0001628280-23-005024 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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	6801 Brecksville Rd.,
Entity Address, Address Line Two	Door N.
Entity Address, City or Town	Independence
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2,000
Entity Common Stock, Shares Outstanding		50,380,328
Documents Incorporated by Reference	The registrant incorporates by reference in Part III hereof portions of its definitive Proxy Statement for its 2023 Annual Meeting of Stockholders.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000944148

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Cleveland, OH
Auditor Firm ID	185

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 4,697	$ 1,997
Restricted cash	28,487	30,383
Accounts receivable, net	334,498	242,168
Other current assets	29,431	19,217
Current assets before funds held for clients	397,113	293,765
Funds held for clients	171,313	157,909
Total current assets	568,426	451,674
Non-current assets:
Property and equipment, net	45,184	43,423
Goodwill and other intangible assets, net	951,702	840,783
Assets of deferred compensation plan	118,862	136,321
Right-of-use asset, net	184,043	151,145
Other non-current assets	10,907	4,588
Total non-current assets	1,310,698	1,176,260
Total assets	1,879,124	1,627,934
Current liabilities:
Accounts payable	80,725	65,757
Income taxes payable	1,607	1,671
Accrued personnel costs	130,456	114,032
Contingent purchase price liability	63,262	34,373
Lease liability	36,358	30,586
Other current liabilities	26,532	18,755
Current liabilities before client fund obligations	338,940	265,174
Client fund obligations	173,467	158,115
Total current liabilities	512,407	423,289
Non-current liabilities:
Bank debt	265,700	155,300
Debt issuance costs	(2,046)	(449)
Total long-term debt	263,654	154,851
Income taxes payable	2,211	1,727
Deferred income taxes, net	24,763	15,440
Deferred compensation plan obligations	118,862	136,321
Contingent purchase price liability	68,748	44,766
Lease liability	174,454	145,808
Other non-current liabilities	573	1,184
Total non-current liabilities	653,265	500,097
Total liabilities	1,165,672	923,386
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share; shares authorized 250,000; shares issued 136,295 and 135,187; shares outstanding 50,180 and 52,038	1,363	1,352
Additional paid-in capital	799,147	770,117
Retained earnings	734,116	628,762
Treasury stock, 86,115 and 83,149 shares	(824,778)	(694,716)
Accumulated other comprehensive income (loss)	3,604	(967)
Total stockholders’ equity	713,452	704,548
Total liabilities and stockholders’ equity	$ 1,879,124	$ 1,627,934

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	250,000,000	250,000,000
Common stock issued (in shares)	136,295,000	135,187,000
Common stock outstanding (in shares)	50,180,000	52,038,000
Treasury stock (in shares)	86,115,000	83,149,000

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Revenue	$ 1,411,979	$ 1,104,925	$ 963,897
Operating expenses	1,188,612	945,635	825,351
Gross margin	223,367	159,290	138,546
Corporate general and administrative expenses	55,023	56,150	46,066
Legal settlement, net	0	30,468	0
Operating income (loss)	168,344	72,672	92,480
Other (expense) income:
Interest expense	(8,039)	(3,868)	(4,983)
Gain (loss) on sale of operations, net	413	5,995	(509)
Other (expense) income, net	(19,225)	18,241	16,500
Total other (expense) income, net	(26,851)	20,368	11,008
Income from continuing operations before income tax expense	141,493	93,040	103,488
Income tax expense	36,121	22,129	25,141
Income from continuing operations	105,372	70,911	78,347
Loss from operations of discontinued operations, net of tax	(18)	(24)	(48)
Net income	$ 105,354	$ 70,887	$ 78,299
Earnings Per Share:
Continuing operations (in dollars per share)	$ 2.05	$ 1.35	$ 1.44
Discontinued operations (in dollars per share)	0	0	0
Net income (loss) (in dollars per share)	2.05	1.35	1.44
Diluted:
Continuing operations (in dollars per share)	2.01	1.32	1.42
Discontinued operations (in dollars per share)	0	0	(0.01)
Net income (loss) (in dollars per share)	$ 2.01	$ 1.32	$ 1.41
Basic weighted average common shares outstanding (in shares)	51,502	52,637	54,288
Diluted weighted average common shares outstanding (in shares)	52,388	53,723	55,359
Comprehensive income:
Net income	$ 105,354	$ 70,887	$ 78,299
Other comprehensive income (loss):
Net unrealized loss on available-for-sale securities, net of income tax benefit of $520, $179 and $14	(1,391)	(478)	(42)
Net unrealized gain (loss) on interest rate swaps, net of income tax expense (benefit) of $1,965, $577 and $(494)	5,986	1,799	(1,525)
Foreign currency translation	(24)	(19)	(22)
Total other comprehensive income (loss)	4,571	1,302	(1,589)
Total comprehensive income	$ 109,925	$ 72,189	$ 76,710

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net unrealized (loss) gain on available-for-sale securities, income tax (benefit) expense	$ (520)	$ (179)	$ (14)
Net unrealized gain (loss) on interest rate swaps, income tax (benefit)	$ 1,965	$ 577	$ (494)

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Restricted stock units and awards	Performance share units	Common Stock	Common Stock Restricted stock units and awards	Common Stock Performance share units	Treasury Shares	Additional Paid-In Capital	Additional Paid-In Capital Restricted stock units and awards	Additional Paid-In Capital Performance share units	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Common stock, beginning balance (in shares) at Dec. 31, 2019				133,056
Treasury stock, beginning balance (in shares) at Dec. 31, 2019							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	78,299										78,299
Other comprehensive income (loss)	(1,589)											(1,589)
Share repurchases (in shares)							2,311
Share repurchases	(57,564)						$ (57,564)
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 and Performance share units (in shares)					25
Stock options exercised (in shares)				634
Stock options exercised	6,486			$ 6				6,480
Share-based compensation	8,869							8,869
Business acquisitions (in shares)				429
Business acquisitions	10,921			$ 4				10,917
Common stock, ending balances (in shares) at Dec. 31, 2020				134,144
Treasury stock, ending balance (in shares) at Dec. 31, 2020							80,045
Ending 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	70,887										70,887
Other comprehensive income (loss)	1,302											1,302
Share repurchases (in shares)							3,012
Share repurchases	(96,382)						$ (96,382)
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 and Performance share units (in shares)					80
Restricted stock units and awards and Performance share units		$ 0			$ 1				$ (1)
Stock options exercised (in shares)				647
Stock options exercised	7,311			$ 7				7,304
Share-based compensation	11,407							11,407
Business acquisitions (in shares)				316
Business acquisitions	$ 10,440			$ 3				10,437
Common stock, ending balances (in shares) at Dec. 31, 2021	135,187			135,187
Treasury stock, ending balance (in shares) at Dec. 31, 2021	83,149						83,149
Ending balance at Dec. 31, 2021	$ 704,548			$ 1,352			$ (694,716)	770,117			628,762	(967)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	105,354										105,354
Other comprehensive income (loss)	4,571											4,571
Share repurchases (in shares)							2,778
Share repurchases	(122,773)						$ (122,773)
Indirect repurchase of shares for minimum tax withholding (in shares)							188
Indirect repurchase of shares for minimum tax withholding	$ (7,289)						$ (7,289)
Restricted stock units and awards and Performance share units (in shares)					120	211
Restricted stock units and awards and Performance share units		$ 0	$ 0		$ 1	$ 2			$ (1)	$ (2)
Stock options exercised (in shares)	670			670
Stock options exercised	$ 10,035			$ 7				10,028
Share-based compensation	14,689							14,689
Business acquisitions (in shares)				107
Business acquisitions	$ 4,317			$ 1				4,316
Common stock, ending balances (in shares) at Dec. 31, 2022	136,295			136,295
Treasury stock, ending balance (in shares) at Dec. 31, 2022	86,115						86,115
Ending balance at Dec. 31, 2022	$ 713,452			$ 1,363			$ (824,778)	$ 799,147			$ 734,116	$ 3,604

