Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Investments All Other Investments [Abstract]

The following table summarizes CBIZ’s bond activity for the six months ended June 30, 2016 and the twelve months ended December 31, 2015 (in thousands):

	Six Months Ended			Twelve Months Ended
	June 30, 2016			December 31, 2015
Fair value at beginning of period	$	43,142		$	38,399
Purchases		4,963			15,429
Redemptions		(1,490	)		(987	)
Maturities		(3,257	)		(9,677	)
Increase in bond premium		(205	)		172
Fair market value adjustment		572			(194	)
Fair value at end of period	$	43,725		$	43,142

Summary of Outstanding Interest Rate Swaps

The following table summarizes CBIZ’s outstanding interest rate swaps and their classification in the accompanying Consolidated Balance Sheets at June 30, 2016 and December 31, 2015 (in thousands):

	June 30, 2016
	Notional		Fair
	Amount		Value (1)			Balance Sheet Location
Interest rate swaps (2)	$	60,000	$	(972	)	Other non-current liabilities

	December 31, 2015
	Notional		Fair
	Amount		Value (1)			Balance Sheet Location
Interest rate swaps	$	50,000	$	240		Other non-current assets

(1)

See additional disclosures regarding fair value measurements in Note 8.

(2)

The notional value of each interest rate swap is $10.0 million, $15.0 million, $25.0 million, and $10.0 million with maturity tenors of 2, 3, 5 and 5 years, respectively. Under the terms of the interest rate swaps, CBIZ pays interest at a fixed rate of 0.885% (2-year), 1.155% (3-year), 1.300% (5-year) and 1.120% (5-year) plus applicable margin as stated in the agreement, and receives interest that varies with the one-month LIBOR.

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 and six months ended June 30, 2016 and 2015 (in thousands):

	Gain Recognized in AOCL, net of tax					Loss Reclassified from AOCL into Expense
	Three Months Ended					Three Months Ended
	June 30,					June 30,
	2016			2015		2016			2015
Interest rate swap	$	(231	)	$	34	$	(110	)	$	55

	Six Months Ended					Six Months Ended
	June 30,					June 30,
	2016			2015		2016		2015
Interest rate swap	$	(763	)	$	79	$	215	$	128