Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes CBIZ’s assets and liabilities at September 30, 2013 and December 31, 2012 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	September 30, 2013			December 31, 2012
Deferred compensation plan assets	1	$	47,922		$	39,779
Corporate bonds	1	$	30,126		$	29,776
Interest rate swap	2	$	(539	)	$	(817	)
Contingent purchase price liabilities	3	$	(30,861	)	$	(30,012	)

Change in Level 3 Fair Values of Contingent Purchase Price Liability

The following table summarizes the change in Level 3 fair values of the Company’s contingent purchase price liabilities for the nine months ended September 30, 2013 and 2012 (pre-tax basis) (in thousands):


	2013			2012
Beginning balance – January 1	$	(30,012	)	$	(25,325	)
Additions from business acquisitions		(4,566	)		(6,812	)
Payment of contingent purchase price liabilities		4,893			4,924
Change in fair value of contingencies		(1,090	)		402
Change in net present value of contingencies		(86	)		(143	)

Ending balance – September 30	$	(30,861	)	$	(26,954	)

Financial Instruments

The following table presents financial instruments that are not carried at fair value but which require fair value disclosure as of September 30, 2013 and December 31, 2012 (in thousands):


	September 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
2006 Convertible Notes	$	750	$	750	$	750	$	750
2010 Convertible Notes	$	123,770	$	152,422	$	121,666	$	135,181