CBIZ (CBZ) 10-Q 30 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-32961
Entity Registrant Name	CBIZ, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2769024
Entity Address, Address Line One	6050 Oak Tree Boulevard
Entity Address, Address Line Two	South
Entity Address, Address Line Three	Suite 500
Entity Address, City or Town	Cleveland
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44131
City Area Code	216
Local Phone Number	447-9000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	CBZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		52,718,918
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000944148
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 4,677	$ 4,652
Restricted cash	39,268	23,951
Accounts receivable, net	292,496	216,175
Other current assets	33,310	24,213
Current assets before funds held for clients	369,751	268,991
Funds held for clients	139,420	167,440
Total current assets	509,171	436,431
Non-current assets:
Property and equipment, net	40,069	41,346
Goodwill and other intangible assets, net	807,939	756,750
Assets of deferred compensation plan	142,330	127,332
Operating lease right-of-use assets, net	153,457	147,843
Other non-current assets	3,662	4,052
Total non-current assets	1,147,457	1,077,323
Total assets	1,656,628	1,513,754
Current liabilities:
Accounts payable	99,018	64,119
Income taxes payable	2,397	2,788
Accrued personnel costs	72,917	79,978
Contingent purchase price liabilities	22,407	20,288
Operating lease liabilities	30,880	30,483
Other current liabilities	56,979	13,629
Current liabilities before client fund obligations	284,598	211,285
Client fund obligations	139,166	166,989
Total current liabilities	423,764	378,274
Non-current liabilities:
Bank debt	163,300	108,000
Debt issuance costs	(628)	(808)
Total long-term debt	162,672	107,192
Income taxes payable	1,396	1,775
Deferred income taxes, net	14,399	8,752
Deferred compensation plan obligations	142,330	127,332
Contingent purchase price liabilities	43,780	34,103
Operating lease liabilities	146,087	142,020
Other non-current liabilities	9,868	11,686
Total non-current liabilities	520,532	432,860
Total liabilities	944,296	811,134
STOCKHOLDERS' EQUITY
Common stock	1,349	1,341
Additional paid in capital	757,421	740,970
Retained earnings	616,691	557,875
Treasury stock	(661,772)	(595,297)
Accumulated other comprehensive loss	(1,357)	(2,269)
Total stockholders’ equity	712,332	702,620
Total liabilities and stockholders’ equity	$ 1,656,628	$ 1,513,754

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Revenue	$ 278,648	$ 236,943	$ 579,378	$ 514,398
Operating expenses	236,934	209,016	460,905	408,843
Gross margin	41,714	27,927	118,473	105,555
Corporate general and administrative expenses	13,816	11,160	28,299	21,649
Legal settlement, net	30,468	0	30,468	0
Operating (loss) income	(2,570)	16,767	59,706	83,906
Other income (expense):
Interest expense	(959)	(2,074)	(1,836)	(3,193)
Gain on sale of operations, net	(6,385)	(57)	(6,385)	(152)
Other income (expense), net	8,373	13,336	13,162	(2,464)
Total other income (expense), net	13,799	11,319	17,711	(5,505)
Income from continuing operations before income tax    expense	11,229	28,086	77,417	78,401
Income tax expense	2,616	6,607	18,588	20,060
Income from continuing operations	8,613	21,479	58,829	58,341
Loss from discontinued operations, net of tax	(6)	(11)	(13)	(25)
Net income	$ 8,607	$ 21,468	$ 58,816	$ 58,316
Basic:
Continuing operations (in dollars per share)	$ 0.16	$ 0.40	$ 1.11	$ 1.07
Discontinued operations (in dollars per share)	0	0	0	0
Net income (in dollars per share)	0.16	0.40	1.11	1.07
Diluted:
Continuing operations (in dollars per share)	0.16	0.39	1.09	1.05
Discontinued operations (in dollars per share)	0	0	0	0
Net income (in dollars per share)	$ 0.16	$ 0.39	$ 1.09	$ 1.05
Basic weighted average shares outstanding (in shares)	52,874	54,142	53,119	54,356
Diluted weighted average shares outstanding (in shares)	53,769	55,116	54,109	55,515
Comprehensive income:
Net income	$ 8,607	$ 21,468	$ 58,816	$ 58,316
Other comprehensive income (loss), net of tax	58	(377)	912	(1,629)
Comprehensive income	$ 8,665	$ 21,091	$ 59,728	$ 56,687

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2019		133,056	77,637
Beginning balance at Dec. 31, 2019	$ 659,238	$ 1,331	$ (535,693)	$ 714,704	$ 479,576	$ (680)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	58,316				58,316
Other comprehensive income (loss)	(1,629)					(1,629)
Share repurchases (in shares)			1,147
Share repurchases	(29,029)		$ (29,029)
Indirect repurchase of shares for minimum tax withholding (in shares)			97
Indirect repurchase of shares for minimum tax withholding	(2,040)		$ (2,040)
Restricted stock units and awards (in shares)		40
Stock options exercised (in shares)		327
Stock options exercised	3,227	$ 3		3,224
Stock-based compensation	4,280			4,280
Business acquisitions (in shares)		113
Business acquisitions	2,857	$ 1		2,856
Ending balance (in shares) at Jun. 30, 2020		133,536	78,881
Ending balance at Jun. 30, 2020	695,220	$ 1,335	$ (566,762)	725,064	537,892	(2,309)
Beginning balance (in shares) at Mar. 31, 2020		133,241	78,811
Beginning balance at Mar. 31, 2020	670,260	$ 1,332	$ (565,180)	719,616	516,424	(1,932)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,468				21,468
Other comprehensive income (loss)	(377)					(377)
Indirect repurchase of shares for minimum tax withholding (in shares)			70
Indirect repurchase of shares for minimum tax withholding	(1,582)		$ (1,582)
Restricted stock units and awards (in shares)		40
Stock options exercised (in shares)		211
Stock options exercised	2,214	$ 2		2,212
Stock-based compensation	2,257			2,257
Business acquisitions (in shares)		44
Business acquisitions	980	$ 1		979
Ending balance (in shares) at Jun. 30, 2020		133,536	78,881
Ending balance at Jun. 30, 2020	695,220	$ 1,335	$ (566,762)	725,064	537,892	(2,309)
Beginning balance (in shares) at Dec. 31, 2020		134,144	80,045
Beginning balance at Dec. 31, 2020	702,620	$ 1,341	$ (595,297)	740,970	557,875	(2,269)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	58,816				58,816
Other comprehensive income (loss)	912					912
Share repurchases (in shares)			2,036
Share repurchases	(63,438)		$ (63,438)
Indirect repurchase of shares for minimum tax withholding (in shares)			92
Indirect repurchase of shares for minimum tax withholding	(3,037)		$ (3,037)
Restricted stock units and awards (in shares)		80
Restricted stock units and awards	$ 0	$ 1		(1)
Stock options exercised (in shares)	493	493
Stock options exercised	$ 5,448	$ 5		5,443
Stock-based compensation	5,454			5,454
Business acquisitions (in shares)		175
Business acquisitions	5,557	$ 2		5,555
Ending balance (in shares) at Jun. 30, 2021		134,892	82,173
Ending balance at Jun. 30, 2021	712,332	$ 1,349	$ (661,772)	757,421	616,691	(1,357)
Beginning balance (in shares) at Mar. 31, 2021		134,625	81,209
Beginning balance at Mar. 31, 2021	727,783	$ 1,346	$ (629,439)	749,207	608,084	(1,415)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,607				8,607
Other comprehensive income (loss)	58					58
Share repurchases (in shares)			919
Share repurchases	(30,759)		$ (30,759)
Indirect repurchase of shares for minimum tax withholding (in shares)			45
Indirect repurchase of shares for minimum tax withholding	(1,574)		$ (1,574)
Restricted stock units and awards (in shares)		34
Stock options exercised (in shares)		96
Stock options exercised	1,040	$ 1		1,039
Stock-based compensation	2,599			2,599
Business acquisitions (in shares)		137
Business acquisitions	4,578	$ 2		4,576
Ending balance (in shares) at Jun. 30, 2021		134,892	82,173
Ending balance at Jun. 30, 2021	$ 712,332	$ 1,349	$ (661,772)	$ 757,421	$ 616,691	$ (1,357)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 58,816	$ 58,316
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	12,876	11,491
Gain on sale of operations, net	(6,385)	(152)
Bad debt expense, net of recoveries	265	3,234
Adjustment to contingent earnout liability	753	(155)
Stock-based compensation expense	5,454	4,280
Excess tax benefits from share based payment arrangements	(3,368)	(1,427)
Deferred income taxes	5,360	1,129
Other, net	(478)	138
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	(69,363)	(47,545)
Other assets	(11,279)	894
Accounts payable	36,574	17,810
Income taxes payable	2,599	19,365
Accrued personnel costs	(7,634)	(19,824)
Other liabilities	42,117	8,014
Operating cash flows provided by continuing operations	66,307	55,568
Operating cash flows used in discontinued operations	(13)	(45)
Net cash provided by operating activities	66,294	55,523
Cash flows from investing activities:
Business acquisitions and purchases of client lists, net of cash acquired	(43,172)	(7,888)
Purchases of client fund investments	(7,900)	(3,447)
Proceeds from the sales and maturities of client fund investments	7,965	25,316
Proceeds from sales of divested operations	9,785	651
Change in funds held for clients	(4,029)	3,125
Additions to property and equipment	(3,258)	(5,306)
Other	472	356
Net cash (used in) provided by investing activities	(40,137)	12,807
Cash flows from financing activities:
Proceeds from bank debt	431,700	440,254
Payment of bank debt	(376,400)	(425,754)
Payment for acquisition of treasury stock	(64,506)	(29,029)
Indirect repurchase of shares for minimum tax withholding	(3,037)	(2,040)
Decrease in client funds obligations	(27,823)	(50,793)
Proceeds from exercise of stock options	5,448	3,227
Payment of contingent consideration for acquisitions	(7,850)	(6,199)
Other, net	(114)	(226)
Net cash used in financing activities	(42,582)	(70,560)
Net decrease in cash, cash equivalents and restricted cash	(16,425)	(2,230)
Cash, cash equivalents and restricted cash at beginning of year	170,335	146,505
Cash, cash equivalents and restricted cash at end of period	153,910	144,275
Reconciliation of cash, cash equivalents and restricted cash to the    Consolidated Balance Sheets:
Cash and cash equivalents	4,677	9,620
Restricted cash	39,268	42,411
Cash equivalents included in funds held for clients	109,965	92,244
Total cash, cash equivalents and restricted cash	$ 153,910	$ 144,275

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Selected Terms Used in Notes to the Condensed Consolidated Financial Statements ASA – Administrative Service Agreement ASC – Accounting Standards Codification ASU – Accounting Standards Update CECL– Current expected credit losses CPA firm – Certified Public Accounting firm FASB – The Financial Accounting Standards Board GAAP – United States Generally Accepted Accounting Principles LIBOR – London Interbank Offered Rate SEC – United States Securities and Exchange Commission Description of Business: CBIZ, Inc. is a diversified services company which, acting through its subsidiaries, has been providing professional business services since 1996, primarily to small and medium-sized businesses, as well as individuals, governmental entities, and not-for-profit enterprises throughout the United States and parts of Canada. CBIZ, Inc. manages and reports its operations along three practice groups: Financial Services, Benefits and Insurance Services and National Practices. A further description of products and services offered by each of the practice groups is provided in Note 12, Segment Disclosures, to the accompanying condensed consolidated financial statements. Basis of Consolidation: The accompanying unaudited condensed consolidated financial statements include the operations of CBIZ, Inc. and all of its wholly-owned subsidiaries (“CBIZ”, the “Company”, “we”, “us”, or “our”), after elimination of all intercompany balances and transactions. These unaudited condensed consolidated financial statements do not reflect the operations or accounts of variable interest entities as the impact is not material to the financial condition, results of operations or cash flows of CBIZ. Unaudited Interim Financial Statements: The condensed consolidated financial statements have been prepared in accordance with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. In the opinion of CBIZ management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the full year ending December 31, 2021. Use of Estimates: The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Changes in circumstances could cause actual results to differ materially from these estimates. Changes in Accounting Policies: We have consistently applied the accounting policies for the periods presented as described in Note 1, Basis of Presentation and Significant Accounting Policies, to the consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS The FASB ASC is the sole source of authoritative GAAP other than the SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an accounting standard to communicate changes to the FASB codification. We assess and review the impact of all accounting standards. Any accounting standards not listed below were reviewed and determined to be either not applicable or are not expected to have a material impact on the consolidated financial statements of the Company. Accounting Standards Issued But Not Yet Adopted Reference Rate Reform : In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU are effective for all entities through December 31, 2022. We are currently evaluating the effect of this new standard on our consolidated financial statements and have not adopted any of the transition relief available under the new guidance as of June 30, 2021. Subsequently, in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope

Accounts Receivable, Net

Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Accounts Receivable, Net	ACCOUNTS RECEIVABLE, NET Accounts receivable, less allowance for doubtful accounts, reflects the net realizable value of receivables and approximates fair value. Unbilled revenues are recorded at estimated net realizable value. Assessing the collectability of the receivables (billed and unbilled) requires management judgment based on a combination of factors, including but not limited to, an evaluation of our historical incurred loss experience, credit-worthiness of our clients, age of the trade receivable balance, current economic conditions that may affect a client’s ability to pay, and reasonable and supportable forecasts. Receivables are charged-off against the allowance when the balance is deemed uncollectible. Accounts receivable, net, at June 30, 2021 and December 31, 2020 were as follows (in thousands): June 30, December 31, Trade accounts receivable $ 213,251 $ 167,575 Unbilled revenue, at net realizable value 93,950 63,494 Total accounts receivable 307,201 231,069 Allowance for doubtful accounts (14,705) (14,894) Accounts receivable, net $ 292,496 $ 216,175 Changes to the allowance for doubtful accounts for the six months ended June 30, 2021 and twelve months ended December 31, 2020 are as follows (in thousands): June 30, December 31, Balance at beginning of period $ (14,894) $ (14,379) Provision (2,583) (9,323) Charge-offs, net of recoveries 2,772 8,808 Allowance for doubtful accounts $ (14,705) $ (14,894)

Debt and Financing Arrangements

Debt and Financing Arrangements	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt and Financing Arrangements	DEBT AND FINANCING ARRANGEMENTS 2018 Credit Facility - Our primary financing arrangement is the $400 million unsecured credit facility (the “2018 credit facility” or the “credit facility”), which provides us with the capital necessary to meet our working capital needs as well as the flexibility to continue with our strategic initiatives, including business acquisitions and share repurchases. The 2018 credit facility matures in 2023. The balance outstanding under the 2018 credit facility was $163.3 million and $108.0 million at June 30, 2021 and December 31, 2020, respectively. Effective interest rates, including the impact of interest rate swaps associated with the 2018 credit facility, were as follows: Six Months Ended 2021 2020 Weighted average rates 1.95% 2.43% Range of effective rates 1.06% - 3.64% 1.11% - 4.75% We had approximately $233.4 million of available funds under the credit facility at June 30, 2021, net of outstanding letters of credit of $3.0 million. As of June 30, 2021, we were in compliance with our financial debt covenants. Other Line of Credit - We have an unsecured $20.0 million line of credit by and among CBIZ Benefits and Insurance, Inc. and Huntington National Bank. We utilize this line to support our short-term funding requirements of payroll client fund obligations due to the investment of client funds, rather than liquidating client funds that have already been invested in available-for-sale securities. The line of credit, which was renewed on August 6, 2020 and will terminate on August 5, 2021, did not have a balance outstanding at June 30, 2021. We intend to renew this line of credit. Refer to our Annual Report on Form 10-K for the year ended December 31, 2020 for additional details of our debt and financing arrangements. Interest Expense - Interest expense, including amortization of deferred financing costs, commitment fees, line of credit fees, and other applicable bank charges, was as follows (in thousands): Three Months Ended June 30, 2021 2020 2018 credit facility $ 952 $ 2,056 Other 7 18 Total $ 959 $ 2,074 Six Months Ended June 30, 2021 2020 2018 credit facility $ 1,823 $ 3,157 Other line of credit — 1 Other 13 35 Total $ 1,836 $ 3,193

