v3.26.1
Supplemental balance sheet and cash flow information
 6 Months Ended
Jun. 30, 2026
Balance Sheet Related Disclosures [Abstract]  
Supplemental balance sheet and cash flow information
NOTE 3: SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION

Trade accounts receivable – Net trade accounts receivable was comprised of the following:
(in millions)June 30,
2026		December 31,
2025
Trade accounts receivable – gross(1)
$177.5 $196.3 
Allowance for credit losses(8.3)(8.7)
Trade accounts receivable – net$169.2 $187.6 

(1) Includes unbilled receivables of $50.0 million as of June 30, 2026 and $53.5 million as of December 31, 2025.

Changes in the allowance for credit losses for the six months ended June 30, 2026 and June 30, 2025 were as follows:
Six Months Ended
June 30,
(in millions)20262025
Balance, beginning of period$8.7 $9.1 
Bad debt expense4.1 3.7 
Write-offs and other(4.5)(3.1)
Balance, end of period$8.3 $9.7 

Inventories and supplies – Inventories and supplies were comprised of the following:
(in millions)June 30,
2026		December 31,
2025
Finished and semi-finished goods$26.8 $27.0 
Raw materials and supplies19.2 17.7 
Reserve for excess and obsolete items(10.5)(11.2)
Inventories and supplies, net of reserve$35.5 $33.5 

Revenue in excess of billings – Revenue in excess of billings was comprised of the following:
(in millions)June 30,
2026		December 31,
2025
Conditional right to receive consideration$16.7 $19.0 
Unconditional right to receive consideration(1)
13.6 11.8 
Revenue in excess of billings$30.3 $30.8 

(1) Represents revenues that are earned but not currently billable under the related contract terms.
Goodwill – There were no changes in goodwill during the six months ended June 30, 2026. Goodwill by reportable segment was as follows as of June 30, 2026 and December 31, 2025:

(in millions)Merchant ServicesB2B Payments
Data Solutions(1)
Print(1)
Total
Goodwill$727.7 $160.4 $40.8 $493.9 $1,422.8 

(1) The Data Solutions and Print balances are net of accumulated impairment charges of $145.6 million and $193.7 million, respectively, for each period.

Intangibles – Intangibles were comprised of the following:
June 30, 2026December 31, 2025
(in millions)Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
Internal-use software$583.3 $(412.8)$170.5 $543.2 $(373.4)$169.8 
Customer lists/relationships180.1 (140.9)39.2 223.1 (174.4)48.7 
Partner relationships75.9 (26.5)49.4 76.3 (24.1)52.2 
Technology-based intangibles65.0 (41.3)23.7 65.0 (37.2)27.8 
Residual commission buy-out36.0 (3.6)32.4 36.0 — 36.0 
Other20.5 (7.9)12.6 20.5 (6.6)13.9 
Intangibles$960.8 $(633.0)$327.8 $964.1 $(615.7)$348.4 

Amortization of intangibles was $30.4 million for the quarter ended June 30, 2026, $27.9 million for the quarter ended June 30, 2025, $60.7 million for the six months ended June 30, 2026, and $57.6 million for the six months ended June 30, 2025. Based on the intangibles in service as of June 30, 2026, estimated future amortization expense is as follows:
(in millions)Estimated
amortization
expense
Remainder of 2026$60.2 
202790.2 
202866.1 
202929.4 
203020.4 

In the normal course of business, we acquire and develop internal-use software. During the six months ended June 30, 2026, we acquired or developed internal-use software of $40.1 million with a weighted-average useful life of 3.0 years.

Long-term investments – Our long-term investments include the cash surrender values of company-owned life insurance (COLI) policies. During the fourth quarter of 2025 and the second quarter of 2026, we surrendered a portion of these policies, and we also received benefits under some of the policies, receiving total cash proceeds of $34.0 million during the six months ended June 30, 2026. Long-term investments as of December 31, 2025 also included an investment in a joint venture that was accounted for under the equity method. We decided to exit this joint venture in 2025, and the exit was completed during the first quarter of 2026. As such, the investment balance was removed from the consolidated balance sheet. No gain or loss was recognized, as the investment had been written down to fair value in the fourth quarter of 2025.
Other non-current assets – Other non-current assets were comprised of the following:
(in millions)June 30,
2026		December 31,
2025
Postretirement benefit plan asset$134.3 $129.5 
Prepaid product discounts(1)
31.3 29.8 
Cloud computing arrangement implementation costs24.4 29.2 
Deferred contract acquisition costs(2)
18.2 17.1 
Long-term receivables, net of allowance for credit losses(3)
15.3 9.0 
Other24.3 39.8 
Other non-current assets$247.8 $254.4 

(1) Amortization of prepaid product discounts was $14.9 million for the six months ended June 30, 2026 and $16.4 million for the six months ended June 30, 2025.

(2) Amortization of deferred contract acquisition costs was $5.2 million for the six months ended June 30, 2026 and $5.8 million for the six months ended June 30, 2025.

(3) Amount includes the non-current portion of long-term receivables, including loans and notes receivable from distributors and proceeds receivable from an asset sale (Note 6). The current portion of these receivables is included in other current assets on the consolidated balance sheets and was $5.7 million as of June 30, 2026 and $1.7 million as of December 31, 2025. The related allowance for credit losses was not material in either period.

As of June 30, 2026, long-term receivables originated during 2026 totaled $12.1 million, of which $4.2 million represented the current portion. Long-term receivables originated within the preceding five-year period were not material as of June 30, 2026. There were no write-offs or recoveries recorded during the six months ended June 30, 2026.

We manage long-term receivables using an internal risk grading process that considers a variety of factors, including borrowers’ ability to service their debt and payment history. Receivables with the highest assessed credit quality are assigned internal grades of 1-2, while receivables with an identified potential weakness requiring management's attention are assigned internal grades of 3-4. As of June 30, 2026, none of our long-term receivables were assigned an internal grade of 3-4. Additionally, past due and non-accrual balances were not material as of June 30, 2026 or December 31, 2025.

Accrued liabilities – Accrued liabilities were comprised of the following:
(in millions)June 30,
2026		December 31,
2025
Employee cash bonuses, including sales incentives$25.5 $47.4 
Deferred revenue(1)
22.2 36.2 
Customer rebates16.6 13.9 
Interest14.4 14.4 
Operating lease liabilities9.7 11.4 
Prepaid product discounts8.7 2.8 
Wages and payroll liabilities, including vacation7.6 4.9 
Restructuring and integration (Note 8)3.5 4.3 
Consideration payable for asset purchases0.1 13.1 
Other36.3 42.2 
Accrued liabilities$144.6 $190.6 
 
(1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $24.3 million for the six months ended June 30, 2026 and $20.3 million for the six months ended June 30, 2025.
Supplemental cash flow information – Supplemental cash flow information was as follows:
(in millions)June 30,
2026		June 30,
2025
Cash and cash equivalents$34.9 $26.0 
Restricted cash and restricted cash equivalents included in settlement processing assets17.5 12.4 
Non-current restricted cash included in other non-current assets2.0 3.1 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$54.4 $41.5 
Non-cash investing and financing activities:
Finance lease assets obtained in exchange for finance lease obligations$51.4 $0.7 
Non-cash financing activities:
Vesting of restricted stock unit awards$21.6 $11.4