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Supplemental balance sheet and cash flow information (Tables)
 3 Months Ended
Mar. 31, 2024
Inventories and supplies
Inventories and supplies – Inventories and supplies were comprised of the following:
(in thousands)March 31,
2024		December 31,
2023
Finished and semi-finished goods$32,646 $34,194 
Raw materials and supplies16,762 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
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)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 
 
The domestic money market fund held highly liquid, short-term investments managed by the financial institution.
Revenue in excess of billings
Revenue in excess of billings – Revenue in excess of billings was comprised of the following:
(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 

(1) Represents revenues that are earned but not currently billable under the related contract terms.
Intangibles
Intangibles – Intangibles were comprised of the following:
 March 31, 2024December 31, 2023
(in thousands)Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Internal-use software$571,949 $(433,475)$138,474 $554,825 $(412,364)$142,461 
Customer lists/relationships359,375 (242,420)116,955 363,298 (235,557)127,741 
Partner relationships74,562 (14,557)60,005 74,911 (14,031)60,880 
Technology-based intangibles65,700 (23,721)41,979 97,633 (54,251)43,382 
Trade names39,367 (24,317)15,050 39,367 (23,792)15,575 
Software to be sold6,200 (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 
Estimated future amortization expense Based on the intangibles in service as of March 31, 2024, estimated future amortization expense is as follows:
(in thousands)Estimated
amortization
expense
Remainder of 2024$85,055 
202587,044 
202658,798 
202737,871 
202829,071 
Goodwill
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 ServicesB2B Payments
Data Solutions(1)
Print(1)
All OtherTotal
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.
Other non-current assets
Other non-current assets – Other non-current assets were comprised of the following:
(in thousands)March 31,
2024		December 31,
2023
Postretirement benefit plan asset$96,859 $94,939 
Cloud computing arrangement implementation costs52,252 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 
Other30,092 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.
Loans and notes receivable by credit quality Indicator
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)2024202320202019PriorTotal
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 
Accrued liabilities
Accrued liabilities – Accrued liabilities were comprised of the following:
(in thousands)March 31,
2024		December 31,
2023
Deferred revenue(1)
$30,586 $35,343 
Employee bonuses, including sales incentives15,739 49,446 
Interest15,308 10,481 
Operating lease liabilities13,388 13,562 
Customer rebates9,699 12,718 
Wages and payroll liabilities, including vacation9,559 8,605 
Restructuring7,436 9,689 
Prepaid product discounts5,542 4,477 
Other47,627 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
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 customers108,227 149,010 
Cash and cash equivalents included in other current assets(1)
— 7,325 
Non-current restricted cash included in other non-current assets3,073 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.
Trade accounts receivable [Member]  
Allowance for credit losses
Trade accounts receivable – Net trade accounts receivable was comprised of the following:
(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 

(1) Includes unbilled receivables of $51,408 as of March 31, 2024 and $43,673 as of December 31, 2023.

Changes in the allowance for credit losses for the quarters ended March 31, 2024 and 2023 were as follows:
Quarter Ended
March 31,
(in thousands)20242023
Balance, beginning of year$6,541 $4,182 
Bad debt expense2,960 1,466 
Write-offs and other(1,941)(824)
Balance, end of period$7,560 $4,824 
Loans and notes receivable [Member]  
Allowance for credit losses
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)20242023
Balance, beginning of year$928 $1,024 
Bad debt expense (benefit)54 (28)
Balance, end of period$982 $996