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Letters of Credit and Guarantees - We provide letters of credit to landlords (lessors) of our leased premises in lieu of cash security deposits, which totaled $3.0 million and $1.7 million at June 30, 2021 and December 31, 2020, respectively. In addition, we provide license bonds to various state agencies to meet certain licensing requirements. The amount of license bonds outstanding was $2.3 million and $2.2 million at June 30, 2021 and December 31, 2020, respectively. Legal Proceedings - In 2010, CBIZ, Inc. and its subsidiary, CBIZ MHM, LLC (formerly, CBIZ Accounting, Tax & Advisory Services, LLC) (the “CBIZ Parties”), were named as defendants in lawsuits filed in the U.S. District Court for the District of Arizona and the Superior Court for Maricopa County, Arizona. The federal court case is captioned Robert Facciola, et al v. Greenberg Traurig LLP, et al, and the state court cases are captioned Victims Recovery, LLC v. Greenberg Traurig LLP, et al, Roger Ashkenazi, et al v. Greenberg Traurig LLP, et al, Mary Marsh, et al v. Greenberg Traurig LLP, et al; and ML Liquidating Trust v. Mayer Hoffman McCann, P.C. (“Mayer Hoffman”), et al. Prior to these suits CBIZ MHM, LLC was named as a defendant in Jeffrey C. Stone v. Greenberg Traurig LLP, et al. These lawsuits arose out of the bankruptcy of Mortgages Ltd., a mortgage lender to developers in the Phoenix, Arizona area. Various other professional firms and individuals not related to the Company were also named defendants in these lawsuits. The lawsuits asserted claims for, among others things, violations of the Arizona Securities Act, common law fraud, and negligent misrepresentation, and sought to hold the CBIZ Parties vicariously liable for Mayer Hoffman’s conduct as Mortgage Ltd.’s auditor, as either a statutory control person under the Arizona Securities Act or a joint venturer under Arizona common law. With the exception of claims being pursued by two plaintiffs from the Ashkenazi lawsuit (“Baldino Group”), all other related matters have been dismissed or settled without payment by the CBIZ Parties. The Baldino Group’s claims, which allege damages of approximately $16.0 million, are currently pending, though no trial date has been set. On December 19, 2016, CBIZ Operations, Inc. (“CBIZ Operations”) was named as a defendant in a lawsuit filed by Zotec Partners, LLC (“Zotec”) in the Marion County Indiana Superior Court. After various amendments, the lawsuit asserts claims under Indiana law for securities, statutory and common law fraud or deception, unjust enrichment, breach of contract, and vicarious liability against CBIZ Operations and a former employee of CBIZ MMP in connection with the sale of the CBIZ MMP medical billing practice to Zotec. The plaintiff claims that CBIZ Operations had a duty to disclose the fact, unknown to employees of CBIZ Operations at the time of the transaction, that the former employee had a financial arrangement with a Zotec vendor at the time CBIZ Operations sold CBIZ MMP to Zotec. The plaintiff is now seeking damages of up to $177.0 million out of the $200.0 million transaction price. Trial is scheduled for October 2021. We cannot predict the outcome of the above matters or estimate the possible loss or range of possible loss, if any. Although the proceedings are subject to uncertainties inherent in the litigation process and the ultimate disposition of these proceedings is not presently determinable, we intend to vigorously defend these cases. In addition to those items disclosed above, we are, from time to time, subject to claims and lawsuits arising in the ordinary course of business.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS Available-For-Sale Debt Securities - In connection with certain services provided by our payroll operations, we collect funds from our clients’ accounts in advance of paying client obligations. These funds held for clients are segregated and invested in accordance with our investment policy, which requires all investments carry an investment grade rating at the time of initial investment. These investments, primarily consisting of corporate and municipal bonds, are classified as available-for-sale and are included in the “Funds held for clients” line item on the accompanying Condensed Consolidated Balance Sheets. The par value of these investments totaled $24.8 million and $24.9 million at June 30, 2021 and December 31, 2020, respectively, and had maturity or callable dates ranging from July 2021 through November 2025. At June 30, 2021, unrealized losses on the securities were not material and have not been recognized as a credit loss because the bonds are investment grade quality and management is not required or does not intend to sell prior to an expected recovery in value. The bond issuers continue to make timely principal and interest payments. The following table summarizes activities related to these investments for the six months ended June 30, 2021 and the twelve months ended December 31, 2020 (in thousands): Six Months Ended June 30, 2021 Twelve Months Ended December 31, 2020 Fair value at beginning of period $ 25,708 $ 60,659 Purchases 7,900 3,447 Sales (5,550) (22,078) Maturities and calls (2,415) (15,409) Change in bond premium 591 (857) Fair market value adjustment (217) (54) Fair value at end of period $ 26,017 $ 25,708 In addition to the available-for-sale debt securities discussed above, we also held other depository assets in the amount of $3.4 million. We did not have any depository items at December 31, 2020. Those depository assets are classified as Level 1 in the fair value hierarchy. Interest Rate Swaps - We utilize interest rate swaps to manage interest rate risk exposure associated with our floating-rate debt under the 2018 credit facility, or the forecasted acquisition of such liability. We do not purchase or hold any derivative instruments for trading or speculative purposes. Refer to the Annual Report on Form 10-K for the year ended December 31, 2020 for further discussion on our interest rate swaps. During the first quarter of 2021, one interest rate swap expired with a notional value of $10.0 million. As of June 30, 2021, we have three interest rate swaps outstanding. Under the terms of the interest rate swaps, we pay interest at a fixed rate of interest plus applicable margin as stated in the agreement, and receive interest that varies with the one-month LIBOR. The notional value, fixed rate of interest and expiration date of each interest rate swap as of June 30, 2021 was (i) $20.0 million – 1.770% - May 2022, (ii) $15.0 million – 2.640% - June 2023 and (iii) $50.0 million - 0.885% - April 2025. Refer to Note 7, Fair Value Measurements, for additional disclosures regarding fair value measurements. The following table summarizes our outstanding interest rate swaps and their classification in the accompanying Condensed Consolidated Balance Sheets at June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Notional Fair Balance Sheet Location Interest rate swap $ 20,000 $ (292) Other current liability Interest rate swaps $ 65,000 $ (859) Other non-current liabilities December 31, 2020 Notional Fair Balance Sheet Location Interest rate swap $ 10,000 $ (13) Other current liability Interest rate swaps $ 85,000 $ (2,552) Other non-current liabilities The following table summarizes the effects of the interest rate swaps on the accompanying Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020 (in thousands): Gain (Loss) Recognized Loss Reclassified Three Months Ended Three Months Ended 2021 2020 2021 2020 Interest rate swaps $ 117 $ (1,007) $ (280) $ (350) Six Months Ended Six Months Ended 2021 2020 2021 2020 Interest rate swaps $ 1,078 $ (1,660) $ (565) $ (383)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The following table summarizes our assets and (liabilities) at June 30, 2021 and December 31, 2020, respectively, 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 us to determine such fair value (in thousands): Level June 30, 2021 December 31, 2020 Deferred compensation plan assets 1 $ 142,330 $ 127,332 Available-for-sale debt securities 1 26,017 25,708 Deferred compensation plan liabilities 1 (142,330) (127,332) Interest rate swaps 2 (1,151) (2,565) Contingent purchase price liabilities 3 (66,187) (54,391) During the six months ended June 30, 2021 and 2020, there were no transfers between the valuation hierarchy Levels 1, 2 and 3. The following table summarizes the change in Level 3 fair values of our contingent purchase price liabilities for the six months ended June 30, 2021 and 2020 (pre-tax basis) (in thousands): 2021 2020 Beginning balance – January 1 $ (54,391) $ (32,089) Additions from business acquisitions (20,124) (3,385) Settlement of contingent purchase price liabilities 9,081 7,859 Change in fair value of contingencies 17 497 Change in net present value of contingencies (770) (343) Ending balance – June 30 $ (66,187) $ (27,461) Contingent purchase price liabilities result from our business acquisitions and are recorded at fair value at the time of acquisition and are presented as “Contingent purchase price liabilities — current” and “Contingent purchase price liabilities — non-current” in the accompanying Condensed Consolidated Balance Sheets. We estimate the fair value of our contingent purchase price liabilities using a probability-weighted discounted cash flow model. This fair value measure is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Fair value measurements characterized within Level 3 of the fair value hierarchy are measured based on unobservable inputs that are supported by little or no market activity and reflect our own assumptions in measuring fair value. We probability weight risk-adjusted estimates of future performance of acquired businesses, then calculate the contingent purchase price based on the estimates and discount them to present value representing management’s best estimate of fair value. The fair value of the contingent purchase price liabilities is reassessed quarterly based on assumptions provided by practice group leaders and business unit controllers together with our corporate finance department. Any change in the fair value estimate is recorded in the earnings of that period. Refer to Note 11, Business Combinations, for further discussion of our acquisitions and contingent purchase price liabilities. The carrying amounts of our cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments, and the carrying value of bank debt approximates fair value as the interest rate on the bank debt is variable and approximates current market rates. As a result, the fair value measurement of our bank debt is considered to be Level 2.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Other Comprehensive Income (Loss)	OTHER COMPREHENSIVE INCOME (LOSS) The following table is a summary of other comprehensive income (loss) and discloses the tax impact of each component of other comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net unrealized (loss) gain on available-for-sale securities, net of income taxes (1) $ (55) $ 632 $ (158) $ 45 Net unrealized gain (loss) on interest rate swaps, net of income taxes (2) 117 (1,007) 1,078 (1,660) Foreign currency translation (4) (2) (8) (14) Total other comprehensive income (loss) $ 58 $ (377) $ 912 $ (1,629) (1) Net of income tax benefit of $20 and income tax expense of $228 for the three months ended June 30, 2021 and 2020, respectively, and net of income tax benefit of $59 and income tax expense of $19 for the six months ended June 30, 2021 and 2020, respectively. (2) Net of income tax expense of $36 and income tax benefit of $324 for the three months ended June 30, 2021 and 2020, respectively, and net of income tax expense of $346 and income tax benefit of $534 for the six months ended June 30, 2021 and 2020, respectively.

