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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes CBIZ’s assets and liabilities at June 30, 2016 and December 31, 2015 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

 

June 30, 2016

 

 

December 31, 2015

 

Deferred compensation plan assets

 

1

 

$

68,040

 

 

$

64,245

 

Corporate and municipal bonds

 

1

 

$

43,725

 

 

$

43,142

 

Interest rate swaps

 

2

 

$

(972

)

 

$

240

 

Contingent purchase price liabilities

 

3

 

$

(32,948

)

 

$

(24,817

)

 
Change in Level 3 Fair Values of Contingent Purchase Price Liabilities

During the six months ended June 30, 2016 and 2015, there were no transfers between the valuation hierarchy Levels 1, 2 and 3. The following table summarizes the change in Level 3 fair values of the Company’s contingent purchase price liabilities for the six months ended June 30, 2016 and 2015 (pre-tax basis) (in thousands):

 

 

 

2016

 

 

2015

 

Beginning balance – January 1

 

$

(24,817

)

 

$

(33,368

)

Additions from business acquisitions

 

 

(15,088

)

 

 

(4,186

)

Settlement of contingent purchase price liabilities

 

 

6,349

 

 

 

5,622

 

Change in fair value of contingencies

 

 

714

 

 

 

1,400

 

Change in net present value of contingencies

 

 

(106

)

 

 

(79

)

Ending balance – June 30

 

$

(32,948

)

 

$

(30,611

)