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Supplemental guarantor financial information (Tables)
 6 Months Ended
Jun. 30, 2013
Supplemental guarantor financial information [Abstract]  
Condensed Consolidating Balance Sheets
Deluxe Corporation
Condensed Consolidating Balance Sheet
(Unaudited)

 
 
June 30, 2013
 
 
Deluxe Corporation
 
Guarantor subsidiaries
 
Non-guarantor subsidiaries
 
Eliminations
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
14,720

 
$
2,937

 
$
35,974

 
$
(801
)
 
$
52,830

Trade accounts receivable, net
 
—

 
62,807

 
12,803

 
—

 
75,610

Inventories and supplies
 
—

 
21,355

 
3,842

 
—

 
25,197

Deferred income taxes
 
1,373

 
4,711

 
419

 
—

 
6,503

Funds held for customers
 
—

 
—

 
38,640

 
—

 
38,640

Other current assets
 
7,723

 
16,922

 
6,350

 
—

 
30,995

Total current assets
 
23,816

 
108,732

 
98,028

 
(801
)
 
229,775

Deferred income taxes
 
5,497

 
—

 
1,600

 
(5,497
)
 
1,600

Long-term investments
 
35,182

 
8,879

 
—

 
—

 
44,061

Property, plant and equipment, net
 
—

 
83,081

 
17,742

 
—

 
100,823

Assets held for sale
 
—

 
—

 
10,583

 
—

 
10,583

Intangibles, net
 
—

 
151,869

 
1,577

 
—

 
153,446

Goodwill
 
—

 
808,549

 
1,897

 
—

 
810,446

Investments in consolidated subsidiaries
 
1,219,324

 
89,894

 
—

 
(1,309,218
)
 
—

Intercompany receivable
 
—

 
133,321

 
—

 
(133,321
)
 
—

Other non-current assets
 
10,935

 
67,787

 
18,513

 
—

 
97,235

Total assets
 
$
1,294,754

 
$
1,452,112

 
$
149,940

 
$
(1,448,837
)
 
$
1,447,969

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
12,976

 
$
45,680

 
$
5,909

 
$
(801
)
 
$
63,764

Accrued liabilities
 
12,303

 
81,742

 
44,082

 
—

 
138,127

Long-term debt due within one year
 
277

 
—

 
—

 
—

 
277

Total current liabilities
 
25,556

 
127,422

 
49,991

 
(801
)
 
202,168

Long-term debt
 
642,167

 
—

 
—

 
—

 
642,167

Deferred income taxes
 
—

 
80,863

 
2,616

 
(5,497
)
 
77,982

Intercompany payable
 
129,146

 
—

 
4,175

 
(133,321
)
 
—

Other non-current liabilities
 
17,337

 
24,503

 
3,264

 
—

 
45,104

Total shareholders' equity
 
480,548

 
1,219,324

 
89,894

 
(1,309,218
)
 
480,548

Total liabilities and shareholders' equity
 
$
1,294,754

 
$
1,452,112

 
$
149,940

 
$
(1,448,837
)
 
$
1,447,969


Deluxe Corporation
Condensed Consolidating Balance Sheet
(Unaudited)

 
 
December 31, 2012
 
 
Deluxe Corporation
 
Guarantor subsidiaries
 
Non-guarantor subsidiaries
 
Eliminations
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
14,862

 
$
3,161

 
$
31,413

 
$
(4,001
)
 
$
45,435

Trade accounts receivable, net
 
—

 
57,602

 
12,785

 
—

 
70,387

Inventories and supplies
 
—

 
20,885

 
2,406

 
—

 
23,291

Deferred income taxes
 
1,649

 
5,642

 
396

 
—

 
7,687

Funds held for customers
 
—

 
—

 
43,140

 
—

 
43,140

Other current assets
 
8,342

 
13,605

 
7,856

 
—

 
29,803

Total current assets
 
24,853

 
100,895

 
97,996

 
(4,001
)
 
