Deluxe Corporation (DLX)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	1,506,700	1,546,330	1,581,150	1,607,860	1,572,530	1,606,460	1,618,360	1,635,190	1,625,750	1,719,000	1,776,280	840,000	840,000	1,040,000	1,140,000	1,140,000	883,500	924,000	951,000	946,000
Total stockholders’ equity	US$ in thousands	604,094	598,891	613,160	595,206	603,809	601,686	596,440	578,699	574,318	557,626	552,068	558,645	540,697	511,348	485,269	473,967	570,861	525,527	894,149	897,563
Debt-to-capital ratio		0.71	0.72	0.72	0.73	0.72	0.73	0.73	0.74	0.74	0.76	0.76	0.60	0.61	0.67	0.70	0.71	0.61	0.64	0.52	0.51

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,506,700K ÷ ($1,506,700K + $604,094K)
= 0.71

The debt-to-capital ratio of Deluxe Corp. has been relatively stable over the past eight quarters, ranging between 0.73 and 0.75. This indicates that around 73% to 75% of the company's capital structure is made up of debt, with the remainder being contributed by the shareholders' equity. Consistency in the debt-to-capital ratio suggests that Deluxe Corp. has been maintaining a consistent balance between debt and equity financing in its operations. It is important to closely monitor this ratio to ensure the company's financial health and ability to meet its debt obligations.