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Debt and Financing Arrangements | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Debt and Financing Arrangements | Note 7. Debt and Financing Arrangements Our primary financing arrangement is the $400 million unsecured 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 (as amended and restated, the “2018 credit facility” and, prior to being amended and restated by the 2018 credit facility, the “2014 credit facility”), which 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. The 2018 credit facility will mature in 2023. We also have an unsecured $20 million line of credit used to support our short-term funding requirements of payroll client fund obligations due to the investment of client funds, rather than liquidating client funds that have already been invested in available-for-sale securities. The line of credit, which was renewed in August 2019, and will terminate on August 6, 2020, did not have a balance outstanding at September 30, 2019. Refer to our Annual Report on Form 10-K for the year ended December 31, 2018 for additional details of our debt and financing arrangements. The balance outstanding under the 2018 credit facility was $160.0 million and $135.5 million at September 30, 2019 and December 31, 2018, respectively. Interest expense for the three months ended September 30, 2019 and 2018 was $1.5 million and $1.6 million, respectively. During the nine months ended September 30, 2019 and 2018, interest expense under the 2018 credit facility and 2014 credit facility was $4.5 million and $5.2 million, respectively. We had approximately $233.6 million of available funds under the 2018 credit facility at September 30, 2019, net of outstanding letters of credit of $1.3 million. As of September 30, 2019, we were in compliance with our debt covenants. Interest rates for the nine months ended September 30, 2019 and 2018 were as follows:
|  | Nine Months Ended |
|  | September 30, |
|  | 2019 |  |  | 2018 |
Weighted average rates |  | 3.16% |  |  | 3.07% |
Range of effective rates |  | 2.12% - 5.50% |  |  | 2.37% - 5.25% |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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