Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes CBIZ’s assets and liabilities at March 31, 2015 and December 31, 2014 that are measured at fair value on a recurring basis subsequent to initial recognition and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands):


	Level	March 31, 2015			December 31, 2014

Deferred compensation plan assets	1	$	64,267		$	60,290
Corporate bonds	1	$	38,385		$	38,399
Interest rate swap	2	$	(55	)	$	(126	)
Contingent purchase price liabilities	3	$	(32,318	)	$	(33,368	)

Change in Level 3 Fair Values of Contingent Purchase Price Liability

The following table summarizes the change in Level 3 fair values of the Company’s contingent purchase price liability for the three months ended March 31, 2015 and 2014 (pre-tax basis) (in thousands):


	2015			2014

Beginning balance – January 1	$	(33,368	)	$	(25,196	)
Additions from business acquisitions		(4,186	)		(10,191	)
Settlement of contingent purchase price liabilities		3,829			1,494
Change in fair value of contingencies		1,445			959
Change in net present value of contingencies		(38	)		(19	)

Ending balance – March 31	$	(32,318	)	$	(32,953	)

Financial Instruments

The following table presents financial instruments that are not carried at fair value but which require fair value disclosure as of March 31, 2015 and December 31, 2014 (in thousands):


	March 31, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value

2006 Notes	$	750	$	750	$	750	$	750
2010 Notes	$	96,415	$	124,477	$	95,819	$	118,157