Employee Stock Plans

Employee Stock Plans	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Employee Stock Plans	EMPLOYEE STOCK PLANS The 2019 Stock Omnibus Incentive Plan (the “2019 Plan”), which expires in 2029, permits the grant of various forms of stock-based awards. The terms and vesting schedules for the stock-based awards vary by type and date of grant. A maximum of 3.1 million stock options, restricted stock or other stock-based compensation awards may be granted. Shares subject to award under the 2019 Plan may be either authorized but unissued shares of our common stock or treasury shares. Refer to the Annual Report on Form 10-K for the year ended December 31, 2020 for further discussion on the 2019 Plan. Compensation expense for stock-based awards recognized during the three and six months ended June 30, 2021 and 2020 was as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Stock options $ 232 $ 367 $ 533 $ 788 Restricted stock units and awards 1,445 1,324 2,826 2,495 Performance share units 922 566 2,095 997 Total stock-based compensation expense $ 2,599 $ 2,257 $ 5,454 $ 4,280 Stock Options and Restricted Stock Units and Awards – The following table presents our stock options and restricted stock units and awards activity during the six months ended June 30, 2021 (in thousands, except per share data): Stock Options Restricted Stock Units and Awards Number of Weighted Average Exercise Price Per Share Number of Weighted Average Grant-Date Fair Value (1) Outstanding at beginning of year 1,820 $ 15.02 461 $ 21.03 Granted — $ — 174 $ 28.62 Exercised or released (493) $ 11.05 (246) $ 20.00 Expired or canceled — $ — — $ — Outstanding at June 30, 2021 1,327 $ 16.50 389 $ 25.07 Exercisable at June 30, 2021 1,179 $ 16.13 (1) Represents weighted average market value of the shares; awards are granted at no cost to the recipients. Performance Share Units (“PSUs”) – PSUs are earned based on our financial performance over a contractual term of three years and the associated expense is recognized over that period based on the fair value of the award. A three-year cliff vesting schedule of the PSUs is dependent upon the Company’s performance relative to pre-established goals based on an earnings per share target (weighted 70%) and total growth in revenue (weighted 30%). The fair value of PSUs is calculated using the market value of a share of our common stock on the date of grant. For performance achieved above specified levels, the recipient may earn additional shares of stock, not to exceed 200% of the number of PSUs initially granted. The following table presents our PSU award activity during the six months ended June 30, 2021 (in thousands, except per share data): Performance Weighted Average Grant-Date Fair Value Per Unit (1) Outstanding at beginning of year 307 $ 22.18 Granted 140 $ 27.56 Vested — $ — Adjustments for performance results — $ — Canceled — $ — Outstanding at June 30, 2021 447 $ 23.86 (1) Represents weighted average market value of the performance share units; PSUs are granted at no cost to the recipients.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the three and six months ended June 30, 2021 and 2020 (in thousands, except per share data). Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator: Income from continuing operations $ 8,613 $ 21,479 $ 58,829 $ 58,341 Denominator: Basic Weighted average common shares outstanding 52,874 54,142 53,119 54,356 Diluted Stock options (1) 676 760 733 869 Restricted stock awards (1) 182 146 220 222 Contingent shares (2) 37 68 37 68 Diluted weighted average common shares outstanding (3) 53,769 55,116 54,109 55,515 Basic earnings per share from continuing operations $ 0.16 $ 0.40 $ 1.11 $ 1.07 Diluted earnings per share from continuing operations $ 0.16 $ 0.39 $ 1.09 $ 1.05 (1) A total of 5 thousand stock-based awards were excluded from the calculation of diluted earnings per share for the six months ended June 30, 2021. We didn't exclude any stock-based awards from the calculation of diluted earnings per share for the three months ended June 30, 2021, as their effect was dilutive. A total of 400 thousand and 400 thousand stock-based awards were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2020, respectively, as their effect would be anti-dilutive. (2) Contingent shares represent additional shares to be issued for purchase price earned by former owners of businesses acquired by us once future considerations have been met. Refer to Note 11, Business Combinations, for further details. (3) The denominator used in calculating diluted earnings per share did not include 447 thousand performance share units for both the three and six months ended June 30, 2021, and the denominator used in calculating diluted earnings per share did not include 324 thousand performance share units for both the three and six months ended June 30, 2020. The performance conditions associated with these performance share units were not met and consequently none of these performance share units were considered as issuable for the three and six months ended June 30, 2021 and 2020.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Business Combinations	BUSINESS COMBINATIONS Business Combinations During the six months ended June 30, 2021, we completed the following acquisitions: • Effective January 1, 2021, we acquired substantially all the assets of Middle Market Advisory Group (“MMA”). MMA, based in Englewood, Colorado, is a provider of tax compliance and consulting services to middle market companies and family groups in the real estate, automotive, technology and SAAS, construction, and manufacturing industries. Operating results are reported in the Financial Services practice group. • Effective April 1, 2021, we acquired substantially all the assets of Wright Retirement Services, LLC ("Wright"). Wright, located in Valdosta, Georgia, specializes in third party administration services for retirement plan sponsors. Operating results are reported in the Benefits and Insurance practice group. • Effective May 1, 2021, we acquired substantially all of the non-attest assets of Bernston Porter & Company, PLLC ("BP"). BP, based in Bellevue, Washington is a provider of comprehensive accounting and financial consulting services including tax, forensic, economic and valuation services and transaction services to a wide range of industries with specialities including construction, real estate, hospitality, manufacturing and technology. Operating results are reported in the Financial Services practice group. • Effective June 1, 2021, we acquired all of the issued and outstanding membership interests of Schramm Health Partners, LLC dba Optumas ("Optumas"). Optumas, based in Scottsdale, Arizona, is a provider of actuarial services to state government health care agencies to assist in the administration of Medicaid programs. Operating results are reported in the Financial Services practice group. During the six months ended June 30, 2020, we completed the following acquisitions: • Effective February 1, 2020, we acquired substantially all the assets of Alliance Insurance Services, Inc., a provider of insurance and advisory services based in Washington, DC. Operating results are reported in the Benefits and Insurance Services practice group. • Effective February 1, 2020, we acquired substantially all the assets of Pension Dynamics Company, LLC, a full-service retirement and benefits plan advisor based in Pleasant Hill, California. Operating results are reported in the Benefits and Insurance Services practice group. • Effective February 1, 2020, we acquired substantially all the assets of Sunshine Systems, a payroll solutions provider based in Massachusetts. Operating results are reported in the Benefits and Insurance Services practice group. Aggregated annualized revenue is estimated to be approximately $41.9 million and $6.1 million from the aforementioned 2021 and 2020 acquisitions, respectively. Aggregated annualized income before tax is estimated to be approximately $6.1 million and $1.5 million from the aforementioned 2021 and 2020 acquisitions, respectively. Pro forma results of operations for these acquisitions have not been presented because the effects of these acquisitions were not material, either individually or in aggregate, to our total revenue, income from continuing operations, and net income for the three and six months ended June 30, 2021 and 2020, respectively. The following table summarizes the aggregated consideration and preliminary purchase price allocation for the acquisitions completed during the six months ended June 30, 2021 and 2020, respectively (in thousands): 2021 2020 Common Stock Issued (number) 122 33 Common Stock Value $ 4,060 $ 885 Cash Paid 43,104 9,443 Other Payable — 59 Recorded Contingent Consideration 20,124 4,670 Total Recorded Purchase Price $ 67,288 $ 15,057 Identifiable Intangible Assets Acquired $ 22,393 $ 3,629 Other Assets Acquired, net 5,878 270 Goodwill 39,017 11,158 Total Net Assets Acquired $ 67,288 $ 15,057 Maximum Potential Contingent Consideration $ 21,115 $ 6,202 Provisional estimates of fair value are established at the time of each acquisition and are subsequently reviewed within the first year of operations subsequent to the acquisition date to determine the necessity for adjustments. Fair value estimates were provisional for some of the 2021 acquisitions as of June 30, 2021, primarily related to the value established for certain identifiable intangible assets and contingent purchase price consideration associated with those acquisitions. The following table summarizes the aggregated goodwill and intangible asset amounts resulting from those acquisitions for the six months ended June 30, 2021 and 2020, respectively (in thousands): Six Months Ended June 30, 2021 2020 Financial Services Benefit & Insurance Financial Services Benefit & Insurance Goodwill $ 37,222 $ 1,795 $ — $ 11,158 Client List 20,220 1,290 — 3,430 Other Intangibles 837 46 — 199 Total $ 58,279 $ 3,131 $ — $ 14,787 Goodwill is calculated as the difference between the aggregated purchase price and the fair value of the net assets acquired. Goodwill represents the value of expected future earnings and cash flows, as well as the synergies created by the integration of the new business within our organization, including cross-selling opportunities expected with our Financial Services practice group and the Benefits and Insurance Services practice group, to help strengthen our existing service offerings and expand our market position. Client lists have an expected life of 10 years, and other intangibles, primarily non-compete agreements, have an expected life of 3 years. The following table summarizes the changes in contingent purchase price consideration for previous acquisitions and continent payments made for previous business acquisitions in the three and six months ended June 30, 2021 and 2020, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net Expense (Income) $ 93 $ 530 $ 753 $ (154) Cash Settlement Paid $ 6,122 $ 3,485 $ 7,584 $ 5,886 Shares Issued (number) 16 44 53 81 Divestitures

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Disclosures	SEGMENT DISCLOSURES Our business units have been aggregated into three practice groups: Financial Services, Benefits and Insurance Services and National Practices. The business units have been aggregated based on the following factors: similarity of the products and services provided to clients; similarity of the regulatory environment in which they operate; and similarity of economic conditions affecting long-term performance. The business units are managed along these segment lines. A general description of services provided by each practice group is provided in the table below. Financial Services Benefits and Insurance Services National Practices Accounting and Tax Group Health Benefits Consulting Managed Networking and Hardware Services Government Healthcare Consulting Payroll Healthcare Consulting Financial Advisory Property and Casualty Valuation Retirement Plan Services Risk & Advisory Services Corporate and Other - Included in “Corporate and Other” are operating expenses that are not directly allocated to the individual business units. These expenses primarily consist of certain health care costs, gains or losses attributable to assets held in our non-qualified deferred compensation plan, stock-based compensation, consolidation and integration charges, certain professional fees, certain advertising costs and other various expenses. Accounting policies of the practice groups are the same as those described in Note 1, Basis of Presentation and Significant Accounting Policies, to the Annual Report on Form 10-K for the year ended December 31, 2020. Upon consolidation, intercompany accounts and transactions are eliminated, thus inter-segment revenue is not included in the measure of profit or loss for the practice groups. Performance of the practice groups is evaluated on income (loss) from continuing operations before income tax expense (benefit) excluding those costs listed above, which are reported as “Corporate and Other”. Segment information for the three and six months ended June 30, 2021 and 2020 is presented below. We do not manage our assets on a segment basis, therefore segment assets are not presented below. The following table disaggregates our revenue by source (in thousands): Three Months Ended June 30, 2021 Financial Benefits & National Consolidated Accounting, tax, advisory and consulting $ 186,589 — — $ 186,589 Core benefits and insurance services — 79,288 — 79,288 Non-core benefits and insurance services — 3,332 — 3,332 Managed networking, hardware services — — 6,969 6,969 National practices consulting — — 2,470 2,470 Total revenue $ 186,589 $ 82,620 $ 9,439 $ 278,648 Three Months Ended June 30, 2020 Financial Benefits & National Consolidated Accounting, tax, advisory and consulting $ 154,083 — — $ 154,083 Core benefits and insurance services — 71,393 — 71,393 Non-core benefits and insurance services — 2,547 — 2,547 Managed networking, hardware services — — 6,581 6,581 National practices consulting — — 2,339 2,339 Total revenue $ 154,083 $ 73,940 $ 8,920 $ 236,943 Six Months Ended June 30, 2021 Financial Benefits & National Consolidated Accounting, tax, advisory and consulting $ 390,738 — — $ 390,738 Core Benefits and Insurance Services — 163,358 — 163,358 Non-core Benefits and Insurance Services — 6,501 — 6,501 Managed networking, hardware services — — 13,864 13,864 National Practices consulting — — 4,917 4,917 Total revenue $ 390,738 $ 169,859 $ 18,781 $ 579,378 Six Months Ended June 30, 2020 Financial Benefits & National Consolidated Accounting, tax, advisory and consulting $ 342,860 — — $ 342,860 Core Benefits and Insurance Services — 147,865 — 147,865 Non-core Benefits and Insurance Services — 5,687 — 5,687 Managed networking, hardware services — — 13,156 13,156 National Practices consulting — — 4,830 4,830 Total revenue $ 342,860 $ 153,552 $ 17,986 $ 514,398 Segment information for the three months ended June 30, 2021 and 2020 was as follows (in thousands): Three Months Ended June 30, 2021 Financial Benefits National Corporate Total Revenue $ 186,589 $ 82,620 $ 9,439 $ — $ 278,648 Operating expenses 150,920 67,776 8,487 9,751 236,934 Gross margin 35,669 14,844 952 (9,751) 41,714 Corporate general and administrative expenses — — — 13,816 13,816 Legal settlement, net — — — 30,468 30,468 Operating income (loss) 35,669 14,844 952 (54,035) (2,570) Other income (expense): Interest expense — — — (959) (959) Gain on sale of operations, net — 6,385 — — 6,385 Other income, net 194 698 — 7,481 8,373 Total other income, net 194 7,083 — 6,522 13,799 Income (loss) from continuing operations before income tax expense $ 35,863 $ 21,927 $ 952 $ (47,513) $ 11,229 Three Months Ended June 30, 2020 Financial Benefits National Corporate Total Revenue $ 154,083 $ 73,940 $ 8,920 $ — $ 236,943 Operating expenses 127,417 61,283 7,990 12,326 209,016 Gross margin 26,666 12,657 930 (12,326) 27,927 Corporate general and administrative expenses — — — 11,160 11,160 Operating income (loss) 26,666 12,657 930 (23,486) 16,767 Other income (expense): Interest expense — (9) — (2,065) (2,074) Gain on sale of operations, net 11 46 — — 57 Other income, net 27 130 — 13,179 13,336 Total other income, net 38 167 — 11,114 11,319 Income (loss) from continuing operations before income tax expense $ 26,704 $ 12,824 $ 930 $ (12,372) $ 28,086 Six Months Ended June 30, 2021 Financial Benefits National Corporate Total Revenue $ 390,738 $ 169,859 $ 18,781 $ — $ 579,378 Operating expenses 292,666 134,709 17,028 16,502 460,905 Gross margin 98,072 35,150 1,753 (16,502) 118,473 Corporate general and administrative expenses — — — 28,299 28,299 Legal settlement, net — — — 30,468 30,468 Operating income (loss) 98,072 35,150 1,753 (75,269) 59,706 Other income: Interest expense — — — (1,836) (1,836) Gain on sale of operations, net — 6,385 — — 6,385 Other income, net 292 872 — 11,998 13,162 Total other income, net 292 7,257 — 10,162 17,711 Income (loss) from continuing operations before income tax expense $ 98,364 $ 42,407 $ 1,753 $ (65,107) $ 77,417 Six Months Ended June 30, 2020 Financial Benefits National Corporate Total Revenue $ 342,860 $ 153,552 $ 17,986 $ — $ 514,398 Operating expenses 266,015 126,506 16,273 49 408,843 Gross margin 76,845 27,046 1,713 (49) 105,555 Corporate general and administrative expenses — — — 21,649 21,649 Operating income (loss) 76,845 27,046 1,713 (21,698) 83,906 Other (expense) income: Interest expense — (20) — (3,173) (3,193) Gain on sale of operations, net 51 101 — — 152 Other income (expense), net 46 226 1 (2,737) (2,464) Total other income (expense), net 97 307 1 (5,910) (5,505) Income (loss) from continuing operations before income tax expense $ 76,942 $ 27,353 $ 1,714 $ (27,608) $ 78,401

