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SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]  
SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION
Trade accounts receivable – Net trade accounts receivable was comprised of the following at December 31:
(in thousands)20242023
Trade accounts receivable – gross(1)
$183,196 $197,546 
Allowance for credit losses(9,120)(6,541)
Trade accounts receivable – net$174,076 $191,005 

(1) Includes unbilled receivables of $47,341 as of December 31, 2024 and $43,673 as of December 31, 2023.

Changes in the allowance for credit losses for the years ended December 31 were as follows:
(in thousands)202420232022
Balance, beginning of year$6,541 $4,182 $4,130 
Bad debt expense12,910 7,045 4,185 
Write-offs and other(10,331)(4,686)(4,133)
Balance, end of year$9,120 $6,541 $4,182 

Inventories and supplies – Inventories and supplies were comprised of the following at December 31:
(in thousands)20242023
Finished and semi-finished goods$31,146 $34,194 
Raw materials and supplies16,787 17,339 
Reserve for excess and obsolete items(11,540)(9,445)
Inventories and supplies, net of reserve$36,393 $42,088 
Changes in the reserve for excess and obsolete items for the years ended December 31 were as follows:
(in thousands)202420232022
Balance, beginning of year$9,445 $6,400 $5,132 
Amounts charged to expense3,145 4,105 2,940 
Write-offs and sales(1,050)(1,060)(1,672)
Balance, end of year$11,540 $9,445 $6,400 

Available-for-sale debt securities – We did not hold any available-for-sale debt securities as of December 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. Further information regarding the fair value of available-for-sale debt securities can be found in Note 8.

Revenue in excess of billings – Revenue in excess of billings was comprised of the following at December 31:

(in thousands)20242023
Conditional right to receive consideration$16,943 $20,680 
Unconditional right to receive consideration(1)
9,798 5,427 
Revenue in excess of billings$26,741 $26,107 

(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:
20242023
(in thousands)Gross carrying amountAccumulated depreciationNet carrying amountGross carrying amountAccumulated depreciationNet carrying amount
Machinery and equipment$329,460 $(276,692)$52,768 $314,778 $(262,308)$52,470 
Buildings and improvements124,188 (74,732)49,456 123,072 (68,391)54,681 
Land and improvements12,771 (3,408)9,363 12,790 (3,402)9,388 
Property, plant and equipment
$466,419 $(354,832)$111,587 $450,640 $(334,101)$116,539 
Intangibles – Amortizable intangibles were comprised of the following at December 31:
 20242023
(in thousands)Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Internal-use software$488,840 $(339,683)$149,157 $554,825 $(412,364)$142,461 
Customer lists/relationships311,578 (223,272)88,306 363,298 (235,557)127,741 
Partner relationships76,252 (19,632)56,620 74,911 (14,031)60,880 
Technology-based intangibles65,000 (29,115)35,885 97,633 (54,251)43,382 
Trade names— — — 39,367 (23,792)15,575 
Software to be sold6,200 (5,115)1,085 36,900 (35,195)1,705 
Intangibles$947,870 $(616,817)$331,053 $1,166,934 $(775,190)$391,744 

During 2024, we retired fully amortized intangible assets that, based on our assessment, were no longer being used. During the second quarter of 2024, we modified the useful life of a trade name asset that we will no longer utilize in 2025. This change resulted in incremental amortization expense of $13,475 during the year ended December 31, 2024.

Based on the intangibles in service as of December 31, 2024, estimated amortization expense for each of the next five years ending December 31 is as follows:
(in thousands)Estimated
amortization
expense
2025$105,326 
202676,977 
202748,647 
202828,363 
202915,721 

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 2024, we acquired or developed internal-use software of $79,394 with a weighted-average useful life of three years. During 2023, this amount was $81,349 with a weighted-average useful life of four years, and during 2022, this amount was $74,778 with a weighted-average useful life of three years. Also during 2022, we acquired small business distributor customer list assets of $18,267 with a weighted-average useful life of six years. Other intangibles acquired during these periods were not material.