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 105,354	$ 70,887	$ 78,299
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on sale of operations, net of tax	(413)	(5,995)	509
Depreciation and amortization expense	32,895	27,078	23,139
Bad debt expense, net of recoveries	1,173	3,054	4,409
Adjustment to contingent earnout liability, net	2,435	2,367	(629)
Deferred income taxes	13,877	9,234	(770)
Stock-based compensation expense	14,689	11,407	8,869
Other, net	(1,817)	(126)	485
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	(61,106)	(17,040)	6,714
Other assets	(11,855)	3,474	1,472
Accounts payable	14,363	3,312	(8,800)
Income taxes payable	(5,578)	(4,108)	(236)
Accrued personnel costs	24,009	24,525	19,788
Other liabilities	(1,876)	3,109	13,667
Net cash provided by continuing operations	126,150	131,178	146,916
Operating cash flows used in discontinued operations	(18)	(24)	(71)
Net cash provided by operating activities	126,132	131,154	146,845
Cash flows from investing activities:
Business acquisitions and purchases of client lists, net of cash acquired	(79,141)	(66,734)	(71,430)
Purchases of client fund investments	(19,771)	(26,980)	(3,447)
Proceeds from the sales and maturities of client fund investments	12,400	14,877	37,487
Proceeds from sales of assets and divested operations	3,022	9,710	711
Additions to property and equipment	(8,641)	(8,984)	(11,576)
Other, net	(6,987)	(3,899)	1,849
Net cash used in investing activities	(99,118)	(82,010)	(46,406)
Cash flows from financing activities:
Proceeds from bank debt	824,900	852,100	592,354
Payment of bank debt	(714,500)	(804,800)	(589,854)
Payment for acquisition of treasury stock	(122,538)	(97,450)	(56,496)
Indirect repurchase of shares for minimum tax withholding	(7,289)	(3,037)	(2,040)
Changes in client funds obligations	15,352	(8,874)	(13,747)
Payment of contingent consideration of acquisitions	(21,231)	(14,084)	(12,859)
Proceeds from exercise of stock options	10,035	7,311	6,486
Other, net	(2,072)	(171)	(453)
Net cash used in financing activities	(17,343)	(69,005)	(76,609)
Net increase (decrease) in cash, cash equivalents and restricted cash	9,671	(19,861)	23,830
Cash, cash equivalents and restricted cash at beginning of year	150,474	170,335	146,505
Cash, cash equivalents and restricted cash at end of year	160,145	150,474	170,335
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets
Cash and cash equivalents	4,697	1,997	4,652
Restricted cash	28,487	30,383	23,951
Cash equivalents included in funds held for clients	126,961	118,094	141,732
Cash, cash equivalents and restricted cash at end of year	160,145	150,474	170,335
Supplemental disclosures of cash flow information:
Cash paid for interest	7,421	3,350	4,739
Cash paid for income taxes, net of income tax refunds	$ 27,815	$ 16,998	$ 25,939

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Significant Accounting Policies

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Selected Terms Used in Notes to Consolidated Financial Statements

ASA - Administrative Service Agreement.

ASC - Accounting Standards Codification.

ASU - Accounting Standards Update.

CPA firm - Certified Public Accounting firm.

FASB - The Financial Accounting Standards Board.

GAAP - United States Generally Accepted Accounting Principles.

LIBOR - London Interbank Offered Rate.

SOFR - The Secured Overnight Financing Rate.

New Lease Standard - ASC Topic 842, Leases

ROU- Right of Use.

SEC - United States Securities & Exchange Commission.

Organization - CBIZ, Inc. is a leading provider of financial, insurance and advisory services to businesses throughout the United States and parts of Canada. Acting through its subsidiaries, it has been serving small and medium-sized businesses, as well as individuals, governmental entities, and not-for-profit enterprises. 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 19, Segment Disclosures, to the accompanying consolidated financial statements.

Basis of Presentation - The accompanying consolidated financial statements reflect the operations of CBIZ, Inc. and all of its wholly-owned subsidiaries (“CBIZ,” the “Company,” “we,” “us” or “our”), after elimination of all intercompany accounts and transactions. We have prepared the accompanying consolidated financial statements in accordance with GAAP and pursuant to the rules and regulations of the SEC.

We have determined that our relationship with certain CPA firms with whom we maintain ASAs qualify as variable interest entities. The accompanying consolidated financial statements do not reflect the operations or accounts of variable interest entities as the impact is not material to our consolidated financial condition, results of operations or cash flows.

Fees earned by us under the ASAs are recorded at net realizable value as a component of “Revenue” in the accompanying Consolidated Statements of Comprehensive Income and were approximately $235.4 million, $174.8 million and $159.4 million for the years ended December 31, 2022, 2021 and 2020, respectively, the majority of which was related to services rendered to privately-held clients. In the event that accounts receivable and unbilled work in process become uncollectible by the CPA firms, the service fee due to us is typically reduced on a proportional basis. Although the ASAs do not constitute control, we are one of the beneficiaries of the agreements and may bear certain economic risks. Refer to Note 17, Related Parties, for further discussion regarding the ASAs.

