
(in thousands)	June 30, 2024		December 31, 2023
Trade accounts receivable – gross	$	184,754	$	197,546
Allowance for credit losses	(9,584)		(6,541)
Trade accounts receivable – net(1)	$	175,170	$	191,005


	Six Months Ended June 30,
(in thousands)	2024		2023
Balance, beginning of year	$	6,541	$	4,182
Bad debt expense	8,980		3,027
Write-offs and other	(5,937)		(1,771)
Balance, end of period	$	9,584	$	5,438


(in thousands)	June 30, 2024		December 31, 2023
Finished and semi-finished goods	$	32,138	$	34,194
Raw materials and supplies	17,125		17,339
Reserve for excess and obsolete items	(11,235)		(9,445)
Inventories and supplies, net of reserve	$	38,028	$	42,088

Available-for-sale debt securities – We did not hold any available-for-sale debt securities as of June 30, 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)	June 30, 2024		December 31, 2023
Conditional right to receive consideration	$	20,693	$	20,680
Unconditional right to receive consideration(1)	10,271		5,427
Revenue in excess of billings	$	30,964	$	26,107


	June 30, 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	$	577,245	$	(435,266)	$	141,979	$	554,825	$	(412,364)	$	142,461
Customer lists/relationships	346,890		(239,298)		107,592		363,298		(235,557)		127,741
Partner relationships	75,100		(16,050)		59,050		74,911		(14,031)		60,880
Technology-based intangibles	65,700		(25,752)		39,948		97,633		(54,251)		43,382
Trade names	39,367		(31,516)		7,851		39,367		(23,792)		15,575
Software to be sold	6,200		(4,805)		1,395		36,900		(35,195)		1,705
Intangibles	$	1,110,502	$	(752,687)	$	357,815	$	1,166,934	$	(775,190)	$	391,744

Amortization of intangibles was $37,366 for the quarter ended June 30, 2024, $36,859 for the quarter ended June 30, 2023, $73,064 for the six months ended June 30, 2024 and $75,076 for the six months ended June 30, 2023. During the quarter ended June 30, 2024, we modified the useful life of a trade name asset that we no longer expect to utilize beyond 2024. This change resulted in incremental amortization expense of $6,674 during the quarter, and a similar incremental amount is expected to be recognized during the quarter ended September 30, 2024.

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 six months ended June 30, 2024, we acquired or developed $37,710 of internal-use software with a weighted-average useful life of 3 years. Other intangibles acquired during the period were not material.

Goodwill – In conjunction with the realignment of our reportable business segments effective January 1, 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 six months ended June 30, 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	—		—		—		(48)		—		(48)
Balance, June 30, 2024	$	727,688	$	160,431	$	40,804	$	493,876	$	7,743	$	1,430,542

(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)	June 30, 2024		December 31, 2023
Postretirement benefit plan asset	$	99,163	$	94,939
Cloud computing arrangement implementation costs	48,124		59,234
Prepaid product discounts(1)	41,390		40,376
Deferred contract acquisition costs(2)	20,513		21,103
Loans and notes receivable from distributors, net of allowance for credit losses(3)	12,081		12,443
Other	30,074		23,087
Other non-current assets	$	251,345	$	251,182

(1) Amortization of prepaid product discounts was $16,354 for the six months ended June 30, 2024 and $17,173 for the six months ended June 30, 2023.

(2) Amortization of deferred contract acquisition costs was $6,298 for the six months ended June 30, 2024 and $5,315 for the six months ended June 30, 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 $1,501 as of June 30, 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 six months ended June 30, 2024 and 2023:


	Six Months Ended June 30,
(in thousands)	2024		2023
Balance, beginning of year	$	928	$	1,024
Bad debt expense (benefit)	217		(73)

Balance, end of period	$	1,145	$	951

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 June 30, 2024. There were no write-offs or recoveries recorded during the six months ended June 30, 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	$	967	$	341	$	928	$	340	$	11,448	$	14,024
3-4 internal grade	—		—		—		—		703		703
Loans and notes receivable	$	967	$	341	$	928	$	340	$	12,151	$	14,727


(in thousands)	June 30, 2024		December 31, 2023
Deferred revenue(1)	$	26,620	$	35,343
Employee bonuses, including sales incentives	23,902		49,446
Income taxes	17,965		7,558

Operating lease liabilities	13,369		13,562
Customer rebates	10,637		12,718
Wages and payroll liabilities, including vacation	8,344		8,605
Prepaid product discounts	7,457		4,477
Restructuring	3,800		9,689
Other	37,051		50,029
Accrued liabilities	$	149,145	$	191,427

(1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $24,333 for the six months ended June 30, 2024 and $29,637 for the six months ended June 30, 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)	June 30, 2024		June 30, 2023
Cash and cash equivalents	$	23,077	$	39,052
Restricted cash and restricted cash equivalents included in funds held for customers	50,937		147,392

Non-current restricted cash included in other non-current assets	3,990		2,749
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$	78,004	$	189,193