet carrying amountGross carrying amountAccumulated depreciationNet carrying amount
Machinery and equipment$314,778 $(262,308)$52,470 $378,468 $(307,838)$70,630 
Buildings and improvements123,072 (68,391)54,681 111,916 (67,936)43,980 
Land and improvements12,790 (3,402)9,388 14,498 (4,214)10,284 
Property, plant and equipment
$450,640 $(334,101)$116,539 $504,882 $(379,988)$124,894 
Intangibles Amortizable intangibles were comprised of the following at December 31:
 20232022
(in thousands)Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Internal-use software$554,825 $(412,364)$142,461 $529,306 $(395,514)$133,792 
Customer lists/relationships363,298 (235,557)127,741 497,882 (312,986)184,896 
Technology-based intangibles97,633 (54,251)43,382 99,613 (47,478)52,135 
Partner relationships74,911 (14,031)60,880 74,682 (9,094)65,588 
Trade names39,367 (23,792)15,575 44,185 (26,510)17,675 
Software to be sold36,900 (35,195)1,705 36,900 (32,007)4,893 
Intangibles$1,166,934 $(775,190)$391,744 $1,282,568 $(823,589)$458,979 
Estimated amortization expense
Based on the intangibles in service as of December 31, 2023, estimated amortization expense for each of the next five years ending December 31 is as follows:
(in thousands)Estimated
amortization
expense
2024$107,127 
202575,217 
202648,604 
202737,075 
202828,806 
Acquired intangibles
In the normal course of business, we acquire and develop internal-use software. We also, at times, purchase customer lists and partner relationships. During 2021, we acquired other intangible assets in conjunction with the acquisition of First American Payment Systems, L.P. (Note 6). The following intangible assets were capitalized or developed during the years ended December 31:
202320222021
(in thousands)Amount
Weighted-average amortization period
(in years)
Amount
Weighted-average amortization period
(in years)
Amount
Weighted-average amortization period
(in years)
Internal-use software$81,349 4$74,778 3$75,918 3
Customer lists/relationships— —18,267 6149,642 8
Partner relationships1,385 21,587 373,095 15
Technology-based intangibles— —— —65,000 8
Trade names— —— —21,000 10
Intangible additions$82,734 4$94,632 4$384,655 8
Goodwill Changes in goodwill by reportable business segment and in total were as follows:
(in thousands)Payments
Data Solutions(1)
Promotional Solutions(1)
ChecksTotal
Balance, December 31, 2021:
$895,338 $40,816 $59,175 $434,812 $1,430,141 
Currency translation adjustment and other1,343 — (99)— 1,244 
Balance, December 31, 2022
$896,681 $40,816 $59,076 $434,812 $1,431,385 
Currency translation adjustment and other(828)— 33 — (795)
Balance, December 31, 2023
$895,853 $40,816 $59,109 $434,812 $1,430,590 

(1) The Data Solutions and Promotional Solutions balances are net of accumulated impairment charges of $392,168 and $193,699, respectively, for each period presented.
Other non-current assets Other non-current assets were comprised of the following at December 31:
(in thousands)20232022
Postretirement benefit plan asset (Note 12)$94,939 $79,343 
Cloud computing arrangement implementation costs59,234 71,547 
Prepaid product discounts(1)
40,376 44,824 
Deferred contract acquisition costs(2)
21,103 21,300 
Loans and notes receivable from distributors, net of allowance for credit losses(3)
12,443 13,259 
Other23,087 30,081 
Other non-current assets$251,182 $260,354 

(1) Amortization of prepaid product discounts was $33,370 for 2023, $34,400 for 2022 and $31,784 for 2021.

(2) Amortization of deferred contract acquisition costs was $11,061 for 2023, $8,206 for 2022 and $4,975 for 2021.

(3) Amount includes the non-current portion of loans and notes receivable. The current portion of these receivables is included in other current assets on the consolidated balance sheets and was $987 as of December 31, 2023 and $961 as of December 31, 2022.
Loans and notes receivable by credit quality indicator and year of origination
The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of December 31, 2023.

Loans and notes receivable from distributors amortized cost basis by origination year
(in thousands)202320202019PriorTotal
Risk rating:
1-2 internal grade$342 $1,003 $370 $12,643 $14,358 
3-4 internal grade— — — — — 
Loans and notes receivable$342 $1,003 $370 $12,643 $14,358 
Accrued liabilities Accrued liabilities were comprised of the following at December 31:
(in thousands)20232022
Employee cash bonuses, including sales incentives$49,446 $57,398 
Deferred revenue(1)
35,343 47,012 
Operating lease liabilities (Note 14)13,562 12,780 
Customer rebates12,718 12,153 
Interest10,481 7,314 
Restructuring and integration (Note 9)9,689 8,528 
Wages and payroll liabilities, including vacation8,605 20,264 
Prepaid product discounts due within one year4,477 4,179 
Other47,106 48,776 
Accrued liabilities$191,427 $218,404 

(1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $43,624 for 2023, $47,547 for 2022 and $39,366 for 2021.
Supplemental cash flow information Supplemental cash flow information was as follows for the years ended December 31:
(in thousands)202320222021
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets:
Cash and cash equivalents$71,962 $40,435 $41,231 
Restricted cash and restricted cash equivalents included in funds held for customers
383,134 294,165 241,488 
Non-current restricted cash included in other non-current assets2,937 2,815 2,772 
Total cash, cash equivalents, restricted cash and restricted cash equivalents
$458,033 $337,415 $285,491 
Interest paid$115,556 $87,108 $46,621 
Income taxes paid47,945 38,629 18,761 
Non-cash investing activities:
Accrued purchases of capital assets$11,924 $1,340 $6,477 
Non-cash consideration for customer list purchases(1)
— 5,096 15,528 
Non-cash financing activities:
Vesting of restricted stock unit awards8,538 13,602 16,646 

(1) Consists of pre-acquisition amounts owed to us by the sellers.

Information regarding operating and finance leases executed in each period can be found in Note 14.
Trade accounts receivable [Member]  
Allowance for credit losses Net trade accounts receivable was comprised of the following at December 31:
(in thousands)20232022
Trade accounts receivable – gross(1)
$197,546 $210,799 
Allowance for credit losses(6,541)(4,182)
Trade accounts receivable – net$191,005 $206,617 

(1) Includes unbilled receivables of $43,673 as of December 31, 2023 and $43,902 as of December 31, 2022.
Changes in the allowance for credit losses for the years ended December 31 were as follows:
(in thousands)202320222021
Balance, beginning of year$4,182 $4,130 $6,428 
Bad debt expense7,045 4,185 223 
Write-offs and other(4,686)(4,133)(2,521)
Balance, end of year$6,541 $4,182 $4,130 
Notes receivable [Member]  
Allowance for credit losses
Changes in the allowance for credit losses related to loans and notes receivable from distributors for the years ended December 31 were as follows:

(in thousands)202320222021
Balance, beginning of year$1,024 $2,830 $3,995 
Bad debt (benefit) expense(96)1,195 (1,165)
Write-offs— (2,599)— 
Other— (402)— 
Balance, end of year$928 $1,024 $2,830