XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1

Debt and Financing Arrangements

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt and Financing Arrangements

Note 7. Debt and Financing Arrangements

On April 3, 2018, we amended and restated our $400 million unsecured credit facility (the “2018 credit facility”), by and among CBIZ Operations, Inc., CBIZ, Inc., and Bank of America, N.A., as administrative agent and bank, and other participating banks. The 2018 credit facility amends the previous credit agreement (the “2014 credit facility”), dated as of July 28, 2014, as amended by the First Amendment to credit agreement, dated as of April 10, 2015, and as amended by the Second Amendment to credit agreement, dated as of November 3, 2015.

The 2018 credit facility extends the maturity date from 2019 to 2023, and continues to provide for a $400 million revolving loan commitment. The 2018 credit facility improves our borrowing margin related to leverage ratio and increases the flexibility of certain covenant baskets, as compared to the 2014 credit facility. This amendment and restatement had no impact on our consolidated financial statements.

The credit facility provides us with the capital necessary to meet our working capital needs as well as the flexibility to continue with our strategic initiatives, including business acquisitions and share repurchases. In addition to the discussion below, refer to our Annual Report on Form 10-K for the year ended December 31, 2017 for additional details of our debt and financing arrangements.

Bank Debt

The balance outstanding under the credit facility was $214.7 million and $178.5 million at March 31, 2018 and December 31, 2017, respectively.

Rates for the three months ended March 31, 2018 and 2017 were as follows:

		Three Months Ended
		March 31,
		2018			2017
Weighted average rates		2.98%			2.52%
Range of effective rates		2.37% - 5.00%			2.19% - 4.50%

We have approximately $175 million of available funds under the credit facility at March 31, 2018, net of outstanding letters of credit of $2.3 million. As of March 31, 2018, we were in compliance with our debt covenants.

Interest Expense

During the three months ended March 31, 2018 and 2017, interest expense was $1.8 million and $1.5 million, respectively.

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

+ Details

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration