XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.25.1

Supplemental balance sheet and cash flow information | 3 Months Ended
--- | ---
Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract] |
Supplemental balance sheet and cash flow information |
NOTE 3: | SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION
Trade accounts receivable – Net trade accounts receivable was comprised of the following:
(in thousands) |  | March 31, 2025 |  | December 31, 2024
Trade accounts receivable – gross |  | $ | 182,837 |  |  | $ | 183,196 |
Allowance for credit losses |  | (9,147) |  |  | (9,120) |
Trade accounts receivable – net(1) |  | $ | 173,690 |  |  | $ | 174,076 |
(1) Includes unbilled receivables of $59,785 as of March 31, 2025 and $47,341 as of December 31, 2024. Changes in the allowance for credit losses for the quarters ended March 31, 2025 and March 31, 2024 were as follows:
|  | Quarter Ended March 31,
(in thousands) |  | 2025 |  | 2024
Balance, beginning of year |  | $ | 9,120 |  |  | $ | 6,541 |
Bad debt expense |  | 1,770 |  |  | 2,960 |
Write-offs and other |  | (1,743) |  |  | (1,941) |
Balance, end of period |  | $ | 9,147 |  |  | $ | 7,560 |
Inventories and supplies – Inventories and supplies were comprised of the following:
(in thousands) |  | March 31, 2025 |  | December 31, 2024
Finished and semi-finished goods |  | $ | 28,335 |  |  | $ | 31,146 |
Raw materials and supplies |  | 17,191 |  |  | 16,787 |
Reserve for excess and obsolete items |  | (11,017) |  |  | (11,540) |
Inventories and supplies, net of reserve |  | $ | 34,509 |  |  | $ | 36,393 |
Revenue in excess of billings – Revenue in excess of billings was comprised of the following:
(in thousands) |  | March 31, 2025 |  | December 31, 2024
Conditional right to receive consideration |  | $ | 14,703 |  |  | $ | 16,943 |
Unconditional right to receive consideration(1) |  | 13,925 |  |  | 9,798 |
Revenue in excess of billings |  | $ | 28,628 |  |  | $ | 26,741 |
(1) Represents revenues that are earned but not currently billable under the related contract terms. Intangibles – Intangibles were comprised of the following:
|  | March 31, 2025 |  | December 31, 2024
(in thousands) |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount
Internal-use software |  | $ | 508,947 |  |  | $ | (357,609) |  |  | $ | 151,338 |  |  | $ | 488,840 |  |  | $ | (339,683) |  |  | $ | 149,157 |
Customer lists/relationships |  | 311,066 |  |  | (231,158) |  |  | 79,908 |  |  | 311,578 |  |  | (223,272) |  |  | 88,306 |
Partner relationships |  | 76,200 |  |  | (19,874) |  |  | 56,326 |  |  | 76,252 |  |  | (19,632) |  |  | 56,620 |
Technology-based intangibles |  | 65,000 |  |  | (31,146) |  |  | 33,854 |  |  | 65,000 |  |  | (29,115) |  |  | 35,885 |
Software to be sold |  | 6,200 |  |  | (5,270) |  |  | 930 |  |  | 6,200 |  |  | (5,115) |  |  | 1,085 |
Intangibles |  | $ | 967,413 |  |  | $ | (645,057) |  |  | $ | 322,356 |  |  | $ | 947,870 |  |  | $ | (616,817) |  |  | $ | 331,053 |
Amortization of intangibles was $29,675 for the quarter ended March 31, 2025 and $35,698 for the quarter ended March 31, 2024. Based on the intangibles in service as of March 31, 2025, estimated future amortization expense is as follows:
(in thousands) |  | Estimated amortization expense
Remainder of 2025 |  | $ | 76,913 |
2026 |  | 77,306 |
2027 |  | 48,964 |
2028 |  | 28,754 |
2029 |  | 16,108 |
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, 2025, we acquired or developed internal-use software of $19,133 with a weighted-average useful life of 3 years. Other intangibles acquired during the period were not material. Goodwill – Changes in goodwill by reportable segment and in total were as follows for the quarter ended March 31, 2025:
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions(1) |  | Print(1) |  | Total
Balance, December 31, 2024 |  | $ | 727,688 |  |  | $ | 160,431 |  |  | $ | 40,804 |  |  | $ | 493,814 |  |  | $ | 1,422,737 |