219,743

Deferred income taxes
 
5,874

 
—

 
1,662

 
(5,874
)
 
1,662

Long-term investments
 
37,665

 
9,233

 
—

 
—

 
46,898

Property, plant and equipment, net
 
—

 
85,718

 
18,471

 
—

 
104,189

Assets held for sale
 
—

 
—

 
970

 
—

 
970

Intangibles, net
 
—

 
149,247

 
1,470

 
—

 
150,717

Goodwill
 
—

 
787,624

 
2,012

 
—

 
789,636

Investments in consolidated subsidiaries
 
1,122,203

 
83,994

 
—

 
(1,206,197
)
 
—

Intercompany receivable
 
—

 
85,839

 
147

 
(85,986
)
 
—

Other non-current assets
 
12,361

 
66,081

 
20,183

 
—

 
98,625

Total assets
 
$
1,202,956

 
$
1,368,631

 
$
142,911

 
$
(1,302,058
)
 
$
1,412,440

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
12,147

 
$
50,436

 
$
6,525

 
$
(4,001
)
 
$
65,107

Accrued liabilities
 
12,597

 
92,910

 
49,496

 
—

 
155,003

Total current liabilities
 
24,744

 
143,346

 
56,021

 
(4,001
)
 
220,110

Long-term debt
 
652,581

 
—

 
—

 
—

 
652,581

Deferred income taxes
 
—

 
78,402

 
2,619

 
(5,874
)
 
75,147

Intercompany payable
 
85,986

 
—

 
—

 
(85,986
)
 
—

Other non-current liabilities
 
6,710

 
24,680

 
277

 
—

 
31,667

Total shareholders' equity
 
432,935

 
1,122,203

 
83,994

 
(1,206,197
)
 
432,935

Total liabilities and shareholders' equity
 
$
1,202,956

 
$
1,368,631

 
$
142,911

 
$
(1,302,058
)
 
$
1,412,440
Condensed Consolidating Statements of Comprehensive Income
Deluxe Corporation
Condensed Consolidating Statement of Comprehensive Income
(Unaudited)

 
 
Quarter Ended June 30, 2013
 
 
Deluxe Corporation
 
Guarantor subsidiaries
 
Non-guarantor subsidiaries
 
Eliminations
 
Total
Product revenue
 
$
—

 
$
304,074

 
$
55,188

 
$
(26,472
)
 
$
332,790

Service revenue
 
2,175

 
45,168

 
12,006

 
(10,706
)
 
48,643

Total revenue
 
2,175

 
349,242

 
67,194

 
(37,178
)
 
381,433

Cost of products sold
 
—

 
(102,410
)
 
(33,325
)
 
24,285

 
(111,450
)
Cost of services
 
(1,316
)
 
(21,147
)
 
(7,643
)
 
8,009

 
(22,097
)
Total cost of revenue
 
(1,316
)
 
(123,557
)
 
(40,968
)
 
32,294

 
(133,547
)
Gross profit
 
859

 
225,685

 
26,226

 
(4,884
)
 
247,886

Operating expenses
 
—

 
(150,081
)
 
(20,228
)
 
4,884

 
(165,425
)
Operating income
 
859

 
75,604

 
5,998

 
—

 
82,461

Interest expense
 
(9,555
)
 
(2,676
)
 
(303
)
 
2,971

 
(9,563
)
Other income (expense)
 
2,372

 
(301
)
 
1,042

 
(2,971
)
 
142

(Loss) income before income taxes
 
(6,324
)
 
72,627

 
6,737

 
—

 
73,040

Income tax benefit (provision)
 
2,929

 
(25,922
)
 
(1,895
)
 
—

 
(24,888
)
(Loss) income before equity in earnings of consolidated subsidiaries
 
(3,395
)
 
