Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Investments, All Other Investments [Abstract]

The following table summarizes CBIZ’s bond activity for the three months ended March 31, 2016 and the twelve months ended December 31, 2015 (in thousands):


	Three Months Ended March 31, 2016			Twelve Months Ended December 31, 2015
Fair value at beginning of period	$	43,142		$	38,399
Purchases		3,560			15,429
Redemptions		(1,130	)		(987	)
Maturities		(2,447	)		(9,677	)
Increase in bond premium		(37	)		172
Fair market value adjustment		384			(194	)

Fair value at end of period	$	43,472		$	43,142

Summary of Outstanding Interest Rate Swaps

The following table summarizes CBIZ’s outstanding interest rate swaps and its classification in the accompanying Consolidated Balance Sheets at March 31, 2016 and December 31, 2015 (in thousands).


	March 31, 2016
	Notional Amount		Fair Value (1)			Balance Sheet Location
Interest rate swaps (2)	$	60,000	$	(605	)	Other non-current liabilities

	December 31, 2015
	Notional Amount		Fair Value (1)			Balance Sheet Location
Interest rate swaps	$	50,000	$	240		Other non-current assets

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

(2)

The notional value of each interest rate swap is $10.0 million, $15.0 million, $25.0 million, and $10.0 million with maturity tenors of 2, 3, 5 and 5 years, respectively. Under the terms of the interest rate swaps, CBIZ pays interest at a fixed rate of 0.885% (2-year), 1.155% (3-year), 1.300% (5-year) and 1.120% (5-year) plus applicable margin as stated in the agreement, and receives interest that varies with the one-month LIBOR.

Summary of Effects of Interest Rate Swap

The following table summarizes the effects of the interest rate swap on CBIZ’s accompanying Consolidated Statements of Comprehensive Income for the three months ended March 31, 2016 and 2015 (in thousands):


	(Loss) gain recognized in AOCL, net of tax					Loss reclassified from AOCL into expense
	Three Months Ended March 31,					Three Months Ended March 31,
	2016			2015		2016		2015
Interest rate swaps	$	(532	)	$	45	$	105	$	73