Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Investments All Other Investments [Abstract]

The following table summarizes CBIZ’s bond activity for the three months ended March 31, 2014 and the twelve months ended December 31, 2013 (in thousands):


	Three Months Ended March 31, 2014			Twelve Months Ended December 31, 2013
Fair value at beginning of period	$	30,011		$	29,776
Purchases		7,900			5,650
Sales		—			(845	)
Maturities and calls		(4,150	)		(4,050	)
Increase (decrease) in bond premium		840			(270	)
Fair market value adjustment		(35	)		(250	)

Fair value at end of period	$	34,566		$	30,011

Summary of Outstanding Interest Rate Swap

The following table summarizes CBIZ’s outstanding interest rate swap and its classification on the consolidated balance sheets at March 31, 2014 and December 31, 2013 (in thousands).


	March 31, 2014
	Notional		Fair			Balance Sheet
	Amount		Value(2)			Location
Interest rate swap(1)	$	40,000	$	(363	)	Other current and non-current liabilities


	December 31, 2013
	Notional		Fair			Balance Sheet
	Amount		Value(2)			Location
Interest rate swap(1)	$	40,000	$	(452	)	Other current and non-current liabilities

(1)

Represents interest rate swap with a notional value of $40.0 million, of which $15.0 million will expire in June 2014 and the remaining $25.0 million will expire in June 2015. Under the terms of the interest rate swap, CBIZ pays interest at a fixed rate of 1.41% plus applicable margin as stated in the agreement, and receives interest that varies with the three-month LIBOR.

(2)	See additional disclosures regarding fair value measurements in Note 8.

Summary of Effects of Interest Rate Swap

The following table summarizes the effects of the interest rate swap on CBIZ’s consolidated statements of comprehensive income for the three months ended March 31, 2014 and 2013 (in thousands).


	Gain Recognized in AOCL, net of tax				Loss Reclassified from AOCL into Interest Expense
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2014		2013		2014		2013
Interest rate swap	$	56	$	65	$	117	$	111