46,705

 
4,842

 
—

 
48,152

Equity in earnings of consolidated subsidiaries
 
51,547

 
4,842

 
—

 
(56,389
)
 
—

Net income
 
$
48,152

 
$
51,547

 
$
4,842

 
$
(56,389
)
 
$
48,152

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
46,788

 
$
49,916

 
$
2,719

 
$
(52,635
)
 
$
46,788



Deluxe Corporation
Condensed Consolidating Statement of Comprehensive Income
(Unaudited)

 
 
Quarter Ended June 30, 2012
 
 
Deluxe Corporation
 
Guarantor subsidiaries
 
Non-guarantor subsidiaries
 
Eliminations
 
Total
Product revenue
 
$
—

 
$
304,313

 
$
57,809

 
$
(29,592
)
 
$
332,530

Service revenue
 
2,135

 
30,900

 
9,905

 
(4,456
)
 
38,484

Total revenue
 
2,135

 
335,213

 
67,714

 
(34,048
)
 
371,014

Cost of products sold
 
—

 
(104,397
)
 
(33,455
)
 
28,095

 
(109,757
)
Cost of services
 
(998
)
 
(14,394
)
 
(5,650
)
 
3,205

 
(17,837
)
Total cost of revenue
 
(998
)
 
(118,791
)
 
(39,105
)
 
31,300

 
(127,594
)
Gross profit
 
1,137

 
216,422

 
28,609

 
(2,748
)
 
243,420

Operating expenses
 
—

 
(149,141
)
 
(23,451
)
 
2,748

 
(169,844
)
Operating income
 
1,137

 
67,281

 
5,158

 
—

 
73,576

Interest expense
 
(11,339
)
 
(3,345
)
 
(407
)
 
3,735

 
(11,356
)
Other income
 
3,337

 
569

 
146

 
(3,735
)
 
317

(Loss) income before income taxes
 
(6,865
)
 
64,505

 
4,897

 
—

 
62,537

Income tax benefit (provision)
 
3,884

 
(21,218
)
 
(2,941
)
 
—

 
(20,275
)
(Loss) income before equity in earnings of consolidated subsidiaries
 
(2,981
)
 
43,287

 
1,956

 
—

 
42,262

Equity in earnings of consolidated subsidiaries
 
45,243

 
1,956

 
—

 
(47,199
)
 
—

Net income
 
$
42,262

 
$
45,243

 
$
1,956

 
$
(47,199
)
 
$
42,262

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
42,183

 
$
44,879

 
$
1,185

 
$
(46,064
)
 
$
42,183


Deluxe Corporation
Condensed Consolidating Statement of Comprehensive Income
(Unaudited)

 
 
Six Months Ended June 30, 2013
 
 
Deluxe Corporation
 
Guarantor subsidiaries
 
Non-guarantor subsidiaries
 
Eliminations
 
Total
Product revenue
 
$
—

 
$
619,328

 
$
110,920

 
$
(57,582
)
 
$
672,666

Service revenue
 
4,351

 
87,399

 
24,748

 
(20,177
)
 
96,321

Total revenue
 
4,351

 
706,727

 
135,668

 
(77,759
)
 
768,987

Cost of products sold
 
—

 
(206,646
)
 
(67,621
)
 
50,546

 
(223,721
)
Cost of services
 
(2,654
)
 
(42,250
)
 
(15,672
)
 
17,453

 
(43,123
)
Total cost of revenue
 
(2,654
)
 
(248,896
)
 
(83,293
)
 
67,999

 
(266,844
)
Gross profit
 
1,697

 
457,831

 
52,375

 
(9,760
)
 
502,143

Operating expenses
 
—

 
(310,808
)
 
(40,900
)
 
9,760

 
(341,948
)
Operating income
 
1,697

 
147,023

 
11,475

 
—

 
160,195

Interest expense
 
(19,022
)
 
(4,330
)
 
(493
)
 
4,802

 
(19,043
)
Other income (expense)
 
