Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Investments All Other Investments [Abstract]

The following table summarizes our bond activity for the three months ended March 31, 2017 and the twelve months ended December 31, 2016 (in thousands):

	Three Months Ended			Twelve Months Ended
	March 31, 2017			December 31, 2016
Fair value at beginning of period	$	44,573		$	43,142
Purchases		10,418			11,355
Redemptions		(940	)		(2,900	)
Maturities and calls		(2,485	)		(6,878	)
Change in bond premium		359			(106	)
Fair market value adjustment		148			(40	)
Fair value at end of period	$	52,073		$	44,573

Summary of Outstanding Interest Rate Swaps

The following table summarizes our outstanding interest rate swaps and their classification in the accompanying Consolidated Balance Sheets at March 31, 2017 and December 31, 2016 (in thousands):

	March 31, 2017
	Notional		Fair
	Amount		Value (1)		Balance Sheet Location
Interest rate swaps (2)	$	50,000	$	661	Other non-current assets
Interest rate swaps (2)	$	10,000	$	15	Other current assets
	December 31, 2016
	Notional		Fair
	Amount		Value (1)		Balance Sheet Location
Interest rate swaps (2)	$	50,000	$	525	Other non-current assets
Interest rate swaps (2)	$	10,000	$	4	Other current assets

(1)

Refer to Note 8, Fair Value Measurements, for additional disclosures regarding fair value measurements.

(2)

The notional value of each interest rate swap is $10.0 million, $15.0 million, $25.0 million, and $10.0 million with maturities of 2, 3, 5 and 5 years, respectively. Under the terms of the interest rate swaps, we pay 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 receive 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, 2017 and 2016 (in thousands):

	Gain (Loss) Recognized in AOCL, Net of Tax					Gain Reclassified from AOCL into Expense
	Three Months Ended					Three Months Ended
	March 31,					March 31,
	2017		2016			2017		2016
Interest rate swap	$	93	$	(532	)	$	58	$	105