Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

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

The following table summarizes CBIZ’s assets and liabilities at March 31, 2014 and December 31, 2013 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	March 31, 2014			December 31, 2013
Deferred compensation plan assets	1	$	54,958		$	51,953
Corporate and municipal bonds	1	$	34,566		$	30,011
Interest rate swaps	2	$	(363	)	$	(452	)
Contingent purchase price liabilities	3	$	(32,953	)	$	(25,196	)

Change in Level 3 Fair Values of Contingent Purchase Price Liability

The following table summarizes the change in fair values of the Company’s contingent purchase price liabilities identified as Level 3 for the three months ended March 31, 2014 and 2013 (pre-tax basis) (in thousands):


	Three Months Ended
	March 31,
	2014			2013
Beginning balance – January 1	$	(25,196	)	$	(30,012	)
Additions from business acquisitions		(10,191	)		—
Payment of contingent purchase price liabilities		1,494			980
Change in fair value of contingencies		959			(887	)
Change in net present value of contingencies		(19	)		(32	)

Ending balance – March 31	$	(32,953	)	$	(29,951	)

Financial Instruments

The following table presents financial instruments that are not carried at fair value but which require fair value disclosure as of March 31, 2014 and December 31, 2013 (in thousands):


	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
2006 Convertible Notes	$	750	$	750	$	750	$	750
2010 Convertible Notes	$	125,242	$	174,031	$	124,506	$	173,779