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Supplemental balance sheet and cash flow information (Tables)
 6 Months Ended
Jun. 30, 2024
Inventories and supplies
Inventories and supplies – Inventories and supplies were comprised of the following:
(in thousands)June 30,
2024		December 31,
2023
Finished and semi-finished goods$32,138 $34,194 
Raw materials and supplies17,125 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
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)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)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 

(1) Represents revenues that are earned but not currently billable under the related contract terms.
Intangibles
Intangibles – Intangibles were comprised of the following:
 June 30, 2024December 31, 2023
(in thousands)Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Internal-use software$577,245 $(435,266)$141,979 $554,825 $(412,364)$142,461 
Customer lists/relationships346,890 (239,298)107,592 363,298 (235,557)127,741 
Partner relationships75,100 (16,050)59,050 74,911 (14,031)60,880 
Technology-based intangibles65,700 (25,752)39,948 97,633 (54,251)43,382 
Trade names39,367 (31,516)7,851 39,367 (23,792)15,575 
Software to be sold6,200 (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 
Estimated future amortization expense
Based on the intangibles in service as of June 30, 2024, estimated future amortization expense is as follows:
(in thousands)Estimated
amortization
expense
Remainder of 2024$61,171 
202588,178 
202658,906 
202736,071 
202826,993 
Goodwill
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 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— — — (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.
Other non-current assets
Other non-current assets – Other non-current assets were comprised of the following:
(in thousands)June 30,
2024		December 31,
2023
Postretirement benefit plan asset$99,163 $94,939 
Cloud computing arrangement implementation costs48,124 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 
Other30,074 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.
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 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)2024202320202019PriorTotal
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 
Accrued liabilities
Accrued liabilities – Accrued liabilities were comprised of the following:
(in thousands)June 30,
2024		December 31,
2023
Deferred revenue(1)
$26,620 $35,343 
Employee bonuses, including sales incentives23,902 49,446 
Income taxes17,965 7,558 
Operating lease liabilities13,369 13,562 
Customer rebates10,637 12,718 
Wages and payroll liabilities, including vacation8,344 8,605 
Prepaid product discounts7,457 4,477 
Restructuring3,800 9,689 
Other37,051 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
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 customers50,937 147,392 
Non-current restricted cash included in other non-current assets3,990 2,749 
Total cash, cash equivalents, restricted cash and restricted cash equivalents$78,004 $189,193 
Trade accounts receivable [Member]  
Allowance for credit losses
Trade accounts receivable – Net trade accounts receivable was comprised of the following:
(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 

(1) Includes unbilled receivables of $52,249 as of June 30, 2024 and $43,673 as of December 31, 2023.

Changes in the allowance for credit losses for the six months ended June 30, 2024 and 2023 were as follows:
Six Months Ended
June 30,
(in thousands)20242023
Balance, beginning of year$6,541 $4,182 
Bad debt expense8,980 3,027 
Write-offs and other(5,937)(1,771)
Balance, end of period$9,584 $5,438 
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 six months ended June 30, 2024 and 2023:
Six Months Ended
June 30,
(in thousands)20242023
Balance, beginning of year$928 $1,024 
Bad debt expense (benefit)217 (73)
Balance, end of period$1,145 $951