
(in thousands)	March 31, 2024		December 31, 2023
Trade accounts receivable – gross	$	178,829	$	197,546
Allowance for credit losses	(7,560)		(6,541)
Trade accounts receivable – net(1)	$	171,269	$	191,005


	Quarter Ended March 31,
(in thousands)	2024		2023
Balance, beginning of year	$	6,541	$	4,182
Bad debt expense	2,960		1,466
Write-offs and other	(1,941)		(824)
Balance, end of period	$	7,560	$	4,824


(in thousands)	March 31, 2024		December 31, 2023
Finished and semi-finished goods	$	32,646	$	34,194
Raw materials and supplies	16,762		17,339
Reserve for excess and obsolete items	(10,743)		(9,445)
Inventories and supplies, net of reserve	$	38,665	$	42,088

Available-for-sale debt securities – We did not hold any available for sale debt securities as of March 31, 2024. Available-for-sale debt securities held as of December 31, 2023 were comprised of the following:


	December 31, 2023
(in thousands)	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash equivalents:
Domestic money market fund	$	22,000	$	—	$	—	$	22,000
Available-for-sale debt securities	$	22,000	$	—	$	—	$	22,000

The domestic money market fund held highly liquid, short-term investments managed by the financial institution. Further information regarding the fair value of available-for-sale debt securities can be found in Note 8.


(in thousands)	March 31, 2024		December 31, 2023
Conditional right to receive consideration	$	21,855	$	20,680
Unconditional right to receive consideration(1)	10,091		5,427
Revenue in excess of billings	$	31,946	$	26,107


	March 31, 2024						December 31, 2023
(in thousands)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Internal-use software	$	571,949	$	(433,475)	$	138,474	$	554,825	$	(412,364)	$	142,461
Customer lists/relationships	359,375		(242,420)		116,955		363,298		(235,557)		127,741
Partner relationships	74,562		(14,557)		60,005		74,911		(14,031)		60,880
Technology-based intangibles	65,700		(23,721)		41,979		97,633		(54,251)		43,382
Trade names	39,367		(24,317)		15,050		39,367		(23,792)		15,575
Software to be sold	6,200		(4,650)		1,550		36,900		(35,195)		1,705
Intangibles	$	1,117,153	$	(743,140)	$	374,013	$	1,166,934	$	(775,190)	$	391,744

Amortization of intangibles was $35,698 for the quarter ended March 31, 2024 and $38,217 for the quarter ended March 31, 2023. Based on the intangibles in service as of March 31, 2024, estimated future amortization expense is as follows:

In the normal course of business, we acquire and develop internal-use software. We also, at times, purchase customer list and partner relationship assets. During the quarter ended March 31, 2024, we acquired or developed internal-use software of $17,095 with a weighted-average useful life of 3 years. Other intangibles acquired during the quarter were not material.

Goodwill – In conjunction with the realignment of our reportable business segments during the quarter ended March 31, 2024 (Note 15), the goodwill amounts by reportable segment as of December 31, 2023 have been recast to reflect our new segment structure. No goodwill impairment charges were recorded in conjunction with the segment realignment. Changes in goodwill by reportable segment and in total were as follows for the quarter ended March 31, 2024:


(in thousands)	Merchant Services		B2B Payments		Data Solutions(1)		Print(1)		All Other		Total
Balance, December 31, 2023	$	727,688	$	160,431	$	40,804	$	493,924	$	7,743	$	1,430,590
Currency translation adjustment	—		—		—		(32)		—		(32)
Balance, March 31, 2024	$	727,688	$	160,431	$	40,804	$	493,892	$	7,743	$	1,430,558

(1) The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period.


(in thousands)	March 31, 2024		December 31, 2023
Postretirement benefit plan asset	$	96,859	$	94,939
Cloud computing arrangement implementation costs	52,252		59,234
Prepaid product discounts(1)	43,690		40,376
Deferred contract acquisition costs(2)	21,527		21,103
Loans and notes receivable from distributors, net of allowance for credit losses(3)	12,773		12,443
Other	30,092		23,087
Other non-current assets	$	257,193	$	251,182

(1) Amortization of prepaid product discounts was $8,180 for the quarter ended March 31, 2024 and $8,513 for the quarter ended March 31, 2023.

(2) Amortization of deferred contract acquisition costs was $3,091 for the quarter ended March 31, 2024 and $2,367 for the quarter ended March 31, 2023.

(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 $1,317 as of March 31, 2024 and $987 as of December 31, 2023.

Changes in the allowance for credit losses related to loans and notes receivable from distributors were as follows for the quarters ended March 31, 2024 and 2023:


	Quarter Ended March 31,
(in thousands)	2024		2023
Balance, beginning of year	$	928	$	1,024
Bad debt expense (benefit)	54		(28)

Balance, end of period	$	982	$	996

We categorize loans and notes receivable into risk categories based on information about the ability of borrowers to service their debt, including current financial information, historical payment experience, current economic trends and other factors. The highest quality receivables are assigned a 1-2 internal grade. Those that have a potential weakness requiring management's attention are assigned a 3-4 internal grade.

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 March 31, 2024. There were no write-offs or recoveries recorded during the quarter ended March 31, 2024.


			Loans and notes receivable from distributors amortized cost basis by origination year
(in thousands)	2024		2023		2020		2019		Prior		Total
Risk rating:
1-2 internal grade	$	991	$	361	$	961	$	355	$	12,404	$	15,072
3-4 internal grade	—		—		—		—		—		—
Loans and notes receivable	$	991	$	361	$	961	$	355	$	12,404	$	15,072


(in thousands)	March 31, 2024		December 31, 2023
Deferred revenue(1)	$	30,586	$	35,343
Employee bonuses, including sales incentives	15,739		49,446
Interest	15,308		10,481
Operating lease liabilities	13,388		13,562
Customer rebates	9,699		12,718
Wages and payroll liabilities, including vacation	9,559		8,605
Restructuring	7,436		9,689
Prepaid product discounts	5,542		4,477
Other	47,627		47,106
Accrued liabilities	$	154,884	$	191,427

(1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $14,644 for the quarter ended March 31, 2024 and $18,683 for the quarter ended March 31, 2023.

Supplemental cash flow information – The reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets was as follows:


(in thousands)	March 31, 2024		March 31, 2023
Cash and cash equivalents	$	23,544	$	24,622
Restricted cash and restricted cash equivalents included in funds held for customers	108,227		149,010
Cash and cash equivalents included in other current assets(1)	—		7,325
Non-current restricted cash included in other non-current assets	3,073		2,592
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$	134,844	$	183,549
Non-cash investing activities:
Investment in joint venture(2)	$	—	$	18,392

(1) Represents the cash and cash equivalents of our former North American web hosting and logo design business, which was classified as held for sale as of March 31, 2023.

(2) In February 2023, we entered into a joint venture focused on launching and marketing a business payment distribution technology platform. We committed to invest $20,000 over a 3-year period and we have option rights to acquire additional non-controlling ownership interest. During the quarter ended March 31, 2023, we recorded $18,392 for our investment in the joint venture and option rights.