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Financial Instruments | 3 Months Ended
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Mar. 31, 2019
Investments All Other Investments [Abstract] |
Financial Instruments | Note 9. Financial Instruments Bonds – We held corporate and municipal bonds with par values totaling $58.3 million and $55.7 million at March 31, 2019 and December 31, 2018, respectively. All bonds are investment grade and are classified as available-for-sale. These bonds have maturity or callable dates ranging from April 2019 through February 2024, and are included in “Funds held for clients – current” in the accompanying Consolidated Balance Sheets based on our intent and ability to sell these investments at any time under favorable conditions. The following table summarizes our bond activity for the three months ended March 31, 2019 and the twelve months ended December 31, 2018 (in thousands):
|  | Three Months Ended |  |  | Twelve Months Ended |
|  | March 31, 2019 |  |  | December 31, 2018 |
Fair value at beginning of period |  | $ | 56,556 |  |  | $ | 51,101 |
Purchases |  |  | 9,470 |  |  |  | 18,426 |
Redemptions |  |  | — |  |  |  | (1,793 | )
Maturities and calls |  |  | (6,865 | ) |  |  | (10,445 | )
Change in bond premium |  |  | (171 | ) |  |  | (377 | )
Fair market value adjustment |  |  | 697 |  |  |  | (356 | )
Fair value at end of period |  | $ | 59,687 |  |  | $ | 56,556 |
Interest Rate Swaps – We do not purchase or hold any derivative instruments for trading or speculative purposes. We utilize interest rate swaps to manage interest rate risk exposure associated with our floating-rate debt under the credit facility. Under these interest rate swap contracts, we receive cash flows from counterparties at variable rates based on the LIBOR and pay the counterparties a fixed rate. Refer to the Annual Report on Form 10-K for the year ended December 31, 2018 for further discussion on our interest rate swaps. The following table summarizes our outstanding interest rate swaps and their classification in the accompanying Consolidated Balance Sheets at March 31, 2019 and December 31, 2018 (in thousands):
|  | March 31, 2019
|  | Notional |  |  | Fair |  |  |
|  | Amount |  |  | Value |  |  | Balance Sheet Location
Interest rate swaps |  | $ | 70,000 |  |  | $ | 533 |  |  | Other non-current assets
|  | December 31, 2018
|  | Notional |  |  | Fair |  |  |
|  | Amount |  |  | Value |  |  | Balance Sheet Location
Interest rate swaps |  | $ | 70,000 |  |  | $ | 1,096 |  |  | Other non-current assets
Under the terms of the interest rate swaps, we pay interest at a fixed rate of interest plus applicable margin as stated in the agreement, and receive interest that varies with the one-month LIBOR. The notional value, fixed rate of interest and expiration date of each interest rate swap as of March 31, 2019 was (i) $25 million – 1.300% - October 2020, (ii) $10 million – 1.120% - February 2021 and (iii) $20 million – 1.770% - May 2022 and (iv) $15 million – 2.640% - June 2023. Refer to Note 10, Fair Value Measurements, for additional disclosures regarding fair value measurements. The following table summarizes the effects of the interest rate swap on our accompanying Consolidated Statements of Comprehensive Income for the three months ended March 31, 2019 and 2018 (in thousands):
|  | (Loss) Gain Recognized in AOCL, Net of Tax |  |  | Loss Reclassified from AOCL into Expense |
|  | Three Months Ended |  |  | Three Months Ended |
|  | March 31, |  |  | March 31, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Interest rate swap |  | $ | (427 | ) |  | $ | 450 |  |  | $ | (139 | ) |  | $ | (38 | )

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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