4,090

 
(829
)
 
2,032

 
(4,802
)
 
491

(Loss) income before income taxes
 
(13,235
)
 
141,864

 
13,014

 
—

 
141,643

Income tax benefit (provision)
 
6,579

 
(50,290
)
 
(3,905
)
 
—

 
(47,616
)
(Loss) income before equity in earnings of consolidated subsidiaries
 
(6,656
)
 
91,574

 
9,109

 
—

 
94,027

Equity in earnings of consolidated subsidiaries
 
100,683

 
9,109

 
—

 
(109,792
)
 
—

Net income
 
$
94,027

 
$
100,683

 
$
9,109

 
$
(109,792
)
 
$
94,027

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
92,038

 
$
98,160

 
$
5,604

 
$
(103,764
)
 
$
92,038


Deluxe Corporation
Condensed Consolidating Statement of Comprehensive Income
(Unaudited)

 
 
Six Months Ended June 30, 2012
 
 
Deluxe Corporation
 
Guarantor subsidiaries
 
Non-guarantor subsidiaries
 
Eliminations
 
Total
Product revenue
 
$
—

 
$
617,698

 
$
119,224

 
$
(62,964
)
 
$
673,958

Service revenue
 
4,233

 
59,317

 
20,518

 
(9,030
)
 
75,038

Total revenue
 
4,233

 
677,015

 
139,742

 
(71,994
)
 
748,996

Cost of products sold
 
—

 
(210,908
)
 
(70,563
)
 
60,098

 
(221,373
)
Cost of services
 
(3,370
)
 
(26,243
)
 
(12,075
)
 
7,979

 
(33,709
)
Total cost of revenue
 
(3,370
)
 
(237,151
)
 
(82,638
)
 
68,077

 
(255,082
)
Gross profit
 
863

 
439,864

 
57,104

 
(3,917
)
 
493,914

Operating expenses
 
—

 
(298,846
)
 
(47,384
)
 
3,917

 
(342,313
)
Operating income
 
863

 
141,018

 
9,720

 
—

 
151,601

Interest expense
 
(23,006
)
 
(5,607
)
 
(693
)
 
6,253

 
(23,053
)
Other income
 
5,700

 
315

 
594

 
(6,253
)
 
356

(Loss) income before income taxes
 
(16,443
)
 
135,726

 
9,621

 
—

 
128,904

Income tax benefit (provision)
 
8,642

 
(46,778
)
 
(4,427
)
 
—

 
(42,563
)
(Loss) income before equity in earnings of consolidated subsidiaries
 
(7,801
)
 
88,948

 
5,194

 
—

 
86,341

Equity in earnings of consolidated subsidiaries
 
94,142

 
5,194

 
—

 
(99,336
)
 
—

Net income
 
$
86,341

 
$
94,142

 
$
5,194

 
$
(99,336
)
 
$
86,341

 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
87,793

 
$
95,026

 
$
5,263

 
$
(100,289
)
 
$
87,793
Condensed Consolidating Statements of Cash Flows
Deluxe Corporation
Condensed Consolidating Statement of Cash Flows
(Unaudited)
 
 
 
Six Months Ended June 30, 2013
 
 
Deluxe Corporation
 
Guarantor subsidiaries
 
Non-guarantor subsidiaries
 
Eliminations
Total
Net cash (used) provided by operating activities
 
$
(6,558
)
 
$
97,089

 
$
11,611

 
$
—

$
102,142

 
 
 
 
 
 
 
 
 

Cash flows from investing activities:
 
 
 
 
 
 
 
 

Purchases of capital assets
 
—

 
(15,144
)
 
(1,446
)
 
—

(16,590
)
Payments for acquisitions, net of cash acquired
 
—

 
(27,299
)
 
(7,781
)
 
—

(35,080
)
Loans to distributors
 
—

 
(540
)
 