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Description of Business	Description of Business: CBIZ, Inc. is a diversified services company which, acting through its subsidiaries, has been providing professional business services since 1996, primarily to small and medium-sized businesses, as well as individuals, governmental entities, and not-for-profit enterprises throughout the United States and parts of Canada. CBIZ, Inc. manages and reports its operations along three practice groups: Financial Services, Benefits and Insurance Services and National Practices. A further description of products and services offered by each of the practice groups is provided in Note 12, Segment Disclosures, to the accompanying condensed consolidated financial statements.
Basis of Consolidation	Basis of Consolidation: The accompanying unaudited condensed consolidated financial statements include the operations of CBIZ, Inc. and all of its wholly-owned subsidiaries (“CBIZ”, the “Company”, “we”, “us”, or “our”), after elimination of all intercompany balances and transactions. These unaudited condensed consolidated financial statements do not reflect the operations or accounts of variable interest entities as the impact is not material to the financial condition, results of operations or cash flows of CBIZ.
Unaudited Interim Financial Statements	Unaudited Interim Financial Statements: The condensed consolidated financial statements have been prepared in accordance with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. In the opinion of CBIZ management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the full year ending December 31, 2021.
Use of Estimates	Use of Estimates: The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Changes in circumstances could cause actual results to differ materially from these estimates.
Changes in Accounting Policies	Changes in Accounting Policies: We have consistently applied the accounting policies for the periods presented as described in Note 1, Basis of Presentation and Significant Accounting Policies, to the consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS The FASB ASC is the sole source of authoritative GAAP other than the SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an accounting standard to communicate changes to the FASB codification. We assess and review the impact of all accounting standards. Any accounting standards not listed below were reviewed and determined to be either not applicable or are not expected to have a material impact on the consolidated financial statements of the Company. Accounting Standards Issued But Not Yet Adopted Reference Rate Reform : In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU are effective for all entities through December 31, 2022. We are currently evaluating the effect of this new standard on our consolidated financial statements and have not adopted any of the transition relief available under the new guidance as of June 30, 2021. Subsequently, in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net, at June 30, 2021 and December 31, 2020 were as follows (in thousands): June 30, December 31, Trade accounts receivable $ 213,251 $ 167,575 Unbilled revenue, at net realizable value 93,950 63,494 Total accounts receivable 307,201 231,069 Allowance for doubtful accounts (14,705) (14,894) Accounts receivable, net $ 292,496 $ 216,175
Schedule of Changes in the Allowance for Doubtful Accounts on Accounts Receivable	Changes to the allowance for doubtful accounts for the six months ended June 30, 2021 and twelve months ended December 31, 2020 are as follows (in thousands): June 30, December 31, Balance at beginning of period $ (14,894) $ (14,379) Provision (2,583) (9,323) Charge-offs, net of recoveries 2,772 8,808 Allowance for doubtful accounts $ (14,705) $ (14,894)

Debt and Financing Arrangemen_2

Debt and Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Unsecured Credit Facility	Effective interest rates, including the impact of interest rate swaps associated with the 2018 credit facility, were as follows: Six Months Ended 2021 2020 Weighted average rates 1.95% 2.43% Range of effective rates 1.06% - 3.64% 1.11% - 4.75%
Summary of Recognized Interest Expense	Interest expense, including amortization of deferred financing costs, commitment fees, line of credit fees, and other applicable bank charges, was as follows (in thousands): Three Months Ended June 30, 2021 2020 2018 credit facility $ 952 $ 2,056 Other 7 18 Total $ 959 $ 2,074 Six Months Ended June 30, 2021 2020 2018 credit facility $ 1,823 $ 3,157 Other line of credit — 1 Other 13 35 Total $ 1,836 $ 3,193

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, All Other Investments [Abstract]
Summary of Investments	The following table summarizes activities related to these investments for the six months ended June 30, 2021 and the twelve months ended December 31, 2020 (in thousands): Six Months Ended June 30, 2021 Twelve Months Ended December 31, 2020 Fair value at beginning of period $ 25,708 $ 60,659 Purchases 7,900 3,447 Sales (5,550) (22,078) Maturities and calls (2,415) (15,409) Change in bond premium 591 (857) Fair market value adjustment (217) (54) Fair value at end of period $ 26,017 $ 25,708
Summary of Outstanding Interest Rate Swaps	The following table summarizes our outstanding interest rate swaps and their classification in the accompanying Condensed Consolidated Balance Sheets at June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Notional Fair Balance Sheet Location Interest rate swap $ 20,000 $ (292) Other current liability Interest rate swaps $ 65,000 $ (859) Other non-current liabilities December 31, 2020 Notional Fair Balance Sheet Location Interest rate swap $ 10,000 $ (13) Other current liability Interest rate swaps $ 85,000 $ (2,552) Other non-current liabilities
Summary of Effects of Interest Rate Swap	The following table summarizes the effects of the interest rate swaps on the accompanying Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020 (in thousands): Gain (Loss) Recognized Loss Reclassified Three Months Ended Three Months Ended 2021 2020 2021 2020 Interest rate swaps $ 117 $ (1,007) $ (280) $ (350) Six Months Ended Six Months Ended 2021 2020 2021 2020 Interest rate swaps $ 1,078 $ (1,660) $ (565) $ (383)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table summarizes our assets and (liabilities) at June 30, 2021 and December 31, 2020, respectively, 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 us to determine such fair value (in thousands): Level June 30, 2021 December 31, 2020 Deferred compensation plan assets 1 $ 142,330 $ 127,332 Available-for-sale debt securities 1 26,017 25,708 Deferred compensation plan liabilities 1 (142,330) (127,332) Interest rate swaps 2 (1,151) (2,565) Contingent purchase price liabilities 3 (66,187) (54,391)
Change in Level 3 Fair Values of Contingent Purchase Price Liabilities	During the six months ended June 30, 2021 and 2020, there were no transfers between the valuation hierarchy Levels 1, 2 and 3. The following table summarizes the change in Level 3 fair values of our contingent purchase price liabilities for the six months ended June 30, 2021 and 2020 (pre-tax basis) (in thousands): 2021 2020 Beginning balance – January 1 $ (54,391) $ (32,089) Additions from business acquisitions (20,124) (3,385) Settlement of contingent purchase price liabilities 9,081 7,859 Change in fair value of contingencies 17 497 Change in net present value of contingencies (770) (343) Ending balance – June 30 $ (66,187) $ (27,461)

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Summary of Other Comprehensive Loss and Tax Impact	The following table is a summary of other comprehensive income (loss) and discloses the tax impact of each component of other comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net unrealized (loss) gain on available-for-sale securities, net of income taxes (1) $ (55) $ 632 $ (158) $ 45 Net unrealized gain (loss) on interest rate swaps, net of income taxes (2) 117 (1,007) 1,078 (1,660) Foreign currency translation (4) (2) (8) (14) Total other comprehensive income (loss) $ 58 $ (377) $ 912 $ (1,629) (1) Net of income tax benefit of $20 and income tax expense of $228 for the three months ended June 30, 2021 and 2020, respectively, and net of income tax benefit of $59 and income tax expense of $19 for the six months ended June 30, 2021 and 2020, respectively. (2) Net of income tax expense of $36 and income tax benefit of $324 for the three months ended June 30, 2021 and 2020, respectively, and net of income tax expense of $346 and income tax benefit of $534 for the six months ended June 30, 2021 and 2020, respectively.

Employee Stock Plans (Tables)

Employee Stock Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Awards	Compensation expense for stock-based awards recognized during the three and six months ended June 30, 2021 and 2020 was as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Stock options $ 232 $ 367 $ 533 $ 788 Restricted stock units and awards 1,445 1,324 2,826 2,495 Performance share units 922 566 2,095 997 Total stock-based compensation expense $ 2,599 $ 2,257 $ 5,454 $ 4,280
Schedule of Stock Options, Restricted Stock Units and Awards, and Performance Share Units Award Activity	The following table presents our stock options and restricted stock units and awards activity during the six months ended June 30, 2021 (in thousands, except per share data): Stock Options Restricted Stock Units and Awards Number of Weighted Average Exercise Price Per Share Number of Weighted Average Grant-Date Fair Value (1) Outstanding at beginning of year 1,820 $ 15.02 461 $ 21.03 Granted — $ — 174 $ 28.62 Exercised or released (493) $ 11.05 (246) $ 20.00 Expired or canceled — $ — — $ — Outstanding at June 30, 2021 1,327 $ 16.50 389 $ 25.07 Exercisable at June 30, 2021 1,179 $ 16.13 (1) Represents weighted average market value of the shares; awards are granted at no cost to the recipients. The following table presents our PSU award activity during the six months ended June 30, 2021 (in thousands, except per share data): Performance Weighted Average Grant-Date Fair Value Per Unit (1) Outstanding at beginning of year 307 $ 22.18 Granted 140 $ 27.56 Vested — $ — Adjustments for performance results — $ — Canceled — $ — Outstanding at June 30, 2021 447 $ 23.86 (1) Represents weighted average market value of the performance share units; PSUs are granted at no cost to the recipients.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share from Continuing Operations	The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the three and six months ended June 30, 2021 and 2020 (in thousands, except per share data). Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator: Income from continuing operations $ 8,613 $ 21,479 $ 58,829 $ 58,341 Denominator: Basic Weighted average common shares outstanding 52,874 54,142 53,119 54,356 Diluted Stock options (1) 676 760 733 869 Restricted stock awards (1) 182 146 220 222 Contingent shares (2) 37 68 37 68 Diluted weighted average common shares outstanding (3) 53,769 55,116 54,109 55,515 Basic earnings per share from continuing operations $ 0.16 $ 0.40 $ 1.11 $ 1.07 Diluted earnings per share from continuing operations $ 0.16 $ 0.39 $ 1.09 $ 1.05 (1) A total of 5 thousand stock-based awards were excluded from the calculation of diluted earnings per share for the six months ended June 30, 2021. We didn't exclude any stock-based awards from the calculation of diluted earnings per share for the three months ended June 30, 2021, as their effect was dilutive. A total of 400 thousand and 400 thousand stock-based awards were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2020, respectively, as their effect would be anti-dilutive. (2) Contingent shares represent additional shares to be issued for purchase price earned by former owners of businesses acquired by us once future considerations have been met. Refer to Note 11, Business Combinations, for further details. (3) The denominator used in calculating diluted earnings per share did not include 447 thousand performance share units for both the three and six months ended June 30, 2021, and the denominator used in calculating diluted earnings per share did not include 324 thousand performance share units for both the three and six months ended June 30, 2020. The performance conditions associated with these performance share units were not met and consequently none of these performance share units were considered as issuable for the three and six months ended June 30, 2021 and 2020.

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Aggregated Consideration And Preliminary Purchase Price Allocation	The following table summarizes the aggregated consideration and preliminary purchase price allocation for the acquisitions completed during the six months ended June 30, 2021 and 2020, respectively (in thousands): 2021 2020 Common Stock Issued (number) 122 33 Common Stock Value $ 4,060 $ 885 Cash Paid 43,104 9,443 Other Payable — 59 Recorded Contingent Consideration 20,124 4,670 Total Recorded Purchase Price $ 67,288 $ 15,057 Identifiable Intangible Assets Acquired $ 22,393 $ 3,629 Other Assets Acquired, net 5,878 270 Goodwill 39,017 11,158 Total Net Assets Acquired $ 67,288 $ 15,057 Maximum Potential Contingent Consideration $ 21,115 $ 6,202
Segment Allocation	The following table summarizes the aggregated goodwill and intangible asset amounts resulting from those acquisitions for the six months ended June 30, 2021 and 2020, respectively (in thousands): Six Months Ended June 30, 2021 2020 Financial Services Benefit & Insurance Financial Services Benefit & Insurance Goodwill $ 37,222 $ 1,795 $ — $ 11,158 Client List 20,220 1,290 — 3,430 Other Intangibles 837 46 — 199 Total $ 58,279 $ 3,131 $ — $ 14,787
Contingent Consideration	The following table summarizes the changes in contingent purchase price consideration for previous acquisitions and continent payments made for previous business acquisitions in the three and six months ended June 30, 2021 and 2020, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net Expense (Income) $ 93 $ 530 $ 753 $ (154) Cash Settlement Paid $ 6,122 $ 3,485 $ 7,584 $ 5,886 Shares Issued (number) 16 44 53 81

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Summary of Disaggregation of Revenue by Source	The following table disaggregates our revenue by source (in thousands): Three Months Ended June 30, 2021 Financial Benefits & National Consolidated Accounting, tax, advisory and consulting $ 186,589 — — $ 186,589 Core benefits and insurance services — 79,288 — 79,288 Non-core benefits and insurance services — 3,332 — 3,332 Managed networking, hardware services — — 6,969 6,969 National practices consulting — — 2,470 2,470 Total revenue $ 186,589 $ 82,620 $ 9,439 $ 278,648 Three Months Ended June 30, 2020 Financial Benefits & National Consolidated Accounting, tax, advisory and consulting $ 154,083 — — $ 154,083 Core benefits and insurance services — 71,393 — 71,393 Non-core benefits and insurance services — 2,547 — 2,547 Managed networking, hardware services — — 6,581 6,581 National practices consulting — — 2,339 2,339 Total revenue $ 154,083 $ 73,940 $ 8,920 $ 236,943 Six Months Ended June 30, 2021 Financial Benefits & National Consolidated Accounting, tax, advisory and consulting $ 390,738 — — $ 390,738 Core Benefits and Insurance Services — 163,358 — 163,358 Non-core Benefits and Insurance Services — 6,501 — 6,501 Managed networking, hardware services — — 13,864 13,864 National Practices consulting — — 4,917 4,917 Total revenue $ 390,738 $ 169,859 $ 18,781 $ 579,378 Six Months Ended June 30, 2020 Financial Benefits & National Consolidated Accounting, tax, advisory and consulting $ 342,860 — — $ 342,860 Core Benefits and Insurance Services — 147,865 — 147,865 Non-core Benefits and Insurance Services — 5,687 — 5,687 Managed networking, hardware services — — 13,156 13,156 National Practices consulting — — 4,830 4,830 Total revenue $ 342,860 $ 153,552 $ 17,986 $ 514,398
Summary of Segment Information	Segment information for the three months ended June 30, 2021 and 2020 was as follows (in thousands): Three Months Ended June 30, 2021 Financial Benefits National Corporate Total Revenue $ 186,589 $ 82,620 $ 9,439 $ — $ 278,648 Operating expenses 150,920 67,776 8,487 9,751 236,934 Gross margin 35,669 14,844 952 (9,751) 41,714 Corporate general and administrative expenses — — — 13,816 13,816 Legal settlement, net — — — 30,468 30,468 Operating income (loss) 35,669 14,844 952 (54,035) (2,570) Other income (expense): Interest expense — — — (959) (959) Gain on sale of operations, net — 6,385 — — 6,385 Other income, net 194 698 — 7,481 8,373 Total other income, net 194 7,083 — 6,522 13,799 Income (loss) from continuing operations before income tax expense $ 35,863 $ 21,927 $ 952 $ (47,513) $ 11,229 Three Months Ended June 30, 2020 Financial Benefits National Corporate Total Revenue $ 154,083 $ 73,940 $ 8,920 $ — $ 236,943 Operating expenses 127,417 61,283 7,990 12,326 209,016 Gross margin 26,666 12,657 930 (12,326) 27,927 Corporate general and administrative expenses — — — 11,160 11,160 Operating income (loss) 26,666 12,657 930 (23,486) 16,767 Other income (expense): Interest expense — (9) — (2,065) (2,074) Gain on sale of operations, net 11 46 — — 57 Other income, net 27 130 — 13,179 13,336 Total other income, net 38 167 — 11,114 11,319 Income (loss) from continuing operations before income tax expense $ 26,704 $ 12,824 $ 930 $ (12,372) $ 28,086 Six Months Ended June 30, 2021 Financial Benefits National Corporate Total Revenue $ 390,738 $ 169,859 $ 18,781 $ — $ 579,378 Operating expenses 292,666 134,709 17,028 16,502 460,905 Gross margin 98,072 35,150 1,753 (16,502) 118,473 Corporate general and administrative expenses — — — 28,299 28,299 Legal settlement, net — — — 30,468 30,468 Operating income (loss) 98,072 35,150 1,753 (75,269) 59,706 Other income: Interest expense — — — (1,836) (1,836) Gain on sale of operations, net — 6,385 — — 6,385 Other income, net 292 872 — 11,998 13,162 Total other income, net 292 7,257 — 10,162 17,711 Income (loss) from continuing operations before income tax expense $ 98,364 $ 42,407 $ 1,753 $ (65,107) $ 77,417 Six Months Ended June 30, 2020 Financial Benefits National Corporate Total Revenue $ 342,860 $ 153,552 $ 17,986 $ — $ 514,398 Operating expenses 266,015 126,506 16,273 49 408,843 Gross margin 76,845 27,046 1,713 (49) 105,555 Corporate general and administrative expenses — — — 21,649 21,649 Operating income (loss) 76,845 27,046 1,713 (21,698) 83,906 Other (expense) income: Interest expense — (20) — (3,173) (3,193) Gain on sale of operations, net 51 101 — — 152 Other income (expense), net 46 226 1 (2,737) (2,464) Total other income (expense), net 97 307 1 (5,910) (5,505) Income (loss) from continuing operations before income tax expense $ 76,942 $ 27,353 $ 1,714 $ (27,608) $ 78,401

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2021practiceGroup
Accounting Policies [Abstract]
Number of practice groups	3

Accounts Receivable, Net - Sche

Accounts Receivable, Net - Schedule of Accounts Receivables Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade accounts receivable	$ 213,251	$ 167,575
Unbilled revenue, at net realizable value	93,950	63,494
Total accounts receivable	307,201	231,069
Allowance for doubtful accounts	(14,705)	(14,894)	$ (14,379)
Accounts receivable, net	$ 292,496	$ 216,175

Accounts Receivable, Net - Sc_2

Accounts Receivable, Net - Schedule of Changes in the Allowance for Doubtful Accounts on Accounts Receivable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ (14,894)	$ (14,379)
Provision	(2,583)	(9,323)
Charge-offs, net of recoveries	2,772	8,808
Allowance for doubtful accounts	$ (14,705)	$ (14,894)

Debt and Financing Arrangemen_3

Debt and Financing Arrangements - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding balance under applicable credit facility	$ 163,300,000	$ 108,000,000
Outstanding letters of credit	3,000,000	1,700,000
Other line of credit
Debt Instrument [Line Items]
Revolving loan commitment	20,000,000
Outstanding line of credit	0
2018 Credit Facility
Debt Instrument [Line Items]
Unsecured credit facility	400,000,000
Outstanding balance under applicable credit facility	163,300,000	$ 108,000,000
Available funds under credit facility	233,400,000
Outstanding letters of credit	$ 3,000,000

Debt and Financing Arrangemen_4

Debt and Financing Arrangements - Summary of Unsecured Credit Facility (Details)	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Weighted average rates	1.95%	2.43%
Minimum
Debt Instrument [Line Items]
Range of effective rates	1.06%	1.11%
Maximum
Debt Instrument [Line Items]
Range of effective rates	3.64%	4.75%

Debt and Financing Arrangemen_5

Debt and Financing Arrangements - Summary of Recognized Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Total	$ 959	$ 2,074	$ 1,836	$ 3,193
2018 credit facility
Debt Instrument [Line Items]
Total	952	2,056	1,823	3,157
Other line of credit
Debt Instrument [Line Items]
Total			0	1
Other
Debt Instrument [Line Items]
Total	$ 7	$ 18	$ 13	$ 35

Commitments and Contingencies -

Commitments and Contingencies - Letters of Credit and Guarantees (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 3	$ 1.7
License bonds outstanding amount	$ 2.3	$ 2.2

Commitments and Contingencies_2

Commitments and Contingencies - Legal Proceedings (Details) $ in Thousands	Jun. 24, 2021USD ($)	Dec. 19, 2016USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)plaintiff	Jun. 30, 2020USD ($)
Commitments And Contingencies [Line Items]
Legal settlement, net			$ 30,468	$ 0	$ 30,468	$ 0
Baldino Group
Commitments And Contingencies [Line Items]
Number of plaintiffs | plaintiff					2
Damages sought amount					$ 16,000
CBIZ Operations and a former employee of CBIZ MMP
Commitments And Contingencies [Line Items]
Total transaction price		$ 200,000
CBIZ Operations and a former employee of CBIZ MMP | Maximum
Commitments And Contingencies [Line Items]
Damages sought amount		$ 177,000
University of Pittsburgh Medical Center
Commitments And Contingencies [Line Items]
Settlement amount awarded to other party	$ 41,500
Legal settlement, net	$ (30,500)

Financial Instruments - Availab

Financial Instruments - Available-for-Sale Debt Securities (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Par value of available-for-sale debt securities	$ 24,800,000	$ 24,900,000
Funds held for clients	139,420,000	167,440,000
Certified Deposits and Other Depository Assets
Debt Securities, Available-for-sale [Line Items]
Funds held for clients	$ 3,400,000	$ 0

Financial Instruments - Summary

Financial Instruments - Summary of Investments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available for Sale [Roll Forward]
Fair value at beginning of period	$ 25,708	$ 60,659
Purchases	7,900	3,447
Sales	(5,550)	(22,078)
Maturities and calls	(2,415)	(15,409)
Change in bond premium	591	(857)
Fair market value adjustment	(217)	(54)
Fair value at end of period	$ 26,017	$ 25,708

Financial Instruments - Interes

Financial Instruments - Interest Rate Swaps (Details)	Jun. 30, 2021USD ($)swap
Interest rate swaps
Debt Securities, Available-for-sale [Line Items]
Number of interest rate swaps expired | swap	1
Number of interest rate swaps outstanding | swap	3
Interest rate swap, February 2021 expiration
Debt Securities, Available-for-sale [Line Items]
Notional amount	$ 10,000,000
Interest rate swap, May 2022 expiration
Debt Securities, Available-for-sale [Line Items]
Notional amount	$ 20,000,000
Interest rate swap, fixed interest rate	1.77%
Interest rate swap, June 2023 expiration
Debt Securities, Available-for-sale [Line Items]
Notional amount	$ 15,000,000
Interest rate swap, fixed interest rate	2.64%
Interest rate swap, April 2025 expiration
Debt Securities, Available-for-sale [Line Items]
Notional amount	$ 50,000,000
Interest rate swap, fixed interest rate	0.885%

Financial Instruments - Summa_2

Financial Instruments - Summary of Outstanding Interest Rate Swaps (Details) - Interest rate swaps - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Notional amount, liability	$ 65,000,000	$ 85,000,000
Fair value, liability	(859,000)	(2,552,000)
Other current liability
Derivatives, Fair Value [Line Items]
Notional amount, liability	20,000,000	10,000,000
Fair value, liability	$ 292,000	$ (13,000)

Financial Instruments - Summa_3

Financial Instruments - Summary of Effects of Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in AOCL, net of tax	$ 117	$ (1,007)	$ 1,078	$ (1,660)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in AOCL, net of tax	117	(1,007)	1,078	(1,660)
Loss Reclassified from AOCL into Expense	$ (280)	$ (350)	$ (565)	$ (383)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 142,330	$ 127,332
Available-for-sale debt securities	26,017	25,708	$ 60,659
Deferred compensation plan liabilities	(142,330)	(127,332)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	142,330	127,332
Available-for-sale debt securities	26,017	25,708
Deferred compensation plan liabilities	(142,330)	(127,332)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	(1,151)	(2,565)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase price liabilities	$ (66,187)	$ (54,391)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair value measurements, inter-transfers between levels	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Change in Level 3 Fair Values of Contingent Purchase Price Liabilities (Details) - Contingent purchase price liabilities - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance – January 1	$ (54,391)	$ (32,089)
Additions from business acquisitions	(20,124)	(3,385)
Settlement of contingent purchase price liabilities	9,081	7,859
Change in fair value of contingencies	17	497
Change in net present value of contingencies	(770)	(343)
Ending balance - June 30	$ (66,187)	$ (27,461)

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Summary of Other Comprehensive Loss and Tax Impact (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Equity [Abstract]
Net unrealized (loss) gain on available-for-sale securities, net of income taxes	$ (55)	$ 632	$ (158)	$ 45
Net unrealized gain (loss) on interest rate swaps, net of income taxes	117	(1,007)	1,078	(1,660)
Foreign currency translation	(4)	(2)	(8)	(14)
Total other comprehensive income (loss)	58	(377)	912	(1,629)
Unrealized loss on available-for-sale securities, income tax expense (benefit)	(20)	228	(59)	19
Unrealized gain (loss) on interest rate swaps, income tax expense (benefit)	$ 36	$ (324)	$ 346	$ (534)

Employee Stock Plans - Addition

Employee Stock Plans - Additional Information (Details) - shares shares in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2019
Performance shares (in shares)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, remaining contractual term	3 years
Performance share units, vesting period	3 years
Achievement of an earnings per share target	70.00%
Achievement of total growth in revenue	30.00%
Performance shares (in shares) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of initial grant	200.00%
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum stock based compensation awards granted under the plan (in shares)		3.1

Employee Stock Plans - Schedule

Employee Stock Plans - Schedule of Stock-Based Compensation Awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock options	$ 232	$ 367	$ 533	$ 788
Restricted stock units and awards	1,445	1,324	2,826	2,495
Performance share units	922	566	2,095	997
Total stock-based compensation expense	$ 2,599	$ 2,257	$ 5,454	$ 4,280

Employee Stock Plans - Schedu_2

Employee Stock Plans - Schedule of Stock Options Award Activity (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2021
Stock Option Activity
Outstanding at beginning of period (in shares)	1,820
Granted (in shares)	0
Exercised or released (in shares)	(493)
Expired or canceled (in shares)	0
Outstanding at end of period (in shares)	1,327
Exercisable at end of period (in shares)	1,179
Stock Option Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 15.02
Granted (in dollars per share)	0
Exercised or released (in dollars per share)	11.05
Expired or canceled (in dollars per share)	0
Outstanding at end of period (in dollars per share)	16.50
Exercisable at end of period (in dollars per share)	$ 16.13

Employee Stock Plans - Schedu_3

Employee Stock Plans - Schedule of Restricted Stock Units and Awards Activity (Details) - Restricted Stock Units and Awards shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Restricted Stock Units and Awards Activity
Outstanding at beginning of period (in shares) | shares	461
Granted (in shares) | shares	174
Exercised or released (in shares) | shares	(246)
Expired or canceled (in shares) | shares	0
Outstanding at end of period (in shares) | shares	389
Restricted Stock Units and Awards Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 21.03
Granted (in dollars per share) | $ / shares	28.62
Exercised or released (in dollars per share) | $ / shares	20
Expired or canceled (in dollars per share) | $ / shares	0
Outstanding at end of period (in dollars per share) | $ / shares	$ 25.07

Employee Stock Plans - Schedu_4

Employee Stock Plans - Schedule of Performance Share Units Award Activity (Details) - Performance shares (in shares) shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Performance Share Units Award Activity
Outstanding at beginning of period (in shares) | shares	307
Granted (in shares) | shares	140
Vested (in shares) | shares	0
Adjustments for performance results (in shares) | shares	0
Canceled (in shares) | shares	0
Outstanding at end of period (in shares) | shares	447
Performance Share Units Award Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 22.18
Granted (in dollars per share) | $ / shares	27.56
Vested (in dollars per share) | $ / shares	0
Adjustments for performance results (in dollars per share) | $ / shares	0
Canceled (in dollars per share) | $ / shares	0
Outstanding at end of period (in dollars per share) | $ / shares	$ 23.86

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share for Continuing Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Income from continuing operations	$ 8,613	$ 21,479	$ 58,829	$ 58,341
Basic
Weighted average common shares outstanding (in shares)	52,874,000	54,142,000	53,119,000	54,356,000
Diluted
Stock options (in shares)	676,000	760,000	733,000	869,000
Restricted stock awards (in shares)	182,000	146,000	220,000	222,000
Contingent shares (in shares)	37,000	68,000	37,000	68,000
Diluted weighted average common shares outstanding (in shares)	53,769,000	55,116,000	54,109,000	55,515,000
Basic earnings per share from continuing operations (in dollars per share)	$ 0.16	$ 0.40	$ 1.11	$ 1.07
Diluted earnings per share from continuing operations (in dollars per share)	$ 0.16	$ 0.39	$ 1.09	$ 1.05
Share-based payment arrangement (in shares)
Dilutive Securities Included And Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share based awards excluded from the calculation of diluted earnings per share (in shares)	0	400,000	5,000	400,000
Performance shares (in shares)
Dilutive Securities Included And Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share based awards excluded from the calculation of diluted earnings per share (in shares)	447,000	324,000	447,000	324,000

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)business	Jun. 30, 2020USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Annual revenue	$ 41,900	$ 6,100
Annual income before tax	6,100	1,500
Proceeds from sales of divested operations	$ 9,785	$ 651
Client List
Business Acquisition, Contingent Consideration [Line Items]
Acquired finite-lived intangible assets, useful life	10 years
Other Intangibles
Business Acquisition, Contingent Consideration [Line Items]
Acquired finite-lived intangible assets, useful life	3 years
Benefits and Insurance Services Practice Group
Business Acquisition, Contingent Consideration [Line Items]
Number of businesses sold | business	1
Proceeds from sales of divested operations	$ 9,700
Gain from the sale of its individual wealth management business	$ 6,400

Business Combinations - Aggrega

Business Combinations - Aggregated Consideration And Preliminary Purchase Price Allocation (Details) - Series of Individually Immaterial Business Acquisitions - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition, Contingent Consideration [Line Items]
Common Stock Issued (in shares)	122	33
Common Stock Value	$ 4,060	$ 885
Cash Paid	43,104	9,443
Other Payable	0	59
Recorded Contingent Consideration	20,124	4,670
Total Recorded Purchase Price	67,288	15,057
Identifiable Intangible Assets Acquired	22,393	3,629
Other Assets Acquired, net	5,878	270
Goodwill	39,017	11,158
Total Net Assets Acquired	67,288	15,057
Maximum Potential Contingent Consideration	$ 21,115	$ 6,202

Business Combinations - Segment

Business Combinations - Segment Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Financial Services
Business Combination Segment Allocation [Line Items]
Goodwill	$ 37,222	$ 0
Total	58,279	0
Financial Services | Client List
Business Combination Segment Allocation [Line Items]
Intangibles	20,220	0
Financial Services | Other Intangibles
Business Combination Segment Allocation [Line Items]
Intangibles	837	0
Benefits & Insurance
Business Combination Segment Allocation [Line Items]
Goodwill	1,795	11,158
Total	3,131	14,787
Benefits & Insurance | Client List
Business Combination Segment Allocation [Line Items]
Intangibles	1,290	3,430
Benefits & Insurance | Other Intangibles
Business Combination Segment Allocation [Line Items]
Intangibles	$ 46	$ 199

Business Combinations - Changes

Business Combinations - Changes in Contingent Purchase Price Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Combinations [Abstract]
Net Expense (Income)	$ 93	$ 530	$ 753	$ (154)
Cash Settlement Paid	$ 6,122	$ 3,485	$ 7,584	$ 5,886
Shares Issued (number)	16,000	44,000	53,000	81,000

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021practiceGroup
Segment Reporting [Abstract]
Number of business units of the company	3

Segment Disclosures - Summary o

Segment Disclosures - Summary of Disaggregation of Revenue by Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 278,648	$ 236,943	$ 579,378	$ 514,398
Financial Services
Disaggregation of Revenue [Line Items]
Total revenue	186,589	154,083	390,738	342,860
Benefits & Insurance
Disaggregation of Revenue [Line Items]
Total revenue	82,620	73,940	169,859	153,552
National Practices
Disaggregation of Revenue [Line Items]
Total revenue	9,439	8,920	18,781	17,986
Accounting, tax, advisory and consulting
Disaggregation of Revenue [Line Items]
Total revenue	186,589	154,083	390,738	342,860
Accounting, tax, advisory and consulting | Financial Services
Disaggregation of Revenue [Line Items]
Total revenue	186,589	154,083	390,738	342,860
Accounting, tax, advisory and consulting | Benefits & Insurance
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Accounting, tax, advisory and consulting | National Practices
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Core benefits and insurance services
Disaggregation of Revenue [Line Items]
Total revenue	79,288	71,393	163,358	147,865
Core benefits and insurance services | Financial Services
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Core benefits and insurance services | Benefits & Insurance
Disaggregation of Revenue [Line Items]
Total revenue	79,288	71,393	163,358	147,865
Core benefits and insurance services | National Practices
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Non-core benefits and insurance services
Disaggregation of Revenue [Line Items]
Total revenue	3,332	2,547	6,501	5,687
Non-core benefits and insurance services | Financial Services
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Non-core benefits and insurance services | Benefits & Insurance
Disaggregation of Revenue [Line Items]
Total revenue	3,332	2,547	6,501	5,687
Non-core benefits and insurance services | National Practices
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Managed networking, hardware services
Disaggregation of Revenue [Line Items]
Total revenue	6,969	6,581	13,864	13,156
Managed networking, hardware services | Financial Services
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Managed networking, hardware services | Benefits & Insurance
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Managed networking, hardware services | National Practices
Disaggregation of Revenue [Line Items]
Total revenue	6,969	6,581	13,864	13,156
National practices consulting
Disaggregation of Revenue [Line Items]
Total revenue	2,470	2,339	4,917	4,830
National practices consulting | Financial Services
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
National practices consulting | Benefits & Insurance
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
National practices consulting | National Practices
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,470	$ 2,339	$ 4,917	$ 4,830

Segment Disclosures - Summary_2

Segment Disclosures - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 278,648	$ 236,943	$ 579,378	$ 514,398
Operating expenses	236,934	209,016	460,905	408,843
Gross margin	41,714	27,927	118,473	105,555
Corporate general and administrative expenses	13,816	11,160	28,299	21,649
Legal settlement, net	30,468	0	30,468	0
Operating (loss) income	(2,570)	16,767	59,706	83,906
Other income (expense):
Interest expense	(959)	(2,074)	(1,836)	(3,193)
Gain on sale of operations, net	6,385	57	6,385	152
Other income, net	8,373	13,336	13,162	(2,464)
Total other income (expense), net	13,799	11,319	17,711	(5,505)
Income from continuing operations before income tax    expense	11,229	28,086	77,417	78,401
Financial Services
Segment Reporting Information [Line Items]
Revenue	186,589	154,083	390,738	342,860
Benefits & Insurance
Segment Reporting Information [Line Items]
Revenue	82,620	73,940	169,859	153,552
National Practices
Segment Reporting Information [Line Items]
Revenue	9,439	8,920	18,781	17,986
Operating segments | Financial Services
Segment Reporting Information [Line Items]
Revenue	186,589	154,083	390,738	342,860
Operating expenses	150,920	127,417	292,666	266,015
Gross margin	35,669	26,666	98,072	76,845
Corporate general and administrative expenses	0	0	0	0
Legal settlement, net	0		0
Operating (loss) income	35,669	26,666	98,072	76,845
Other income (expense):
Interest expense	0	0	0	0
Gain on sale of operations, net	0	11	0	51
Other income, net	194	27	292	46
Total other income (expense), net	194	38	292	97
Income from continuing operations before income tax    expense	35,863	26,704	98,364	76,942
Operating segments | Benefits & Insurance
Segment Reporting Information [Line Items]
Revenue	82,620	73,940	169,859	153,552
Operating expenses	67,776	61,283	134,709	126,506
Gross margin	14,844	12,657	35,150	27,046
Corporate general and administrative expenses	0	0	0	0
Legal settlement, net	0		0
Operating (loss) income	14,844	12,657	35,150	27,046
Other income (expense):
Interest expense	0	(9)	0	(20)
Gain on sale of operations, net	6,385	46	6,385	101
Other income, net	698	130	872	226
Total other income (expense), net	7,083	167	7,257	307
Income from continuing operations before income tax    expense	21,927	12,824	42,407	27,353
Operating segments | National Practices
Segment Reporting Information [Line Items]
Revenue	9,439	8,920	18,781	17,986
Operating expenses	8,487	7,990	17,028	16,273
Gross margin	952	930	1,753	1,713
Corporate general and administrative expenses	0	0	0	0
Legal settlement, net	0		0
Operating (loss) income	952	930	1,753	1,713
Other income (expense):
Interest expense	0	0	0	0
Gain on sale of operations, net	0	0	0	0
Other income, net	0	0	0	1
Total other income (expense), net	0	0	0	1
Income from continuing operations before income tax    expense	952	930	1,753	1,714
Corporate and Other
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
Operating expenses	9,751	12,326	16,502	49
Gross margin	(9,751)	(12,326)	(16,502)	(49)
Corporate general and administrative expenses	13,816	11,160	28,299	21,649
Legal settlement, net	30,468		30,468
Operating (loss) income	(54,035)	(23,486)	(75,269)	(21,698)
Other income (expense):
Interest expense	(959)	(2,065)	(1,836)	(3,173)
Gain on sale of operations, net	0	0	0	0
Other income, net	7,481	13,179	11,998	(2,737)
Total other income (expense), net	6,522	11,114	10,162	(5,910)
Income from continuing operations before income tax    expense	$ (47,513)	$ (12,372)	$ (65,107)	$ (27,608)