In 2021, CBIZ formed a grantor trust (the “Trust”) with Wilmington Savings Funds Society, FSB, a Federal savings bank, serving as trustee. The Trust holds the majority of the funds provided by CBIZ’s clients for payroll processing

pending remittance to employees of those clients, tax authorities, and other payees. CBIZ is the sole beneficial owner of the Trust. The Trust is considered a variable interest entity in accordance with ASC 810, Consolidation. CBIZ has both the power to direct the activities that most significantly impact the economic performance of the Trust (including the power to make all investment decisions for the Trust) and the right to receive benefits that could potentially be significant to the Trust (in the form of investment returns). As a result, CBIZ consolidates the Trust in its condensed consolidated financial statements.

Certain prior period amounts have been reclassified to conform to current year's presentation.

Significant Accounting Policies - We consider the following policies to be beneficial in understanding the judgments that are involved in the preparation of our consolidated financial statements and the uncertainties that could impact our financial condition, results of operations and cash flows.

Use of Estimates - The preparation of consolidated financial statements in conformity with GAAP and pursuant to the rules and regulations of the SEC requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management’s estimates and assumptions are derived from and are continually evaluated based upon available information, judgment and experience. Actual results may differ materially from these estimates.

Revenue Recognition - We account for revenue in accordance with Topic 606, Revenue from Contracts with Customers. We recognize revenue based on the five-step model; (i) identify the contract with the customer; (ii) identify the performance obligation in the contract; (iii) determine the contract price; (iv) allocate the transaction price; and (v) recognize revenue as each performance obligation is satisfied. If we determine that a contract with enforceable rights and obligations does not exist, revenues are deferred until all criteria for an enforceable contract are met. For further information on our various streams of revenue, refer to Note 2, Revenue, to the accompanying consolidated financial statements.

Operating Expenses - Operating expenses represent costs of service and other costs incurred to operate our business units and are primarily comprised of personnel costs and occupancy related expenses. Personnel costs include (i) salaries and benefits; (ii) commissions paid to producers; (iii) incentive compensation; and (iv) share-based compensation. Incentive compensation costs and share-based compensation are estimated and accrued. The final determination of incentive compensation is made after year-end results are finalized. The largest components of occupancy costs are rent expense and utilities. Base rent expense is recognized over respective lease terms, while utilities and common area maintenance charges are recognized as incurred.

Share-Based Compensation - The measurement of all share-based compensation arrangements is based on their respective grant date fair value. The grant date fair value of stock options is based on the Black-Scholes-Merton pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield. The grant date fair value of restricted stock awards and restricted stock units is based on the closing price of the underlying stock on the date of issuance. The grant date fair value of the performance share units is based on the closing price of the underlying stock on the date of issuance and recorded based on achievement of target performance metrics. The expense related to stock options, restricted stock awards, and restricted stock units is recognized over the requisite service period which is generally three to four years. The expense related to performance share units is recorded over the three-year performance period based on the fair value on the grant date and adjusted each reporting period for the achievement of the performance metrics, based on our best estimate using available information.

Share-based compensation expense is recorded in the accompanying Consolidated Statements of Comprehensive Income as “Operating expenses” or “Corporate general and administrative expenses,” depending on where the respective individual’s compensation is recorded. For additional discussion regarding share-based awards, refer to Note 14, Employee Share Plans, to the accompanying consolidated financial statements.

accounting policy election, we elected not to apply the recognition requirements under the New Lease Standards to short term leases (a lease at commencement date that has a lease term of 12 months or less and does not contain a purchase option that we are reasonably certain to exercise). The ROU assets and lease liabilities are recognized as of the commencement date based on the present value of the lease payments over the lease term. The discount rate utilized for the measurement purpose is based on our secured fixed rate to borrow over a comparable term for the lease because the rate implicit in the lease is not determinable. The lease term may include the options to extend or terminate the lease when it is reasonably certain that we will exercise the applicable option. Related rent expense under such leases is recognized evenly throughout the term of the lease when the total lease commitment is a known amount, and recorded on an as incurred basis when future rent payment increases under the obligation are unknown due to rent escalations being tied to factors that are not currently measurable (such as increases in the consumer price index). Differences between rent expense recognized and the cash payments required under these leases are recorded as a component of “Operating lease liability” in the Non-current liabilities section of the accompanying Consolidated Balance Sheets. We may receive incentives to lease office facilities in certain areas. Such incentives are recorded as a change in lease payments and may require us to remeasure the lease liability to reflect the change in lease payments.

Cash and Cash Equivalents - Cash and cash equivalents consist of cash on hand and investments with an original maturity of three months or less when purchased.

Restricted Cash - Restricted cash consists of funds held by us in relation to our capital and investment advisory services as those funds are restricted in accordance with applicable Financial Industry Regulatory Authority regulations. Restricted cash also consists of funds on deposit from clients in connection with the pass-through of insurance premiums to the carrier with the related liability for these funds recorded in “Accounts payable” in the accompanying Consolidated Balance Sheets.

Accounts Receivable and Allowance for Doubtful Accounts - Accounts receivable, less allowances 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 receivables (billed and unbilled) requires management judgment based on a combination of factors. When evaluating the adequacy of the allowance for doubtful accounts and the overall probability of collecting on receivables, we analyze historical experience, client credit-worthiness, the age of the trade receivable balances, current economic conditions that may affect a client’s ability to pay and current and projected economic trends and conditions at the balance sheet date. At December 31, 2022 and 2021, the allowance for doubtful accounts was $20.8 million and $16.2 million, respectively, in the accompanying Consolidated Balance Sheets.

Funds Held for Clients and Client Fund Obligations - Services provided by our payroll operations include the preparation of payroll checks, federal, state, and local payroll tax returns, and flexible spending account administration. In relation to these services, as well as other similar service offerings, we collect funds from our clients’ accounts in advance of paying client obligations. These funds, collected before they are due, 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 and U.S. treasury bills, are classified as available-for-sale and are included in the “Funds held for clients” line item on the accompanying Consolidated Balance Sheets. The underlying obligation is recorded as “Client fund obligations” on the Consolidated Balance Sheets. The balances in these accounts fluctuate with the timing of cash receipts and the related cash payments and may vary significantly during the year based on the timing of client’s payroll periods. Other than certain federal and state regulations pertaining to flexible spending account administration, there are no regulatory or other contractual restrictions placed on these funds. Refer to Note 6, Financial Instruments, to the accompanying consolidated financial statements for further discussion of investments related to funds held for clients.

Property and Equipment - Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are provided on a straight-line basis over the following estimated useful lives:


Buildings	25	to	40 years
Furniture and fixtures	5	to	10 years
Capitalized software	3	to	5 years
Equipment	3	to	7 years

Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the remaining respective lease term. The cost of software purchased or developed for internal use is capitalized and amortized using the straight-line method over an estimated useful life not to exceed five years. We periodically review long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying value of the assets may not be recoverable. Under those circumstances, if the fair value were less than the carrying amount of the asset, we would recognize a loss for the difference.

Goodwill and Other Intangible Assets - Goodwill represents the excess of the purchase price of the acquired businesses and the related fair value of the net assets acquired. At December 31, 2022, the carrying value of goodwill totaled $819.9 million, compared to total assets of $1.9 billion and total shareholders’ equity of $713.5 million. Intangible assets consist of identifiable intangibles other than goodwill. Identifiable intangible assets other than goodwill include client lists and non-compete agreements which require significant judgments in determining the fair value. We carry client lists and non-compete agreements at cost, less accumulated amortization, in the accompanying Consolidated Balance Sheets.

Goodwill is reviewed for impairment annually during the fourth quarter or more frequently in the event of an impairment indicator. We are required to consider whether it is more likely than not (defined as a likelihood of more than 50%) that the fair value of each reporting unit has fallen below its carrying value, thus requiring us to perform an interim goodwill impairment test. Intangible assets with definite lives, such as client lists and non-compete agreements, are amortized using the straight-line method over their estimated useful lives (generally ranging from three to fifteen years). We review these assets for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. Recoverability is assessed based on a comparison of the undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value determined by a discounted cash flow analysis or market comparable method.

The goodwill impairment test is performed at a reporting unit level. A reporting unit is an operating segment of a business or one level below an operating segment. At December 31, 2022, we had five reporting units. We may use either a qualitative or quantitative approach when testing a reporting unit’s goodwill for impairment. Under the qualitative assessment, we are not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that its fair value is less than its carrying amount. If under the quantitative assessment the fair value of a reporting unit is less than its carrying amount, then the amount of the impairment loss, if any, must be measured. Any such impairment charge would reduce earnings and could be material.

After considering changes to assumptions used in our most recent quantitative testing for each reporting unit, including the capital market environment, economic and market conditions, industry competition and trends, our weighted average cost of capital, changes in management and key personnel, the price of our common stock, changes in our results of operations, the magnitude of the excess of fair value over the carrying amount of each reporting unit as determined in our most recent quantitative testing, and other factors, we concluded that it was more likely than not that the fair values of each of our reporting units exceeded their respective carrying values and, therefore, did not perform a quantitative impairment analysis. For further information regarding our goodwill balances, refer to Note 5, Goodwill and Other Intangible Assets, net, to the accompanying consolidated financial statements.

Income Taxes - Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently payable and deferred taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and operating losses and tax credit carryforwards. State income tax credits are accounted for using the flow-through method.

A valuation allowance is provided when it is more-likely-than-not that all or some portion of a deferred tax asset will not be realized. We determine valuation allowances based on all available evidence. Such evidence includes historical results, the reversal of deferred tax liabilities, expectations of future consolidated and/or separate company profitability and the feasibility of tax-planning strategies. Determining valuation allowances includes significant judgment by management, and different judgments could yield different results.

Accounting for uncertain tax positions requires a more-likely-than-not threshold for recognition in the consolidated financial statements. We recognize a tax benefit based on whether it is more-likely-than-not that a tax position will be sustained. We record a liability to the extent that a tax position taken or expected to be taken on a tax return exceeds the amount recognized in the consolidated financial statements.

Business Combinations - We recognize and measure identifiable tangible and intangible assets acquired and liabilities assumed as of the acquisition date at fair value. Fair value measurements require extensive use of estimates and assumptions, including estimates of future cash flows to be generated by the acquired assets. The operating results of acquired businesses are included in our consolidated financial statements beginning on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Goodwill is recognized for the excess of purchase price over the net fair value of assets acquired and liabilities assumed.

Contingent Purchase Price Liabilities - Contingent purchase price liabilities consisting of cash payments and common stock issuances result from our business acquisitions and are recorded at fair value at the time of acquisition as “Contingent purchase price liability - current” and “Contingent purchase price liability - non-current” in the accompanying Consolidated Balance Sheets. We estimate the fair value of our contingent purchase price liabilities using a probability-weighted discounted cash flow model. 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, which is considered a Level 3 unobservable input, is reassessed on a quarterly basis 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, including the revaluation of common stock, is recorded in the earnings of that period. For the years ended December 31, 2022, 2021 and 2020, we recorded other (expense) income of ($2.4) million, ($2.4) million and $0.6 million, respectively, related to net changes in the fair value of contingent consideration.

Refer to Note 7, Fair Value Measurements, and Note 18, Business Combinations, for further discussion of our contingent purchase price liabilities and acquisitions.

We utilize derivative instruments to manage interest rate risk associated with our floating-rate debt under the credit facility. Interest rate swap contracts mitigate the risk associated with the underlying hedged item. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the swap are deferred and included as a component of accumulated other comprehensive loss, net of tax, to the extent effective, and reclassified to interest expense in the same period during which the hedged transaction affects earnings. For further discussion regarding derivative financial instruments, refer to Note 6, Financial Instruments, to the accompanying consolidated financial statements.

Recent 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 ASU to communicate changes to the FASB codification. We assess and review the impact of all ASUs. ASUs 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.

Accounting Standards Adopted in 2022

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.

Subsequently, in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope, which provides optional temporary guidance for entities transitioning away from the LIBOR and other interbank offered rates to new reference rates so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions within Topic 848. This ASU clarifies that the derivative instruments affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions provided in Topic 848. ASU 2021-01 is effective immediately for all entities. Entities may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. The amendments provided in this ASU do not apply to contract modifications made, as well as new hedging relationships entered into, after December 31, 2022, and to existing hedging relationships evaluated for effectiveness for periods after December 31, 2022, except for certain hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship.

On May 4, 2022, we entered into a Second Amended and Restated Credit Agreement (the "2022 credit facility" or the "credit facility"), by and among CBIZ Operations, Inc. ("CBIZ Operations"), and Bank of America, N.A., as administrative agent, and other financial institutions. The 2022 credit facility amends the Amended and Restated Credit Agreement, dated as of April 3, 2018 (the "2018 credit facility"). Among other things, the 2022 Credit Facility amends the base interest rate from LIBOR to term SOFR. Consequently, we amended the interest rate swap agreements with respect to the existing swaps. Effective May 16, 2022, the scheduled reset date, the interest rate of the swaps was set to one month term SOFR to align the swaps to term SOFR in the 2022 credit facility. No other terms under the swap agreements were amended. As a result, we early adopted ASC Topic 848, Reference Rate Reform. This adoption had immaterial impact on our consolidated financial statements. Refer to Note 9, Debt and Financing Arrangements, and Note 6, Financial Instruments, for further discussion of the transaction.

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The following tables disaggregate our revenue by source (in thousands):


	For the Year Ended December 31, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	1,010,068	$	—	$	—	$	1,010,068
Core Benefits and Insurance Services	—		342,063		—		342,063
Non-core Benefits and Insurance Services	—		15,944		—		15,944
Managed networking, hardware services	—		—		33,503		33,503
National Practices consulting	—		—		10,401		10,401
Total revenue	$	1,010,068	$	358,007	$	43,904	$	1,411,979


	For the Year Ended December 31, 2021
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	734,026	$	—	$	—	$	734,026
Core Benefits and Insurance Services	—		319,684		—		319,684
Non-core Benefits and Insurance Services	—		12,639		—		12,639
Managed networking, hardware services	—		—		28,456		28,456
National Practices consulting	—		—		10,120		10,120
Total revenue	$	734,026	$	332,323	$	38,576	$	1,104,925


	For the Year Ended December 31, 2020
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	629,778	$	—	$	—	$	629,778
Core Benefits and Insurance Services	—		286,361		—		286,361
Non-core Benefits and Insurance Services	—		11,397		—		11,397
Managed networking, hardware services	—		—		26,458		26,458
National Practices consulting	—		—		9,903		9,903
Total revenue	$	629,778	$	297,758	$	36,361	$	963,897

Financial Services

Revenue primarily consists of professional service fees derived from traditional accounting services, tax return preparation, administrative services, financial and risk advisory, consulting and valuation services. Clients are billed for these services based upon a fixed-fee, an hourly rate, or an outcome-based fee. Time related to the performance of all services is maintained in a time and billing system.

Revenue for fixed-fee arrangements is recognized over time with the performance obligation measured in hours worked and anticipated realization. Anticipated realization is defined as the fixed fee divided by the product of the hours anticipated to complete a performance obligation and the standard billing rate. Anticipated realization rates are applied to hours charged to a contract when recognizing revenue. At the end of each reporting period, we evaluate the work performed to date to ensure that the amount of revenue recognized in each reporting period for the client arrangement is equal to the performance obligations met.

Time and expense arrangement revenue is recognized over time with progress measured towards completion with value being transferred through our hourly fee arrangement at expected net realizable rates per hour, plus agreed-upon out-of-pocket expenses. The cumulative impact on any subsequent revision in the estimated realizable value of unbilled fees for a particular client project is reflected in the period in which the change becomes known.

Prior to recognizing revenue for outcome-based arrangement, we estimate the transaction price, including variable consideration that is subject to a constraint based on risks specific to the arrangement. We evaluate the estimate in each reporting period and recognize revenue to the extent it is probable that a significant reversal of revenue will not occur. Revenue is recognized when the constraint is lifted at a point in time when the value is determined and verified by a third party.

Benefits and Insurance Services

Benefits and Insurance Services provides brokerage and consulting along lines of service which include group health benefits consulting and brokerage, property and casualty brokerage, retirement plan advisory, payroll, human capital management, actuarial, life insurance and other related services. Revenue consists primarily of fee income for administering health and retirement plans and brokerage commissions. Revenue also includes investment income related to client payroll funds that are held in CBIZ accounts, as is industry practice. We pay commissions monthly and require the recipient of the commission to be employed as of the end of the month in which the commissions are earned (as opposed to at the time of actual payment). Failure to remain employed at the date the

commission is payable results in the forfeiture of commissions that would otherwise be due. Therefore, we have determined that the requirement of continued employment is substantive and accordingly, do not consider the commissions to be incremental costs of obtaining the customer contract and consequently a contract acquisition cost is not recognized for those commissions.