Goodwill – In conjunction with the realignment of our reportable business segments effective January 1, 2024 (Note 17), the goodwill amounts by reportable segment as of December 31, 2022 and 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 business segment and in total were as follows:

(in thousands)Merchant ServicesB2B Payments
Data Solutions(1)
Print(1)
All OtherTotal
Balance, December 31, 2022
$728,516 $160,431 $40,804 $493,891 $7,743 $1,431,385 
Currency translation adjustment and other(828)— — 33 — (795)
Balance, December 31, 2023
$727,688 $160,431 $40,804 $493,924 $7,743 $1,430,590 
Asset impairment charges (Note 6)— — — — (7,743)(7,743)
Currency translation adjustment— — — (110)— (110)
Balance, December 31, 2024
$727,688 $160,431 $40,804 $493,814 $— $1,422,737 

(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 were comprised of the following at December 31:
(in thousands)20242023
Postretirement benefit plan asset (Note 12)$107,524 $94,939 
Cloud computing arrangement implementation costs42,470 59,234 
Prepaid product discounts(1)
32,847 40,376 
Deferred contract acquisition costs(2)
18,780 21,103 
Loans and notes receivable from distributors, net of allowance for credit losses(3)
10,789 12,443 
Other24,234 23,087 
Other non-current assets$236,644 $251,182 

(1) Amortization of prepaid product discounts was $35,216 for 2024, $33,370 for 2023, and $34,400 for 2022.

(2) Amortization of deferred contract acquisition costs was $12,382 for 2024, $11,061 for 2023, and $8,206 for 2022.

(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 $1,753 as of December 31, 2024 and $987 as of December 31, 2023.

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)202420232022
Balance, beginning of year$928 $1,024 $2,830 
Bad debt expense (benefit)152 (96)1,195 
Write-offs— — (2,599)
Other(247)— (402)
Balance, end of year$833 $928 $1,024 

We categorize loans and notes receivable into risk categories based on information about the ability of the 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 December 31, 2024. There were no write-offs or recoveries recorded during the year ended December 31, 2024.

Loans and notes receivable from distributors amortized cost basis by origination year
(in thousands)202420232020PriorTotal
Risk rating:
1-2 internal grade$919 $316 $861 $11,279 $13,375 
3-4 internal grade— — — — — 
Loans and notes receivable$919 $316 $861 $11,279 $13,375 
Accrued liabilities – Accrued liabilities were comprised of the following at December 31:
(in thousands)20242023
Employee cash bonuses, including sales incentives$33,422 $49,446 
Deferred revenue(1)
31,605 35,343 
Operating lease liabilities (Note 14)12,406 13,562 
Wages and payroll liabilities, including vacation10,321 8,605 
Customer rebates10,100 12,718 
Restructuring and integration (Note 9)3,755 9,689 
Prepaid product discounts2,583 4,477 
Other45,401 57,587 
Accrued liabilities$149,593 $191,427 

(1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $36,973 for 2024, $43,624 for 2023, and $47,547 for 2022.

Supplemental cash flow information – Supplemental cash flow information was as follows for the years ended December 31:
(in thousands)202420232022
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets:
Cash and cash equivalents$34,399 $71,962 $40,435 
Restricted cash and restricted cash equivalents included in settlement processing assets271,876 383,134 294,165 
Non-current restricted cash included in other non-current assets2,878 2,937 2,815 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$309,153 $458,033 $337,415 
Interest paid$117,828 $115,556 $87,108 
Income taxes paid49,893 47,945 38,629 
Non-cash investing activities:
Accrued purchases of capital assets$6,421 $11,924 $1,340 
Non-cash financing activities:
Vesting of restricted stock unit awards11,426 8,538 13,602 

Information regarding operating and finance leases executed in each period can be found in Note 14.