Currency translation adjustment |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 4 |
Balance, March 31, 2025 |  | $ | 727,688 |  |  | $ | 160,431 |  |  | $ | 40,804 |  |  | $ | 493,818 |  |  | $ | 1,422,741 |
(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:
(in thousands) |  | March 31, 2025 |  | December 31, 2024
Postretirement benefit plan asset |  | $ | 109,279 |  |  | $ | 107,524 |
Cloud computing arrangement implementation costs |  | 38,787 |  |  | 42,470 |
Prepaid product discounts(1) |  | 38,591 |  |  | 32,847 |
Deferred contract acquisition costs(2) |  | 19,008 |  |  | 18,780 |
Loans and notes receivable from distributors, net of allowance for credit losses(3) |  | 10,570 |  |  | 10,789 |
Other |  | 22,743 |  |  | 24,234 |
Other non-current assets |  | $ | 238,978 |  |  | $ | 236,644 |
(1) Amortization of prepaid product discounts was $8,268 for the quarter ended March 31, 2025 and $8,180 for the quarter ended March 31, 2024. (2) Amortization of deferred contract acquisition costs was $2,857 for the quarter ended March 31, 2025 and $3,091 for the quarter ended March 31, 2024. (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 $1,387 as of March 31, 2025 and $1,753 as of December 31, 2024. The allowance for credit losses was not material in either period. 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. Past due receivables and those on non-accrual status were not material as of March 31, 2025 or December 31, 2024. 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, 2025. There were no write-offs or recoveries recorded during the quarter ended March 31, 2025.
|  | Loans and notes receivable from distributors amortized cost basis by origination year |  |
(in thousands) |  | 2024 |  | 2023 |  | 2020 |  | Prior |  | Total
Risk rating: |  |  |  |  |  |  |  |  |  |
1-2 internal grade |  | $ | 893 |  |  | $ | 300 |  |  | $ | 827 |  |  | $ | 10,748 |  |  | $ | 12,768 |
3-4 internal grade |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loans and notes receivable |  | $ | 893 |  |  | $ | 300 |  |  | $ | 827 |  |  | $ | 10,748 |  |  | $ | 12,768 |
Accrued liabilities – Accrued liabilities were comprised of the following:
(in thousands) |  | March 31, 2025 |  | December 31, 2024
Deferred revenue(1) |  | $ | 28,250 |  |  | $ | 31,605 |
Employee cash bonuses, including sales incentives |  | 15,643 |  |  | 33,422 |
Interest |  | 14,610 |  |  | 9,493 |
Operating lease liabilities |  | 12,057 |  |  | 12,406 |
Customer rebates |  | 9,382 |  |  | 10,100 |
Prepaid product discounts |  | 8,071 |  |  | 2,583 |
Wages and payroll liabilities, including vacation |  | 7,843 |  |  | 10,321 |
Restructuring and integration (Note 8) |  | 6,363 |  |  | 3,755 |
Other |  | 46,617 |  |  | 35,908 |
Accrued liabilities |  | $ | 148,836 |  |  | $ | 149,593 |
(1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $12,318 for the quarter ended March 31, 2025 and $14,644 for the quarter ended March 31, 2024. Supplemental cash flow information – The reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated statements of cash flows was as follows:
(in thousands) |  | March 31, 2025 |  | March 31, 2024
Cash and cash equivalents |  | $ | 30,316 |  |  | $ | 23,544 |
Restricted cash and restricted cash equivalents included in settlement processing assets |  | 34,019 |  |  | 108,227 |
Non-current restricted cash included in other non-current assets |  | 2,950 |  |  | 3,073 |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents |  | $ | 67,285 |  |  | $ | 134,844 |

X
- Definition The entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement. + References No definition available. + Details
Name: | us-gaap_AdditionalFinancialInformationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BalanceSheetRelatedDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration