8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 22, 2011

DELUXE CORPORATION

(Exact name of registrant as specified in its charter)

Minnesota	1-7945	41-0216800
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

3680 Victoria St. North, Shoreview, Minnesota	55126-2966
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code:  (651) 483-7111

 N/A  

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 8 – Other Events

Item 8.01 Other Events.

In March 2011, we issued $200.0 million of 7.00% senior notes maturing on March 15, 2019 in a private placement not registered with the Securities and Exchange Commission (the “SEC”). The Company’s obligations under the notes are jointly and severally guaranteed on a full and unconditional basis by all of our existing and future direct and indirect subsidiaries that guarantee any of our other indebtedness (the “Guarantors”).

We are filing this Form 8-K to (i) provide investors with historical condensed financial information for the Guarantors and (ii) incorporate by reference the recasted historical financial statements into our filings with the SEC. The recasted historical information contained in Exhibit 99.1 to this Form 8-K does not represent a restatement of previously issued financial statements and has no impact on our historical consolidated financial position, results of operations or cash flows.

The following Condensed Note to Unaudited Consolidated Financial Statements (included in Exhibit 99.1 to this Form 8-K) was added to the notes previously contained in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011:

· Note 17: Supplemental guarantor financial information

The information contained in Exhibit 99.1 to this Form 8-K does not reflect events occurring after the filing of the Form 10-Q for the quarter ended September 30, 2011 and does not modify or update disclosures in the Form 10-Q, except as specifically noted above.

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Section 9 – Financial Statements and Exhibits

Item 9.01  Financial Statements and Exhibits.

(d)  Exhibits

99.1 Item 1. Financial Statements

101 Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets as of September 30, 2011 and December 31, 2010, (ii) Consolidated Statements of Income for the quarters and nine months ended September 30, 2011 and 2010, (iii) Consolidated Statements of Cash Flows for the nine months ended September 30, 2011 and 2010 and (vi) Condensed Notes to Unaudited Consolidated Financial Statements*

* Submitted electronically with this report

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 22, 2011
	DELUXE CORPORATION
	/s/ Terry D. Peterson
	Terry D. Peterson
	Senior Vice President,
	Chief Financial Officer

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INDEX TO EXHIBITS

Exhibits
99.1	Item 1. Financial Statements
101	Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets as of September 30, 2011 and December 31, 2010, (ii) Consolidated Statements of Income for the quarters and nine months ended September 30, 2011 and 2010, (iii) Consolidated Statements of Cash Flows for the nine months ended September 30, 2011 and 2010 and (vi) Condensed Notes to Unaudited Consolidated Financial Statements

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EX-99.1

Exhibit 99.1

PART I − FINANCIAL INFORMATION

Item 1. Financial Statements.

DELUXE CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except share par value)

(Unaudited)

	September 30,			December 31,
	2011			2010
ASSETS
Current Assets:
Cash and cash equivalents	$	23,021		$	17,383
Trade accounts receivable (net of allowances for uncollectible accounts of $3,989 and $4,130, respectively)		65,039			66,471
Inventories and supplies		22,486			21,660
Deferred income taxes		8,697			9,390
Funds held for customers		34,611			35,720
Other current assets		26,602			20,613
Total current assets		180,456			171,237
Long-Term Investments (including $2,157 and $2,283 of investments at fair value, respectively)		44,768			37,410
Property, Plant, and Equipment (net of accumulated depreciation of $347,469 and $338,419, respectively)		116,773			120,221
Assets Held for Sale		3,937			4,527
Intangibles (net of accumulated amortization of $437,497 and $413,412, respectively)		163,710			155,112
Goodwill		776,944			725,937
Other Non-Current Assets		100,799			94,247
Total assets	$	1,387,387		$	1,308,691
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	63,167		$	60,478
Accrued liabilities		146,394			144,034
Short-term debt		33,000			7,000
Total current liabilities		242,561			211,512
Long-Term Debt		742,592			748,122
Deferred Income Taxes		51,926			46,752
Other Non-Current Liabilities		66,937			76,107
Commitments and Contingencies (Notes 12, 13 and 16)
Shareholders’ Equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: 2011 – 50,817; 2010 – 51,338)		50,817			51,338
Additional paid-in capital		54,712			62,915
Retained earnings		228,326			161,957
Accumulated other comprehensive loss		(50,484	)		(50,012	)
Total shareholders’ equity		283,371			226,198
Total liabilities and shareholders’ equity	$	1,387,387		$	1,308,691

See Condensed Notes to Unaudited Consolidated Financial Statements

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DELUXE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

(Unaudited)

	Quarter Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Revenue	$	355,144		$	367,633		$	1,051,170		$	1,050,749
Cost of goods sold, including restructuring charges		122,638			121,433			363,487			361,736
Gross Profit		232,506			246,200			687,683			689,013
Selling, general and administrative expense		162,524			157,589			480,868			466,319
Net restructuring charges		4,337			103			9,839			2,011
Net gain on sale of facility		—			—			(110	)		—
Operating Income		65,645			88,508			197,086			220,683
Loss on early debt extinguishment		—			—			(6,995	)		—
Interest expense		(11,831	)		(11,207	)		(35,922	)		(33,250	)
Other (expense) income		(301	)		383			(216	)		(1,017	)
Income Before Income Taxes		53,513			77,684			153,953			186,416
Income tax provision		16,778			26,512			49,189			67,846
Income From Continuing Operations		36,735			51,172			104,764			118,570
Net Loss From Discontinued Operations		—			(372	)		—			(771	)
Net Income	$	36,735		$	50,800		$	104,764		$	117,799
Basic Earnings Per Share:
Income from continuing operations	$	0.72		$	0.99		$	2.04		$	2.31
Net loss from discontinued operations		—			(0.01	)		—			(0.02	)
Basic earnings per share		0.72			0.99			2.04			2.29
Diluted Earnings Per Share:
Income from continuing operations	$	0.71		$	0.99		$	2.02		$	2.30
Net loss from discontinued operations		—			(0.01	)		—			(0.01	)
Diluted earnings per share		0.71			0.98			2.02			2.28
Cash Dividends Per Share	$	0.25		$	0.25		$	0.75		$	0.75
Total Comprehensive Income	$	33,812		$	52,369		$	104,292		$	120,261

See Condensed Notes to Unaudited Consolidated Financial Statements

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DELUXE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

		Nine Months Ended September 30,
		2011			2010
Cash Flows From Operating Activities:
Net income		$	104,764		$	117,799
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
Net loss from discontinued operations			—			771
Depreciation			16,165			15,728
Amortization of intangibles			40,297			38,935
Amortization of contract acquisition costs			12,737			14,696
Deferred income taxes			4,086			7,164
Employee share-based compensation expense			4,503			4,548
Loss on early debt extinguishment			6,995			—
Other non-cash items, net			8,249			9,024
Changes in assets and liabilities, net of effect of acquisitions:
Trade accounts receivable			(1,826	)		1,889
Inventories and supplies			(461	)		(294	)
Other current assets			(5,411	)		(249	)
Non-current assets			2,429			1,974
Accounts payable			(76	)		(2,502	)
Contract acquisition payments			(9,998	)		(13,837	)
Other accrued and non-current liabilities			(11,206	)		(25,162	)
Net cash provided by operating activities of continuing operations			171,247			170,484
Cash Flows From Investing Activities:
Purchases of capital assets			(28,226	)		(31,613	)
Payments for acquisitions, net of cash acquired			(80,486	)		(98,621	)
Payments on company-owned life insurance policies			(6,383	)		—
Loans to distributors			(3,515	)		—
Proceeds from company-owned life insurance policies			—			5,782
Proceeds from sales of marketable securities			—			1,970
Other			(1,936	)		(1,883	)
Net cash used by investing activities of continuing operations			(120,546	)		(124,365	)
Cash Flows From Financing Activities:
Net proceeds from short-term debt			26,000			4,000
Payments on long-term debt, including costs of debt reacquisition			(215,030	)		—
Proceeds from issuing long-term debt			200,000			—
Payments for debt issue costs			(3,470	)		(2,361	)
Change in book overdrafts			1,982			(1,595	)
Proceeds from issuing shares under employee plans			7,597			3,078
Excess tax benefit from share-based employee awards			972			396
Payments for common shares repurchased			(23,620	)		(2,999	)
Cash dividends paid to shareholders			(38,395	)		(38,586	)
Net cash used by financing activities of continuing operations			(43,964	)		(38,067	)
Effect Of Exchange Rate Change On Cash			(1,099	)		250
Net Change In Cash And Cash Equivalents			5,638			8,302
Cash And Cash Equivalents:	Beginning Of Period		17,383			12,789
	End Of Period	$	23,021		$	21,091

See Condensed Notes to Unaudited Consolidated Financial Statements

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DELUXE CORPORATION

CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(dollars and shares in thousands, except per share amounts)

Note 1: Consolidated financial statements

The consolidated balance sheet as of September 30, 2011, the consolidated statements of income for the quarters and nine months ended September 30, 2011 and 2010 and the consolidated statements of cash flows for the nine months ended September 30, 2011 and 2010 are unaudited. The consolidated balance sheet as of December 31, 2010 was derived from audited consolidated financial statements, but does not include all disclosures required by generally accepted accounting principles (GAAP) in the United States of America. In the opinion of management, all adjustments necessary for a fair statement of the consolidated financial statements are included. Adjustments consist only of normal recurring items, except for any discussed in the notes below. Interim results are not necessarily indicative of results for a full year. The consolidated financial statements and notes are presented in accordance with instructions for Form 10-Q, and do not contain certain information included in our annual consolidated financial statements and notes. The consolidated financial statements and notes appearing in this report should be read in conjunction with the consolidated audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2010 (the “2010 Form 10-K”).

Note 2: New accounting pronouncements

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The new guidance changes some fair value measurement principles and disclosure requirements. The changes in fair value measurement principles relate primarily to financial assets and do not impact our fair value measurements at this time. Effective January 1, 2012, we will adopt the new disclosure requirements.

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income. This standard eliminates the current option to report other comprehensive income and its components in the statement of shareholders’ equity. The standard also requires that the components of other comprehensive income be presented in interim financial statements. Currently, only the total of comprehensive income is required to be presented in interim reports. The new standard is effective for us on January 1, 2012.

In September 2011, the FASB issued ASU No. 2011-08, Testing Goodwill for Impairment. Under the new guidance, companies have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less that its carrying amount. If, after this qualitative assessment, a company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step quantitative impairment test is unnecessary. We elected to adopt this new standard during the quarter ended September 30, 2011. As such, when performing our annual goodwill impairment analysis as of July 31, 2011, we performed a qualitative assessment of events and circumstances affecting the fair value of all of our reporting units. Further information regarding the results of this analysis can be found in Note 8: Fair value measurements.

Note 3: Supplemental balance sheet information

Inventories and supplies – Inventories and supplies were comprised of the following:

	September 30, 2011		December 31,  2010
Raw materials	$	5,477	$	4,879
Semi-finished goods		8,905		8,393
Finished goods		5,208		5,083
Supplies, primarily production		2,896		3,305
Inventories and supplies	$	22,486	$	21,660

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Marketable securities – Available-for-sale marketable securities included within funds held for customers and other current assets were comprised of the following:

	September 30, 2011
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate investments:
Money market securities	$	1,941	$	—	$	—	$	1,941
Funds held for customers:(1)
Money market securities		4,853		—		—		4,853
Canadian and provincial government securities		4,988		191		—		5,179
Marketable securities – funds held for customers		9,841		191		—		10,032
Total marketable securities	$	11,782	$	191	$	—	$	11,973
(1) Funds held for customers, as reported on the consolidated balance sheet as of September 30, 2011, also included cash and cash equivalents of $24,579.

	December 31, 2010
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate investments:
Money market securities	$	2,029	$	—	$	—	$	2,029
Funds held for customers:(1)
Money market securities		5,078		—		—		5,078
Canadian and provincial government securities		5,148		23		—		5,171
Marketable securities – funds held for customers		10,226		23		—		10,249
Total marketable securities	$	12,255	$	23	$	—	$	12,278
(1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2010, also included cash and cash equivalents of $25,471.

Expected maturities of available-for-sale securities as of September 30, 2011 were as follows:

	Fair value
Due in one year or less	$	6,794
Due in one to three years		539
Due in three to five years		1,797
Due after five years		2,843
Total marketable securities	$	11,973

Further information regarding the fair value of marketable securities can be found in Note 8: Fair value measurements.

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Intangibles – Intangibles were comprised of the following:

	September 30, 2011							December 31, 2010
	Gross carrying amount		Accumulated amortization			Net carrying amount		Gross carrying amount		Accumulated amortization			Net carrying amount
Indefinite-lived:
Trade name	$	19,100	$	—		$	19,100	$	19,100	$	—		$	19,100
Amortizable intangibles:
Internal-use software		405,550		(337,188	)		68,362		378,269		(314,267	)		64,002
Customer lists/relationships		68,327		(39,947	)		28,380		72,292		(43,660	)		28,632
Distributor contracts		30,900		(27,747	)		3,153		30,900		(26,396	)		4,504
Trade names		67,661		(24,912	)		42,749		59,361		(22,009	)		37,352
Other		9,669		(7,703	)		1,966		8,602		(7,080	)		1,522
Amortizable intangibles		582,107		(437,497	)		144,610		549,424		(413,412	)		136,012
Intangibles	$	601,207	$	(437,497	)	$	163,710	$	568,524	$	(413,412	)	$	155,112

Total amortization of intangibles was $12,198 for the quarter ended September 30, 2011 and $14,193 for the quarter ended September 30, 2010. Amortization of intangibles was $40,297 for the nine months ended September 30, 2011 and $38,935 for the nine months ended September 30, 2010. Based on the intangibles in service as of September 30, 2011, estimated future amortization expense is as follows:

	Estimated amortization expense
Remainder of 2011	$	10,105
2012		32,021
2013		21,669
2014		11,607
2015		8,009

Goodwill – Changes in goodwill during the nine months ended September 30, 2011 were as follows:

	Small Business Services			Financial Services		Direct Checks		Total
Balance, December 31, 2010:
Goodwill	$	596,534		$	897	$	148,506	$	745,937
Accumulated impairment charges		(20,000	)		—		—		(20,000	)
		576,534			897		148,506		725,937
Acquisition of Banker’s Dashboard (see Note 5)		—			26,281		—		26,281
Acquisition of PsPrint (see Note 5)		24,826			—		—		24,826
Currency translation adjustment		(100	)		—		—		(100	)
Balance, September 30, 2011:
Goodwill		621,260			27,178		148,506		796,944
Accumulated impairment charges		(20,000	)		—		—		(20,000	)
	$	601,260		$	27,178	$	148,506	$	776,944

6

Other non-current assets – Other non-current assets were comprised of the following:

	September 30, 2011		December 31, 2010
Contract acquisition costs	$	57,364	$	57,476
Deferred advertising costs		15,465		15,832
Other		27,970		20,939
Other non-current assets	$	100,799	$	94,247

See Note 16 for a discussion of market risks related to contract acquisition costs. Changes in contract acquisition costs during the first nine months of 2011 and 2010 were as follows:

	Nine Months Ended September 30,
	2011			2010
Balance, beginning of year	$	57,476		$	45,701
Additions(1)		12,880			24,388
Amortization		(12,737	)		(14,696	)
Write-offs		—			(234	)
Other		(255	)		—
Balance, end of period	$	57,364		$	55,159
(1) Contract acquisition costs are accrued upon contract execution. Cash payments made for contract acquisition costs were $9,998 for the nine months ended September 30, 2011 and $13,837 for the nine months ended September 30, 2010.

Accrued liabilities – Accrued liabilities were comprised of the following:

	September 30, 2011		December 31, 2010
Funds held for customers	$	34,100	$	35,475
Employee profit sharing/cash bonus and pension		21,138		34,109
Customer rebates		19,896		19,201
Contract acquisition costs due within one year		13,518		8,550
Interest		13,241		5,227
Wages, including vacation		9,215		5,898
Restructuring due within one year (see Note 9)		5,692		6,435
Other		29,594		29,139
Accrued liabilities	$	146,394	$	144,034

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Note 4: Earnings per share

The following table reflects the calculation of basic and diluted earnings per share from continuing operations. During each period, certain options, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive.

	Quarter Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Earnings per share – basic:
Income from continuing operations	$	36,735		$	51,172		$	104,764		$	118,570
Income allocated to participating securities		(240	)		(267	)		(565	)		(627	)
Income available to common shareholders	$	36,495		$	50,905		$	104,199		$	117,943
Weighted-average shares outstanding		50,889			51,171			51,112			51,120
Earnings per share – basic	$	0.72		$	0.99		$	2.04		$	2.31
Earnings per share – diluted:
Income from continuing operations	$	36,735		$	51,172		$	104,764		$	118,570
Income allocated to participating securities		(166	)		(265	)		(325	)		(625	)
Re-measurement of share-based awards classified as liabilities		(77	)		2			(65	)		53
Income available to common shareholders	$	36,492		$	50,909		$	104,374		$	117,998
Weighted-average shares outstanding		50,889			51,171			51,112			51,120
Dilutive impact of potential common shares		314			191			431			197
Weighted-average shares and potential common shares outstanding		51,203			51,362			51,543			51,317
Earnings per share – diluted	$	0.71		$	0.99		$	2.02		$	2.30
Antidilutive options excluded from calculation		1,961			2,357			1,961			2,357

Earnings per share amounts for continuing operations, discontinued operations and net income, as presented on the consolidated statements of income, are calculated individually and may not sum due to rounding differences.

Note 5: Acquisitions

During July 2011, we acquired substantially all of the assets of PsPrint, LLC for cash of $45,486, net of cash acquired, which we funded with a draw on our credit facility. PsPrint is a web-to-print solutions company that provides online print marketing and promotional services for small businesses. The allocation of the purchase price based upon the estimated fair value of the assets acquired and liabilities assumed resulted in goodwill of $24,826. The entire amount of goodwill is expected to be tax deductible. We believe this acquisition resulted in goodwill as it is expected to accelerate one of our key platforms for growth by combining PsPrint’s capabilities and technology with our market presence. Transaction costs related to this acquisition were expensed as incurred and were not significant to our consolidated statements of income for the quarter or nine months ended September 30, 2011. The results of operations of this business from its acquisition date are included in our Small Business Services segment.

Intangible assets acquired in the PsPrint acquisition included internal-use software valued at $9,050 with a useful life of five years, a trade name valued at $6,100 with a useful life of 10 years, and a customer list valued at $3,300 with a useful life of six years. The customer list is being amortized using an accelerated method and the software and trade name are being amortized using the straight-line method. Further information regarding the calculation of the estimated fair values of these assets can be found in Note 8.

During April 2011, we acquired substantially all of the assets of Banker’s Dashboard, LLC, for $39,700, comprised of $35,000 of cash and $4,700 for shares of our common stock plus related dividend equivalent payments. We funded the cash portion of the purchase price with cash on hand and a draw on our credit facility. The common stock amount represents the fair value of 193 shares that we will issue to the previous owners of Banker’s Dashboard at a future date, and which has been recorded as a component of additional paid-in capital in the consolidated balance sheet. The shares will be issued four years after the closing of the acquisition. The shares could potentially be issued two years after the closing of the transaction, depending on the retention of certain Banker’s Dashboard employees. Banker’s Dashboard is a provider of online financial management tools that provide banks with daily access to their total financial picture. The allocation of the purchase price based upon the estimated fair value of the assets acquired and liabilities assumed resulted in goodwill of $26,281. The entire amount of goodwill is expected to be tax deductible. We believe this acquisition resulted in goodwill as it extends the range of products and services we offer to our financial institution clients. Transaction costs related to this acquisition were expensed as incurred and were not significant to our consolidated statements of income for the quarter or nine months ended September 30, 2011. The results of operations of this business from its acquisition date are included in our Financial Services segment.

8

Intangible assets acquired in the Banker’s Dashboard acquisition consisted primarily of a customer list valued at $9,300 with a useful life of nine years and a trade name valued at $2,200 with a useful life of eight years. The customer list is being amortized using an accelerated method and the trade name is being amortized using the straight-line method. Further information regarding the calculation of the estimated fair values of these assets can be found in Note 8.

Note 6: Assets held for sale and discontinued operations

Assets held for sale as of September 30, 2011 consisted of our facility located in Thorofare, New Jersey, which was closed in April 2009. Assets held for sale as of December 31, 2010 also included our facility located in Greensboro, North Carolina, which was closed in July 2009. Both facilities previously housed manufacturing operations, while the Thorofare location also housed a customer call center. The Greensboro facility was sold in January 2011 for net cash proceeds of $699, realizing a pre-tax gain of $110. We are actively marketing the Thorofare property and expect its selling price to exceed its carrying value.

Net loss from discontinued operations for the quarter and nine months ended September 30, 2010 related to the finalization of purchase consideration related to a previously divested business.

Note 7: Derivative financial instruments

We have entered into interest rate swaps to hedge against changes in the fair value of a portion of our long-term debt. We entered into these swaps, which we designated as fair value hedges, to achieve a targeted mix of fixed and variable rate debt, where we receive a fixed rate and pay a variable rate based on the London Interbank Offered Rate (LIBOR). Changes in the fair value of the interest rate swaps and the related long-term debt are included in interest expense in the consolidated statements of income. When the change in the fair value of the interest rate swaps and the hedged debt are not equal (i.e., hedge ineffectiveness), the difference in the changes in fair value affects the reported amount of interest expense in our consolidated statements of income. Information regarding hedge ineffectiveness in each period is presented in Note 8. The fair value of the interest rate swaps is included in other non-current assets on the consolidated balance sheets. Information regarding the interest rate swaps as of September 30, 2011 is as follows:

	Notional amount		Fair value of interest rate swaps		Increase in debt due to fair value adjustment
Fair value hedge related to long-term debt due in 2012	$	84,847	$	1,719	$	1,114
Fair value hedge related to long-term debt due in 2014		198,000		3,781		3,366
Total fair value hedges	$	282,847	$	5,500	$	4,480

9

Information regarding the interest rate swaps as of December 31, 2010 is as follows:

	Notional amount		Fair value of interest rate swaps		Increase in debt due to fair value adjustment
Fair value hedge related to long-term debt due in 2012	$	210,000	$	5,456	$	4,879

During the first quarter of 2011, we retired $195,463 of our bonds due in 2012 (see Note 12). In conjunction with this debt retirement, a portion of the interest rate swaps was settled and we received cash payments of $2,548. We classify the cash flows from derivative instruments that have been designated as fair value or cash flow hedges in the same category as the cash flows from the items being hedged. As such, the cash received upon settlement of a portion of the interest rate swaps is included in net cash provided by operating activities of continuing operations on the consolidated statement of cash flows for the nine months ended September 30, 2011. Interest rate swaps remaining after the settlement were redesignated as fair value hedges during March 2011.

In conjunction with the debt retirement during the quarter ended March 31, 2011, we recognized $3,094 of the fair value adjustment to the hedged debt, decreasing the loss on early debt extinguishment. The $1,356 remaining fair value adjustment to the hedged debt as of the date hedge accounting was discontinued is being recorded as a decrease to interest expense over the term of the remaining debt.

See Note 8 for further information regarding the fair value of these instruments.

Note 8: Fair value measurements

2011 asset impairment analyses – We evaluate the carrying value of our indefinite-lived trade name and goodwill as of July 31st of each year and between annual evaluations if events occur or circumstances change that would indicate a possible impairment. As such, during the quarter ended September 30, 2011, we completed our annual impairment analyses.

When evaluating whether our indefinite-lived trade name is impaired, we compare the carrying amount of the asset to its estimated fair value. The estimate of fair value is based on a relief from royalty method which calculates the cost savings associated with owning rather than licensing the trade name. An assumed royalty rate is applied to forecasted revenue and the resulting cash flows are discounted. Should the estimated fair value be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss is calculated as the amount by which the carrying value of the asset exceeds the fair value of the asset. The impairment analysis completed during the quarter ended September 30, 2011, indicated that the calculated fair value of the indefinite-lived trade name exceeded its carrying value of $19,100 by approximately $12,000.

In previous years, a two-step, quantitative approach was required in evaluating goodwill for impairment. First, we would calculate the estimated fair value of each reporting unit to which goodwill was assigned and compare this estimated fair value to the carrying amount of its net assets. If the carrying amount of a reporting unit’s net assets exceeded its estimated fair value, the second step of the goodwill impairment analysis required us to measure the amount of the impairment loss. An impairment loss is calculated by comparing the implied fair value of the goodwill to its carrying amount. As discussed in Note 2, we adopted ASU No. 2011-08 during the quarter ended September 30, 2011. This new standard gives us the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less that its carrying amount. If, after this qualitative assessment, we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step quantitative impairment test is unnecessary. In completing our 2011 annual impairment analysis, we elected to perform this qualitative assessment for all of our reporting units to which goodwill is assigned. As such, we completed a qualitative analysis of goodwill, evaluating factors including, but not limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. We also considered the quantitative analysis we completed as of July 31, 2010 in which the estimated fair values of our reporting units exceeded their carrying values by amounts between $43,000 and $546,000, or by amounts between 55% and 442% above the carrying values of their net assets. In completing our qualitative analysis, we noted no changes in events or circumstances which would require us to complete the two-step quantitative goodwill impairment analysis for any of our reporting units. As such, no impairment charges were recorded as a result of our 2011 annual impairment analyses.

10

2011 acquisitions – During 2011, we completed two business combinations (see Note 5). We are required to measure the fair value of the net identifiable tangible and intangible assets and liabilities acquired, excluding goodwill and deferred income taxes. The identifiable net assets acquired were comprised primarily of customer lists, internal-use software and trade names. The fair value of the customer lists was estimated using the multi-period excess earnings method. Assumptions used in this calculation included same-customer revenue growth rates and estimated annual customer retention rates. The customer retention rates were based on the acquirees’ historical information, as well as management’s estimates of the costs to obtain and retain customers. The aggregate calculated fair value of the customer lists was $12,600, which is being amortized over a weighted-average period of 8.2 years using an accelerated method. The fair value of the internal-use software was estimated, in part, using a cost of reproduction method. The primary components of the software were identified and the estimated cost to reproduce the software was calculated based on estimated time and labor rates derived from our historical data from previous upgrades of similar size and nature. In addition, the fair value of a portion of the internal-use software was estimated using the actual cost of the software adjusted for obsolescence. The calculated fair value of the internal-use software was $9,050, which is being amortized on the straight-line basis over five years. The fair value of the trade names was estimated using a relief from royalty method, which calculates the cost savings associated with owning rather than licensing the trade names. An assumed royalty rate was applied to forecasted revenue and the resulting cash flows were discounted. The assumed royalty rate was based on market data and an analysis of the expected margins for the acquired operations. The aggregate calculated fair value of the trade names was $8,300, which is being amortized on the straight-line basis over a weighted-average period of 9.5 years.

In conjunction with the acquisition of Banker’s Dashboard in April 2011, we will be issuing 193 shares of our common stock at a later date. The fair value of this consideration was determined as the fair value of our common stock on the date of the acquisition, discounted to reflect the restrictions which prohibit the trade or transfer of the stock until the date of issuance. The estimated fair value of the stock consideration was $4,300, which is reflected in additional paid-in capital on the consolidated balance sheet as of September 30, 2011.

Recurring fair value measurements – We held an investment in a Canadian money market fund of $1,941 as of September 30, 2011 and $2,029 as of December 31, 2010. This investment is included in other current assets on the consolidated balance sheets. The money market fund is not traded in an active market and its fair value is determined by obtaining quoted prices in active markets for the underlying securities held by the fund. Because of the short-term nature of the underlying investments, the cost of these securities approximates their fair value. The cost of securities sold is determined using the average cost method. No gains or losses on sales of these marketable securities were realized during the quarters or nine months ended September 30, 2011 and 2010.

Funds held for customers included available-for-sale marketable securities of $10,032 as of September 30, 2011 and $10,249 as of December 31, 2010. A portion of these assets represents an investment in a Canadian money market fund. The remainder of the assets relates to a mutual fund investment which invests in Canadian and provincial government securities. These funds are not traded in active markets and their fair values are determined by obtaining quoted prices in active markets for the underlying securities held by the funds. Unrealized gains and losses on these investments, net of tax, are included in other comprehensive loss on the consolidated balance sheets. Realized gains and losses are included in revenue on the consolidated statements of income and were not significant for the quarters or nine months ended September 30, 2011 and 2010. The cost of securities sold is determined using the average cost method.

We have elected to account for a long-term investment in domestic mutual funds under the fair value option for financial assets and financial liabilities. The fair value option provides companies an irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings. The fair value of the investment is included in long-term investments on the consolidated balance sheets and was $2,157 as of September 30, 2011 and $2,283 as of December 31, 2010. Long-term investments also include the cash surrender values of company-owned life insurance policies. Realized and unrealized gains and losses, as well as dividends earned by the mutual fund investment, are included in selling, general and administrative (SG&A) expense in the consolidated statements of income. This investment corresponds to a liability under an officers’ deferred compensation plan which is not available to new participants and is fully funded by the investment in mutual funds. The liability under the plan equals the fair value of the investment in mutual funds. Thus, as the value of the investment changes, the value of the liability changes accordingly. As changes in the liability are reflected within SG&A expense in the consolidated statements of income, the fair value option of accounting for the investment in mutual funds allows us to net changes in the investment and the related liability in the statements of income. The cost of securities sold is determined using the average cost method. We recognized a net unrealized loss on the investment in mutual funds of $226 during the quarter ended September 30, 2011. Net unrealized gains and losses recognized during the nine months ended September 30, 2011 and during the quarter and nine months ended September 30, 2010 were not significant. Realized gains recognized during these periods were also not significant.

11

The fair value of interest rate swaps (see Note 7) is determined at each reporting date by means of a pricing model utilizing readily observable market interest rates. The change in fair value is determined as the change in the present value of estimated future cash flows discounted using the LIBOR rate. Changes in the fair value of the interest rate swaps, as well as changes in the fair value of the hedged debt, are included in interest expense in the consolidated statements of income and were as follows:

	Quarter Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Gain from derivatives	$	2,866		$	1,831		$	2,592		$	6,800
Loss from change in fair value of hedged debt		(2,792	)		(1,706	)		(3,115	)		(6,349	)
Net decrease (increase) in interest expense	$	74		$	125		$	(523	)	$	451

Information regarding recurring fair value measurements completed during each period was as follows:

			Fair value measurements using
	Fair value as of September 30,  2011		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Marketable securities – funds held for customers	$	10,032	$	—	$	10,032	$	—
Marketable securities – corporate investments		1,941		—		1,941		—
Long-term investment in mutual funds		2,157		2,157		—		—
Derivative assets		5,500		—		5,500		—

			Fair value measurements using
	Fair value as of December 31, 2010		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Marketable securities – funds held for customers	$	10,249	$	—	$	10,249	$	—
Marketable securities – corporate investments		2,029		—		2,029		—
Long-term investment in mutual funds		2,283		2,283		—		—
Derivative assets		5,456		—		5,456		—

Fair value measurements of other financial instruments – The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate fair value.

Cash and cash equivalents, cash and cash equivalents included within funds held for customers, and short-term debt – The carrying amounts reported in the consolidated balance sheets approximate fair value because of the short-term nature of these items.

Long-term debt – The fair value of long-term debt is based on quoted prices for identical liabilities when traded as assets in an active market (Level 1 fair value measurement), with the exception of the debt issued in March 2011 which is not currently traded in an active market. The fair value of this debt is determined at each reporting date by means of a pricing model utilizing readily observable market interest rates and data from trades executed by institutional investors (Level 2 fair value measurement). The fair value of long-term debt included in the table below does not reflect the impact of hedging activity. The carrying amount of long-term debt includes the change in fair value of hedged long-term debt.

12

The estimated fair values of these financial instruments were as follows:

	September 30, 2011				December 31, 2010
	Carrying amount		Fair value		Carrying amount		Fair value
Cash and cash equivalents	$	23,021	$	23,021	$	17,383	$	17,383
Cash and cash equivalents – funds held for customers		24,579		24,579		25,471		25,471
Short-term debt		33,000		33,000		7,000		7,000
Long-term debt		742,592		736,843		748,122		751,978

Note 9: Restructuring charges

Net restructuring charges for each period consisted of the following components:

	Quarter Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Severance accruals	$	3,011		$	384		$	5,834		$	3,591
Severance reversals		(205	)		(686	)		(1,114	)		(2,238	)
Operating lease obligations		52			—			52			415
Operating lease reversals		—			(72	)		—			(380	)
Net restructuring accruals		2,858			(374	)		4,772			1,388
Other costs		1,740			476			5,904			1,185
Net restructuring charges	$	4,598		$	102		$	10,676		$	2,573

The net restructuring charges are reflected in the consolidated statements of income as follows:

	Quarter Ended September 30,					Nine Months Ended September 30,
	2011		2010			2011		2010
Cost of goods sold	$	261	$	(1	)	$	837	$	562
Operating expenses		4,337		103			9,839		2,011
Net restructuring charges	$	4,598	$	102		$	10,676	$	2,573

2011 restructuring charges – During the quarter and nine months ended September 30, 2011, the net restructuring accruals included severance charges related to employee reductions across functional areas as we continue to reduce costs. The restructuring accruals included severance benefits for approximately 100 employees for the quarter ended September 30, 2011 and severance benefits for approximately 190 employees for the nine months ended September 30, 2011. These charges were reduced by the reversal of restructuring accruals recorded primarily in 2010 as fewer employees received severance benefits than originally estimated. Other restructuring costs, which were expensed as incurred, included items such as employee and equipment moves, training and travel related to our restructuring activities.

2010 restructuring charges – During the quarter and nine months ended September 30, 2010, the net restructuring accruals included severance charges related to employee reductions in various functional areas as we continued our cost reduction initiatives. Net restructuring accruals for the nine months ended September 30, 2010 also included employee reductions resulting from the acquisition of Custom Direct in April 2010. The restructuring accruals included severance benefits for approximately 40 employees for the quarter ended September 30, 2010 and severance benefits for approximately 115 employees for the nine months ended September 30, 2010. These charges were reduced by the reversal of restructuring accruals as fewer employees received severance benefits than originally estimated. Other restructuring costs, which were expensed as incurred, included items such as equipment moves, training and travel related to our restructuring activities.

13

Restructuring accruals of $5,836 as of September 30, 2011 are reflected in the consolidated balance sheet as accrued liabilities of $5,692 and other non-current liabilities of $144. Restructuring accruals of $6,798 as of December 31, 2010 are reflected in the consolidated balance sheet as accrued liabilities of $6,435 and other non-current liabilities of $363. The majority of the employee reductions are expected to be completed by early 2012. We expect most of the related severance payments to be fully paid by mid-2012, utilizing cash from operations. The remaining payments due under operating lease obligations will be paid through May 2013. As of September 30, 2011, approximately 160 employees had not yet started to receive severance benefits. Further information regarding our restructuring accruals can be found under the caption “Note 8: Restructuring charges” in the Notes to Consolidated Financial Statements appearing in the 2010 Form 10-K.

As of September 30, 2011, our restructuring accruals, by company initiative, were as follows:

	2008 initiatives			2009 initiatives			2010 initiatives			2011  initiatives			Total
Balance, December 31, 2010	$	117		$	652		$	6,029		$	—		$	6,798
Restructuring charges		—			4			75			5,807			5,886
Restructuring reversals		(11	)		(56	)		(990	)		(57	)		(1,114	)
Payments		(106	)		(378	)		(3,655	)		(1,595	)		(5,734	)
Balance, September 30, 2011	$	—		$	222		$	1,459		$	4,155		$	5,836
Cumulative amounts:
Restructuring charges	$	27,545		$	11,019		$	9,715		$	5,807		$	54,086
Restructuring reversals		(5,881	)		(1,669	)		(1,254	)		(57	)		(8,861	)
Payments		(21,664	)		(9,128	)		(7,002	)		(1,595	)		(39,389	)
Balance, September 30, 2011	$	—		$	222		$	1,459		$	4,155		$	5,836

14

As of September 30, 2011, the components of our restructuring accruals, by segment, were as follows:

	Employee severance benefits												Operating lease obligations
	Small Business Services			Financial Services			Direct Checks			Corporate			Small Business Services			Direct Checks			Total
Balance, December 31, 2010	$	1,248		$	1,954		$	252		$	2,616		$	236		$	492		$	6,798
Restructuring charges		1,209			2,235			79			2,311			52			—			5,886
Restructuring reversals		(687	)		(222	)		(32	)		(173	)		—			—			(1,114	)
Inter-segment transfer		125			234			2			(361	)		—			—			—
Payments		(1,003	)		(2,045	)		(216	)		(2,167	)		(150	)		(153	)		(5,734	)
Balance, September 30, 2011	$	892		$	2,156		$	85		$	2,226		$	138		$	339		$	5,836
Cumulative amounts(1):
Restructuring charges	$	15,219		$	8,936		$	2,898		$	24,662		$	1,862		$	509		$	54,086
Restructuring reversals		(2,454	)		(1,056	)		(157	)		(4,801	)		(393	)		—			(8,861	)
Inter-segment transfer		914			619			63			(1,596	)		—			—			—
Payments		(12,787	)		(6,343	)		(2,719	)		(16,039	)		(1,331	)		(170	)		(39,389	)
Balance, September 30, 2011	$	892		$	2,156		$	85		$	2,226		$	138		$	339		$	5,836

(1) Includes accruals related to our cost reduction initiatives for 2008 through 2011.

Note 10: Pension and other postretirement benefits

We have historically provided certain health care benefits for a large number of retired U.S. employees. In addition to our retiree health care plan, we also have a supplemental executive retirement plan in the United States. Further information regarding our postretirement benefit plans can be found under the caption “Note 12: Pension and other postretirement benefits” in the Notes to Consolidated Financial Statements appearing in the 2010 Form 10-K. See Note 16 for discussion of the risks associated with the plan assets of our postretirement benefit plan.

Pension and postretirement benefit expense for the quarters ended September 30, 2011 and 2010 consisted of the following components:

	Postretirement benefit plan						Pension plan
	2011			2010			2011		2010
Interest cost	$	1,667		$	1,820		$	41	$	45
Expected return on plan assets		(1,963	)		(1,806	)		—		—
Amortization of prior service credit		(936	)		(936	)		—		—
Amortization of net actuarial losses		1,354			1,352			—		—
Total periodic benefit expense	$	122		$	430		$	41	$	45

15

Pension and postretirement benefit expense for the nine months ended September 30, 2011 and 2010 consisted of the following components:

	Postretirement benefit plan						Pension plan
	2011			2010			2011		2010
Interest cost	$	5,002		$	5,461		$	123	$	135
Expected return on plan assets		(5,888	)		(5,419	)		—		—
Amortization of prior service credit		(2,807	)		(2,807	)		—		—
Amortization of net actuarial losses		4,061			4,055			—		—
Total periodic benefit expense	$	368		$	1,290		$	123	$	135

Note 11:  Income tax provision

Our effective tax rate for the nine months ended September 30, 2011 was 32.0%, compared to our 2010 annual effective tax rate of 35.0%. The 2011 effective tax rate was favorably impacted 1.0 percentage point by actions taken to restore a portion of the deferred tax asset attributable to the receipt of Medicare Part D subsidies after 2012. Our 2011 tax rate also included discrete items, including a reduction in the valuation allowance related to foreign operating loss carryforwards, which decreased our effective tax rate by 1.2 percentage points.

Our 2010 effective tax rate included a $4,063 charge resulting from the Health Care and Education Reconciliation Act of 2010, which was signed into law in March 2010 and requires that certain tax deductions after 2012 be reduced by the amount of the Medicare Part D subsidy payments. Prior to this law change, the subsidy was to be disregarded in all future years when computing tax deductions. This resulted in a reduction in the deferred tax asset associated with our postretirement benefit plan and increased our 2010 effective tax rate 1.7 points. Our 2010 effective tax rate also included favorable adjustments related to accruals for uncertain tax positions, which lowered our effective tax rate 1.3 percentage points.

Note 12: Debt

Total debt outstanding was comprised of the following:

	September 30, 2011		December 31, 2010
5.0% senior, unsecured notes due December 15, 2012, net of discount, including cumulative change in fair value of hedged debt: 2011 - $1,114 increase; 2010 - $4,879 increase	$	85,897	$	284,843
5.125% senior, unsecured notes due October 1, 2014, net of discount, including cumulative change in fair value of hedged debt: 2011 - $3,366 increase		256,695		263,279
7.375% senior notes due June 1, 2015		200,000		200,000
7.0% senior notes due March 15, 2019		200,000		—
Long-term portion of debt		742,592		748,122
Amounts drawn on credit facility		33,000		7,000
Total debt	$	775,592	$	755,122

Discounts from par value are being amortized ratably as increases to interest expense over the term of the related debt.

All of our notes include covenants that place certain restrictions on the issuance of additional debt and limitations on certain liens. The notes due in 2019 and 2015 also include limitations on our ability to issue redeemable stock and preferred stock, make loans and investments, and consolidate, merge or sell all or substantially all of our assets.

In March 2011, we issued $200,000 of 7.0% senior notes maturing on March 15, 2019. The notes were issued via a private placement under Rule 144A of the Securities Act of 1933. We anticipate registering the notes with the Securities and Exchange Commission (SEC) via a registration statement within 340 days of March 15, 2011. Interest payments are due each March and September. The notes are fully and unconditionally guaranteed by certain of our subsidiaries and place a limitation on restricted payments, including share repurchases and increases in dividend levels. The limitation on restricted payments does not apply if the notes are upgraded to an investment-grade credit rating. At any time prior to March 15, 2014, we may on any one or more occasions redeem up to 35% of the original principal amount of the notes with the proceeds of one or more equity offerings at a redemption price of 107% of the principal amount of the notes, together with accrued and unpaid interest. At any time prior to March 15, 2015, we may also redeem some or all of the notes at a price equal to 100% of the principal amount plus accrued and unpaid interest and a make-whole premium. At any time on or after March 15, 2015, we may redeem some or all of the notes at prices ranging from 100% to 103.5% of the principal amount. If at any time we sell certain of our assets or experience specific types of changes in control, we must offer to purchase the notes at 101% of the principal amount. Proceeds from the offering, net of offering costs, were $196,530. These proceeds were used to retire a portion of our senior, unsecured notes due in 2012. The estimated fair value of the notes issued in March 2011 was $192,500 as of September 30, 2011, based on a pricing model utilizing readily observable market interest rates and data from trades executed by institutional investors.

16

In May 2007, we issued $200,000 of 7.375% senior notes maturing on June 1, 2015. The notes were issued via a private placement under Rule 144A of the Securities Act of 1933. These notes were subsequently registered with the SEC via a registration statement which became effective on June 29, 2007. Interest payments are due each June and December. The notes place a limitation on restricted payments, including share repurchases and increases in dividend levels. This limitation does not apply if the notes are upgraded to an investment-grade credit rating. Principal redemptions may be made at our election at any time at redemption prices ranging from 100% to 103.688% of the principal amount. If we sell certain of our assets or experience specific types of changes in control, we must offer to purchase the notes at 101% of the principal amount. Proceeds from the offering, net of offering costs, were $196,329. These proceeds were used as part of our repayment of unsecured notes which matured on October 1, 2007. The fair value of the notes issued in May 2007 was $204,118 as of September 30, 2011, based on quoted prices for identical liabilities when traded as assets.

In October 2004, we issued $275,000 of 5.125% senior, unsecured notes maturing on October 1, 2014. The notes were issued via a private placement under Rule 144A of the Securities Act of 1933. These notes were subsequently registered with the SEC via a registration statement which became effective on November 23, 2004. Interest payments are due each April and October. Proceeds from the offering, net of offering costs, were $272,276. These proceeds were used to repay commercial paper borrowings used for the acquisition of New England Business Service, Inc. in 2004. During the quarter ended March 31, 2011, we retired $10,000 of these notes, realizing a pre-tax loss of $185. As of September 30, 2011, the fair value of the $253,500 remaining notes outstanding was $253,827 based on quoted prices for identical liabilities when traded as assets. As discussed in Note 7, we have entered into interest rate swaps to hedge a portion of these notes. The fair value of long-term debt disclosed here does not reflect the impact of these fair value hedges.

In December 2002, we issued $300,000 of 5.0% senior, unsecured notes maturing on December 15, 2012. These notes were issued under our shelf registration statement covering up to $300,000 in medium-term notes, thereby exhausting that registration statement. Interest payments are due each June and December. Principal redemptions may be made at our election prior to the stated maturity. Proceeds from the offering, net of offering costs, were $295,722. These proceeds were used for general corporate purposes, including funding share repurchases, capital asset purchases and working capital. During the quarter ended March 31, 2011, we completed a tender offer and retired $195,463 of these notes, realizing a pre-tax loss of $6,810. As of September 30, 2011, the fair value of the $84,847 remaining notes outstanding was $86,398, based on quoted prices for identical liabilities when traded as assets. As discussed in Note 7, we have entered into interest rate swaps to hedge these notes. The fair value of long-term debt disclosed here does not reflect the impact of these fair value hedges.

As of September 30, 2011, we had a $200,000 credit facility, which expires in March 2013. Borrowings under the credit facility are collateralized by substantially all personal property. Our commitment fee ranges from 0.40% to 0.50% based on our leverage ratio. The credit agreement governing the credit facility contains customary covenants regarding limits on levels of subsidiary indebtedness and capital expenditures, liens, investments, acquisitions, certain mergers, and certain asset sales outside the ordinary course of business, as well as required repayments in the event of a change in control as defined in the agreement. The agreement also contains financial covenants regarding our leverage ratio, interest coverage and liquidity.

17

Amounts outstanding under our credit facility were as follows:

	Nine Months Ended September 30, 2011			Year Ended December 31, 2010
Daily average amount outstanding	$	22,670		$	49,957
Weighted-average interest rate		3.02	%		3.20	%

As of September 30, 2011, $33,000 was outstanding under our credit facility at a weighted-average interest rate of 3.21%. As of December 31, 2010, $7,000 was outstanding at a weighted-average interest rate of 5.25%.

As of September 30, 2011, amounts were available for borrowing under our credit facility as follows:

	Total available
Credit facility commitment	$	200,000
Amounts drawn on credit facility		(33,000	)
Outstanding letters of credit		(8,551	)
Net available for borrowing as of September 30, 2011	$	158,449

Absent certain defined events of default under our debt instruments, and as long as our ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest expense is in excess of two to one, our debt covenants do not restrict our ability to pay cash dividends at our current rate, although there is an aggregate annual limit on the amount of dividends and share repurchases under the terms of our credit facility. If our ratio of EBITDA to interest expense falls below two to one, there would also be limitations on our ability to issue additional debt.

Note 13:  Other commitments and contingencies

Information regarding indemnifications, environmental matters and self-insurance can be found under the caption “Note 14: Other commitments and contingencies” in the Notes to Consolidated Financial Statements appearing in the 2010 Form 10-K.  No significant changes in these items occurred during the nine months ended September 30, 2011.

Note 14: Shareholders’ equity

We have an outstanding authorization from our board of directors to purchase up to 10,000 shares of our common stock. This authorization has no expiration date, and 5,257 shares remain available for purchase under this authorization as of September 30, 2011. During the nine months ended September 30, 2011, we repurchased 940 shares for $23,620.

18

Changes in shareholders’ equity during the nine months ended September 30, 2011 were as follows:

	Common shares						Additional						Accumulated other			Total
	Number			Par			paid-in			Retained			comprehensive			shareholders’
	of shares			value			capital			earnings			loss			equity
Balance, December 31, 2010		51,338		$	51,338		$	62,915		$	161,957		$	(50,012	)	$	226,198
Net income		—			—			—			104,764			—			104,764
Cash dividends		—			—			—			(38,395	)		—			(38,395	)
Common shares issued		482			482			7,394			—			—			7,876
Common shares to be issued for Banker’s Dashboard acquisition (see Note 5)		—			—			4,300			—			—			4,300
Tax impact of share-based awards		—			—			240			—			—			240
Common shares repurchased		(940	)		(940	)		(22,680	)								(23,620	)
Other common shares retired		(63	)		(63	)		(1,575	)		—			—			(1,638	)
Fair value of share-based compensation		—			—			4,118			—			—			4,118
Amortization of postretirement prior service credit, net of tax		—			—			—			—			(1,746	)		(1,746	)
Amortization of postretirement net actuarial losses, net of tax		—			—			—			—			2,525			2,525
Amortization of loss on derivatives, net of tax(1)		—			—			—			—			1,313			1,313
Net unrealized gain on marketable securities, net of tax		—			—			—			—			131			131
Currency translation adjustment		—			—			—			—			(2,695	)		(2,695	)
Balance, September 30, 2011		50,817		$	50,817		$	54,712		$	228,326		$	(50,484	)	$	283,371

(1) Relates to interest rate locks executed in 2004 and 2002. See “Note 6: Derivative financial instruments” in the Notes to Consolidated Financial Statements appearing in the 2010 Form 10-K.

Accumulated other comprehensive loss was comprised of the following:

	September 30, 2011			December 31, 2010
Postretirement and defined benefit pension plans:
Unrealized prior service credit	$	13,905		$	15,651
Unrealized net actuarial losses		(65,818	)		(68,343	)
Postretirement and defined benefit pension plans, net of tax		(51,913	)		(52,692	)
Loss on derivatives, net of tax		(3,209	)		(4,522	)
Unrealized gain on marketable securities, net of tax		144			13
Currency translation adjustment		4,494			7,189
Accumulated other comprehensive loss	$	(50,484	)	$	(50,012	)

Note 15: Business segment information

We operate three reportable business segments: Small Business Services, Financial Services and Direct Checks. Small Business Services sells personalized printed products, which include business checks, printed forms, promotional products, marketing materials and related services, as well as retail packaging supplies and a suite of business services, including web design and hosting, fraud protection, payroll, logo design, search engine marketing and business networking, to small businesses. These products and services are promoted and sold through direct response advertising via mail and the internet, referrals from financial institutions and telecommunications clients, independent distributors and dealers, and outbound telemarketing groups. Financial Services’ products and services for financial institutions include comprehensive check programs for both personal and business checks, fraud prevention and monitoring services, customer acquisition campaigns, marketing communications, regulatory program services, customer loyalty programs and profitability offers that provide insight into financial institution financial performance. These products and services are sold through multiple channels, including a direct sales force. Direct Checks sells personal and business checks and related products and services directly to consumers through direct response marketing and the internet. All three segments operate primarily in the United States. Small Business Services also has operations in Canada and portions of Europe.

19

The accounting policies of the segments are the same as those described in the Notes to Consolidated Financial Statements included in the 2010 Form 10-K. We allocate corporate costs for our shared services functions to our business segments, including costs of our executive management, human resources, supply chain, finance, information technology and legal functions. Generally, where costs incurred are directly attributable to a business segment, primarily within the areas of information technology, supply chain and finance, those costs are charged directly to that segment. Because we use a shared services approach for many of our functions, certain costs are not directly attributable to a business segment. These costs are allocated to our business segments based on segment revenue, as revenue is a measure of the relative size and magnitude of each segment and indicates the level of corporate shared services consumed by each segment. Corporate assets are not allocated to the segments and consist of property, plant and equipment, internal-use software, inventories and supplies related to our corporate shared services functions of manufacturing, information technology and real estate, as well as long-term investments.

We are an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations and the sharing of assets. Therefore, we do not represent that these segments, if operated independently, would report the operating income and other financial information shown.

The following is our segment information as of and for the quarters ended September 30, 2011 and 2010:

		Reportable Business Segments
		Small Business Services		Financial Services		Direct Checks		Corporate		Consolidated
Revenue from external customers:	2011	$	214,442	$	85,194	$	55,508	$	—	$	355,144
	2010		206,572		102,614		58,447		—		367,633
Operating income:	2011		34,650		14,128		16,867		—		65,645
	2010		45,298		27,157		16,053		—		88,508
Depreciation and amortization	2011		11,437		3,292		3,050		—		17,779
expense:	2010		11,099		2,911		5,369		—		19,379
Total assets:	2011		816,500		104,375		173,118		293,394		1,387,387
	2010		779,588		65,054		181,982		298,227		1,324,851
Capital asset purchases:	2011		—		—		—		8,930		8,930
	2010		—		—		—		10,547		10,547

20

The following is our segment information as of and for the nine months ended September 30, 2011 and 2010:

		Reportable Business Segments
		Small Business Services		Financial Services		Direct Checks		Corporate		Consolidated
Revenue from external customers:	2011	$	617,600	$	259,865	$	173,705	$	—	$	1,051,170
	2010		592,063		302,307		156,379		—		1,050,749
Operating income:	2011		104,749		43,039		49,298		—		197,086
	2010		104,843		71,178		44,662		—		220,683
Depreciation and amortization	2011		33,970		9,457		13,035		—		56,462
expense:	2010		34,230		8,880		11,553		—		54,663
Total assets:	2011		816,500		104,375		173,118		293,394		1,387,387
	2010		779,588		65,054		181,982		298,227		1,324,851
Capital asset purchases:	2011		—		—		—		28,226		28,226
	2010		—		—		—		31,613		31,613

Note 16: Market risks

Due to the downturn in the U.S. economy, including the liquidity crisis in the credit markets, as well as failures and consolidations of companies within the financial services industry since 2008, we have identified certain market risks which may affect our future operating performance.

Economic conditions –During the quarter ended March 31, 2009, we recorded a goodwill impairment charge of $20,000 in our Small Business Services segment related to one of our reporting units, as well as an impairment charge of $4,900 in our Small Business Services segment related to an indefinite-lived trade name. These charges resulted from the continuing negative impact of the economic downturn on our expected operating results. The annual impairment analyses completed during the quarter ended September 30, 2011 indicated no impairment of goodwill or our indefinite-lived trade name. See Note 8 for further information regarding these impairment analyses. We will continue to monitor whether additional impairment analyses are required with respect to the carrying value of goodwill and the indefinite-lived trade name.

Postretirement benefit plan – The fair value of our postretirement benefit plan assets is subject to various risks, including credit, interest and overall market volatility risks. During 2008, the equity markets experienced a significant decline in value. As such, the fair value of our plan assets decreased significantly during the year, resulting in a $29,879 increase in the unfunded status of our plan as compared to the end of the previous year. This affected the amounts reported in the consolidated balance sheet as of December 31, 2008 and also contributed to an increase in postretirement benefit expense of $2,374 in 2009, as compared to 2008. The fair value of our plan assets later recovered, increasing $21,592 during 2009 and $10,990 during 2010. If the equity and bond markets decline in future periods, the funded status of our plan could again be materially affected. This could result in higher postretirement benefit expense in the future, as well as the need to contribute increased amounts of cash to fund the benefits payable under the plan, although our obligation is limited to funding benefits as they become payable. We did not use plan assets to make benefit payments during the nine months ended September 30, 2011 or during 2010. Rather, we used cash provided by operating activities to make these payments.

Financial institution clients – Continued turmoil in the financial services industry, including further bank failures and consolidations, could have a significant impact on our consolidated results of operations if we were to lose a significant amount of business and/or we were unable to recover the value of an unamortized contract acquisition cost or account receivable. As of September 30, 2011, unamortized contract acquisition costs totalled $57,364, while liabilities for contract acquisition costs not paid as of September 30, 2011 were $21,083. The inability to recover amounts paid to a larger financial institution client could have a significant negative impact on our consolidated results of operations.

Note 17: Supplemental guarantor financial information

In March 2011, we issued $200.0 million of long-term notes due in March 2019. The notes were issued under a private placement under Rule 144A of the Securities Act of 1933. We anticipate registering the notes with the Securities and Exchange Commission via a registration statement within 340 days of March 15, 2011. These notes are jointly and severally guaranteed on a full and unconditional basis, subject to the release provisions described herein, by certain 100%-owned subsidiaries that guarantee any of our other indebtedness. These subsidiaries also guarantee our obligations under our credit facility and our long-term notes due in 2015. The subsidiary guarantees with respect to the notes due in March 2019 are subject to release upon the sale of all or substantially all of a subsidiary’s assets, when the requirements for legal defeasance of the guaranteed securities have been satisfied, when the subsidiary is declared an unrestricted subsidiary, or upon satisfaction and discharge of the indenture.

The following condensed supplemental consolidating financial information reflects the summarized financial information of Deluxe Corporation, the guarantors on a combined basis and the non-guarantor subsidiaries on a combined basis. Separate financial statements of the guarantors are not presented because the guarantors are jointly, severally, fully and unconditionally liable under the guarantees, subject to the release provisions described herein, and we believe that the condensed consolidating financial statements presented are sufficient to provide an understanding of the financial position, results of operations and cash flows of the guarantors.

We are an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations and the sharing of assets. Therefore, we do not represent that the financial information presented is indicative of the financial position, results of operations or cash flows which the entities would have reported if they had operated independently. The condensed consolidating financial statements should be read in conjunction with our consolidated financial statements.

21

Deluxe Corporation

Condensed Consolidating Balance Sheet

	September 30, 2011
	Deluxe  Corporation			Guarantor subsidiaries		Non- guarantor subsidiaries			Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	1,779		$	987	$	20,255		$	—		$	23,021
Trade accounts receivable, net		—			53,082		11,957			—			65,039
Inventories and supplies		—			20,405		2,081			—			22,486
Deferred income taxes		1,215			6,715		767			—			8,697
Funds held for customers		—			—		34,611			—			34,611
Other current assets		9,445			11,537		5,620			—			26,602
Total current assets		12,439			92,726		75,291			—			180,456
Long-term Investments		35,979			8,789		—			—			44,768
Property, Plant and Equipment, net		—			100,121		16,652			—			116,773
Assets Held for Sale		—			3,937		—			—			3,937
Intangibles, net		—			161,401		2,309			—			163,710
Goodwill		—			775,044		1,900			—			776,944
Investments In Consolidated Subsidiaries		1,261,717			13,785		—			(1,275,502	)		—
Intercompany (Payable) Receivable		(245,905	)		292,362		(46,457	)		—			—
Other Non-Current Assets		14,624			72,713		13,462			—			100,799
Total assets	$	1,078,854		$	1,520,878	$	63,157		$	(1,275,502	)	$	1,387,387
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	15,618		$	43,515	$	4,034		$	—		$	63,167
Accrued liabilities		18,694			88,473		39,227			—			146,394
Short-term debt		33,000			—		—			—			33,000
Total current liabilities		67,312			131,988		43,261			—			242,561
Long-Term Debt		742,592			—		—			—			742,592
Deferred Income Taxes		(20,266	)		68,963		3,229			—			51,926
Other Non-Current Liabilities		5,845			58,210		2,882			—			66,937
Total Shareholders’ Equity		283,371			1,261,717		13,785			(1,275,502	)		283,371
Total liabilities and shareholders’ equity	$	1,078,854		$	1,520,878	$	63,157		$	(1,275,502	)	$	1,387,387

22

Deluxe Corporation

Condensed Consolidating Balance Sheet

	December 31, 2010
	Deluxe Corporation			Guarantor subsidiaries		Non- guarantor subsidiaries			Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	3,197		$	683	$	13,503		$	—		$	17,383
Trade accounts receivable, net		—			53,679		12,792			—			66,471
Inventories and supplies		—			19,350		2,310			—			21,660
Deferred income taxes		2,854			6,303		233			—			9,390
Funds held for customers		—			—		35,720			—			35,720
Other current assets		9,463			8,047		3,103			—			20,613
Total current assets		15,514			88,062		67,661			—			171,237
Long-term Investments		34,905			2,427		78						37,410
Property, Plant and Equipment, net		—			102,427		17,794			—			120,221
Assets Held for Sale		—			4,527		—			—			4,527
Intangibles, net		—			151,512		3,600			—			155,112
Goodwill		—			723,938		1,999			—			725,937
Investments In Consolidated Subsidiaries		986,484			615		—			(987,099	)		—
Intercompany (Payable) Receivable		(68,348	)		114,299		(45,951	)		—			—
Other Non-Current Assets		12,337			71,032		10,878			—			94,247
Total assets	$	980,892		$	1,258,839	$	56,059		$	(987,099	)	$	1,308,691
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	11,697		$	42,798	$	5,983		$	—		$	60,478
Accrued liabilities		9,440			92,038		42,556			—			144,034
Short-term debt		7,000			—		—			—			7,000
Total current liabilities		28,137			134,836		48,539			—			211,512
Long-Term Debt		748,122			—		—			—			748,122
Deferred Income Taxes		(25,898	)		68,794		3,856			—			46,752
Other Non-Current Liabilities		4,333			68,725		3,049			—			76,107
Total Shareholders’ Equity		226,198			986,484		615			(987,099	)		226,198
Total liabilities and shareholders’ equity	$	980,892		$	1,258,839	$	56,059		$	(987,099	)	$	1,308,691

23

Deluxe Corporation

Condensed Consolidating Statement of Income

	Quarter Ended September 30, 2011
	Deluxe  Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Eliminations			Total
Revenue	$	2,128		$	318,933		$	68,984		$	(34,901	)	$	355,144
Total cost of goods sold		—			113,365			39,888			(30,615	)		122,638
Gross Profit		2,128			205,568			29,096			(4,286	)		232,506
Selling, general and administrative expense, including net restructuring charges		2,529			146,427			22,191			(4,286	)		166,861
Operating (Loss) Income		(401	)		59,141			6,905			—			65,645
Interest expense		(11,785	)		(2,106	)		(298	)		2,358			(11,831	)
Other income (expense)		2,930			382			(1,255	)		(2,358	)		(301	)
(Loss) Income Before Income Taxes		(9,256	)		57,417			5,352			—			53,513
Income tax (benefit) provision		(6,227	)		23,171			(166	)		—			16,778
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(3,029	)		34,246			5,518			—			36,735
Equity In Earnings Of Consolidated Subsidiaries		39,764			5,518			—			(45,282	)		—
Income From Continuing Operations		36,735			39,764			5,518			(45,282	)		36,735
Net Loss From Discontinued Operations		—			—			—			—			—
Net Income	$	36,735		$	39,764		$	5,518		$	(45,282	)	$	36,735

24

Deluxe Corporation

Condensed Consolidating Statement of Income

	Quarter Ended September 30, 2010
	Deluxe Corporation			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations			Total
Revenue	$	2,329		$	335,542		$	65,624		$	(35,862	)	$	367,633
Total cost of goods sold		—			112,973			39,456			(30,996	)		121,433
Gross Profit		2,329			222,569			26,168			(4,866	)		246,200
Selling, general and administrative expense, including net restructuring charges		(181	)		140,378			22,361			(4,866	)		157,692
Operating Income		2,510			82,191			3,807			—			88,508
Interest expense		(11,176	)		(1,772	)		(248	)		1,989			(11,207	)
Other income (expense)		1,368			(17	)		1,021			(1,989	)		383
(Loss) Income Before Income Taxes		(7,298	)		80,402			4,580			—			77,684
Income tax (benefit) provision		(5,878	)		28,714			3,676			—			26,512
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(1,420	)		51,688			904			—			51,172
Equity In Earnings Of Consolidated Subsidiaries		52,220			904			—			(53,124	)		—
Income From Continuing Operations		50,800			52,592			904			(53,124	)		51,172
Net Loss From Discontinued Operations		—			(372	)		—			—			(372	)
Net Income	$	50,800		$	52,220		$	904		$	(53,124	)	$	50,800

25

Deluxe Corporation

Condensed Consolidating Statement of Income

	Nine Months Ended September 30, 2011
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Eliminations			Total
Revenue	$	6,383		$	943,429		$	208,821		$	(107,463	)	$	1,051,170
Total cost of goods sold		—			336,306			121,448			(94,267	)		363,487
Gross Profit		6,383			607,123			87,373			(13,196	)		687,683
Selling, general and administrative expense, including net restructuring charges		9,313			427,005			67,585			(13,196	)		490,707
Net gain on sale of facility		—			(110	)		—			—			(110	)
Operating (Loss) Income		(2,930	)		180,228			19,788			—			197,086
Loss on early debt extinguishment		(6,995	)		—			—			—			(6,995	)
Interest expense		(35,795	)		(7,363	)		(1,023	)		8,259			(35,922	)
Other income (expense)		7,750			970			(677	)		(8,259	)		(216	)
(Loss) Income Before Income Taxes		(37,970	)		173,835			18,088			—			153,953
Income tax (benefit) provision		(18,539	)		64,987			2,741			—			49,189
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(19,431	)		108,848			15,347			—			104,764
Equity In Earnings Of Consolidated Subsidiaries		124,195			15,347			—			(139,542	)		—
Income From Continuing Operations		104,764			124,195			15,347			(139,542	)		104,764
Net Loss From Discontinued Operations		—			—			—			—			—
Net Income	$	104,764		$	124,195		$	15,347		$	(139,542	)	$	104,764

26

Deluxe Corporation

Condensed Consolidating Statement of Income

	Nine Months Ended September 30, 2010
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Eliminations			Total
Revenue	$	6,986		$	952,273		$	202,288		$	(110,798	)	$	1,050,749
Total cost of goods sold		—			336,817			121,957			(97,038	)		361,736
Gross Profit		6,986			615,456			80,331			(13,760	)		689,013
Selling, general and administrative expense, including net restructuring charges		2,078			409,325			70,687			(13,760	)		468,330
Operating Income		4,908			206,131			9,644			—			220,683
Interest expense		(33,174	)		(5,146	)		(774	)		5,844			(33,250	)
Other income (expense)		4,284			67			476			(5,844	)		(1,017	)
(Loss) Income Before Income Taxes		(23,982	)		201,052			9,346			—			186,416
Income tax (benefit) provision		(9,954	)		72,363			5,437			—			67,846
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(14,028	)		128,689			3,909			—			118,570
Equity In Earnings Of Consolidated Subsidiaries		131,827			3,909			—			(135,736	)		—
Income From Continuing Operations		117,799			132,598			3,909			(135,736	)		118,570
Net Loss From Discontinued Operations		—			(771	)		—			—			(771	)
Net Income	$	117,799		$	131,827		$	3,909		$	(135,736	)	$	117,799

27

Deluxe Corporation

Condensed Consolidating Statement of Cash Flows

	Nine Months Ended September 30, 2011
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Total
Net Cash Provided By Operating Activities of Continuing Operations	$	9,051		$	151,251		$	10,945		$	171,247
Cash Flows From Investing Activities:
Purchases of capital assets		—			(27,111	)		(1,115	)		(28,226	)
Payments for acquisitions, net of cash acquired		—			(80,486	)		—			(80,486	)
Payments on company-owned life insurance policies		—			(6,383	)		—			(6,383	)
Loans to distributors		—			(3,219	)		(296	)		(3,515	)
Other		(256	)		711			(2,391	)		(1,936	)
Net cash used by investing activities of continuing operations		(256	)		(116,488	)		(3,802	)		(120,546	)
Cash Flows From Financing Activities:
Net proceeds from short-term debt		26,000			—			—			26,000
Payments on long-term debt, including costs of debt reacquisition		(215,030	)		—			—			(215,030	)
Proceeds from issuing long-term debt		200,000			—			—			200,000
Payments for debt issue costs		(3,470	)		—			—			(3,470	)
Change in book overdrafts		2,832			(850	)		—			1,982
Proceeds from issuing shares under employee plans		7,597			—			—			7,597
Excess tax benefit from share-based employee awards		972			—			—			972
Payments for common shares repurchased		(23,620	)		—			—			(23,620	)
Cash dividends paid to shareholders		(38,395	)		—			—			(38,395	)
Advances from (to) consolidated subsidiaries		32,901			(33,609	)		708			—
Net cash (used) provided by financing activities of continuing operations		(10,213	)		(34,459	)		708			(43,964	)
Effect Of Exchange Rate Change on Cash		—			—			(1,099	)		(1,099	)
Net Change In Cash And Cash Equivalents		(1,418	)		304			6,752			5,638
Cash And Cash Equivalents: Beginning Of Period		3,197			683			13,503			17,383
End Of Period	$	1,779		$	987		$	20,255		$	23,021

28

Deluxe Corporation

Condensed Consolidating Statement of Cash Flows

	Nine Months Ended September 30, 2010
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Total
Net Cash Provided By Operating Activities of Continuing Operations	$	11,407		$	155,855		$	3,222		$	170,484
Cash Flows From Investing Activities:
Purchases of capital assets		—			(30,894	)		(719	)		(31,613	)
Payments for acquisitions, net of cash acquired		—			(98,621	)		—			(98,621	)
Proceeds from company-owned life insurance policies		5,782			—			—			5,782
Proceeds from sales of marketable securities		—			—			1,970			1,970
Other		(1,759	)		(116	)		(8	)		(1,883	)
Net cash provided (used) by investing activities of continuing operations		4,023			(129,631	)		1,243			(124,365	)
Cash Flows From Financing Activities:
Net proceeds from short-term debt		4,000			—			—			4,000
Payments for debt issue costs		(2,361	)		—			—			(2,361	)
Change in book overdrafts		(1,494	)		(101	)		—			(1,595	)
Proceeds from issuing shares under employee plans		3,078			—			—			3,078
Excess tax benefit from share-based employee awards		396			—			—			396
Payments for common shares repurchased		(2,999	)								(2,999	)
Cash dividends paid to shareholders		(38,586	)		—			—			(38,586	)
Advances from (to) consolidated subsidiaries		23,529			(25,042	)		1,513			—
Net cash (used) provided by financing activities of continuing operations		(14,437	)		(25,143	)		1,513			(38,067	)
Effect Of Exchange Rate Change on Cash		—			—			250			250
Net Change In Cash And Cash Equivalents		993			1,081			6,228			8,302
Cash And Cash Equivalents: Beginning Of Period		2,725			497			9,567			12,789
End Of Period	$	3,718		$	1,578		$	15,795		$	21,091

29

XML

Acquisitions (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2011
Business Acquisition [Line Items]
Shares of common stock to be issued for acquisition (in shares)	193
Customer lists/relationships [Member] | PsPrint [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	$ 3,300
Weighted-average useful life (in years)	6
Internal-use software [Member] | PsPrint [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	9,050
Weighted-average useful life (in years)	5
Trade Names [Member] | PsPrint [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	6,100
Weighted-average useful life (in years)	10
PsPrint [Member]
Business Acquisition [Line Items]
Cash paid for acquisition, net of cash acquired	45,486
Goodwill	24,826
Customer lists/relationships [Member] | Banker's Dashboard, LLC [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	9,300
Weighted-average useful life (in years)	9
Trade Names [Member] | Banker's Dashboard, LLC [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	2,200
Weighted-average useful life (in years)	8
Banker's Dashboard, LLC [Member]
Business Acquisition [Line Items]
Cash paid for acquisition, net of cash acquired	35,000
Cost of acquired entity	39,700
Value of common shares plus related dividend equivalent payments	4,700
Shares of common stock to be issued for acquisition (in shares)	193
Tax deductible goodwill	26,281
Number of years before shares will be issued after the closing of the acquisition (minimum) (in years)	2
Number of years before shares will be issued after the closing of the acquisition (maximum) (in years)	4
Internal-use software [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	9,050
Weighted-average useful life (in years)	5
Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	$ 8,300
Weighted-average useful life (in years)	9.5

XML

Business segment information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Business segment information [Abstract]
Number of reportable business segments	3	3	3	3
Segment Reporting Information [Line Items]
Revenue from external customers:	$ 355,144	$ 367,633	$ 1,051,170	$ 1,050,749
Operating income:	65,645	88,508	197,086	220,683
Depreciation and amortization expense:	17,779	19,379	56,462	54,663
Total assets:	1,387,387	1,324,851	1,387,387	1,324,851	1,308,691
Capital asset purchases:	8,930	10,547	28,226	31,613
Small Business Service [Member]
Segment Reporting Information [Line Items]
Revenue from external customers:	214,442	206,572	617,600	592,063
Operating income:	34,650	45,298	104,749	104,843
Depreciation and amortization expense:	11,437	11,099	33,970	34,230
Total assets:	816,500	779,588	816,500	779,588
Capital asset purchases:	0	0	0	0
Financial Service [Member]
Segment Reporting Information [Line Items]
Revenue from external customers:	85,194	102,614	259,865	302,307
Operating income:	14,128	27,157	43,039	71,178
Depreciation and amortization expense:	3,292	2,911	9,457	8,880
Total assets:	104,375	65,054	104,375	65,054
Capital asset purchases:	0	0	0	0
Direct Check [Member]
Segment Reporting Information [Line Items]
Revenue from external customers:	55,508	58,447	173,705	156,379
Operating income:	16,867	16,053	49,298	44,662
Depreciation and amortization expense:	3,050	5,369	13,035	11,553
Total assets:	173,118	181,982	173,118	181,982
Capital asset purchases:	0	0	0	0
Corporate [Member]
Segment Reporting Information [Line Items]
Revenue from external customers:	0	0	0	0
Operating income:	0	0	0	0
Depreciation and amortization expense:	0	0	0	0
Total assets:	293,394	298,227	293,394	298,227
Capital asset purchases:	$ 8,930	$ 10,547	$ 28,226	$ 31,613

XML

Income tax provision (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Income tax provision [Abstract]
Effective tax rate (in hundredths)	32.00%	35.00%
Favorably (unfavorable) impact on effective tax rate, Medicare Part D subsidies (in hundredths)	1.00%	(1.70%)
Favorably (unfavorably) impact on effective tax rate, other items (in hundredths)	1.20%
Charge resulting from the Health Care and Education Reconciliation Act of 2010		$ 4,063
Favorable impact on effective tax rate, uncertain tax positions (in hundredths)		1.30%

XML

Market risks (Details) (USD $) In Thousands					3 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2010	Sep. 30, 2010	Dec. 31, 2009	Mar. 31, 2009 Downturn in U.S. Economy [Member]	Dec. 31, 2010 Downturn in U.S. Economy [Member]	Dec. 31, 2009 Downturn in U.S. Economy [Member]	Dec. 31, 2008 Downturn in U.S. Economy [Member]	Sep. 30, 2011 Downturn in U.S. Economy [Member]
Economic conditions [Abstract]
Impairment charge, goodwill, Small Business Services segment					$ 20,000
Impairment charge, indefinite-lived trade name, Small Business Services segment					4,900
Postretirement benefit plan [Abstract]
Increase in unfunded status of postretirement benefit plan								29,879
Increase in postretirement benefit expense							2,374
Increase in fair value of plan assets						10,990	21,592
Financial institution clients [Abstract]
Contract acquisition costs	57,364	57,476	55,159	45,701					57,364
Liabilities for contract acquisition costs not paid									$ 21,083

XML

Restructuring charges (restructuring accruals by company initiative and segment) (Details) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011
Restructuring Cost and Reserve [Line Items]
Balance, beginning	$ 6,798
Restructuring charges	5,886
Restructuring reversals	(1,114)
Inter-segment transfer	0
Payments	(5,734)
Balance, end of period	5,836
Components of restructuring accruals [Abstract]
Restructuring charges, cumulative amount	54,086
Restructuring reversals, cumulative amount	(8,861)
Inter-segment transfer, cumulative amount	0
Payments, cumulative amount	(39,389)
Balance, end of period	5,836
Fiscal 2008 initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	117
Restructuring charges	0
Restructuring reversals	(11)
Payments	(106)
Balance, end of period	0
Components of restructuring accruals [Abstract]
Restructuring charges, cumulative amount	27,545
Restructuring reversals, cumulative amount	(5,881)
Payments, cumulative amount	(21,664)
Balance, end of period	0
Fiscal 2009 initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	652
Restructuring charges	4
Restructuring reversals	(56)
Payments	(378)
Balance, end of period	222
Components of restructuring accruals [Abstract]
Restructuring charges, cumulative amount	11,019
Restructuring reversals, cumulative amount	(1,669)
Payments, cumulative amount	(9,128)
Balance, end of period	222
Fiscal 2010 initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	6,029
Restructuring charges	75
Restructuring reversals	(990)
Payments	(3,655)
Balance, end of period	1,459
Components of restructuring accruals [Abstract]
Restructuring charges, cumulative amount	9,715
Restructuring reversals, cumulative amount	(1,254)
Payments, cumulative amount	(7,002)
Balance, end of period	1,459
Fiscal 2011 initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	0
Restructuring charges	5,807
Restructuring reversals	(57)
Payments	(1,595)
Balance, end of period	4,155
Components of restructuring accruals [Abstract]
Restructuring charges, cumulative amount	5,807
Restructuring reversals, cumulative amount	(57)
Payments, cumulative amount	(1,595)
Balance, end of period	4,155
Small Business Services [Member] | Employee Severance Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	1,248
Restructuring charges	1,209
Restructuring reversals	(687)
Inter-segment transfer	125
Payments	(1,003)
Balance, end of period	892
Components of restructuring accruals [Abstract]
Restructuring charges, cumulative amount	15,219
Restructuring reversals, cumulative amount	(2,454)
Inter-segment transfer, cumulative amount	914
Payments, cumulative amount	(12,787)
Balance, end of period	892
Financial Services [Member] | Employee Severance Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	1,954
Restructuring charges	2,235
Restructuring reversals	(222)
Inter-segment transfer	234
Payments	(2,045)
Balance, end of period	2,156
Components of restructuring accruals [Abstract]
Restructuring charges, cumulative amount	8,936
Restructuring reversals, cumulative amount	(1,056)
Inter-segment transfer, cumulative amount	619
Payments, cumulative amount	(6,343)
Balance, end of period	2,156
Direct Checks [Member] | Employee Severance Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	252
Restructuring charges	79
Restructuring reversals	(32)
Inter-segment transfer	2
Payments	(216)
Balance, end of period	85
Components of restructuring accruals [Abstract]
Restructuring charges, cumulative amount	2,898
Restructuring reversals, cumulative amount	(157)
Inter-segment transfer, cumulative amount	63
Payments, cumulative amount	(2,719)
Balance, end of period	85
Employee Severance Benefits [Member] | Corporate [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	2,616
Restructuring charges	2,311
Restructuring reversals	(173)
Inter-segment transfer	(361)
Payments	(2,167)
Balance, end of period	2,226
Components of restructuring accruals [Abstract]
Restructuring charges, cumulative amount	24,662
Restructuring reversals, cumulative amount	(4,801)
Inter-segment transfer, cumulative amount	(1,596)
Payments, cumulative amount	(16,039)
Balance, end of period	2,226
Small Business Services [Member] | Operating Lease Obligations [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	236
Restructuring charges	52
Restructuring reversals	0
Inter-segment transfer	0
Payments	(150)
Balance, end of period	138
Components of restructuring accruals [Abstract]
Restructuring charges, cumulative amount	1,862
Restructuring reversals, cumulative amount	(393)
Inter-segment transfer, cumulative amount	0
Payments, cumulative amount	(1,331)
Balance, end of period	138
Direct Checks [Member] | Operating Lease Obligations [Member]
Restructuring Cost and Reserve [Line Items]
Balance, beginning	492
Restructuring charges	0
Restructuring reversals	0
Inter-segment transfer	0
Payments	(153)
Balance, end of period	339
Components of restructuring accruals [Abstract]
Restructuring charges, cumulative amount	509
Restructuring reversals, cumulative amount	0
Inter-segment transfer, cumulative amount	0
Payments, cumulative amount	(170)
Balance, end of period	$ 339

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Supplemental balance sheet information (Details) (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Inventories and supplies [Abstract]
Raw materials	$ 5,477	$ 4,879
Semi-finished goods	8,905	8,393
Finished goods	5,208	5,083
Supplies, primarily production	2,896	3,305
Inventories and supplies	$ 22,486	$ 21,660

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Supplemental guarantor financial information, Condensed consolidating balance sheet (Details) (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010	Sep. 30, 2010	Dec. 31, 2009
Current Assets:
Cash and cash equivalents	$ 23,021	$ 17,383	$ 21,091	$ 12,789
Trade accounts receivable, net	65,039	66,471
Inventories and supplies	22,486	21,660
Deferred income taxes	8,697	9,390
Funds held for customers	34,611	35,720
Other current assets	26,602	20,613
Total current assets	180,456	171,237
Long-term Investments	44,768	37,410
Property, Plant and Equipment, net	116,773	120,221
Assets Held for Sale	3,937	4,527
Intangibles, net	163,710	155,112
Goodwill	776,944	725,937
Investments In Consolidated Subsidiaries	0	0
Intercompany (Payable) Receivable	0	0
Other Non-Current Assets	100,799	94,247
Total assets	1,387,387	1,308,691	1,324,851
Current Liabilities:
Accounts payable	63,167	60,478
Accrued liabilities	146,394	144,034
Short-term debt	33,000	7,000
Total current liabilities	242,561	211,512
Long-Term Debt	742,592	748,122
Deferred Income Taxes	51,926	46,752
Other Non-Current Liabilities	66,937	76,107
Total Shareholders' Equity	283,371	226,198
Total liabilities and shareholders' equity	1,387,387	1,308,691
Deluxe Corporation [Member]
Current Assets:
Cash and cash equivalents	1,779	3,197	3,718	2,725
Trade accounts receivable, net	0	0
Inventories and supplies	0	0
Deferred income taxes	1,215	2,854
Funds held for customers	0	0
Other current assets	9,445	9,463
Total current assets	12,439	15,514
Long-term Investments	35,979	34,905
Property, Plant and Equipment, net	0	0
Assets Held for Sale	0	0
Intangibles, net	0	0
Goodwill	0	0
Investments In Consolidated Subsidiaries	1,261,717	986,484
Intercompany (Payable) Receivable	(245,905)	(68,348)
Other Non-Current Assets	14,624	12,337
Total assets	1,078,854	980,892
Current Liabilities:
Accounts payable	15,618	11,697
Accrued liabilities	18,694	9,440
Short-term debt	33,000	7,000
Total current liabilities	67,312	28,137
Long-Term Debt	742,592	748,122
Deferred Income Taxes	(20,266)	(25,898)
Other Non-Current Liabilities	5,845	4,333
Total Shareholders' Equity	283,371	226,198
Total liabilities and shareholders' equity	1,078,854	980,892
Guarantor subsidiaries [Member]
Current Assets:
Cash and cash equivalents	987	683	1,578	497
Trade accounts receivable, net	53,082	53,679
Inventories and supplies	20,405	19,350
Deferred income taxes	6,715	6,303
Funds held for customers	0	0
Other current assets	11,537	8,047
Total current assets	92,726	88,062
Long-term Investments	8,789	2,427
Property, Plant and Equipment, net	100,121	102,427
Assets Held for Sale	3,937	4,527
Intangibles, net	161,401	151,512
Goodwill	775,044	723,938
Investments In Consolidated Subsidiaries	13,785	615
Intercompany (Payable) Receivable	292,362	114,299
Other Non-Current Assets	72,713	71,032
Total assets	1,520,878	1,258,839
Current Liabilities:
Accounts payable	43,515	42,798
Accrued liabilities	88,473	92,038
Short-term debt	0	0
Total current liabilities	131,988	134,836
Long-Term Debt	0	0
Deferred Income Taxes	68,963	68,794
Other Non-Current Liabilities	58,210	68,725
Total Shareholders' Equity	1,261,717	986,484
Total liabilities and shareholders' equity	1,520,878	1,258,839
Non-guarantor subsidiaries [Member]
Current Assets:
Cash and cash equivalents	20,255	13,503	15,795	9,567
Trade accounts receivable, net	11,957	12,792
Inventories and supplies	2,081	2,310
Deferred income taxes	767	233
Funds held for customers	34,611	35,720
Other current assets	5,620	3,103
Total current assets	75,291	67,661
Long-term Investments	0	78
Property, Plant and Equipment, net	16,652	17,794
Assets Held for Sale	0	0
Intangibles, net	2,309	3,600
Goodwill	1,900	1,999
Investments In Consolidated Subsidiaries	0	0
Intercompany (Payable) Receivable	(46,457)	(45,951)
Other Non-Current Assets	13,462	10,878
Total assets	63,157	56,059
Current Liabilities:
Accounts payable	4,034	5,983
Accrued liabilities	39,227	42,556
Short-term debt	0	0
Total current liabilities	43,261	48,539
Long-Term Debt	0	0
Deferred Income Taxes	3,229	3,856
Other Non-Current Liabilities	2,882	3,049
Total Shareholders' Equity	13,785	615
Total liabilities and shareholders' equity	63,157	56,059
Eliminations [Member]
Current Assets:
Cash and cash equivalents	0	0
Trade accounts receivable, net	0	0
Inventories and supplies	0	0
Deferred income taxes	0	0
Funds held for customers	0	0
Other current assets	0	0
Total current assets	0	0
Long-term Investments	0
Property, Plant and Equipment, net	0	0
Assets Held for Sale	0	0
Intangibles, net	0	0
Goodwill	0	0
Investments In Consolidated Subsidiaries	(1,275,502)	(987,099)
Intercompany (Payable) Receivable	0	0
Other Non-Current Assets	0	0
Total assets	(1,275,502)	(987,099)
Current Liabilities:
Accounts payable	0	0
Accrued liabilities	0	0
Short-term debt	0	0
Total current liabilities	0	0
Long-Term Debt	0	0
Deferred Income Taxes	0	0
Other Non-Current Liabilities	0	0
Total Shareholders' Equity	(1,275,502)	(987,099)
Total liabilities and shareholders' equity	$ (1,275,502)	$ (987,099)

XML

Derivative financial instruments (Tables)

9 Months Ended

Sep. 30, 2011

Derivative financial instruments [Abstract]

Interest rate swaps

The fair value of the interest rate swaps is included in other non-current assets on the consolidated balance sheets. Information regarding the interest rate swaps as of September 30, 2011 is as follows:

	Notional amount		Fair value of interest rate swaps		Increase in debt due to fair value adjustment
Fair value hedge related to long-term debt due in 2012	$	84,847	$	1,719	$	1,114
Fair value hedge related to long-term debt due in 2014		198,000		3,781		3,366
Total fair value hedges	$	282,847	$	5,500	$	4,480

Information regarding the interest rate swaps as of December 31, 2010 is as follows:

	Notional amount		Fair value of interest rate swaps		Increase in debt due to fair value adjustment
Fair value hedge related to long-term debt due in 2012	$	210,000	$	5,456	$	4,879

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Debt (credit facility) (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2010
Line of Credit Facility [Line Items]
Amounts drawn on credit facility	$ 33,000	$ 7,000
Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility, date of expiration	March 2013
Commitment fees, minimum (in hundredths)	0.40%
Commitment fees, maximum (in hundredths)	0.50%
Daily average amount outstanding	22,670	49,957
Weighted-average interest rate on daily average amount outstanding (in hundredths)	3.02%	3.20%
Weighted-average interest rate on amount outstanding at end of period (in hundredths)	3.21%	5.25%
Credit facility commitment	200,000
Amounts drawn on credit facility	(33,000)
Outstanding letters of credit	(8,551)
Net available for borrowing at end of period	$ 158,449
Ratio of EBITDA to interest expense	two to one

XML

Fair value measurements (2011 impairment analyses and acquisitions) (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2011
Asset impairment analyses [Abstract]
Carrying value of indefinite-lived trade name	$ 19,100
Excess of fair value over carrying value of indefinite-live trade name	12,000
Excess of fair value over carrying value of reporting unit's net assets, minimum	43,000
Excess of fair value over carrying value of reporting unit's net assets, maximum	546,000
Excess of fair values over carrying values of reporting units net assets, minimum (in hundredths)	55.00%
Excess of fair value over carrying value of reporting unit's net assets, maximum (in hundredths)	442.00%
Acquisitions [Abstract]
Shares of common stock to be issued for acquisition (in shares)	193
Shares of common stock to be issued for acquisition, fair value	4,300
Customer Lists [Member]
Acquisitions [Abstract]
Fair value of intangible assets acquired	12,600
Weighted-average useful life (in years)	8.2
Internal-use software [Member]
Acquisitions [Abstract]
Fair value of intangible assets acquired	9,050
Weighted-average useful life (in years)	5
Trade Names [Member]
Acquisitions [Abstract]
Fair value of intangible assets acquired	$ 8,300
Weighted-average useful life (in years)	9.5

XML

Supplemental balance sheet information (other) (Details) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011		Sep. 30, 2010		Dec. 31, 2010
Other non-current assets [Abstract]
Contract acquisition costs	$ 57,364		$ 55,159
Deferred advertising costs	15,465				15,832
Other	27,970				20,939
Other non-current assets	100,799				94,247
Contract acquisition costs [Abstract]
Balance, beginning of year	57,476		45,701
Additions	12,880	[1]	24,388	[1]
Amortization	(12,737)		(14,696)
Write-offs	0		(234)
Other	(255)		0
Balance, end of period	57,364		55,159
Contract acquisition payments	9,998		13,837
Accrued liabilities [Abstract]
Funds held for customers	34,100				35,475
Employee profit sharing/cash bonus and pension	21,138				34,109
Customer rebates	19,896				19,201
Contract acquisition costs due within one year	13,518				8,550
Interest	13,241				5,227
Wages, including vacation	9,215				5,898
Restructuring due within one year (see Note 9)	5,692				6,435
Other	29,594				29,139
Accrued liabilities	$ 146,394				$ 144,034

[1] Contract acquisition costs are accrued upon contract execution. Cash payments made for contract acquisition costs were $9,998 for the nine months ended September 30, 2011 and $13,837 for the nine months ended September 30, 2010.

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Shareholders' equity (changes in shareholders' equity) (Details) (USD $) In Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011		Sep. 30, 2010
Changes in shareholders' equity [Roll Forward]
Balance, beginning of period			$ 226,198
Balance, beginning of period (in shares)			51,338
Net income	36,735	50,800	104,764		117,799
Cash dividends			(38,395)
Common shares issued			7,876
Common shares to be issued for Banker's Dashboard acquisition (see Note 5)	4,300		4,300
Tax impact of share-based awards			240
Common shares repurchased			(23,620)
Common shares repurchased (in shares)			940
Other common shares retired			(1,638)
Fair value of share-based compensation			4,118
Amortization of postretirement prior service credit, net of tax			(1,746)
Amortization of postretirement net actuarial losses, net of tax			2,525
Amortization of loss on derivatives, net of tax			1,313	[1]
Net unrealized gain on marketable securities, net of tax			131
Currency translation adjustment			(2,695)
Balance, end of period	283,371		283,371
Balance, end of period (in shares)	50,817		50,817
Common Shares [Member]
Changes in shareholders' equity [Roll Forward]
Balance, beginning of period			51,338
Balance, beginning of period (in shares)			51,338
Net income			0
Cash dividends			0
Common shares issued			482
Common shares issued (in shares)			482
Common shares to be issued for Banker's Dashboard acquisition (see Note 5)	0		0
Tax impact of share-based awards			0
Common shares repurchased			(940)
Common shares repurchased (in shares)			(940)
Other common shares retired			(63)
Other common shares retired (in shares)			(63)
Fair value of share-based compensation			0
Amortization of postretirement prior service credit, net of tax			0
Amortization of postretirement net actuarial losses, net of tax			0
Amortization of loss on derivatives, net of tax			0	[1]
Net unrealized gain on marketable securities, net of tax			0
Currency translation adjustment			0
Balance, end of period	50,817		50,817
Balance, end of period (in shares)	50,817		50,817
Additional Paid-in Capital [Member]
Changes in shareholders' equity [Roll Forward]
Balance, beginning of period			62,915
Net income			0
Cash dividends			0
Common shares issued			7,394
Common shares to be issued for Banker's Dashboard acquisition (see Note 5)	4,300		4,300
Tax impact of share-based awards			240
Common shares repurchased			(22,680)
Other common shares retired			(1,575)
Fair value of share-based compensation			4,118
Amortization of postretirement prior service credit, net of tax			0
Amortization of postretirement net actuarial losses, net of tax			0
Amortization of loss on derivatives, net of tax			0	[1]
Net unrealized gain on marketable securities, net of tax			0
Currency translation adjustment			0
Balance, end of period	54,712		54,712
Retained Earnings [Member]
Changes in shareholders' equity [Roll Forward]
Balance, beginning of period			161,957
Net income			104,764
Cash dividends			(38,395)
Common shares issued			0
Common shares to be issued for Banker's Dashboard acquisition (see Note 5)	0		0
Tax impact of share-based awards			0
Other common shares retired			0
Fair value of share-based compensation			0
Amortization of postretirement prior service credit, net of tax			0
Amortization of postretirement net actuarial losses, net of tax			0
Amortization of loss on derivatives, net of tax			0	[1]
Net unrealized gain on marketable securities, net of tax			0
Currency translation adjustment			0
Balance, end of period	228,326		228,326
Accumulated Other Comprehensive Loss [Member]
Changes in shareholders' equity [Roll Forward]
Balance, beginning of period			(50,012)
Net income			0
Cash dividends			0
Common shares issued			0
Common shares to be issued for Banker's Dashboard acquisition (see Note 5)	0		0
Tax impact of share-based awards			0
Other common shares retired			0
Fair value of share-based compensation			0
Amortization of postretirement prior service credit, net of tax			(1,746)
Amortization of postretirement net actuarial losses, net of tax			2,525
Amortization of loss on derivatives, net of tax			1,313	[1]
Net unrealized gain on marketable securities, net of tax			131
Currency translation adjustment			(2,695)
Balance, end of period	$ (50,484)		$ (50,484)

[1] Relates to interest rate locks executed in 2004 and 2002. See "Note 6: Derivative financial instruments" in the Notes to Consolidated Financial Statements appearing in the 2010 Form 10-K.

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Pension and other postretirement benefits (Details) (USD $) In Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 1,667	$ 1,820	$ 5,002	$ 5,461
Expected return on plan assets	(1,963)	(1,806)	(5,888)	(5,419)
Amortization of prior service credit	(936)	(936)	(2,807)	(2,807)
Amortization of net actuarial losses	1,354	1,352	4,061	4,055
Total periodic benefit expense	122	430	368	1,290
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	41	45	123	135
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	0	0	0	0
Amortization of net actuarial losses	0	0	0	0
Total periodic benefit expense	$ 41	$ 45	$ 123	$ 135

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Earnings per share

9 Months Ended

Sep. 30, 2011

Earnings per share [Abstract]

Earnings per share

Note 4: Earnings per share

The following table reflects the calculation of basic and diluted earnings per share from continuing operations. During each period, certain options, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive.

	Quarter Ended September 30,						Nine Months Ended  September 30,
	2011			2010			2011			2010
Earnings per share – basic:
Income from continuing operations	$	36,735		$	51,172		$	104,764		$	118,570
Income allocated to participating securities		(240	)		(267	)		(565	)		(627	)
Income available to common shareholders	$	36,495		$	50,905		$	104,199		$	117,943
Weighted-average shares outstanding		50,889			51,171			51,112			51,120
Earnings per share – basic	$	0.72		$	0.99		$	2.04		$	2.31
Earnings per share – diluted:
Income from continuing operations	$	36,735		$	51,172		$	104,764		$	118,570
Income allocated to participating securities		(166	)		(265	)		(325	)		(625	)
Re-measurement of share-based awards classified as liabilities		(77	)		2			(65	)		53
Income available to common shareholders	$	36,492		$	50,909		$	104,374		$	117,998
Weighted-average shares outstanding		50,889			51,171			51,112			51,120
Dilutive impact of potential common shares		314			191			431			197
Weighted-average shares and potential common shares outstanding		51,203			51,362			51,543			51,317
Earnings per share – diluted	$	0.71		$	0.99		$	2.02		$	2.30
Antidilutive options excluded from calculation		1,961			2,357			1,961			2,357

Earnings per share amounts for continuing operations, discontinued operations and net income, as presented on the consolidated statements of income, are calculated individually and may not sum due to rounding differences.

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Fair value measurements (information regarding recurring fair value measurements ) (Details) (USD $) In Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investment in mutual funds	$ 2,157		$ 2,157		$ 2,283
Fair value disclosure, hedge ineffectiveness [Abstract]
Gain from derivatives	2,866	1,831	2,592	6,800
Loss from change in fair value of hedged debt	(2,792)	(1,706)	(3,115)	(6,349)
Net decrease (increase) in interest expense	74	125	(523)	451
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - funds held for customers	10,032		10,032		10,249
Marketable securities - corporate investments	1,941		1,941		2,029
Long-term investment in mutual funds	2,157		2,157		2,283
Derivative assets	5,500		5,500		5,456
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - funds held for customers	0		0		0
Marketable securities - corporate investments	0		0		0
Long-term investment in mutual funds	2,157		2,157		2,283
Derivative assets	0		0		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - funds held for customers	10,032		10,032		10,249
Marketable securities - corporate investments	1,941		1,941		2,029
Long-term investment in mutual funds	0		0		0
Derivative assets	5,500		5,500		5,456
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - funds held for customers	0		0		0
Marketable securities - corporate investments	0		0		0
Long-term investment in mutual funds	0		0		0
Derivative assets	0		0		0
Long-term investments [Member]
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Net unrealized gain on investment in mutual funds	$ 226

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Debt (Tables)

9 Months Ended

Sep. 30, 2011

Debt [Abstract]

Debt

Total debt outstanding was comprised of the following:

	September 30, 2011		December 31, 2010
5.0% senior, unsecured notes due December 15, 2012, net of discount, including cumulative change in fair value of hedged debt: 2011 - $1,114 increase; 2010 - $4,879 increase	$	85,897	$	284,843
5.125% senior, unsecured notes due October 1, 2014, net of discount, including cumulative change in fair value of hedged debt: 2011 - $3,366 increase		256,695		263,279
7.375% senior notes due June 1, 2015		200,000		200,000
7.0% senior notes due March 15, 2019		200,000		-
Long-term portion of debt		742,592		748,122
Amounts drawn on credit facility		33,000		7,000
Total debt	$	775,592	$	755,122

Credit facility, amounts outstanding

Amounts outstanding under our credit facility were as follows:

	Nine Months Ended September 30, 2011			Year Ended December 31, 2010
Daily average amount outstanding	$	22,670		$	49,957
Weighted-average interest rate		3.02	%		3.20	%

Credit facility, amount available for borrowing

As of September 30, 2011, amounts were available for borrowing under our credit facility as follows:

	Total available
Credit facility commitment	$	200,000
Amounts drawn on credit facility		(33,000	)
Outstanding letters of credit		(8,551	)
Net available for borrowing as of September 30, 2011	$	158,449

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Pension and other postretirement benefits (Tables)

9 Months Ended

Sep. 30, 2011

Pension and other postretirement benefits [Abstract]

Components of net periodic benefit expense

Pension and postretirement benefit expense for the quarters ended September 30, 2011 and 2010 consisted of the following components:

	Postretirement benefit  plan						Pension plan
	2011			2010			2011		2010
Interest cost	$	1,667		$	1,820		$	41	$	45
Expected return on plan assets		(1,963	)		(1,806	)		-		-
Amortization of prior service credit		(936	)		(936	)		-		-
Amortization of net actuarial losses		1,354			1,352			-		-
Total periodic benefit expense	$	122		$	430		$	41	$	45

Pension and postretirement benefit expense for the nine months ended September 30, 2011 and 2010 consisted of the following components:

	Postretirement benefit  plan						Pension plan
	2011			2010			2011		2010
Interest cost	$	5,002		$	5,461		$	123	$	135
Expected return on plan assets		(5,888	)		(5,419	)		-		-
Amortization of prior service credit		(2,807	)		(2,807	)		-		-
Amortization of net actuarial losses		4,061			4,055			-		-
Total periodic benefit expense	$	368		$	1,290		$	123	$	135

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Supplemental guarantor financial information (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2011
Supplemental Guarantor Financial Information [Abstract]
Anticipated period of registering the notes with Securities and Exchange Commission via a registration statement (in days)	340
Anticipated date of registering the notes with Securities and Exchange Commission via a registration statement	Mar. 15, 2011
Parent company's ownership interest in guarantor subsidiaries (in hundredths)	100.00%
Debt issuance date	March 2011
Principal amount issued	$ 200
Debt maturity date	Mar. 15, 2019

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Fair value measurements (other financial instruments) (Details) (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 23,021	$ 17,383
Cash and cash equivalents - funds held for customers	24,579	25,471
Short-term debt	33,000	7,000
Long-term debt	742,592	748,122
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	23,021	17,383
Cash and cash equivalents - funds held for customers	24,579	25,471
Short-term debt	33,000	7,000
Long-term debt	$ 736,843	$ 751,978

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Shareholders' equity (Tables)

9 Months Ended

Sep. 30, 2011

Shareholders' equity [Abstract]

Shareholders' equity

Changes in shareholders' equity during the nine months ended September 30, 2011 were as follows:

	Common shares						Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Total shareholders' equity
		Numberof shares			Par value
Balance, December 31, 2010		51,338		$	51,338		$	62,915		$	161,957		$	(50,012	)	$	226,198
Net income		-			-			-			104,764			-			104,764
Cash dividends		-			-			-			(38,395	)		-			(38,395	)
Common shares issued		482			482			7,394			-			-			7,876
Common shares to be issued for Banker's Dashboard acquisition (see Note 5)		-			-			4,300			-			-			4,300
Tax impact of share-based awards		-			-			240			-			-			240
Common shares repurchased		(940	)		(940	)		(22,680	)								(23,620	)
Other common shares retired		(63	)		(63	)		(1,575	)		-			-			(1,638	)
Fair value of share-based  compensation		-			-			4,118			-			-			4,118
Amortization of postretirement   prior service credit, net of tax		-			-			-			-			(1,746	)		(1,746	)
Amortization of postretirement   net actuarial losses, net of tax		-			-			-			-			2,525			2,525
Amortization of loss on   derivatives, net of tax(1)		-			-			-			-			1,313			1,313
Net unrealized gain on marketable securities, net of tax		-			-			-			-			131			131
Currency translation adjustment		-			-			-			-			(2,695	)		(2,695	)
Balance, September 30, 2011		50,817		$	50,817		$	54,712		$	228,326		$	(50,484	)	$	283,371

(1) Relates to interest rate locks executed in 2004 and 2002. See “Note 6: Derivative financial instruments” in the Notes to Consolidated Financial Statements appearing in the 2010 Form 10-K.

Accumulated other comprehensive loss

Accumulated other comprehensive loss was comprised of the following:

	September 30, 2011			December 31, 2010
Postretirement and defined benefit pension plans:
Unrealized prior service credit	$	13,905		$	15,651
Unrealized net actuarial losses		(65,818	)		(68,343	)
Postretirement and defined benefit pension plans, net of tax		(51,913	)		(52,692	)
Loss on derivatives, net of tax		(3,209	)		(4,522	)
Unrealized gain on marketable securities, net of tax		144			13
Currency translation adjustment		4,494			7,189
Accumulated other comprehensive loss	$	(50,484	)	$	(50,012	)

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Business segment information (Tables)

9 Months Ended

Sep. 30, 2011

Business segment information [Abstract]

Business segment information

The following is our segment information as of and for the quarters ended September 30, 2011 and 2010:

		Reportable Business Segments
		Small Business Services		Financial Services		Direct Checks		Corporate		Consolidated
Revenue from external customers:	2011	$	214,442	$	85,194	$	55,508	$	-	$	355,144
	2010		206,572		102,614		58,447		-		367,633
Operating income:	2011		34,650		14,128		16,867		-		65,645
	2010		45,298		27,157		16,053		-		88,508
Depreciation and amortization	2011		11,437		3,292		3,050		-		17,779
expense:	2010		11,099		2,911		5,369		-		19,379
Total assets:	2011		816,500		104,375		173,118		293,394		1,387,387
	2010		779,588		65,054		181,982		298,227		1,324,851
Capital asset purchases:	2011		-		-		-		8,930		8,930
	2010		-		-		-		10,547		10,547

The following is our segment information as of and for the nine months ended September 30, 2011 and 2010:

		Reportable Business Segments
		Small Business Services		Financial Services		Direct Checks		Corporate		Consolidated
Revenue from external customers:	2011	$	617,600	$	259,865	$	173,705	$	-	$	1,051,170
	2010		592,063		302,307		156,379		-		1,050,749
Operating income:	2011		104,749		43,039		49,298		-		197,086
	2010		104,843		71,178		44,662		-		220,683
Depreciation and amortization	2011		33,970		9,457		13,035		-		56,462
expense:	2010		34,230		8,880		11,553		-		54,663
Total assets:	2011		816,500		104,375		173,118		293,394		1,387,387
	2010		779,588		65,054		181,982		298,227		1,324,851
Capital asset purchases:	2011		-		-		-		28,226		28,226
	2010		-		-		-		31,613		31,613

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Supplemental balance sheet information

9 Months Ended

Sep. 30, 2011

Supplemental balance sheet information [Abstract]

Supplemental balance sheet information

Note 3: Supplemental balance sheet information

Inventories and supplies – Inventories and supplies were comprised of the following:

	September 30, 2011		December 31,  2010
Raw materials	$	5,477	$	4,879
Semi-finished goods		8,905		8,393
Finished goods		5,208		5,083
Supplies, primarily production		2,896		3,305
Inventories and supplies	$	22.486	$	21,660

Marketable securities – Available-for-sale marketable securities included within funds held for customers and other current assets were comprised of the following:

	September 30, 2011
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate investments:
Money market securities	$	1,941	$	-	$	-	$	1,941
Funds held for customers:(1)
Money market securities		4,853		-		-		4,853
Canadian and provincial government securities		4,988		191		-		5,179
Marketable securities – funds held for customers		9,841		191		-		10,032
Total marketable securities	$	11,782	$	191	$	-	$	11,973

(1) Funds held for customers, as reported on the consolidated balance sheet as of September 30, 2011, also included cash and cash equivalents of $24,579.

	December 31, 2010
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate investments:
Money market securities	$	2,029	$	-	$	-	$	2,029
Funds held for customers:(1)
Money market securities		5,078		-		-		5,078
Canadian and provincial government securities		5,148		23		-		5,171
Marketable securities – funds held for customers		10,226		23		-		10,249
Total marketable securities	$	12,255	$	23	$	-	$	12,278

(1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2010, also included cash and cash equivalents of $25,471.

Expected maturities of available-for-sale securities as of September 30, 2011 were as follows:

	Fair value
Due in one year or less	$	6,794
Due in one to three years		539
Due in three to five years		1,797
Due after five years		2,843
Total marketable securities	$	11,973

Further information regarding the fair value of marketable securities can be found in Note 8: Fair value measurements.

Intangibles – Intangibles were comprised of the following:

	September 30, 2011							December 31, 2010
	Gross carrying amount		Accumulated amortization			Net carrying amount		Gross carrying amount		Accumulated amortization			Net carrying amount
Indefinite-lived:
Trade name	$	19,100	$	-		$	19,100	$	19,100	$	-		$	19,100
Amortizable intangibles:
Internal-use software		405,550		(337,188	)		68,362		378,269		(314,267	)		64,002
Customer lists/relationships		68,327		(39,947	)		28,380		72,292		(43,660	)		28,632
Distributor contracts		30,900		(27,747	)		3,153		30,900		(26,396	)		4,504
Trade names		67,661		(24,912	)		42,749		59,361		(22,009	)		37,352
Other		9,669		(7,703	)		1,966		8,602		(7,080	)		1,522
Amortizable intangibles		582,107		(437,497	)		144,610		549,424		(413,412	)		136,012
Intangibles	$	601,207	$	(437,497	)	$	163,710	$	568,524	$	(413,412	)	$	155,112

Total amortization of intangibles was $12,198 for the quarter ended September 30, 2011 and $14,193 for the quarter ended September 30, 2010. Amortization of intangibles was $40,297 for the nine months ended September 30, 2011 and $38,935 for the nine months ended September 30, 2010. Based on the intangibles in service as of September 30, 2011, estimated future amortization expense is as follows:

	Estimated amortizationexpense
Remainder of 2011	$	10,105
2012		32,021
2013		21,669
2014		11,607
2015		8,009

Goodwill – Changes in goodwill during the nine months ended September 30, 2011 were as follows:

	Small Business Services			Financial Services		Direct Checks		Total
Balance, December 31, 2010:
Goodwill	$	596,534		$	897	$	148,506	$	745,937
Accumulated impairment charges		(20,000	)		-		-		(20,000	)
		576,534			897		148,506		725,937
Acquisition of Banker's Dashboard (see Note 5)		-			26,281		-		26,281
Acquisition of PsPrint (see Note 5)		24,826			-		-		24,826
Currency translation adjustment		(100	)		-		-		(100	)
Balance, September 30, 2011:
Goodwill		621,260			27,178		148,506		796,944
Accumulated impairment charges		(20,000	)		-		-		(20,000	)
	$	601,260		$	27,178	$	148,506	$	776,944

Other non-current assets – Other non-current assets were comprised of the following:

	September 30, 2011		December 31, 2010
Contract acquisition costs	$	57,364	$	57,476
Deferred advertising costs		15,465		15,832
Other		27,970		20,939
Other non-current assets	$	100,799	$	94,247

See Note 16 for a discussion of market risks related to contract acquisition costs. Changes in contract acquisition costs during the first nine months of 2011 and 2010 were as follows:

	Nine Months Ended September 30,
	2011			2010
Balance, beginning of year	$	57,476		$	45,701
Additions(1)		12,880			24,388
Amortization		(12,737	)		(14,696	)
Write-offs		-			(234	)
Other		(255	)		-
Balance, end of period	$	57,364		$	55,159

(1) Contract acquisition costs are accrued upon contract execution. Cash payments made for contract acquisition costs were $9,998 for the nine months ended September 30, 2011 and $13,837 for the nine months ended September 30, 2010.

Accrued liabilities – Accrued liabilities were comprised of the following:

	September 30, 2011		December 31, 2010
Funds held for customers	$	34,100	$	35,475
Employee profit sharing/cash bonus and pension		21,138		34,109
Customer rebates		19,896		19,201
Contract acquisition costs due within one year		13,518		8,550
Interest		13,241		5,227
Wages, including vacation		9,215		5,898
Restructuring due within one year (see Note 9)		5,692		6,435
Other		29,594		29,139
Accrued liabilities	$	146,394	$	144,034

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Supplemental guarantor financial information (Tables)

9 Months Ended

Sep. 30, 2011

Supplemental Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

We are an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations and the sharing of assets. Therefore, we do not represent that the financial information presented is indicative of the financial position, results of operations or cash flows which the entities would have reported if they had operated independently. The condensed consolidating financial statements should be read in conjunction with our consolidated financial statements.

Deluxe Corporation

Condensed Consolidating Balance Sheet

	September 30, 2011
	Deluxe  Corporation			Guarantor subsidiaries		Non- guarantor subsidiaries			Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	1,779		$	987	$	20,255		$	-		$	23,021
Trade accounts receivable, net		-			53,082		11,957			-			65,039
Inventories and supplies		-			20,405		2,081			-			22,486
Deferred income taxes		1,215			6,715		767			-			8,697
Funds held for customers		-			-		34,611			-			34,611
Other current assets		9,445			11,537		5,620			-			26,602
Total current assets		12,439			92,726		75,291			-			180,456
Long-term Investments		35,979			8,789		-			-			44,768
Property, Plant and Equipment, net		-			100,121		16,652			-			116,773
Assets Held for Sale		-			3,937		-			-			3,937
Intangibles, net		-			161,401		2,309			-			163,710
Goodwill		-			775,044		1,900			-			776,944
Investments In Consolidated Subsidiaries		1,261,717			13,785		-			(1,275,502	)		-
Intercompany (Payable) Receivable		(245,905	)		292,362		(46,457	)		-			-
Other Non-Current Assets		14,624			72,713		13,462			-			100,799
Total assets	$	1,078,854		$	1,520,878	$	63,157		$	(1,275,502	)	$	1,387,387
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	15,618		$	43,515	$	4,034		$	-		$	63,167
Accrued liabilities		18,694			88,473		39,227			-			146,394
Short-term debt		33,000			-		-			-			33,000
Total current liabilities		67,312			131,988		43,261			-			242,561
Long-Term Debt		742,592			-		-			-			742,592
Deferred Income Taxes		(20,266	)		68,963		3,229			-			51,926
Other Non-Current Liabilities		5,845			58,210		2,882			-			66,937
Total Shareholders' Equity		283,371			1,261,717		13,785			(1,275,502	)		283,371
Total liabilities and shareholders' equity	$	1,078,854		$	1,520,878	$	63,157		$	(1,275,502	)	$	1,387,387

Deluxe Corporation

Condensed Consolidating Balance Sheet

	December 31, 2010
	Deluxe Corporation			Guarantor subsidiaries		Non- guarantor subsidiaries			Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	3,197		$	683	$	13,503		$	-		$	17,383
Trade accounts receivable, net		-			53,679		12,792			-			66,471
Inventories and supplies		-			19,350		2,310			-			21,660
Deferred income taxes		2,854			6,303		233			-			9,390
Funds held for customers		-			-		35,720			-			35,720
Other current assets		9,463			8,047		3,103			-			20,613
Total current assets		15,514			88,062		67,661			-			171,237
Long-term Investments		34,905			2,427		78						37,410
Property, Plant and Equipment, net		-			102,427		17,794			-			120,221
Assets Held for Sale		-			4,527		-			-			4,527
Intangibles, net		-			151,512		3,600			-			155,112
Goodwill		-			723,938		1,999			-			725,937
Investments In Consolidated Subsidiaries		986,484			615		-			(987,099	)		-
Intercompany (Payable) Receivable		(68,348	)		114,299		(45,951	)		-			-
Other Non-Current Assets		12,337			71,032		10,878			-			94,247
Total assets	$	980,892		$	1,258,839	$	56,059		$	(987,099	)	$	1,308,691
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	11,697		$	42,798	$	5,983		$	-		$	60,478
Accrued liabilities		9,440			92,038		42,556			-			144,034
Short-term debt		7,000			-		-			-			7,000
Total current liabilities		28,137			134,836		48,539			-			211,512
Long-Term Debt		748,122			-		-			-			748,122
Deferred Income Taxes		(25,898	)		68,794		3,856			-			46,752
Other Non-Current Liabilities		4,333			68,725		3,049			-			76,107
Total Shareholders' Equity		226,198			986,484		615			(987,099	)		226,198
Total liabilities and shareholders' equity	$	980,892		$	1,258,839	$	56,059		$	(987,099	)	$	1,308,691

Condensed Consolidating Statement of Income

Deluxe Corporation

Condensed Consolidating Statement of Income

	Quarter Ended September 30, 2011
	Deluxe  Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Eliminations			Total
Revenue	$	2,128		$	318,933		$	68,984		$	(34,901	)	$	355,144
Total cost of goods sold		-			113,365			39,888			(30,615	)		122,638
Gross Profit		2,128			205,568			29,096			(4,286	)		232,506
Selling, general and administrative expense, including net restructuring charges		2,529			146,427			22,191			(4,286	)		166,861
Operating (Loss) Income		(401	)		59,141			6,905			-			65,645
Interest expense		(11,785	)		(2,106	)		(298	)		2,358			(11,831	)
Other income (expense)		2,930			382			(1,255	)		(2,358	)		(301	)
(Loss) Income Before Income Taxes		(9,256	)		57,417			5,352			-			53,513
Income tax (benefit) provision		(6,227	)		23,171			(166	)		-			16,778
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(3,029	)		34,246			5,518			-			36,735
Equity In Earnings Of Consolidated Subsidiaries		39,764			5,518			-			(45,282	)		-
Income From Continuing Operations		36,735			39,764			5,518			(45,282	)		36,735
Net Loss From Discontinued Operations		-			-			-			-			-
Net Income	$	36,735		$	39,764		$	5,518		$	(45,282	)	$	36,735

Deluxe Corporation

Condensed Consolidating Statement of Income

	Quarter Ended September 30, 2010
	Deluxe Corporation			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations			Total
Revenue	$	2,329		$	335,542		$	65,624		$	(35,862	)	$	367,633
Total cost of goods sold		-			112,973			39,456			(30,996	)		121,433
Gross Profit		2,329			222,569			26,168			(4,866	)		246,200
Selling, general and administrative expense, including net restructuring charges		(181	)		140,378			22,361			(4,866	)		157,692
Operating Income		2,510			82,191			3,807			-			88,508
Interest expense		(11,176	)		(1,772	)		(248	)		1,989			(11,207	)
Other income (expense)		1,368			(17	)		1,021			(1,989	)		383
(Loss) Income Before Income Taxes		(7,298	)		80,402			4,580			-			77,684
Income tax (benefit) provision		(5,878	)		28,714			3,676			-			26,512
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(1,420	)		51,688			904			-			51,172
Equity In Earnings Of Consolidated Subsidiaries		52,220			904			-			(53,124	)		-
Income From Continuing Operations		50,800			52,592			904			(53,124	)		51,172
Net Loss From Discontinued Operations		-			(372	)		-			-			(372	)
Net Income	$	50,800		$	52,220		$	904		$	(53,124	)	$	50,800

Deluxe Corporation

Condensed Consolidating Statement of Income

	Nine Months Ended September 30, 2011
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Eliminations			Total
Revenue	$	6,383		$	943,429		$	208,821		$	(107,463	)	$	1,051,170
Total cost of goods sold		-			336,306			121,448			(94,267	)		363,487
Gross Profit		6,383			607,123			87,373			(13,196	)		687,683
Selling, general and administrative expense, including net restructuring charges		9,313			427,005			67,585			(13,196	)		490,707
Net gain on sale of facility		-			(110	)		-			-			(110	)
Operating (Loss) Income		(2,930	)		180,228			19,788			-			197,086
Loss on early debt extinguishment		(6,995	)		-			-			-			(6,995	)
Interest expense		(35,795	)		(7,363	)		(1,023	)		8,259			(35,922	)
Other income (expense)		7,750			970			(677	)		(8,259	)		(216	)
(Loss) Income Before Income Taxes		(37,970	)		173,835			18,088			-			153,953
Income tax (benefit) provision		(18,539	)		64,987			2,741			-			49,189
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(19,431	)		108,848			15,347			-			104,764
Equity In Earnings Of Consolidated Subsidiaries		124,195			15,347			-			(139,542	)		-
Income From Continuing Operations		104,764			124,195			15,347			(139,542	)		104,764
Net Loss From Discontinued Operations		-			-			-			-			-
Net Income	$	104,764		$	124,195		$	15,347		$	(139,542	)	$	104,764

Deluxe Corporation

Condensed Consolidating Statement of Income

	Nine Months Ended September 30, 2010
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Eliminations			Total
Revenue	$	6,986		$	952,273		$	202,288		$	(110,798	)	$	1,050,749
Total cost of goods sold		-			336,817			121,957			(97,038	)		361,736
Gross Profit		6,986			615,456			80,331			(13,760	)		689,013
Selling, general and administrative expense, including net restructuring charges		2,078			409,325			70,687			(13,760	)		468,330
Operating Income		4,908			206,131			9,644			-			220,683
Interest expense		(33,174	)		(5,146	)		(774	)		5,844			(33,250	)
Other income (expense)		4,284			67			476			(5,844	)		(1,017	)
(Loss) Income Before Income Taxes		(23,982	)		201,052			9,346			-			186,416
Income tax (benefit) provision		(9,954	)		72,363			5,437			-			67,846
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(14,028	)		128,689			3,909			-			118,570
Equity In Earnings Of Consolidated Subsidiaries		131,827			3,909			-			(135,736	)		-
Income From Continuing Operations		117,799			132,598			3,909			(135,736	)		118,570
Net Loss From Discontinued Operations		-			(771	)		-			-			(771	)
Net Income	$	117,799		$	131,827		$	3,909		$	(135,736	)	$	117,799

Condensed Consolidating Statement of Cash Flows

Deluxe Corporation

Condensed Consolidating Statement of Cash Flows

	Nine Months Ended September 30, 2011
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Total
Net Cash Provided By Operating Activities of Continuing Operations	$	9,051		$	151,251		$	10,945		$	171,247
Cash Flows From Investing Activities:
Purchases of capital assets		-			(27,111	)		(1,115	)		(28,226	)
Payments for acquisitions, net of cash acquired		-			(80,486	)		-			(80,486	)
Payments on company-owned life insurance policies		-			(6,383	)		-			(6,383	)
Loans to distributors		-			(3,219	)		(296	)		(3,515	)
Other		(256	)		711			(2,391	)		(1,936	)
Net cash used by investing activities of continuing operations		(256	)		(116,488	)		(3,802	)		(120,546	)
Cash Flows From Financing Activities:
Net proceeds from short-term debt		26,000			-			-			26,000
Payments on long-term debt, including costs of debt reacquisition		(215,030	)		-			-			(215,030	)
Proceeds from issuing long-term debt		200,000			-			-			200,000
Payments for debt issue costs		(3,470	)		-			-			(3,470	)
Change in book overdrafts		2,832			(850	)		-			1,982
Proceeds from issuing shares under employee plans		7,597			-			-			7,597
Excess tax benefit from share-based employee awards		972			-			-			972
Payments for common shares repurchased		(23,620	)		-			-			(23,620	)
Cash dividends paid to shareholders		(38,395	)		-			-			(38,395	)
Advances from (to) consolidated subsidiaries		32,901			(33,609	)		708			-
Net cash (used) provided by financing activities of continuing operations		(10,213	)		(34,459	)		708			(43,964	)
Effect Of Exchange Rate Change on Cash		-			-			(1,099	)		(1,099	)
Net Change In Cash And Cash Equivalents		(1,418	)		304			6,752			5,638
Cash And Cash Equivalents: Beginning Of Period		3,197			683			13,503			17,383
End Of Period	$	1,779		$	987		$	20,255		$	23,021

Deluxe Corporation

Condensed Consolidating Statement of Cash Flows

	Nine Months Ended September 30, 2010
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Total
Net Cash Provided By Operating Activities of Continuing Operations	$	11,407		$	155,855		$	3,222		$	170,484
Cash Flows From Investing Activities:
Purchases of capital assets		-			(30,894	)		(719	)		(31,613	)
Payments for acquisitions, net of cash acquired		-			(98,621	)		-			(98,621	)
Proceeds from company-owned life insurance policies		5,782			-			-			5,782
Proceeds from sales of marketable securities		-			-			1,970			1,970
Other		(1,759	)		(116	)		(8	)		(1,883	)
Net cash provided (used) by investing activities of continuing operations		4,023			(129,631	)		1,243			(124,365	)
Cash Flows From Financing Activities:
Net proceeds from short-term debt		4,000			-			-			4,000
Payments for debt issue costs		(2,361	)		-			-			(2,361	)
Change in book overdrafts		(1,494	)		(101	)		-			(1,595	)
Proceeds from issuing shares under employee plans		3,078			-			-			3,078
Excess tax benefit from share-based employee awards		396			-			-			396
Payments for common shares repurchased		(2,999	)								(2,999	)
Cash dividends paid to shareholders		(38,586	)		-			-			(38,586	)
Advances from (to) consolidated subsidiaries		23,529			(25,042	)		1,513			-
Net cash (used) provided by financing activities of continuing operations		(14,437	)		(25,143	)		1,513			(38,067	)
Effect Of Exchange Rate Change on Cash		-			-			250			250
Net Change In Cash And Cash Equivalents		993			1,081			6,228			8,302
Cash And Cash Equivalents: Beginning Of Period		2,725			497			9,567			12,789
End Of Period	$	3,718		$	1,578		$	15,795		$	21,091

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Assets held for sale and discontinued operations (Details) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011
Assets held for sale and discontinued operations [Abstract]
Net cash proceeds from sale of facility	$ 699
Pre-tax gain on sale of facility	$ 110

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Shareholders' equity (accumulated other comprehensive loss) (Details) (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Postretirement and defined benefit pension plans [Abstract]
Unrealized prior service credit	$ 13,905	$ 15,651
Unrealized net actuarial losses	(65,818)	(68,343)
Postretirement and defined benefit pension plans, net of tax	(51,913)	(52,692)
Loss on derivatives, net of tax	(3,209)	(4,522)
Unrealized gain on marketable securities, net of tax	144	13
Currency translation adjustment	4,494	7,189
Accumulated other comprehensive loss	$ (50,484)	$ (50,012)

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CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Current Assets:
Cash and cash equivalents	$ 23,021	$ 17,383
Trade accounts receivable (net of allowances for uncollectible accounts of $3,989 and $4,130, respectively)	65,039	66,471
Inventories and supplies	22,486	21,660
Deferred income taxes	8,697	9,390
Funds held for customers	34,611	35,720
Other current assets	26,602	20,613
Total current assets	180,456	171,237
Long-Term Investments (including $2,157 and $2,283 of investments at fair value, respectively)	44,768	37,410
Property, Plant, and Equipment (net of accumulated depreciation of $347,469 and $338,419, respectively)	116,773	120,221
Assets Held for Sale	3,937	4,527
Intangibles (net of accumulated amortization of $437,497 and $413,412, respectively)	163,710	155,112
Goodwill	776,944	725,937
Other Non-Current Assets	100,799	94,247
Total assets	1,387,387	1,308,691
Current Liabilities:
Accounts payable	63,167	60,478
Accrued liabilities	146,394	144,034
Short-term debt	33,000	7,000
Total current liabilities	242,561	211,512
Long-Term Debt	742,592	748,122
Deferred Income Taxes	51,926	46,752
Other Non-Current Liabilities	66,937	76,107
Commitments and Contingencies (Notes 12, 13 and 16)
Shareholders' Equity:
Common shares $1 par value (authorized: 500,000 shares; outstanding: 2011 - 50,817; 2010 - 51,338)	50,817	51,338
Additional paid-in capital	54,712	62,915
Retained earnings	228,326	161,957
Accumulated other comprehensive loss	(50,484)	(50,012)
Total shareholders' equity	283,371	226,198
Total liabilities and shareholders' equity	$ 1,387,387	$ 1,308,691

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Restructuring charges (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Net restructuring charges by component [Abstract]
Severance accruals	$ 3,011	$ 384	$ 5,834	$ 3,591
Severance reversals	(205)	(686)	(1,114)	(2,238)
Operating lease obligations	52	0	52	415
Operating lease reversals	0	(72)	0	(380)
Net restructuring accruals	2,858	(374)	4,772	1,388
Other costs	1,740	476	5,904	1,185
Net restructuring charges	4,598	102	10,676	2,573
Cost of goods sold	261	(1)	837	562
Operating expenses	4,337	103	9,839	2,011
Other restructuring disclosure [Abstract]
Number of employees included in severance accrual	100	40	190	115
Restructuring accruals, totals	5,836		5,836		6,798
Restructuring accruals reflected in the consolidated balance sheet as other non-current liabilities	144		144		363
Number of employees that had not yet started to receive severance benefits	160		160
Restructuring accruals reflected in the consolidated balance sheet as accrued liabilities	$ 5,692		$ 5,692		$ 6,435

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Consolidated financial statements

9 Months Ended

Sep. 30, 2011

Consolidated financial statements [Abstract]

Consolidated financial statements

Note 1: Consolidated financial statements

The consolidated balance sheet as of September 30, 2011, the consolidated statements of income for the quarters and nine months ended September 30, 2011 and 2010 and the consolidated statements of cash flows for the nine months ended September 30, 2011 and 2010 are unaudited. The consolidated balance sheet as of December 31, 2010 was derived from audited consolidated financial statements, but does not include all disclosures required by generally accepted accounting principles (GAAP) in the United States of America. In the opinion of management, all adjustments necessary for a fair statement of the consolidated financial statements are included. Adjustments consist only of normal recurring items, except for any discussed in the notes below. Interim results are not necessarily indicative of results for a full year. The consolidated financial statements and notes are presented in accordance with instructions for Form 10-Q, and do not contain certain information included in our annual consolidated financial statements and notes. The consolidated financial statements and notes appearing in this report should be read in conjunction with the consolidated audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2010 (the “2010 Form 10-K”).

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Supplemental guarantor financial information, condensed consolidating statement of cash flows (Details) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Condensed Consolidating Statement of Cash Flows [Abstract]
Net Cash Provided By Operating Activities of Continuing Operations	$ 171,247	$ 170,484
Cash Flows From Investing Activities:
Purchases of capital assets	(28,226)	(31,613)
Payments for acquisitions, net of cash acquired	(80,486)	(98,621)
Proceeds from company-owned life insurance policies	0	5,782
Proceeds from sales of marketable securities	0	1,970
Payments on company-owned life insurance policies	(6,383)	0
Loans to distributors	(3,515)	0
Other	(1,936)	(1,883)
Net cash used by investing activities of continuing operations	(120,546)	(124,365)
Cash Flows From Financing Activities:
Net proceeds from short-term debt	26,000	4,000
Payments on long-term debt, including costs of debt reacquisition	(215,030)	0
Proceeds from issuing long-term debt	200,000	0
Payments for debt issue costs	(3,470)	(2,361)
Change in book overdrafts	1,982	(1,595)
Proceeds from issuing shares under employee plans	7,597	3,078
Excess tax benefit from share-based employee awards	972	396
Payments for common shares repurchased	(23,620)	(2,999)
Cash dividends paid to shareholders	(38,395)	(38,586)
Advances from (to) consolidated subsidiaries	0	0
Net cash (used) provided by financing activities of continuing operations	(43,964)	(38,067)
Effect Of Exchange Rate Change on Cash	(1,099)	250
Net Change In Cash And Cash Equivalents	5,638	8,302
Beginning Of Period	17,383	12,789
End Of Period	23,021	21,091
Deluxe Corporation [Member]
Condensed Consolidating Statement of Cash Flows [Abstract]
Net Cash Provided By Operating Activities of Continuing Operations	9,051	11,407
Cash Flows From Investing Activities:
Purchases of capital assets	0	0
Payments for acquisitions, net of cash acquired	0	0
Proceeds from company-owned life insurance policies		5,782
Proceeds from sales of marketable securities		0
Payments on company-owned life insurance policies	0
Loans to distributors	0
Other	(256)	(1,759)
Net cash used by investing activities of continuing operations	(256)	4,023
Cash Flows From Financing Activities:
Net proceeds from short-term debt	26,000	4,000
Payments on long-term debt, including costs of debt reacquisition	(215,030)
Proceeds from issuing long-term debt	200,000
Payments for debt issue costs	(3,470)	(2,361)
Change in book overdrafts	2,832	(1,494)
Proceeds from issuing shares under employee plans	7,597	3,078
Excess tax benefit from share-based employee awards	972	396
Payments for common shares repurchased	(23,620)	(2,999)
Cash dividends paid to shareholders	(38,395)	(38,586)
Advances from (to) consolidated subsidiaries	32,901	23,529
Net cash (used) provided by financing activities of continuing operations	(10,213)	(14,437)
Effect Of Exchange Rate Change on Cash	0	0
Net Change In Cash And Cash Equivalents	(1,418)	993
Beginning Of Period	3,197	2,725
End Of Period	1,779	3,718
Guarantor subsidiaries [Member]
Condensed Consolidating Statement of Cash Flows [Abstract]
Net Cash Provided By Operating Activities of Continuing Operations	151,251	155,855
Cash Flows From Investing Activities:
Purchases of capital assets	(27,111)	(30,894)
Payments for acquisitions, net of cash acquired	(80,486)	(98,621)
Proceeds from company-owned life insurance policies		0
Proceeds from sales of marketable securities		0
Payments on company-owned life insurance policies	(6,383)
Loans to distributors	(3,219)
Other	711	(116)
Net cash used by investing activities of continuing operations	(116,488)	(129,631)
Cash Flows From Financing Activities:
Net proceeds from short-term debt	0	0
Payments on long-term debt, including costs of debt reacquisition	0
Proceeds from issuing long-term debt	0
Payments for debt issue costs	0	0
Change in book overdrafts	(850)	(101)
Proceeds from issuing shares under employee plans	0	0
Excess tax benefit from share-based employee awards	0	0
Payments for common shares repurchased	0
Cash dividends paid to shareholders	0	0
Advances from (to) consolidated subsidiaries	(33,609)	(25,042)
Net cash (used) provided by financing activities of continuing operations	(34,459)	(25,143)
Effect Of Exchange Rate Change on Cash	0	0
Net Change In Cash And Cash Equivalents	304	1,081
Beginning Of Period	683	497
End Of Period	987	1,578
Non-guarantor subsidiaries [Member]
Condensed Consolidating Statement of Cash Flows [Abstract]
Net Cash Provided By Operating Activities of Continuing Operations	10,945	3,222
Cash Flows From Investing Activities:
Purchases of capital assets	(1,115)	(719)
Payments for acquisitions, net of cash acquired	0	0
Proceeds from company-owned life insurance policies		0
Proceeds from sales of marketable securities		1,970
Payments on company-owned life insurance policies	0
Loans to distributors	(296)
Other	(2,391)	(8)
Net cash used by investing activities of continuing operations	(3,802)	1,243
Cash Flows From Financing Activities:
Net proceeds from short-term debt	0	0
Payments on long-term debt, including costs of debt reacquisition	0
Proceeds from issuing long-term debt	0
Payments for debt issue costs	0	0
Change in book overdrafts	0	0
Proceeds from issuing shares under employee plans	0	0
Excess tax benefit from share-based employee awards	0	0
Payments for common shares repurchased	0
Cash dividends paid to shareholders	0	0
Advances from (to) consolidated subsidiaries	708	1,513
Net cash (used) provided by financing activities of continuing operations	708	1,513
Effect Of Exchange Rate Change on Cash	(1,099)	250
Net Change In Cash And Cash Equivalents	6,752	6,228
Beginning Of Period	13,503	9,567
End Of Period	$ 20,255	$ 15,795

XML

Supplemental balance sheet information (intangibles) (Details) (USD $) In Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Amortizable intangibles [Abstract]
Gross carrying amount	$ 582,107		$ 582,107		$ 549,424
Accumulated amortization	(437,497)		(437,497)		(413,412)
Net carrying amount	144,610		144,610		136,012
Intangibles [Abstract]
Total intangibles, gross carrying amount	601,207		601,207		568,524
Total intangibles, accumulated amortization	(437,497)		(437,497)		(413,412)
Total intangibles, net carrying amount	163,710		163,710		155,112
Total amortization of intangibles	12,198	14,193	40,297	38,935
Estimated future amortization expense [Abstract]
Remainder of 2011			10,105
2012			32,021
2013			21,669
2014			11,607
2015			8,009
Internal use software [Member]
Amortizable intangibles [Abstract]
Gross carrying amount	405,550		405,550		378,269
Accumulated amortization	(337,188)		(337,188)		(314,267)
Net carrying amount	68,362		68,362		64,002
Intangibles [Abstract]
Total intangibles, accumulated amortization	(337,188)		(337,188)		(314,267)
Customer lists/relationships [Member]
Amortizable intangibles [Abstract]
Gross carrying amount	68,327		68,327		72,292
Accumulated amortization	(39,947)		(39,947)		(43,660)
Net carrying amount	28,380		28,380		28,632
Intangibles [Abstract]
Total intangibles, accumulated amortization	(39,947)		(39,947)		(43,660)
Distributor contracts [Member]
Amortizable intangibles [Abstract]
Gross carrying amount	30,900		30,900		30,900
Accumulated amortization	(27,747)		(27,747)		(26,396)
Net carrying amount	3,153		3,153		4,504
Intangibles [Abstract]
Total intangibles, accumulated amortization	(27,747)		(27,747)		(26,396)
Trade names [Member]
Amortizable intangibles [Abstract]
Gross carrying amount	67,661		67,661		59,361
Accumulated amortization	(24,912)		(24,912)		(22,009)
Net carrying amount	42,749		42,749		37,352
Intangibles [Abstract]
Total intangibles, accumulated amortization	(24,912)		(24,912)		(22,009)
Trade name [Member]
Indefinite-lived [Abstract]
Gross carrying amount	19,100		19,100		19,100
Net carrying amount	19,100		19,100		19,100
Other [Member]
Amortizable intangibles [Abstract]
Gross carrying amount	9,669		9,669		8,602
Accumulated amortization	(7,703)		(7,703)		(7,080)
Net carrying amount	1,966		1,966		1,522
Intangibles [Abstract]
Total intangibles, accumulated amortization	$ (7,703)		$ (7,703)		$ (7,080)

XML

Supplemental guarantor financial information

9 Months Ended

Sep. 30, 2011

Supplemental Guarantor Financial Information [Abstract]

Supplemental guarantor financial information

Note 17: Supplemental guarantor financial information

In March 2011, we issued $200.0 million of long-term notes due in March 2019. The notes were issued under a private placement under Rule 144A of the Securities Act of 1933. We anticipate registering the notes with the Securities and Exchange Commission via a registration statement within 340 days of March 15, 2011. These notes are jointly and severally guaranteed on a full and unconditional basis, subject to the release provisions described herein, by certain 100%-owned subsidiaries that guarantee any of our other indebtedness. These subsidiaries also guarantee our obligations under our credit facility and our long-term notes due in 2015. The subsidiary guarantees with respect to the notes due in March 2019 are subject to release upon the sale of all or substantially all of a subsidiary's assets, when the requirements for legal defeasance of the guaranteed securities have been satisfied, when the subsidiary is declared an unrestricted subsidiary, or upon satisfaction and discharge of the indenture.

The following condensed supplemental consolidating financial information reflects the summarized financial information of Deluxe Corporation, the guarantors on a combined basis and the non-guarantor subsidiaries on a combined basis. Separate financial statements of the guarantors are not presented because the guarantors are jointly, severally, fully and unconditionally liable under the guarantees, subject to the release provisions described herein, and we believe that the condensed consolidating financial statements presented are sufficient to provide an understanding of the financial position, results of operations and cash flows of the guarantors.

We are an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations and the sharing of assets. Therefore, we do not represent that the financial information presented is indicative of the financial position, results of operations or cash flows which the entities would have reported if they had operated independently. The condensed consolidating financial statements should be read in conjunction with our consolidated financial statements.

Deluxe Corporation

Condensed Consolidating Balance Sheet

	September 30, 2011
	Deluxe  Corporation			Guarantor subsidiaries		Non- guarantor subsidiaries			Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	1,779		$	987	$	20,255		$	-		$	23,021
Trade accounts receivable, net		-			53,082		11,957			-			65,039
Inventories and supplies		-			20,405		2,081			-			22,486
Deferred income taxes		1,215			6,715		767			-			8,697
Funds held for customers		-			-		34,611			-			34,611
Other current assets		9,445			11,537		5,620			-			26,602
Total current assets		12,439			92,726		75,291			-			180,456
Long-term Investments		35,979			8,789		-			-			44,768
Property, Plant and Equipment, net		-			100,121		16,652			-			116,773
Assets Held for Sale		-			3,937		-			-			3,937
Intangibles, net		-			161,401		2,309			-			163,710
Goodwill		-			775,044		1,900			-			776,944
Investments In Consolidated Subsidiaries		1,261,717			13,785		-			(1,275,502	)		-
Intercompany (Payable) Receivable		(245,905	)		292,362		(46,457	)		-			-
Other Non-Current Assets		14,624			72,713		13,462			-			100,799
Total assets	$	1,078,854		$	1,520,878	$	63,157		$	(1,275,502	)	$	1,387,387
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	15,618		$	43,515	$	4,034		$	-		$	63,167
Accrued liabilities		18,694			88,473		39,227			-			146,394
Short-term debt		33,000			-		-			-			33,000
Total current liabilities		67,312			131,988		43,261			-			242,561
Long-Term Debt		742,592			-		-			-			742,592
Deferred Income Taxes		(20,266	)		68,963		3,229			-			51,926
Other Non-Current Liabilities		5,845			58,210		2,882			-			66,937
Total Shareholders' Equity		283,371			1,261,717		13,785			(1,275,502	)		283,371
Total liabilities and shareholders' equity	$	1,078,854		$	1,520,878	$	63,157		$	(1,275,502	)	$	1,387,387

Deluxe Corporation

Condensed Consolidating Balance Sheet

	December 31, 2010
	Deluxe Corporation			Guarantor subsidiaries		Non- guarantor subsidiaries			Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	3,197		$	683	$	13,503		$	-		$	17,383
Trade accounts receivable, net		-			53,679		12,792			-			66,471
Inventories and supplies		-			19,350		2,310			-			21,660
Deferred income taxes		2,854			6,303		233			-			9,390
Funds held for customers		-			-		35,720			-			35,720
Other current assets		9,463			8,047		3,103			-			20,613
Total current assets		15,514			88,062		67,661			-			171,237
Long-term Investments		34,905			2,427		78						37,410
Property, Plant and Equipment, net		-			102,427		17,794			-			120,221
Assets Held for Sale		-			4,527		-			-			4,527
Intangibles, net		-			151,512		3,600			-			155,112
Goodwill		-			723,938		1,999			-			725,937
Investments In Consolidated Subsidiaries		986,484			615		-			(987,099	)		-
Intercompany (Payable) Receivable		(68,348	)		114,299		(45,951	)		-			-
Other Non-Current Assets		12,337			71,032		10,878			-			94,247
Total assets	$	980,892		$	1,258,839	$	56,059		$	(987,099	)	$	1,308,691
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	11,697		$	42,798	$	5,983		$	-		$	60,478
Accrued liabilities		9,440			92,038		42,556			-			144,034
Short-term debt		7,000			-		-			-			7,000
Total current liabilities		28,137			134,836		48,539			-			211,512
Long-Term Debt		748,122			-		-			-			748,122
Deferred Income Taxes		(25,898	)		68,794		3,856			-			46,752
Other Non-Current Liabilities		4,333			68,725		3,049			-			76,107
Total Shareholders' Equity		226,198			986,484		615			(987,099	)		226,198
Total liabilities and shareholders' equity	$	980,892		$	1,258,839	$	56,059		$	(987,099	)	$	1,308,691

Deluxe Corporation

Condensed Consolidating Statement of Income

	Quarter Ended September 30, 2011
	Deluxe  Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Eliminations			Total
Revenue	$	2,128		$	318,933		$	68,984		$	(34,901	)	$	355,144
Total cost of goods sold		-			113,365			39,888			(30,615	)		122,638
Gross Profit		2,128			205,568			29,096			(4,286	)		232,506
Selling, general and administrative expense, including net restructuring charges		2,529			146,427			22,191			(4,286	)		166,861
Operating (Loss) Income		(401	)		59,141			6,905			-			65,645
Interest expense		(11,785	)		(2,106	)		(298	)		2,358			(11,831	)
Other income (expense)		2,930			382			(1,255	)		(2,358	)		(301	)
(Loss) Income Before Income Taxes		(9,256	)		57,417			5,352			-			53,513
Income tax (benefit) provision		(6,227	)		23,171			(166	)		-			16,778
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(3,029	)		34,246			5,518			-			36,735
Equity In Earnings Of Consolidated Subsidiaries		39,764			5,518			-			(45,282	)		-
Income From Continuing Operations		36,735			39,764			5,518			(45,282	)		36,735
Net Loss From Discontinued Operations		-			-			-			-			-
Net Income	$	36,735		$	39,764		$	5,518		$	(45,282	)	$	36,735

Deluxe Corporation

Condensed Consolidating Statement of Income

	Quarter Ended September 30, 2010
	Deluxe Corporation			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations			Total
Revenue	$	2,329		$	335,542		$	65,624		$	(35,862	)	$	367,633
Total cost of goods sold		-			112,973			39,456			(30,996	)		121,433
Gross Profit		2,329			222,569			26,168			(4,866	)		246,200
Selling, general and administrative expense, including net restructuring charges		(181	)		140,378			22,361			(4,866	)		157,692
Operating Income		2,510			82,191			3,807			-			88,508
Interest expense		(11,176	)		(1,772	)		(248	)		1,989			(11,207	)
Other income (expense)		1,368			(17	)		1,021			(1,989	)		383
(Loss) Income Before Income Taxes		(7,298	)		80,402			4,580			-			77,684
Income tax (benefit) provision		(5,878	)		28,714			3,676			-			26,512
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(1,420	)		51,688			904			-			51,172
Equity In Earnings Of Consolidated Subsidiaries		52,220			904			-			(53,124	)		-
Income From Continuing Operations		50,800			52,592			904			(53,124	)		51,172
Net Loss From Discontinued Operations		-			(372	)		-			-			(372	)
Net Income	$	50,800		$	52,220		$	904		$	(53,124	)	$	50,800

Deluxe Corporation

Condensed Consolidating Statement of Income

	Nine Months Ended September 30, 2011
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Eliminations			Total
Revenue	$	6,383		$	943,429		$	208,821		$	(107,463	)	$	1,051,170
Total cost of goods sold		-			336,306			121,448			(94,267	)		363,487
Gross Profit		6,383			607,123			87,373			(13,196	)		687,683
Selling, general and administrative expense, including net restructuring charges		9,313			427,005			67,585			(13,196	)		490,707
Net gain on sale of facility		-			(110	)		-			-			(110	)
Operating (Loss) Income		(2,930	)		180,228			19,788			-			197,086
Loss on early debt extinguishment		(6,995	)		-			-			-			(6,995	)
Interest expense		(35,795	)		(7,363	)		(1,023	)		8,259			(35,922	)
Other income (expense)		7,750			970			(677	)		(8,259	)		(216	)
(Loss) Income Before Income Taxes		(37,970	)		173,835			18,088			-			153,953
Income tax (benefit) provision		(18,539	)		64,987			2,741			-			49,189
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(19,431	)		108,848			15,347			-			104,764
Equity In Earnings Of Consolidated Subsidiaries		124,195			15,347			-			(139,542	)		-
Income From Continuing Operations		104,764			124,195			15,347			(139,542	)		104,764
Net Loss From Discontinued Operations		-			-			-			-			-
Net Income	$	104,764		$	124,195		$	15,347		$	(139,542	)	$	104,764

Deluxe Corporation

Condensed Consolidating Statement of Income

	Nine Months Ended September 30, 2010
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Eliminations			Total
Revenue	$	6,986		$	952,273		$	202,288		$	(110,798	)	$	1,050,749
Total cost of goods sold		-			336,817			121,957			(97,038	)		361,736
Gross Profit		6,986			615,456			80,331			(13,760	)		689,013
Selling, general and administrative expense, including net restructuring charges		2,078			409,325			70,687			(13,760	)		468,330
Operating Income		4,908			206,131			9,644			-			220,683
Interest expense		(33,174	)		(5,146	)		(774	)		5,844			(33,250	)
Other income (expense)		4,284			67			476			(5,844	)		(1,017	)
(Loss) Income Before Income Taxes		(23,982	)		201,052			9,346			-			186,416
Income tax (benefit) provision		(9,954	)		72,363			5,437			-			67,846
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries		(14,028	)		128,689			3,909			-			118,570
Equity In Earnings Of Consolidated Subsidiaries		131,827			3,909			-			(135,736	)		-
Income From Continuing Operations		117,799			132,598			3,909			(135,736	)		118,570
Net Loss From Discontinued Operations		-			(771	)		-			-			(771	)
Net Income	$	117,799		$	131,827		$	3,909		$	(135,736	)	$	117,799

Deluxe Corporation

Condensed Consolidating Statement of Cash Flows

	Nine Months Ended September 30, 2011
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Total
Net Cash Provided By Operating Activities of Continuing Operations	$	9,051		$	151,251		$	10,945		$	171,247
Cash Flows From Investing Activities:
Purchases of capital assets		-			(27,111	)		(1,115	)		(28,226	)
Payments for acquisitions, net of cash acquired		-			(80,486	)		-			(80,486	)
Payments on company-owned life insurance policies		-			(6,383	)		-			(6,383	)
Loans to distributors		-			(3,219	)		(296	)		(3,515	)
Other		(256	)		711			(2,391	)		(1,936	)
Net cash used by investing activities of continuing operations		(256	)		(116,488	)		(3,802	)		(120,546	)
Cash Flows From Financing Activities:
Net proceeds from short-term debt		26,000			-			-			26,000
Payments on long-term debt, including costs of debt reacquisition		(215,030	)		-			-			(215,030	)
Proceeds from issuing long-term debt		200,000			-			-			200,000
Payments for debt issue costs		(3,470	)		-			-			(3,470	)
Change in book overdrafts		2,832			(850	)		-			1,982
Proceeds from issuing shares under employee plans		7,597			-			-			7,597
Excess tax benefit from share-based employee awards		972			-			-			972
Payments for common shares repurchased		(23,620	)		-			-			(23,620	)
Cash dividends paid to shareholders		(38,395	)		-			-			(38,395	)
Advances from (to) consolidated subsidiaries		32,901			(33,609	)		708			-
Net cash (used) provided by financing activities of continuing operations		(10,213	)		(34,459	)		708			(43,964	)
Effect Of Exchange Rate Change on Cash		-			-			(1,099	)		(1,099	)
Net Change In Cash And Cash Equivalents		(1,418	)		304			6,752			5,638
Cash And Cash Equivalents: Beginning Of Period		3,197			683			13,503			17,383
End Of Period	$	1,779		$	987		$	20,255		$	23,021

Deluxe Corporation

Condensed Consolidating Statement of Cash Flows

	Nine Months Ended September 30, 2010
	Deluxe Corporation			Guarantor subsidiaries			Non- guarantor subsidiaries			Total
Net Cash Provided By Operating Activities of Continuing Operations	$	11,407		$	155,855		$	3,222		$	170,484
Cash Flows From Investing Activities:
Purchases of capital assets		-			(30,894	)		(719	)		(31,613	)
Payments for acquisitions, net of cash acquired		-			(98,621	)		-			(98,621	)
Proceeds from company-owned life insurance policies		5,782			-			-			5,782
Proceeds from sales of marketable securities		-			-			1,970			1,970
Other		(1,759	)		(116	)		(8	)		(1,883	)
Net cash provided (used) by investing activities of continuing operations		4,023			(129,631	)		1,243			(124,365	)
Cash Flows From Financing Activities:
Net proceeds from short-term debt		4,000			-			-			4,000
Payments for debt issue costs		(2,361	)		-			-			(2,361	)
Change in book overdrafts		(1,494	)		(101	)		-			(1,595	)
Proceeds from issuing shares under employee plans		3,078			-			-			3,078
Excess tax benefit from share-based employee awards		396			-			-			396
Payments for common shares repurchased		(2,999	)								(2,999	)
Cash dividends paid to shareholders		(38,586	)		-			-			(38,586	)
Advances from (to) consolidated subsidiaries		23,529			(25,042	)		1,513			-
Net cash (used) provided by financing activities of continuing operations		(14,437	)		(25,143	)		1,513			(38,067	)
Effect Of Exchange Rate Change on Cash		-			-			250			250
Net Change In Cash And Cash Equivalents		993			1,081			6,228			8,302
Cash And Cash Equivalents: Beginning Of Period		2,725			497			9,567			12,789
End Of Period	$	3,718		$	1,578		$	15,795		$	21,091

XML

Supplemental balance sheet information (goodwill) (Details) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Dec. 31, 2010
Goodwill [Line Items]
Goodwill, gross	$ 796,944	$ 745,937
Accumulated impairment charges	(20,000)	(20,000)
Goodwill, net	776,944	725,937
Acquisition of Banker's Dashboard (see Note 5)	26,281
Acquisition of PsPrint (see Note 5)	24,826
Currency translation adjustment	(100)
Goodwill, gross	796,944	745,937
Small Business Services [Member]
Goodwill [Line Items]
Goodwill, gross	621,260	596,534
Accumulated impairment charges	(20,000)	(20,000)
Goodwill, net	601,260	576,534
Acquisition of Banker's Dashboard (see Note 5)	0
Acquisition of PsPrint (see Note 5)	24,826
Currency translation adjustment	(100)
Goodwill, gross	621,260	596,534
Financial Services [Member]
Goodwill [Line Items]
Goodwill, gross	27,178	897
Accumulated impairment charges	0	0
Goodwill, net	27,178	897
Acquisition of Banker's Dashboard (see Note 5)	26,281
Acquisition of PsPrint (see Note 5)	0
Currency translation adjustment	0
Goodwill, gross	27,178	897
Direct Checks [Member]
Goodwill [Line Items]
Goodwill, gross	148,506	148,506
Accumulated impairment charges	0	0
Goodwill, net	148,506	148,506
Acquisition of Banker's Dashboard (see Note 5)	0
Acquisition of PsPrint (see Note 5)	0
Currency translation adjustment	0
Goodwill, gross	$ 148,506	$ 148,506

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Earnings per share (Tables)

9 Months Ended

Sep. 30, 2011

Earnings per share [Abstract]

Earnings per share

The following table reflects the calculation of basic and diluted earnings per share from continuing operations. During each period, certain options, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive.

	Quarter Ended September 30,						Nine Months Ended  September 30,
	2011			2010			2011			2010
Earnings per share – basic:
Income from continuing operations	$	36,735		$	51,172		$	104,764		$	118,570
Income allocated to participating securities		(240	)		(267	)		(565	)		(627	)
Income available to common shareholders	$	36,495		$	50,905		$	104,199		$	117,943
Weighted-average shares outstanding		50,889			51,171			51,112			51,120
Earnings per share – basic	$	0.72		$	0.99		$	2.04		$	2.31
Earnings per share – diluted:
Income from continuing operations	$	36,735		$	51,172		$	104,764		$	118,570
Income allocated to participating securities		(166	)		(265	)		(325	)		(625	)
Re-measurement of share-based awards classified as liabilities		(77	)		2			(65	)		53
Income available to common shareholders	$	36,492		$	50,909		$	104,374		$	117,998
Weighted-average shares outstanding		50,889			51,171			51,112			51,120
Dilutive impact of potential common shares		314			191			431			197
Weighted-average shares and potential common shares outstanding		51,203			51,362			51,543			51,317
Earnings per share – diluted	$	0.71		$	0.99		$	2.02		$	2.30
Antidilutive options excluded from calculation		1,961			2,357			1,961			2,357

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New accounting pronouncements

9 Months Ended

Sep. 30, 2011

New accounting pronouncements [Abstract]

New accounting pronouncements

Note 2: New accounting pronouncements

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The new guidance changes some fair value measurement principles and disclosure requirements. The changes in fair value measurement principles relate primarily to financial assets and do not impact our fair value measurements at this time. Effective January 1, 2012, we will adopt the new disclosure requirements.

In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income. This standard eliminates the current option to report other comprehensive income and its components in the statement of shareholders' equity. The standard also requires that the components of other comprehensive income be presented in interim financial statements. Currently, only the total of comprehensive income is required to be presented in interim reports. The new standard is effective for us on January 1, 2012.

In September 2011, the FASB issued ASU No. 2011-08, Testing Goodwill for Impairment. Under the new guidance, companies have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less that its carrying amount. If, after this qualitative assessment, a company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step quantitative impairment test is unnecessary. We elected to adopt this new standard during the quarter ended September 30, 2011. As such, when performing our annual goodwill impairment analysis as of July 31, 2011, we performed a qualitative assessment of events and circumstances affecting the fair value of all of our reporting units. Further information regarding the results of this analysis can be found in Note 8: Fair value measurements.

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CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) In Thousands, except Per Share data	Sep. 30, 2011	Dec. 31, 2010
Current Assets:
Allowances for uncollectible accounts	$ 3,989	$ 4,130
Investments at fair value	2,157	2,283
Accumulated depreciation	347,469	338,419
Accumulated amortization	$ 437,497	$ 413,412
Shareholders' Equity:
Common shares par value (in dollars per share)	$ 1	$ 1
Common shares authorized (in shares)	500,000	500,000
Common shares outstanding (in shares)	50,817	51,338

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Debt

9 Months Ended

Sep. 30, 2011

Debt [Abstract]

Debt

Note 12: Debt

Total debt outstanding was comprised of the following:

	September 30, 2011		December 31, 2010
5.0% senior, unsecured notes due December 15, 2012, net of discount, including cumulative change in fair value of hedged debt: 2011 - $1,114 increase; 2010 - $4,879 increase	$	85,897	$	284,843
5.125% senior, unsecured notes due October 1, 2014, net of discount, including cumulative change in fair value of hedged debt: 2011 - $3,366 increase		256,695		263,279
7.375% senior notes due June 1, 2015		200,000		200,000
7.0% senior notes due March 15, 2019		200,000		-
Long-term portion of debt		742,592		748,122
Amounts drawn on credit facility		33,000		7,000
Total debt	$	775,592	$	755,122

Discounts from par value are being amortized ratably as increases to interest expense over the term of the related debt.

All of our notes include covenants that place certain restrictions on the issuance of additional debt and limitations on certain liens. The notes due in 2019 and 2015 also include limitations on our ability to issue redeemable stock and preferred stock, make loans and investments, and consolidate, merge or sell all or substantially all of our assets.

In March 2011, we issued $200,000 of 7.0% senior notes maturing on March 15, 2019. The notes were issued via a private placement under Rule 144A of the Securities Act of 1933. We anticipate registering the notes with the Securities and Exchange Commission (SEC) via a registration statement within 340 days of March 15, 2011. Interest payments are due each March and September. The notes are fully and unconditionally guaranteed by certain of our subsidiaries and place a limitation on restricted payments, including share repurchases and increases in dividend levels. The limitation on restricted payments does not apply if the notes are upgraded to an investment-grade credit rating. At any time prior to March 15, 2014, we may on any one or more occasions redeem up to 35% of the original principal amount of the notes with the proceeds of one or more equity offerings at a redemption price of 107% of the principal amount of the notes, together with accrued and unpaid interest. At any time prior to March 15, 2015, we may also redeem some or all of the notes at a price equal to 100% of the principal amount plus accrued and unpaid interest and a make-whole premium. At any time on or after March 15, 2015, we may redeem some or all of the notes at prices ranging from 100% to 103.5% of the principal amount. If at any time we sell certain of our assets or experience specific types of changes in control, we must offer to purchase the notes at 101% of the principal amount. Proceeds from the offering, net of offering costs, were $196,530. These proceeds were used to retire a portion of our senior, unsecured notes due in 2012. The estimated fair value of the notes issued in March 2011 was $192,500 as of September 30, 2011, based on a pricing model utilizing readily observable market interest rates and data from trades executed by institutional investors.

In May 2007, we issued $200,000 of 7.375% senior notes maturing on June 1, 2015. The notes were issued via a private placement under Rule 144A of the Securities Act of 1933. These notes were subsequently registered with the SEC via a registration statement which became effective on June 29, 2007. Interest payments are due each June and December. The notes place a limitation on restricted payments, including share repurchases and increases in dividend levels. This limitation does not apply if the notes are upgraded to an investment-grade credit rating. Principal redemptions may be made at our election at any time at redemption prices ranging from 100% to 103.688% of the principal amount. If we sell certain of our assets or experience specific types of changes in control, we must offer to purchase the notes at 101% of the principal amount. Proceeds from the offering, net of offering costs, were $196,329. These proceeds were used as part of our repayment of unsecured notes which matured on October 1, 2007. The fair value of the notes issued in May 2007 was $204,118 as of September 30, 2011, based on quoted prices for identical liabilities when traded as assets.

In October 2004, we issued $275,000 of 5.125% senior, unsecured notes maturing on October 1, 2014. The notes were issued via a private placement under Rule 144A of the Securities Act of 1933. These notes were subsequently registered with the SEC via a registration statement which became effective on November 23, 2004. Interest payments are due each April and October. Proceeds from the offering, net of offering costs, were $272,276. These proceeds were used to repay commercial paper borrowings used for the acquisition of New England Business Service, Inc. in 2004. During the quarter ended March 31, 2011, we retired $10,000 of these notes, realizing a pre-tax loss of $185. As of September 30, 2011, the fair value of the $253,500 remaining notes outstanding was $253,827 based on quoted prices for identical liabilities when traded as assets. As discussed in Note 7, we have entered into interest rate swaps to hedge a portion of these notes. The fair value of long-term debt disclosed here does not reflect the impact of these fair value hedges.

In December 2002, we issued $300,000 of 5.0% senior, unsecured notes maturing on December 15, 2012. These notes were issued under our shelf registration statement covering up to $300,000 in medium-term notes, thereby exhausting that registration statement. Interest payments are due each June and December. Principal redemptions may be made at our election prior to the stated maturity. Proceeds from the offering, net of offering costs, were $295,722. These proceeds were used for general corporate purposes, including funding share repurchases, capital asset purchases and working capital. During the quarter ended March 31, 2011, we completed a tender offer and retired $195,463 of these notes, realizing a pre-tax loss of $6,810. As of September 30, 2011, the fair value of the $84,847 remaining notes outstanding was $86,398, based on quoted prices for identical liabilities when traded as assets. As discussed in Note 7, we have entered into interest rate swaps to hedge these notes. The fair value of long-term debt disclosed here does not reflect the impact of these fair value hedges.

As of September 30, 2011, we had a $200,000 credit facility, which expires in March 2013. Borrowings under the credit facility are collateralized by substantially all personal property. Our commitment fee ranges from 0.40% to 0.50% based on our leverage ratio. The credit agreement governing the credit facility contains customary covenants regarding limits on levels of subsidiary indebtedness and capital expenditures, liens, investments, acquisitions, certain mergers, and certain asset sales outside the ordinary course of business, as well as required repayments in the event of a change in control as defined in the agreement. The agreement also contains financial covenants regarding our leverage ratio, interest coverage and liquidity.

Amounts outstanding under our credit facility were as follows:

	Nine Months Ended September 30, 2011			Year Ended December 31, 2010
Daily average amount outstanding	$	22,670		$	49,957
Weighted-average interest rate		3.02	%		3.20	%

As of September 30, 2011, $33,000 was outstanding under our credit facility at a weighted-average interest rate of 3.21%. As of December 31, 2010, $7,000 was outstanding at a weighted-average interest rate of 5.25%.

As of September 30, 2011, amounts were available for borrowing under our credit facility as follows:

	Total available
Credit facility commitment	$	200,000
Amounts drawn on credit facility		(33,000	)
Outstanding letters of credit		(8,551	)
Net available for borrowing as of September 30, 2011	$	158,449

Absent certain defined events of default under our debt instruments, and as long as our ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest expense is in excess of two to one, our debt covenants do not restrict our ability to pay cash dividends at our current rate, although there is an aggregate annual limit on the amount of dividends and share repurchases under the terms of our credit facility. If our ratio of EBITDA to interest expense falls below two to one, there would also be limitations on our ability to issue additional debt.

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Document And Entity Information (USD $)	3 Months Ended
	Sep. 30, 2011	Oct. 25, 2011	Jun. 30, 2010
Entity Registrant Name	DELUXE CORP
Entity Central Index Key	0000027996
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 953,547,338
Entity Common Stock, Shares Outstanding		50,817,000
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2011

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Other commitments and contingencies

9 Months Ended

Sep. 30, 2011

Other commitments and contingencies [Abstract]

Other commitments and contingencies

Note 13:  Other commitments and contingencies

Information regarding indemnifications, environmental matters and self-insurance can be found under the caption “Note 14: Other commitments and contingencies” in the Notes to Consolidated Financial Statements appearing in the 2010 Form 10-K.  No significant changes in these items occurred during the nine months ended September 30, 2011.

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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Condensed Consolidating Statement of Income [Abstract]
Revenue	$ 355,144	$ 367,633	$ 1,051,170	$ 1,050,749
Cost of goods sold, including restructuring charges	122,638	121,433	363,487	361,736
Gross Profit	232,506	246,200	687,683	689,013
Selling, general and administrative expense	162,524	157,589	480,868	466,319
Net restructuring charges	4,337	103	9,839	2,011
Net gain on sale of facility	0	0	(110)	0
Operating (Loss) Income	65,645	88,508	197,086	220,683
Loss on early debt extinguishment	0	0	(6,995)	0
Interest expense	(11,831)	(11,207)	(35,922)	(33,250)
Other (expense) income	(301)	383	(216)	(1,017)
(Loss) Income Before Income Taxes	53,513	77,684	153,953	186,416
Income tax provision	16,778	26,512	49,189	67,846
Income From Continuing Operations	36,735	51,172	104,764	118,570
Net Loss From Discontinued Operations	0	(372)	0	(771)
Net Income	36,735	50,800	104,764	117,799
Basic Earnings Per Share:
Income from continuing operations (in dollars per share)	$ 0.72	$ 0.99	$ 2.04	$ 2.31
Net loss from discontinued operations (in dollars per share)	$ 0	$ (0.01)	$ 0	$ (0.02)
Basic earnings per share (in dollars per share)	$ 0.72	$ 0.99	$ 2.04	$ 2.29
Diluted Earnings Per Share:
Income from continuing operations (in dollars per share)	$ 0.71	$ 0.99	$ 2.02	$ 2.30
Net loss from discontinued operations (in dollars per share)	$ 0	$ (0.01)	$ 0	$ (0.01)
Diluted earnings per share (in dollars per share)	$ 0.71	$ 0.98	$ 2.02	$ 2.28
Cash Dividends Per Share (in dollars per share)	$ 0.25	$ 0.25	$ 0.75	$ 0.75
Total Comprehensive Income	$ 33,812	$ 52,369	$ 104,292	$ 120,261

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Derivative financial instruments

9 Months Ended

Sep. 30, 2011

Derivative financial instruments [Abstract]

Derivative financial instruments

Note 7: Derivative financial instruments

We have entered into interest rate swaps to hedge against changes in the fair value of a portion of our long-term debt. We entered into these swaps, which we designated as fair value hedges, to achieve a targeted mix of fixed and variable rate debt, where we receive a fixed rate and pay a variable rate based on the London Interbank Offered Rate (LIBOR). Changes in the fair value of the interest rate swaps and the related long-term debt are included in interest expense in the consolidated statements of income. When the change in the fair value of the interest rate swaps and the hedged debt are not equal (i.e., hedge ineffectiveness), the difference in the changes in fair value affects the reported amount of interest expense in our consolidated statements of income. Information regarding hedge ineffectiveness in each period is presented in Note 8. The fair value of the interest rate swaps is included in other non-current assets on the consolidated balance sheets. Information regarding the interest rate swaps as of September 30, 2011 is as follows:

	Notional amount		Fair value of interest rate swaps		Increase in debt due to fair value adjustment
Fair value hedge related to long-term debt due in 2012	$	84,847	$	1,719	$	1,114
Fair value hedge related to long-term debt due in 2014		198,000		3,781		3,366
Total fair value hedges	$	282,847	$	5,500	$	4,480

 Information regarding the interest rate swaps as of December 31, 2010 is as follows:

	Notional amount		Fair value of interest rate swaps		Increase in debt due to fair value adjustment
Fair value hedge related to long-term debt due in 2012	$	210,000	$	5,456	$	4,879

During the first quarter of 2011, we retired $195,463 of our bonds due in 2012 (see Note 12). In conjunction with this debt retirement, a portion of the interest rate swaps was settled and we received cash payments of $2,548. We classify the cash flows from derivative instruments that have been designated as fair value or cash flow hedges in the same category as the cash flows from the items being hedged. As such, the cash received upon settlement of a portion of the interest rate swaps is included in net cash provided by operating activities of continuing operations on the consolidated statement of cash flows for the nine months ended September 30, 2011. Interest rate swaps remaining after the settlement were redesignated as fair value hedges during March 2011.

In conjunction with the debt retirement during the quarter ended March 31, 2011, we recognized $3,094 of the fair value adjustment to the hedged debt, decreasing the loss on early debt extinguishment. The $1,356 remaining fair value adjustment to the hedged debt as of the date hedge accounting was discontinued is being recorded as a decrease to interest expense over the term of the remaining debt.

See Note 8 for further information regarding the fair value of these instruments.

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Assets held for sale and discontinued operations

9 Months Ended

Sep. 30, 2011

Assets held for sale and discontinued operations [Abstract]

Assets held for sale and discontinued operations

Note 6: Assets held for sale and discontinued operations

Assets held for sale as of September 30, 2011 consisted of our facility located in Thorofare, New Jersey, which was closed in April 2009. Assets held for sale as of December 31, 2010 also included our facility located in Greensboro, North Carolina, which was closed in July 2009. Both facilities previously housed manufacturing operations, while the Thorofare location also housed a customer call center. The Greensboro facility was sold in January 2011 for net cash proceeds of $699, realizing a pre-tax gain of $110. We are actively marketing the Thorofare property and expect its selling price to exceed its carrying value.

Net loss from discontinued operations for the quarter and nine months ended September 30, 2010 related to the finalization of purchase consideration related to a previously divested business.

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Supplemental balance sheet information (Tables)

9 Months Ended

Sep. 30, 2011

Supplemental balance sheet information [Abstract]

Inventories and supplies

Inventories and supplies – Inventories and supplies were comprised of the following:

	September 30, 2011		December 31,  2010
Raw materials	$	5,477	$	4,879
Semi-finished goods		8,905		8,393
Finished goods		5,208		5,083
Supplies, primarily production		2,896		3,305
Inventories and supplies	$	22.486	$	21,660

Marketable securities

Marketable securities – Available-for-sale marketable securities included within funds held for customers and other current assets were comprised of the following:

	September 30, 2011
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate investments:
Money market securities	$	1,941	$	-	$	-	$	1,941
Funds held for customers:(1)
Money market securities		4,853		-		-		4,853
Canadian and provincial government securities		4,988		191		-		5,179
Marketable securities – funds held for customers		9,841		191		-		10,032
Total marketable securities	$	11,782	$	191	$	-	$	11,973

(1) Funds held for customers, as reported on the consolidated balance sheet as of September 30, 2011, also included cash and cash equivalents of $24,579.

	December 31, 2010
	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Corporate investments:
Money market securities	$	2,029	$	-	$	-	$	2,029
Funds held for customers:(1)
Money market securities		5,078		-		-		5,078
Canadian and provincial government securities		5,148		23		-		5,171
Marketable securities – funds held for customers		10,226		23		-		10,249
Total marketable securities	$	12,255	$	23	$	-	$	12,278

(1) Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2010, also included cash and cash equivalents of $25,471.

Expected maturities of available-for-sale securities

Expected maturities of available-for-sale securities as of September 30, 2011 were as follows:

	Fair value
Due in one year or less	$	6,794
Due in one to three years		539
Due in three to five years		1,797
Due after five years		2,843
Total marketable securities	$	11,973

Intangibles

Intangibles – Intangibles were comprised of the following:

	September 30, 2011							December 31, 2010
	Gross carrying amount		Accumulated amortization			Net carrying amount		Gross carrying amount		Accumulated amortization			Net carrying amount
Indefinite-lived:
Trade name	$	19,100	$	-		$	19,100	$	19,100	$	-		$	19,100
Amortizable intangibles:
Internal-use software		405,550		(337,188	)		68,362		378,269		(314,267	)		64,002
Customer lists/relationships		68,327		(39,947	)		28,380		72,292		(43,660	)		28,632
Distributor contracts		30,900		(27,747	)		3,153		30,900		(26,396	)		4,504
Trade names		67,661		(24,912	)		42,749		59,361		(22,009	)		37,352
Other		9,669		(7,703	)		1,966		8,602		(7,080	)		1,522
Amortizable intangibles		582,107		(437,497	)		144,610		549,424		(413,412	)		136,012
Intangibles	$	601,207	$	(437,497	)	$	163,710	$	568,524	$	(413,412	)	$	155,112

Estimated future amortization of intangibles

Total amortization of intangibles was $12,198 for the quarter ended September 30, 2011 and $14,193 for the quarter ended September 30, 2010. Amortization of intangibles was $40,297 for the nine months ended September 30, 2011 and $38,935 for the nine months ended September 30, 2010. Based on the intangibles in service as of September 30, 2011, estimated future amortization expense is as follows:

	Estimated amortizationexpense
Remainder of 2011	$	10,105
2012		32,021
2013		21,669
2014		11,607
2015		8,009

Goodwill

Goodwill – Changes in goodwill during the nine months ended September 30, 2011 were as follows:

	Small Business Services			Financial Services		Direct Checks		Total
Balance, December 31, 2010:
Goodwill	$	596,534		$	897	$	148,506	$	745,937
Accumulated impairment charges		(20,000	)		-		-		(20,000	)
		576,534			897		148,506		725,937
Acquisition of Banker's Dashboard (see Note 5)		-			26,281		-		26,281
Acquisition of PsPrint (see Note 5)		24,826			-		-		24,826
Currency translation adjustment		(100	)		-		-		(100	)
Balance, September 30, 2011:
Goodwill		621,260			27,178		148,506		796,944
Accumulated impairment charges		(20,000	)		-		-		(20,000	)
	$	601,260		$	27,178	$	148,506	$	776,944

Other non-current assets

Other non-current assets – Other non-current assets were comprised of the following:

	September 30, 2011		December 31, 2010
Contract acquisition costs	$	57,364	$	57,476
Deferred advertising costs		15,465		15,832
Other		27,970		20,939
Other non-current assets	$	100,799	$	94,247

Changes in contract acquisition costs

See Note 16 for a discussion of market risks related to contract acquisition costs. Changes in contract acquisition costs during the first nine months of 2011 and 2010 were as follows:

	Nine Months Ended September 30,
	2011			2010
Balance, beginning of year	$	57,476		$	45,701
Additions(1)		12,880			24,388
Amortization		(12,737	)		(14,696	)
Write-offs		-			(234	)
Other		(255	)		-
Balance, end of period	$	57,364		$	55,159

(1) Contract acquisition costs are accrued upon contract execution. Cash payments made for contract acquisition costs were $9,998 for the nine months ended September 30, 2011 and $13,837 for the nine months ended September 30, 2010.

Accrued liabilities

Accrued liabilities – Accrued liabilities were comprised of the following:

	September 30, 2011		December 31, 2010
Funds held for customers	$	34,100	$	35,475
Employee profit sharing/cash bonus and pension		21,138		34,109
Customer rebates		19,896		19,201
Contract acquisition costs due within one year		13,518		8,550
Interest		13,241		5,227
Wages, including vacation		9,215		5,898
Restructuring due within one year (see Note 9)		5,692		6,435
Other		29,594		29,139
Accrued liabilities	$	146,394	$	144,034

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Shareholders' equity

9 Months Ended

Sep. 30, 2011

Shareholders' equity [Abstract]

Shareholders' equity

Note 14: Shareholders' equity

We have an outstanding authorization from our board of directors to purchase up to 10,000 shares of our common stock. This authorization has no expiration date, and 5,257 shares remain available for purchase under this authorization as of September 30, 2011. During the nine months ended September 30, 2011, we repurchased 940 shares for $23,620.

Changes in shareholders' equity during the nine months ended September 30, 2011 were as follows:

	Common shares						Additional paid-in capital			Retained earnings			Accumulated other comprehensive loss			Total shareholders' equity
		Numberof shares			Par value
Balance, December 31, 2010		51,338		$	51,338		$	62,915		$	161,957		$	(50,012	)	$	226,198
Net income		-			-			-			104,764			-			104,764
Cash dividends		-			-			-			(38,395	)		-			(38,395	)
Common shares issued		482			482			7,394			-			-			7,876
Common shares to be issued for Banker's Dashboard acquisition (see Note 5)		-			-			4,300			-			-			4,300
Tax impact of share-based awards		-			-			240			-			-			240
Common shares repurchased		(940	)		(940	)		(22,680	)								(23,620	)
Other common shares retired		(63	)		(63	)		(1,575	)		-			-			(1,638	)
Fair value of share-based  compensation		-			-			4,118			-			-			4,118
Amortization of postretirement   prior service credit, net of tax		-			-			-			-			(1,746	)		(1,746	)
Amortization of postretirement   net actuarial losses, net of tax		-			-			-			-			2,525			2,525
Amortization of loss on   derivatives, net of tax(1)		-			-			-			-			1,313			1,313
Net unrealized gain on marketable securities, net of tax		-			-			-			-			131			131
Currency translation adjustment		-			-			-			-			(2,695	)		(2,695	)
Balance, September 30, 2011		50,817		$	50,817		$	54,712		$	228,326		$	(50,484	)	$	283,371

(1) Relates to interest rate locks executed in 2004 and 2002. See “Note 6: Derivative financial instruments” in the Notes to Consolidated Financial Statements appearing in the 2010 Form 10-K.

Accumulated other comprehensive loss was comprised of the following:

	September 30, 2011			December 31, 2010
Postretirement and defined benefit pension plans:
Unrealized prior service credit	$	13,905		$	15,651
Unrealized net actuarial losses		(65,818	)		(68,343	)
Postretirement and defined benefit pension plans, net of tax		(51,913	)		(52,692	)
Loss on derivatives, net of tax		(3,209	)		(4,522	)
Unrealized gain on marketable securities, net of tax		144			13
Currency translation adjustment		4,494			7,189
Accumulated other comprehensive loss	$	(50,484	)	$	(50,012	)

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Pension and other postretirement benefits

9 Months Ended

Sep. 30, 2011

Pension and other postretirement benefits [Abstract]

Pension and other postretirement benefits

Note 10: Pension and other postretirement benefits

We have historically provided certain health care benefits for a large number of retired U.S. employees. In addition to our retiree health care plan, we also have a supplemental executive retirement plan in the United States. Further information regarding our postretirement benefit plans can be found under the caption “Note 12: Pension and other postretirement benefits” in the Notes to Consolidated Financial Statements appearing in the 2010 Form 10-K. See Note 16 for discussion of the risks associated with the plan assets of our postretirement benefit plan.

Pension and postretirement benefit expense for the quarters ended September 30, 2011 and 2010 consisted of the following components:

	Postretirement benefit  plan						Pension plan
	2011			2010			2011		2010
Interest cost	$	1,667		$	1,820		$	41	$	45
Expected return on plan assets		(1,963	)		(1,806	)		-		-
Amortization of prior service credit		(936	)		(936	)		-		-
Amortization of net actuarial losses		1,354			1,352			-		-
Total periodic benefit expense	$	122		$	430		$	41	$	45

Pension and postretirement benefit expense for the nine months ended September 30, 2011 and 2010 consisted of the following components:

	Postretirement benefit  plan						Pension plan
	2011			2010			2011		2010
Interest cost	$	5,002		$	5,461		$	123	$	135
Expected return on plan assets		(5,888	)		(5,419	)		-		-
Amortization of prior service credit		(2,807	)		(2,807	)		-		-
Amortization of net actuarial losses		4,061			4,055			-		-
Total periodic benefit expense	$	368		$	1,290		$	123	$	135

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Fair value measurements

9 Months Ended

Sep. 30, 2011

Fair value measurements [Abstract]

Fair value measurements

Note 8: Fair value measurements

2011 asset impairment analyses – We evaluate the carrying value of our indefinite-lived trade name and goodwill as of July 31st of each year and between annual evaluations if events occur or circumstances change that would indicate a possible impairment. As such, during the quarter ended September 30, 2011, we completed our annual impairment analyses.

When evaluating whether our indefinite-lived trade name is impaired, we compare the carrying amount of the asset to its estimated fair value. The estimate of fair value is based on a relief from royalty method which calculates the cost savings associated with owning rather than licensing the trade name. An assumed royalty rate is applied to forecasted revenue and the resulting cash flows are discounted. Should the estimated fair value be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss is calculated as the amount by which the carrying value of the asset exceeds the fair value of the asset. The impairment analysis completed during the quarter ended September 30, 2011, indicated that the calculated fair value of the indefinite-lived trade name exceeded its carrying value of $19,100 by approximately $12,000.

In previous years, a two-step, quantitative approach was required in evaluating goodwill for impairment. First, we would calculate the estimated fair value of each reporting unit to which goodwill was assigned and compare this estimated fair value to the carrying amount of its net assets. If the carrying amount of a reporting unit's net assets exceeded its estimated fair value, the second step of the goodwill impairment analysis required us to measure the amount of the impairment loss. An impairment loss is calculated by comparing the implied fair value of the goodwill to its carrying amount. As discussed in Note 2, we adopted ASU No. 2011-08 during the quarter ended September 30, 2011. This new standard gives us the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less that its carrying amount. If, after this qualitative assessment, we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step quantitative impairment test is unnecessary. In completing our 2011 annual impairment analysis, we elected to perform this qualitative assessment for all of our reporting units to which goodwill is assigned. As such, we completed a qualitative analysis of goodwill, evaluating factors including, but not limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. We also considered the quantitative analysis we completed as of July 31, 2010 in which the estimated fair values of our reporting units exceeded their carrying values by amounts between $43,000 and $546,000, or by amounts between 55% and 442% above the carrying values of their net assets. In completing our qualitative analysis, we noted no changes in events or circumstances which would require us to complete the two-step quantitative goodwill impairment analysis for any of our reporting units. As such, no impairment charges were recorded as a result of our 2011 annual impairment analyses.

2011 acquisitions – During 2011, we completed two business combinations (see Note 5). We are required to measure the fair value of the net identifiable tangible and intangible assets and liabilities acquired, excluding goodwill and deferred income taxes. The identifiable net assets acquired were comprised primarily of customer lists, internal-use software and trade names. The fair value of the customer lists was estimated using the multi-period excess earnings method. Assumptions used in this calculation included same-customer revenue growth rates and estimated annual customer retention rates. The customer retention rates were based on the acquirees' historical information, as well as management's estimates of the costs to obtain and retain customers. The aggregate calculated fair value of the customer lists was $12,600, which is being amortized over a weighted-average period of 8.2 years using an accelerated method. The fair value of the internal-use software was estimated, in part, using a cost of reproduction method. The primary components of the software were identified and the estimated cost to reproduce the software was calculated based on estimated time and labor rates derived from our historical data from previous upgrades of similar size and nature. In addition, the fair value of a portion of the internal-use software was estimated using the actual cost of the software adjusted for obsolescence. The calculated fair value of the internal-use software was $9,050, which is being amortized on the straight-line basis over five years. The fair value of the trade names was estimated using a relief from royalty method, which calculates the cost savings associated with owning rather than licensing the trade names. An assumed royalty rate was applied to forecasted revenue and the resulting cash flows were discounted. The assumed royalty rate was based on market data and an analysis of the expected margins for the acquired operations. The aggregate calculated fair value of the trade names was $8,300, which is being amortized on the straight-line basis over a weighted-average period of 9.5 years.

In conjunction with the acquisition of Banker's Dashboard in April 2011, we will be issuing 193 shares of our common stock at a later date. The fair value of this consideration was determined as the fair value of our common stock on the date of the acquisition, discounted to reflect the restrictions which prohibit the trade or transfer of the stock until the date of issuance. The estimated fair value of the stock consideration was $4,300, which is reflected in additional paid-in capital on the consolidated balance sheet as of September 30, 2011.

Recurring fair value measurements – We held an investment in a Canadian money market fund of $1,941 as of September 30, 2011 and $2,029 as of December 31, 2010. This investment is included in other current assets on the consolidated balance sheets. The money market fund is not traded in an active market and its fair value is determined by obtaining quoted prices in active markets for the underlying securities held by the fund. Because of the short-term nature of the underlying investments, the cost of these securities approximates their fair value. The cost of securities sold is determined using the average cost method. No gains or losses on sales of these marketable securities were realized during the quarters or nine months ended September 30, 2011 and 2010.

Funds held for customers included available-for-sale marketable securities of $10,032 as of September 30, 2011 and $10,249 as of December 31, 2010. A portion of these assets represents an investment in a Canadian money market fund. The remainder of the assets relates to a mutual fund investment which invests in Canadian and provincial government securities. These funds are not traded in active markets and their fair values are determined by obtaining quoted prices in active markets for the underlying securities held by the funds. Unrealized gains and losses on these investments, net of tax, are included in other comprehensive loss on the consolidated balance sheets. Realized gains and losses are included in revenue on the consolidated statements of income and were not significant for the quarters or nine months ended September 30, 2011 and 2010. The cost of securities sold is determined using the average cost method.

We have elected to account for a long-term investment in domestic mutual funds under the fair value option for financial assets and financial liabilities. The fair value option provides companies an irrevocable option to measure many financial assets and liabilities at fair value with changes in fair value recognized in earnings. The fair value of the investment is included in long-term investments on the consolidated balance sheets and was $2,157 as of September 30, 2011 and $2,283 as of December 31, 2010. Long-term investments also include the cash surrender values of company-owned life insurance policies. Realized and unrealized gains and losses, as well as dividends earned by the mutual fund investment, are included in selling, general and administrative (SG&A) expense in the consolidated statements of income. This investment corresponds to a liability under an officers' deferred compensation plan which is not available to new participants and is fully funded by the investment in mutual funds. The liability under the plan equals the fair value of the investment in mutual funds. Thus, as the value of the investment changes, the value of the liability changes accordingly. As changes in the liability are reflected within SG&A expense in the consolidated statements of income, the fair value option of accounting for the investment in mutual funds allows us to net changes in the investment and the related liability in the statements of income. The cost of securities sold is determined using the average cost method. We recognized a net unrealized loss on the investment in mutual funds of $226 during the quarter ended September 30, 2011. Net unrealized gains and losses recognized during the nine months ended September 30, 2011 and during the quarter and nine months ended September 30, 2010 were not significant. Realized gains recognized during these periods were also not significant.

The fair value of interest rate swaps (see Note 7) is determined at each reporting date by means of a pricing model utilizing readily observable market interest rates. The change in fair value is determined as the change in the present value of estimated future cash flows discounted using the LIBOR rate. Changes in the fair value of the interest rate swaps, as well as changes in the fair value of the hedged debt, are included in interest expense in the consolidated statements of income and were as follows:

	Quarter Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Gain from derivatives	$	2,866		$	1,831		$	2,592		$	6,800
Loss from change in fair value of hedged debt		(2,792	)		(1,706	)		(3,115	)		(6,349	)
Net decrease (increase) in interest expense	$	74		$	125		$	(523	)	$	451

Information regarding recurring fair value measurements completed during each period was as follows:

			Fair value measurements using
	Fair value as of September 30,  2011		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Marketable securities – funds held for customers	$	10,032	$	-	$	10,032	$	-
Marketable securities – corporate investments		1,941		-		1,941		-
Long-term investment in mutual funds		2,157		2,157		-		-
Derivative assets		5,500		-		5,500		-

			Fair value measurements using
	Fair value as of December 31, 2010		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Marketable securities – funds held for customers	$	10,249	$	-	$	10,249	$	-
Marketable securities – corporate investments		2,029		-		2,029		-
Long-term investment in mutual funds		2,283		2,283		-		-
Derivative assets		5,456		-		5,456		-

Fair value measurements of other financial instruments – The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate fair value.

Cash and cash equivalents, cash and cash equivalents included within funds held for customers, and short-term debt – The carrying amounts reported in the consolidated balance sheets approximate fair value because of the short-term nature of these items.

Long-term debt – The fair value of long-term debt is based on quoted prices for identical liabilities when traded as assets in an active market (Level 1 fair value measurement), with the exception of the debt issued in March 2011 which is not currently traded in an active market. The fair value of this debt is determined at each reporting date by means of a pricing model utilizing readily observable market interest rates and data from trades executed by institutional investors (Level 2 fair value measurement). The fair value of long-term debt included in the table below does not reflect the impact of hedging activity. The carrying amount of long-term debt includes the change in fair value of hedged long-term debt.

The estimated fair values of these financial instruments were as follows:

	September 30, 2011				December 31, 2010
	Carrying amount		Fair value		Carrying amount		Fair value
Cash and cash equivalents	$	23,021	$	23,021	$	17,383	$	17,383
Cash and cash equivalents – funds held for customers		24,579		24,579		25,471		25,471
Short-term debt		33,000		33,000		7,000		7,000
Long-term debt		742,592		736,843		748,122		751,978

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Restructuring charges

9 Months Ended

Sep. 30, 2011

Restructuring charges [Abstract]

Restructuring charges

Note 9: Restructuring charges

Net restructuring charges for each period consisted of the following components:

	Quarter Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Severance accruals	$	3,011		$	384		$	5,834		$	3,591
Severance reversals		(205	)		(686	)		(1,114	)		(2,238	)
Operating lease obligations		52			-			52			415
Operating lease reversals		-			(72	)		-			(380	)
Net restructuring accruals		2,858			(374	)		4,772			1,388
Other costs		1,740			476			5,904			1,185
Net restructuring charges	$	4,598		$	102		$	10,676		$	2,573

The net restructuring charges are reflected in the consolidated statements of income as follows:

	Quarter Ended September 30,					Nine Months Ended September 30,
	2011		2010			2011		2010
Cost of goods sold	$	261	$	(1	)	$	837	$	562
Operating expenses		4,337		103			9,839		2,011
Net restructuring charges	$	4,598	$	102		$	10,676	$	2,573

2011 restructuring charges – During the quarter and nine months ended September 30, 2011, the net restructuring accruals included severance charges related to employee reductions across functional areas as we continue to reduce costs. The restructuring accruals included severance benefits for approximately 100 employees for the quarter ended September 30, 2011 and severance benefits for approximately 190 employees for the nine months ended September 30, 2011. These charges were reduced by the reversal of restructuring accruals recorded primarily in 2010 as fewer employees received severance benefits than originally estimated. Other restructuring costs, which were expensed as incurred, included items such as employee and equipment moves, training and travel related to our restructuring activities.

2010 restructuring charges – During the quarter and nine months ended September 30, 2010, the net restructuring accruals included severance charges related to employee reductions in various functional areas as we continued our cost reduction initiatives. Net restructuring accruals for the nine months ended September 30, 2010 also included employee reductions resulting from the acquisition of Custom Direct in April 2010. The restructuring accruals included severance benefits for approximately 40 employees for the quarter ended September 30, 2010 and severance benefits for approximately 115 employees for the nine months ended September 30, 2010. These charges were reduced by the reversal of restructuring accruals as fewer employees received severance benefits than originally estimated. Other restructuring costs, which were expensed as incurred, included items such as equipment moves, training and travel related to our restructuring activities.

Restructuring accruals of $5,836 as of September 30, 2011 are reflected in the consolidated balance sheet as accrued liabilities of $5,692 and other non-current liabilities of $144. Restructuring accruals of $6,798 as of December 31, 2010 are reflected in the consolidated balance sheet as accrued liabilities of $6,435 and other non-current liabilities of $363. The majority of the employee reductions are expected to be completed by early 2012. We expect most of the related severance payments to be fully paid by mid-2012, utilizing cash from operations. The remaining payments due under operating lease obligations will be paid through May 2013. As of September 30, 2011, approximately 160 employees had not yet started to receive severance benefits. Further information regarding our restructuring accruals can be found under the caption “Note 8: Restructuring charges” in the Notes to Consolidated Financial Statements appearing in the 2010 Form 10-K.

As of September 30, 2011, our restructuring accruals, by company initiative, were as follows:

	2008 initiatives			2009 initiatives			2010 initiatives			2011  initiatives			Total
Balance, December 31, 2010	$	117		$	652		$	6,029		$	-		$	6,798
Restructuring charges		-			4			75			5,807			5,886
Restructuring reversals		(11	)		(56	)		(990	)		(57	)		(1,114	)
Payments		(106	)		(378	)		(3,655	)		(1,595	)		(5,734	)
Balance, September 30, 2011	$	-		$	222		$	1,459		$	4,155		$	5,836
Cumulative amounts:
Restructuring charges	$	27,545		$	11,019		$	9,715		$	5,807		$	54,086
Restructuring reversals		(5,881	)		(1,669	)		(1,254	)		(57	)		(8,861	)
Payments		(21,664	)		(9,128	)		(7,002	)		(1,595	)		(39,389	)
Balance, September 30, 2011	$	-		$	222		$	1,459		$	4,155		$	5,836

As of September 30, 2011, the components of our restructuring accruals, by segment, were as follows:

	Employee severance benefits												Operating lease obligations
	Small Business Services			Financial Services			Direct Checks			Corporate			Small Business Services			Direct Checks			Total
Balance, December 31, 2010	$	1,248		$	1,954		$	252		$	2,616		$	236		$	492		$	6,798
Restructuring charges		1,209			2,235			79			2,311			52			-			5,886
Restructuring reversals		(687	)		(222	)		(32	)		(173	)		-			-			(1,114	)
Inter-segment transfer		125			234			2			(361	)		-			-			-
Payments		(1,003	)		(2,045	)		(216	)		(2,167	)		(150	)		(153	)		(5,734	)
Balance, September 30, 2011	$	892		$	2,156		$	85		$	2,226		$	138		$	339		$	5,836
Cumulative amounts(1):
Restructuring charges	$	15,219		$	8,936		$	2,898		$	24,662		$	1,862		$	509		$	54,086
Restructuring reversals		(2,454	)		(1,056	)		(157	)		(4,801	)		(393	)		-			(8,861	)
Inter-segment transfer		914			619			63			(1,596	)		-			-			-
Payments		(12,787	)		(6,343	)		(2,719	)		(16,039	)		(1,331	)		(170	)		(39,389	)
Balance, September 30, 2011	$	892		$	2,156		$	85		$	2,226		$	138		$	339		$	5,836

(1) Includes accruals related to our cost reduction initiatives for 2008 through 2011.

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Income tax provision

9 Months Ended

Sep. 30, 2011

Income tax provision [Abstract]

Income tax provision

Note 11:  Income tax provision

Our effective tax rate for the nine months ended September 30, 2011 was 32.0%, compared to our 2010 annual effective tax rate of 35.0%. The 2011 effective tax rate was favorably impacted 1.0 percentage point by actions taken to restore a portion of the deferred tax asset attributable to the receipt of Medicare Part D subsidies after 2012. Our 2011 tax rate also included discrete items, including a reduction in the valuation allowance related to foreign operating loss carryforwards, which decreased our effective tax rate by 1.2 percentage points.

Our 2010 effective tax rate included a $4,063 charge resulting from the Health Care and Education Reconciliation Act of 2010, which was signed into law in March 2010 and requires that certain tax deductions after 2012 be reduced by the amount of the Medicare Part D subsidy payments. Prior to this law change, the subsidy was to be disregarded in all future years when computing tax deductions. This resulted in a reduction in the deferred tax asset associated with our postretirement benefit plan and increased our 2010 effective tax rate 1.7 points. Our 2010 effective tax rate also included favorable adjustments related to accruals for uncertain tax positions, which lowered our effective tax rate 1.3 percentage points.

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Supplemental balance sheet information (marketable securities) (Details) (USD $) In Thousands	Sep. 30, 2011		Dec. 31, 2010
Marketable securities [Abstract]
Cost	$ 11,782		$ 12,255
Gross unrealized gains	191		23
Gross unrealized losses	0		0
Fair value	11,973		12,278
Cash and cash equivalents [Abstract]
Funds held for customers, cash and cash equivalents	24,579		25,471
Expected maturities of available-for-sale securities [Abstract]
Due in one year or less	6,794
Due in one to three years	539
Due in three to five years	1,797
Due after five years	2,843
Total marketable securities	11,973		12,278
Corporate Investments [Member] | Money Market Securities [Member]
Marketable securities [Abstract]
Cost	1,941		2,029
Gross unrealized gains	0		0
Gross unrealized losses	0		0
Fair value	1,941		2,029
Expected maturities of available-for-sale securities [Abstract]
Total marketable securities	1,941		2,029
Funds Held For Customers [Member]
Marketable securities [Abstract]
Cost	9,841	[1]	10,226	[2]
Gross unrealized gains	191	[1]	23	[2]
Gross unrealized losses	0	[1]	0	[2]
Fair value	10,032	[1]	10,249	[2]
Expected maturities of available-for-sale securities [Abstract]
Total marketable securities	10,032	[1]	10,249	[2]
Funds Held For Customers [Member] | Money Market Securities [Member]
Marketable securities [Abstract]
Cost	4,853	[1]	5,078	[2]
Gross unrealized gains	0	[1]	0	[2]
Gross unrealized losses	0	[1]	0	[2]
Fair value	4,853	[1]	5,078	[2]
Expected maturities of available-for-sale securities [Abstract]
Total marketable securities	4,853	[1]	5,078	[2]
Funds Held For Customers [Member] | Canadian And Provincial Government Securities [Member]
Marketable securities [Abstract]
Cost	4,988	[1]	5,148	[2]
Gross unrealized gains	191	[1]	23	[2]
Gross unrealized losses	0	[1]	0	[2]
Fair value	5,179	[1]	5,171	[2]
Expected maturities of available-for-sale securities [Abstract]
Total marketable securities	$ 5,179	[1]	$ 5,171	[2]

[1] Funds held for customers, as reported on the consolidated balance sheet as of September 30, 2011, also included cash and cash equivalents of $24,579.

[2] Funds held for customers, as reported on the consolidated balance sheet as of December 31, 2010, also included cash and cash equivalents of $25,471.

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Shareholders' equity (Details) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011
Shareholders' equity [Abstract]
Common shares authorized for repurchase (in shares)	10,000
Common shares that remain available for repurchase (in shares)	5,257
Number of shares repurchased during the period (in shares)	940
Cost of shares repurchased during the period	$ 23,620

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Market risks

9 Months Ended

Sep. 30, 2011

Market risks [Abstract]

Market risks

Note 16: Market risks

Due to the downturn in the U.S. economy, including the liquidity crisis in the credit markets, as well as failures and consolidations of companies within the financial services industry since 2008, we have identified certain market risks which may affect our future operating performance.

Economic conditions –During the quarter ended March 31, 2009, we recorded a goodwill impairment charge of $20,000 in our Small Business Services segment related to one of our reporting units, as well as an impairment charge of $4,900 in our Small Business Services segment related to an indefinite-lived trade name. These charges resulted from the continuing negative impact of the economic downturn on our expected operating results. The annual impairment analyses completed during the quarter ended September 30, 2011 indicated no impairment of goodwill or our indefinite-lived trade name. See Note 8 for further information regarding these impairment analyses. We will continue to monitor whether additional impairment analyses are required with respect to the carrying value of goodwill and the indefinite-lived trade name.

Postretirement benefit plan – The fair value of our postretirement benefit plan assets is subject to various risks, including credit, interest and overall market volatility risks. During 2008, the equity markets experienced a significant decline in value. As such, the fair value of our plan assets decreased significantly during the year, resulting in a $29,879 increase in the unfunded status of our plan as compared to the end of the previous year. This affected the amounts reported in the consolidated balance sheet as of December 31, 2008 and also contributed to an increase in postretirement benefit expense of $2,374 in 2009, as compared to 2008. The fair value of our plan assets later recovered, increasing $21,592 during 2009 and $10,990 during 2010. If the equity and bond markets decline in future periods, the funded status of our plan could again be materially affected. This could result in higher postretirement benefit expense in the future, as well as the need to contribute increased amounts of cash to fund the benefits payable under the plan, although our obligation is limited to funding benefits as they become payable. We did not use plan assets to make benefit payments during the nine months ended September 30, 2011 or during 2010. Rather, we used cash provided by operating activities to make these payments.

Financial institution clients – Continued turmoil in the financial services industry, including further bank failures and consolidations, could have a significant impact on our consolidated results of operations if we were to lose a significant amount of business and/or we were unable to recover the value of an unamortized contract acquisition cost or account receivable. As of September 30, 2011, unamortized contract acquisition costs totalled $57,364, while liabilities for contract acquisition costs not paid as of September 30, 2011 were $21,083. The inability to recover amounts paid to a larger financial institution client could have a significant negative impact on our consolidated results of operations.

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Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2011

Fair value measurements [Abstract]

Gain (loss) from derivative instruments

The fair value of interest rate swaps (see Note 7) is determined at each reporting date by means of a pricing model utilizing readily observable market interest rates. The change in fair value is determined as the change in the present value of estimated future cash flows discounted using the LIBOR rate. Changes in the fair value of the interest rate swaps, as well as changes in the fair value of the hedged debt, are included in interest expense in the consolidated statements of income and were as follows:

	Quarter Ended  September 30,						Nine Months Ended  September 30,
	2011			2010			2011			2010
Gain from derivatives	$	2,866		$	1,831		$	2,592		$	6,800
Loss from change in fair value of hedged debt		(2,792	)		(1,706	)		(3,115	)		(6,349	)
Net  decrease (increase) in interest expense	$	74		$	125		$	(523	)	$	451

Recurring fair value measurements

Information regarding recurring fair value measurements completed during each period was as follows:

			Fair value measurements using
	Fair value as of September 30,  2011		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Marketable securities – funds held for customers	$	10,032	$	-	$	10,032	$	-
Marketable securities – corporate investments		1,941		-		1,941		-
Long-term investment in mutual funds		2,157		2,157		-		-
Derivative assets		5,500		-		5,500		-

			Fair value measurements using
	Fair value as of December 31, 2010		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Marketable securities – funds held for customers	$	10,249	$	-	$	10,249	$	-
Marketable securities – corporate investments		2,029		-		2,029		-
Long-term investment in mutual funds		2,283		2,283		-		-
Derivative assets		5,456		-		5,456		-

Estimated fair value of other financial instruments

The estimated fair values of these financial instruments were as follows:

	September 30, 2011				December 31, 2010
	Carrying amount		Fair value		Carrying amount		Fair value
Cash and cash equivalents	$	23,021	$	23,021	$	17,383	$	17,383
Cash and cash equivalents – funds held for customers		24,579		24,579		25,471		25,471
Short-term debt		33,000		33,000		7,000		7,000
Long-term debt		742,592		736,843		748,122		751,978

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Debt (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			9 Months Ended			9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended
	Sep. 30, 2011	Mar. 31, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010	Sep. 30, 2011 Senior, unsecured notes due 2012 [Member]	Dec. 31, 2010 Senior, unsecured notes due 2012 [Member]	Sep. 30, 2011 Senior, unsecured notes due 2014 [Member]	Dec. 31, 2010 Senior, unsecured notes due 2014 [Member]	Sep. 30, 2011 Senior notes due 2015 [Member]	Dec. 31, 2010 Senior notes due 2015 [Member]	Sep. 30, 2011 Senior notes due 2019 [Member]	Sep. 30, 2011 Senior notes due 2019 [Member] First Optional Redemption Period [Member]	Sep. 30, 2011 Senior notes due 2019 [Member] Second Optional Redemption Period [Member]	Sep. 30, 2011 Senior notes due 2019 [Member] Third Optional Redemption Period [Member]
Debt Instrument [Line Items]
Stated interest rate (in hundredths)							5.00%	5.00%	5.125%	5.125%	7.375%	7.375%	7.00%
Debt maturity date		Mar. 15, 2019					Dec. 15, 2012	Dec. 15, 2012	Oct. 01, 2014	Oct. 01, 2014	Jun. 01, 2015	Jun. 01, 2015	Mar. 15, 2019
Cumulative increase in fair value of hedged debt	$ 4,480			$ 4,480			$ 1,114	$ 4,879	$ 3,366
Long-term portion of debt	742,592			742,592		748,122	85,897	284,843	256,695	263,279	200,000	200,000	200,000
Amounts drawn on credit facility	33,000			33,000		7,000
Total debt	775,592			775,592		755,122
Debt instrument, issuance date		March 2011					December 2002		October 2004		May 2007		March 2011
Principal amount issued		200,000					300,000		275,000		200,000		200,000
Anticipated period of registering the notes with Securities and Exchange Commission via a registration statement (in days)		340											340D
Anticipated date of registering the notes with Securities and Exchange Commission via a registration statement		Mar. 15, 2011											Mar. 15, 2011
Optional redemption period														Prior to March 15, 2014	Prior to March 15, 2015	On or after March 15, 2015
Notes redeemable during optional redemption period (in hundredths)														up to 35.00%
Redemption price, optional redemption (in hundredths)														107.00%	100.00%
Redemption price, optional redemption minimum (in hundredths)											100.00%					100.00%
Redemption price, optional redemption maximum (in hundredths)											103.688%					103.50%
Redemption price, mandatory redemption (in hundredths)											101.00%		101.00%
Proceeds from issuance of notes, net of offering costs							295,722		272,276		196,329		196,530
Fair value of notes							86,398		253,827		204,118		192,500
Principal amount retired							195,463		10,000
Pre-tax loss from extinguishment of debt	0		0	(6,995)	0		6,810		185
Remaining principal amount outstanding							$ 84,847		$ 253,500

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Derivative financial instruments (Details) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Dec. 31, 2010
Derivative [Line Items]
Notional amount	$ 282,847
Fair value of interest rate swaps	5,500
Increase in debt due to fair value adjustment	4,480
Fair value hedge related to long-term debt due in 2012 [Member]
Derivative [Line Items]
Notional amount	84,847	210,000
Fair value of interest rate swaps	1,719	5,456
Increase in debt due to fair value adjustment	1,114	4,879
Amount of bonds retired	195,463
Cash received on settlement of a portion of interest rate swaps	2,548
Fair value adjustment to hedged debt recognized in earnings at hedge termination	3,094
Accumulated fair value adjustment to hedged debt deferred at hedge termination recorded as a decrease to interest expense over the term of the remaining debt	1,356
Fair value hedge related to long-term debt in 2014 [Member]
Derivative [Line Items]
Notional amount	198,000
Fair value of interest rate swaps	3,781
Increase in debt due to fair value adjustment	$ 3,366

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Cash Flows From Operating Activities:
Net income	$ 104,764	$ 117,799
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
Net loss from discontinued operations	0	771
Depreciation	16,165	15,728
Amortization of intangibles	40,297	38,935
Amortization of contract acquisition costs	12,737	14,696
Deferred income taxes	4,086	7,164
Employee share-based compensation expense	4,503	4,548
Loss on early debt extinguishment	6,995	0
Other non-cash items, net	8,249	9,024
Changes in assets and liabilities, net of effect of acquisitions:
Trade accounts receivable	(1,826)	1,889
Inventories and supplies	(461)	(294)
Other current assets	(5,411)	(249)
Non-current assets	2,429	1,974
Accounts payable	(76)	(2,502)
Contract acquisition payments	(9,998)	(13,837)
Other accrued and non-current liabilities	(11,206)	(25,162)
Net cash provided by operating activities of continuing operations	171,247	170,484
Cash Flows From Investing Activities:
Purchases of capital assets	(28,226)	(31,613)
Payments for acquisitions, net of cash acquired	(80,486)	(98,621)
Payments on company-owned life insurance policies	(6,383)	0
Loans to distributors	(3,515)	0
Proceeds from company-owned life insurance policies	0	5,782
Proceeds from sales of marketable securities	0	1,970
Other	(1,936)	(1,883)
Net cash used by investing activities of continuing operations	(120,546)	(124,365)
Cash Flows From Financing Activities:
Net proceeds from short-term debt	26,000	4,000
Payments on long-term debt, including costs of debt reacquisition	(215,030)	0
Proceeds from issuing long-term debt	200,000	0
Payments for debt issue costs	(3,470)	(2,361)
Change in book overdrafts	1,982	(1,595)
Proceeds from issuing shares under employee plans	7,597	3,078
Excess tax benefit from share-based employee awards	972	396
Payments for common shares repurchased	(23,620)	(2,999)
Cash dividends paid to shareholders	(38,395)	(38,586)
Net cash (used) provided by financing activities of continuing operations	(43,964)	(38,067)
Effect Of Exchange Rate Change On Cash	(1,099)	250
Net Change In Cash And Cash Equivalents	5,638	8,302
Cash And Cash Equivalents:
Beginning Of Period	17,383	12,789
End Of Period	$ 23,021	$ 21,091

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Acquisitions

9 Months Ended

Sep. 30, 2011

Acquisitions [Abstract]

Acquisitions

Note 5: Acquisitions

During July 2011, we acquired substantially all of the assets of PsPrint, LLC for cash of $45,486, net of cash acquired, which we funded with a draw on our credit facility. PsPrint is a web-to-print solutions company that provides online print marketing and promotional services for small businesses. The allocation of the purchase price based upon the estimated fair value of the assets acquired and liabilities assumed resulted in goodwill of $24,826. The entire amount of goodwill is expected to be tax deductible. We believe this acquisition resulted in goodwill as it is expected to accelerate one of our key platforms for growth by combining PsPrint's capabilities and technology with our market presence. Transaction costs related to this acquisition were expensed as incurred and were not significant to our consolidated statements of income for the quarter or nine months ended September 30, 2011. The results of operations of this business from its acquisition date are included in our Small Business Services segment.

Intangible assets acquired in the PsPrint acquisition included internal-use software valued at $9,050 with a useful life of five years, a trade name valued at $6,100 with a useful life of 10 years, and a customer list valued at $3,300 with a useful life of six years. The customer list is being amortized using an accelerated method and the software and trade name are being amortized using the straight-line method. Further information regarding the calculation of the estimated fair values of these assets can be found in Note 8.

During April 2011, we acquired substantially all of the assets of Banker's Dashboard, LLC, for $39,700, comprised of $35,000 of cash and $4,700 for shares of our common stock plus related dividend equivalent payments. We funded the cash portion of the purchase price with cash on hand and a draw on our credit facility. The common stock amount represents the fair value of 193 shares that we will issue to the previous owners of Banker's Dashboard at a future date, and which has been recorded as a component of additional paid-in capital in the consolidated balance sheet. The shares will be issued four years after the closing of the acquisition. The shares could potentially be issued two years after the closing of the transaction, depending on the retention of certain Banker's Dashboard employees. Banker's Dashboard is a provider of online financial management tools that provide banks with daily access to their total financial picture. The allocation of the purchase price based upon the estimated fair value of the assets acquired and liabilities assumed resulted in goodwill of $26,281. The entire amount of goodwill is expected to be tax deductible. We believe this acquisition resulted in goodwill as it extends the range of products and services we offer to our financial institution clients. Transaction costs related to this acquisition were expensed as incurred and were not significant to our consolidated statements of income for the quarter or nine months ended September 30, 2011. The results of operations of this business from its acquisition date are included in our Financial Services segment.

Intangible assets acquired in the Banker's Dashboard acquisition consisted primarily of a customer list valued at $9,300 with a useful life of nine years and a trade name valued at $2,200 with a useful life of eight years. The customer list is being amortized using an accelerated method and the trade name is being amortized using the straight-line method. Further information regarding the calculation of the estimated fair values of these assets can be found in Note 8.

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Supplemental guarantor financial information, Condensed consolidating statement of income (Details) (USD $) In Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Condensed Consolidating Statement of Income [Abstract]
Revenue	$ 355,144	$ 367,633	$ 1,051,170	$ 1,050,749
Total cost of goods sold	122,638	121,433	363,487	361,736
Gross Profit	232,506	246,200	687,683	689,013
Selling, general and administrative expense, including net restructuring charges	166,861	157,692	490,707	468,330
Net gain on sale of facility	0	0	(110)	0
Operating (Loss) Income	65,645	88,508	197,086	220,683
Loss on early debt extinguishment	0	0	(6,995)	0
Interest expense	(11,831)	(11,207)	(35,922)	(33,250)
Other income (expense)	(301)	383	(216)	(1,017)
(Loss) Income Before Income Taxes	53,513	77,684	153,953	186,416
Income tax (benefit) provision	16,778	26,512	49,189	67,846
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries	36,735	51,172	104,764	118,570
Equity In Earnings Of Consolidated Subsidiaries	0	0	0	0
Income From Continuing Operations	36,735	51,172	104,764	118,570
Net Loss From Discontinued Operations	0	(372)	0	(771)
Net Income	36,735	50,800	104,764	117,799
Deluxe Corporation [Member]
Condensed Consolidating Statement of Income [Abstract]
Revenue	2,128	2,329	6,383	6,986
Total cost of goods sold	0	0	0	0
Gross Profit	2,128	2,329	6,383	6,986
Selling, general and administrative expense, including net restructuring charges	2,529	(181)	9,313	2,078
Net gain on sale of facility			0
Operating (Loss) Income	(401)	2,510	(2,930)	4,908
Loss on early debt extinguishment			(6,995)
Interest expense	(11,785)	(11,176)	(35,795)	(33,174)
Other income (expense)	2,930	1,368	7,750	4,284
(Loss) Income Before Income Taxes	(9,256)	(7,298)	(37,970)	(23,982)
Income tax (benefit) provision	(6,227)	(5,878)	(18,539)	(9,954)
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries	(3,029)	(1,420)	(19,431)	(14,028)
Equity In Earnings Of Consolidated Subsidiaries	39,764	52,220	124,195	131,827
Income From Continuing Operations	36,735	50,800	104,764	117,799
Net Loss From Discontinued Operations	0	0	0	0
Net Income	36,735	50,800	104,764	117,799
Guarantor subsidiaries [Member]
Condensed Consolidating Statement of Income [Abstract]
Revenue	318,933	335,542	943,429	952,273
Total cost of goods sold	113,365	112,973	336,306	336,817
Gross Profit	205,568	222,569	607,123	615,456
Selling, general and administrative expense, including net restructuring charges	146,427	140,378	427,005	409,325
Net gain on sale of facility			(110)
Operating (Loss) Income	59,141	82,191	180,228	206,131
Loss on early debt extinguishment			0
Interest expense	(2,106)	(1,772)	(7,363)	(5,146)
Other income (expense)	382	(17)	970	67
(Loss) Income Before Income Taxes	57,417	80,402	173,835	201,052
Income tax (benefit) provision	23,171	28,714	64,987	72,363
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries	34,246	51,688	108,848	128,689
Equity In Earnings Of Consolidated Subsidiaries	5,518	904	15,347	3,909
Income From Continuing Operations	39,764	52,592	124,195	132,598
Net Loss From Discontinued Operations	0	(372)	0	(771)
Net Income	39,764	52,220	124,195	131,827
Non-guarantor subsidiaries [Member]
Condensed Consolidating Statement of Income [Abstract]
Revenue	68,984	65,624	208,821	202,288
Total cost of goods sold	39,888	39,456	121,448	121,957
Gross Profit	29,096	26,168	87,373	80,331
Selling, general and administrative expense, including net restructuring charges	22,191	22,361	67,585	70,687
Net gain on sale of facility			0
Operating (Loss) Income	6,905	3,807	19,788	9,644
Loss on early debt extinguishment			0
Interest expense	(298)	(248)	(1,023)	(774)
Other income (expense)	(1,255)	1,021	(677)	476
(Loss) Income Before Income Taxes	5,352	4,580	18,088	9,346
Income tax (benefit) provision	(166)	3,676	2,741	5,437
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries	5,518	904	15,347	3,909
Equity In Earnings Of Consolidated Subsidiaries	0	0	0	0
Income From Continuing Operations	5,518	904	15,347	3,909
Net Loss From Discontinued Operations	0	0	0	0
Net Income	5,518	904	15,347	3,909
Eliminations [Member]
Condensed Consolidating Statement of Income [Abstract]
Revenue	(34,901)	(35,862)	(107,463)	(110,798)
Total cost of goods sold	(30,615)	(30,996)	(94,267)	(97,038)
Gross Profit	(4,286)	(4,866)	(13,196)	(13,760)
Selling, general and administrative expense, including net restructuring charges	(4,286)	(4,866)	(13,196)	(13,760)
Net gain on sale of facility			0
Operating (Loss) Income	0	0	0	0
Loss on early debt extinguishment			0
Interest expense	2,358	1,989	8,259	5,844
Other income (expense)	(2,358)	(1,989)	(8,259)	(5,844)
(Loss) Income Before Income Taxes	0	0	0	0
Income tax (benefit) provision	0	0	0	0
(Loss) Income From Continuing Operations Before Equity In Earnings Of Consolidated Subsidiaries	0	0	0	0
Equity In Earnings Of Consolidated Subsidiaries	(45,282)	(53,124)	(139,542)	(135,736)
Income From Continuing Operations	(45,282)	(53,124)	(139,542)	(135,736)
Net Loss From Discontinued Operations	0	0	0	0
Net Income	$ (45,282)	$ (53,124)	$ (139,542)	$ (135,736)

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Restructuring charges (Tables)

9 Months Ended

Sep. 30, 2011

Restructuring charges [Abstract]

Components of net restructuring charges

Net restructuring charges for each period consisted of the following components:

	Quarter Ended  September 30,						Nine Months Ended  September 30,
	2011			2010			2011			2010
Severance accruals	$	3,011		$	384		$	5,834		$	3,591
Severance reversals		(205	)		(686	)		(1,114	)		(2,238	)
Operating lease obligations		52			-			52			415
Operating lease reversals		-			(72	)		-			(380	)
Net restructuring accruals		2,858			(374	)		4,772			1,388
Other costs		1,740			476			5,904			1,185
Net restructuring charges	$	4,598		$	102		$	10,676		$	2,573

The net restructuring charges are reflected in the consolidated statements of income as follows:

	Quarter Ended  September 30,					Nine Months Ended  September 30,
	2011		2010			2011		2010
Cost of goods sold	$	261	$	(1	)	$	837	$	562
Operating expenses		4,337		103			9,839		2,011
Net restructuring charges	$	4,598	$	102		$	10,676	$	2,573

Restructuring accruals, by company initiative

As of September 30, 2011, our restructuring accruals, by company initiative, were as follows:

	2008 initiatives			2009 initiatives			2010 initiatives			2011 initiatives			Total
Balance, December 31, 2010	$	117		$	652		$	6,029		$	-		$	6,798
Restructuring charges		-			4			75			5,807			5,886
Restructuring reversals		(11	)		(56	)		(990	)		(57	)		(1,114	)
Payments		(106	)		(378	)		(3,655	)		(1,595	)		(5,734	)
Balance, September 30, 2011	$	-		$	222		$	1,459		$	4,155		$	5,836
Cumulative amounts:
Restructuring charges	$	27,545		$	11,019		$	9,715		$	5,807		$	54,086
Restructuring reversals		(5,881	)		(1,669	)		(1,254	)		(57	)		(8,861	)
Payments, primarily severance		(21,664	)		(9,128	)		(7,002	)		(1,595	)		(39,389	)
Balance, September 30, 2011	$	-		$	222		$	1,459		$	4,155		$	5,836

Restructuring accruals, by segment

As of September 30, 2011, the components of our restructuring accruals, by segment, were as follows:

	Employee severance benefits												Operating lease obligations
	Small Business Services			Financial Services			Direct Checks			Corporate			Small Business Services			Direct Checks			Total
Balance, December 31, 2010	$	1,248		$	1,954		$	252		$	2,616		$	236		$	492		$	6,798
Restructuring charges		1,209			2,235			79			2,311			52			-			5,886
Restructuring reversals		(687	)		(222	)		(32	)		(173	)		-			-			(1,114	)
Inter-segment transfer		125			234			2			(361	)		-			-			-
Payments		(1,003	)		(2,045	)		(216	)		(2,167	)		(150	)		(153	)		(5,734	)
Balance, September 30, 2011	$	892		$	2,156		$	85		$	2,226		$	138		$	339		$	5,836
Cumulative amounts(1):
Restructuring charges	$	15,219		$	8,936		$	2,898		$	24,662		$	1,862		$	509		$	54,086
Restructuring reversals		(2,454	)		(1,056	)		(157	)		(4,801	)		(393	)		-			(8,861	)
Inter-segment transfer		914			619			63			(1,596	)		-			-			-
Payments		(12,787	)		(6,343	)		(2,719	)		(16,039	)		(1,331	)		(170	)		(39,389	)
Balance, September 30, 2011	$	892		$	2,156		$	85		$	2,226		$	138		$	339		$	5,836

(1) Includes accruals related to our cost reduction initiatives for 2008 through 2011.

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Earnings per share (Details) (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Earnings per share - basic [Abstract]
Income from continuing operations	$ 36,735	$ 51,172	$ 104,764	$ 118,570
Income allocated to participating securities	(240)	(267)	(565)	(627)
Income available to common shareholders	36,495	50,905	104,199	117,943
Weighted-average shares outstanding (in shares)	50,889	51,171	51,112	51,120
Earnings per share - basic (in dollars per share)	$ 0.72	$ 0.99	$ 2.04	$ 2.31
Earnings per share - diluted [Abstract]
Income from continuing operations	36,735	51,172	104,764	118,570
Income allocated to participating securities	(166)	(265)	(325)	(625)
Re-measurement of share-based awards classified as liabilities	(77)	2	(65)	53
Income available to common shareholders	$ 36,492	$ 50,909	$ 104,374	$ 117,998
Weighted-average shares outstanding (in shares)	50,889	51,171	51,112	51,120
Dilutive impact of potential common shares (in shares)	314	191	431	197
Weighted-average shares and potential common shares outstanding (in shares)	51,203	51,362	51,543	51,317
Earnings per share - diluted (in dollars per share)	$ 0.71	$ 0.99	$ 2.02	$ 2.30
Antidilutive options excluded from calculation (in shares)	1,961	2,357	1,961	2,357

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Business segment information

9 Months Ended

Sep. 30, 2011

Business segment information [Abstract]

Business segment information

Note 15: Business segment information

We operate three reportable business segments: Small Business Services, Financial Services and Direct Checks. Small Business Services sells personalized printed products, which include business checks, printed forms, promotional products, marketing materials and related services, as well as retail packaging supplies and a suite of business services, including web design and hosting, fraud protection, payroll, logo design, search engine marketing and business networking, to small businesses. These products and services are promoted and sold through direct response advertising via mail and the internet, referrals from financial institutions and telecommunications clients, independent distributors and dealers, and outbound telemarketing groups. Financial Services' products and services for financial institutions include comprehensive check programs for both personal and business checks, fraud prevention and monitoring services, customer acquisition campaigns, marketing communications, regulatory program services, customer loyalty programs and profitability offers that provide insight into financial institution financial performance. These products and services are sold through multiple channels, including a direct sales force. Direct Checks sells personal and business checks and related products and services directly to consumers through direct response marketing and the internet. All three segments operate primarily in the United States. Small Business Services also has operations in Canada and portions of Europe.

The accounting policies of the segments are the same as those described in the Notes to Consolidated Financial Statements included in the 2010 Form 10-K. We allocate corporate costs for our shared services functions to our business segments, including costs of our executive management, human resources, supply chain, finance, information technology and legal functions. Generally, where costs incurred are directly attributable to a business segment, primarily within the areas of information technology, supply chain and finance, those costs are charged directly to that segment. Because we use a shared services approach for many of our functions, certain costs are not directly attributable to a business segment. These costs are allocated to our business segments based on segment revenue, as revenue is a measure of the relative size and magnitude of each segment and indicates the level of corporate shared services consumed by each segment. Corporate assets are not allocated to the segments and consist of property, plant and equipment, internal-use software, inventories and supplies related to our corporate shared services functions of manufacturing, information technology and real estate, as well as long-term investments.

We are an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations and the sharing of assets. Therefore, we do not represent that these segments, if operated independently, would report the operating income and other financial information shown.

The following is our segment information as of and for the quarters ended September 30, 2011 and 2010:

		Reportable Business Segments
		Small Business Services		Financial Services		Direct Checks		Corporate		Consolidated
Revenue from external customers:	2011	$	214,442	$	85,194	$	55,508	$	-	$	355,144
	2010		206,572		102,614		58,447		-		367,633
Operating income:	2011		34,650		14,128		16,867		-		65,645
	2010		45,298		27,157		16,053		-		88,508
Depreciation and amortization	2011		11,437		3,292		3,050		-		17,779
expense:	2010		11,099		2,911		5,369		-		19,379
Total assets:	2011		816,500		104,375		173,118		293,394		1,387,387
	2010		779,588		65,054		181,982		298,227		1,324,851
Capital asset purchases:	2011		-		-		-		8,930		8,930
	2010		-		-		-		10,547		10,547

The following is our segment information as of and for the nine months ended September 30, 2011 and 2010:

		Reportable Business Segments
		Small Business Services		Financial Services		Direct Checks		Corporate		Consolidated
Revenue from external customers:	2011	$	617,600	$	259,865	$	173,705	$	-	$	1,051,170
	2010		592,063		302,307		156,379		-		1,050,749
Operating income:	2011		104,749		43,039		49,298		-		197,086
	2010		104,843		71,178		44,662		-		220,683
Depreciation and amortization	2011		33,970		9,457		13,035		-		56,462
expense:	2010		34,230		8,880		11,553		-		54,663
Total assets:	2011		816,500		104,375		173,118		293,394		1,387,387
	2010		779,588		65,054		181,982		298,227		1,324,851
Capital asset purchases:	2011		-		-		-		28,226		28,226
	2010		-		-		-		31,613		31,613