Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Investments, All Other Investments [Abstract]

The following table summarizes CBIZ’s bond activity for the three months ended March 31, 2015 and the twelve months ended December 31, 2014 (in thousands):


	Three Months Ended March 31, 2015			Twelve Months Ended December 31, 2014

Fair value at beginning of period	$	38,399		$	30,011
Purchases		3,531			14,089
Sales		—			(245	)
Maturities and calls		(3,704	)		(6,426	)
Increase in bond premium		(19	)		1,155
Fair market value adjustment		178			(185	)


Fair value at end of period	$	38,385		$	38,399

Summary of Outstanding Interest Rate Swap

The following table summarizes CBIZ’s outstanding interest rate swap and its classification in the accompanying Consolidated Balance Sheets at March 31, 2015 and December 31, 2014 (in thousands).


	March 31, 2015
	Notional Amount		Fair Value (2)			Balance Sheet Location

Interest rate swap (1)	$	25,000	$	(55	)	Other current liabilities


	December 31, 2014
	Notional Amount		Fair Value (2)			Balance Sheet Location

Interest rate swap (1)	$	25,000	$	(126	)	Other current liabilities

(1)	Represents interest rate swap with a notional value of $25 million which will expire in June 2015. Under the terms of the interest rate swap, CBIZ pays interest at a fixed rate of 1.41% plus applicable margin as stated in the agreement, and received interest that varied with the three-month LIBOR.

(2)	See additional disclosures regarding fair value measurements in Note 8.

Summary of Effects of Interest Rate Swap

The following table summarizes the effects of the interest rate swap on CBIZ’s accompanying Consolidated Statements of Comprehensive Income for the three months ended March 31, 2015 and 2014 (in thousands):


	Gain recognized in AOCL, net of tax				Loss reclassified from AOCL into expense
	Three Months Ended March 31,				Three Months Ended March 31,
	2015		2014		2015		2014

Interest rate swap	$	45	$	56	$	73	$	117