Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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

The following table summarizes CBIZ’s assets and liabilities at June 30, 2015 and December 31, 2014 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		June 30, 2015			December 31, 2014
Deferred compensation plan assets		1	$	64,435		$	60,290
Corporate bonds		1	$	39,157		$	38,399
Interest rate swap		2	$	—		$	(126	)
Contingent purchase price liabilities		3	$	(30,611	)	$	(33,368	)

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 liability for the six months ended June 30, 2015 and 2014 (pre-tax basis) (in thousands):


	2015			2014
Beginning balance – January 1	$	(33,368	)	$	(25,196	)
Additions from business acquisitions		(4,186	)		(12,039	)
Payment of contingent purchase price liabilities		5,622			1,516
Change in fair value of contingencies		1,400			2,985
Change in net present value of contingencies		(79	)		(62	)

Ending balance – June 30	$	(30,611	)	$	(32,796	)

Financial Instruments

The following table presents financial instruments that are not carried at fair value but which require fair value disclosure as of June 30, 2015 and December 31, 2014 (in thousands):


	June 30, 2015				December 31, 2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
2006 Convertible Notes	$	750	$	750	$	750	$	750
2010 Convertible Notes	$	48,067	$	64,220	$	95,819	$	118,157