Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Investments All Other Investments [Abstract]

The following table summarizes CBIZ’s bond activity for the six months ended June 30, 2014 and the twelve months ended December 31, 2013 (in thousands):


	Six Months Ended June 30, 2014			Twelve Months Ended December 31, 2013
Fair value at beginning of period	$	30,011		$	29,776
Purchases		9,695			5,650
Sales		(245	)		(845	)
Maturities and calls		(4,925	)		(4,050	)
Increase (decrease) in bond premium		1,000			(270	)
Fair market value adjustment		27			(250	)

Fair value at end of period	$	35,563		$	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 June 30, 2014 and December 31, 2013 (in thousands).


	June 30, 2014
	Notional Amount		Fair Value (2)			Balance Sheet Location
Interest rate swap (1)	$	25,000	$	(267	)	Other current liabilities


	December 31, 2013
	Notional Amount		Fair Value (2)			Balance Sheet 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 expired 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 received interest that varied 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 and six months ended June 30, 2014 and 2013 (in thousands):


	Gain Recognized in AOCL, net of tax				Loss Reclassified from AOCL into Expense
	Three Months Ended June 30,				Three Months Ended June 30,
	2014		2013		2014		2013
Interest rate swap	$	61	$	78	$	109	$	114


	Six Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Interest rate swap	$	117	$	143	$	226	$	225