—

 
—

(540
)
Proceeds from company-owned life insurance policies
 
3,641

 
958

 
—

 
—

4,599

Other
 
1,340

 
106

 
483

 
—

1,929

Net cash provided (used) by investing activities
 
4,981

 
(41,919
)
 
(8,744
)
 
—

(45,682
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 

Payments on long-term debt
 
(41
)
 
—

 
—

 
—

(41
)
Payments for debt issue costs
 
(207
)
 
—

 
—

 
—

(207
)
Change in book overdrafts
 
51

 
(3,200
)
 
—

 
3,200

51

Proceeds from issuing shares under employee plans
 
9,366

 
—

 
—

 
—

9,366

Excess tax benefit from share-based employee awards
 
1,121

 
—

 
—

 
—

1,121

Payments for common shares repurchased
 
(32,000
)
 
—

 
—

 
—

(32,000
)
Cash dividends paid to shareholders
 
(25,362
)
 
—

 
—

 
—

(25,362
)
Advances from (to) consolidated subsidiaries
 
48,507

 
(52,194
)
 
3,687

 
—

—

Net cash provided (used) by financing activities
 
1,435

 
(55,394
)
 
3,687

 
3,200

(47,072
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate change on cash
 
—

 
—

 
(1,993
)
 
—

(1,993
)
 
 
 
 
 
 
 
 
 
 
Net change in cash and cash equivalents
 
(142
)
 
(224
)
 
4,561

 
3,200

7,395

Cash and cash equivalents, beginning of year
 
14,862

 
3,161

 
31,413

 
(4,001
)
45,435

Cash and cash equivalents, end of period
 
$
14,720

 
$
2,937

 
$
35,974

 
$
(801
)
$
52,830





Deluxe Corporation
Condensed Consolidating Statement of Cash Flows
(Unaudited)

 
 
Six Months Ended June 30, 2012
 
 
Deluxe Corporation
 
Guarantor subsidiaries
 
Non-guarantor subsidiaries
 
Total
Net cash (used) provided by operating activities
 
$
(13,374
)
 
$
110,323

 
$
2,960

 
$
99,909

 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
Purchases of capital assets
 
—

 
(16,192
)
 
(1,142
)
 
(17,334
)
Payments for acquisitions, net of cash acquired
 
—

 
(26,634
)
 
(1,825
)
 
(28,459
)
Loans to distributors
 
—

 
(3,090
)
 
(60
)
 
(3,150
)
Other
 
196

 
2,659

 
356

 
3,211

Net cash provided (used) by investing activities
 
196

 
(43,257
)
 
(2,671
)
 
(45,732
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
Payments for debt issue costs
 
(1,163
)
 
—

 
—

 
(1,163
)
Change in book overdrafts
 
(2,492
)
 
(160
)
 
—

 
(2,652
)
Proceeds from issuing shares under employee plans
 
2,873

 
—

 
—

 
2,873

Excess tax benefit from share-based employee awards
 
443

 
—

 
—

 
443

Payments for common shares repurchased
 
(11,999
)
 
—

 
—

 
(11,999
)
Cash dividends paid to shareholders
 
(25,423
)
 
—

 
—

 
(25,423
)
Advances from (to) consolidated subsidiaries
 
67,848

 
(63,364
)
 
(4,484
)
 
—

Net cash provided (used) by financing activities
 
30,087

 
(63,524
)
 
(4,484
)
 
(37,921
)
 
 
 
 
 
 
 
 
 
Effect of exchange rate change on cash
 
—

 
—

 
188

 
188

 
 
 
 
 
 
 
 
 
Net change in cash and cash equivalents
 
16,909

 
3,542

 
(4,007
)
 
16,444

Cash and cash equivalents, beginning of year
 
3,047

 
1,522

 
24,118

 
28,687

Cash and cash equivalents, end of period
 
$
19,956

 
$
5,064

 
$
20,111

 
$
45,131