Revenue related to group health benefits consulting consists of (i) commissions, (ii) fee income which can be fixed or variable based on a price per participant and (iii) contingent revenue.

•Commission revenue and fee income are recognized over the contract period as these services are provided to clients continuously throughout the term of the arrangement. Our customers benefit from each month of service on its own and although volume and the number of participants may differ month to month, our obligation to perform substantially remains the same.

•Contingent revenue arrangements are related to carrier-based performance targets. Due to the uncertainty of the outcome and the probability that a change in estimate would result in a significant reversal of revenue, we have applied a constraint on recording contingent revenue. Revenue is recognized when the constraint has been lifted which is the earlier of written notification from a carrier that the target has been achieved or cash collection. Contingent revenue is not a significant revenue stream to our consolidated financial position or results of operations.

Revenue related to property and casualty consists of (i) commissions and (ii) contingent revenue.

•Commissions relating to agency billing arrangements (pursuant to which we bill the insured, collect the funds and forward the premium to the insurance carrier less our commission) and direct billing arrangements (pursuant to which the insurance carrier bills the insured directly and forwards the commission to us) are both recognized on the effective date of the policy. Commission revenue is reported net of reserves for estimated policy cancellations and terminations. The cancellation and termination reserve is based upon estimates and assumptions using historical cancellation and termination experience and other current factors to project future experience.

•Contingent revenue arrangements related to carrier-based performance targets include claim loss experience and other factors. Due to the uncertainty of the outcome and the probability that a change in estimate would result in a significant reversal of revenue, we have applied a constraint on recording contingent revenue. Revenue is recognized when the constraint has been lifted which is the earlier of written notification from a carrier that the target has been achieved or cash collection. Contingent revenue is not a significant revenue stream to our consolidated financial position or results of operations.

Revenue related to retirement plan services consist of advisory, third party administration and actuarial services.

•Advisory revenue is either (i) based on the value of assets under management, as provided by a third party, multiplied by an agreed upon rate, (ii) fee based, or (iii) a combination of fixed fee and value of assets under management. Advisory services revenue, derived from the value of assets under management, is calculated monthly or quarterly based on the estimated value of assets under management, as it is earned over the duration of the reporting period and relates to performance obligations satisfied during that period. The variability related to the estimated asset values used to recognize revenue during the reporting period is resolved and the amount of related revenue recognized is adjusted when the actual value of assets under management is known. Fee based Advisory revenue is recognized over the contract period as these services are provided to clients continuously throughout the term of the arrangement. Our clients benefit from each month of service on its own, and although the volume of tasks may differ month to month, our obligation to perform substantially remains the same.

•Third party administration revenue is recognized over the contract period as these services are provided to clients continuously throughout the term of the arrangement. Our clients benefit from each

month of service on its own, and although the volume of tasks may differ month to month, our obligation to perform substantially remains the same.

•Actuarial revenue is recognized over the contract period with performance measured in hours in relation to the expected total hours. Under certain defined benefit plan administration arrangements, we charge new clients an initial, non-refundable, set-up fee as part of a multi-year service agreement. Revenue and costs related to the set-up fees are deferred and recognized over the life of the contract or the expected customer relationship, whichever is longer.

Revenue related to payroll processing consists of a (i) fixed fee or (ii) variable fee based on a price per employee or check processed. Revenue is recognized when the actual payroll processing occurs. Our customers benefit from each month of service on its own and although volume and the variability may differ month to month, our obligation to perform substantially remains the same.

Non-core Benefits and Insurance Services consists of transactional businesses that tend to fluctuate. These include life insurance, talent and compensation services.

National Practices

Managed networking, hardware services revenue consists of installation, maintenance and repair of computer hardware. These services are charged to a single customer based on cost plus an agreed-upon markup percentage, which has existed since 1999.

National Practices consulting revenue is based upon a fixed fee, an hourly rate, or outcome-based. Revenue for fixed fee and time and expense arrangements is recognized over the performance period based upon actual hours incurred, while revenue for outcome-based arrangements is recognized similar to the outcome-based arrangements in the Financial Services practice group.

Transaction Price Allocated to Future Obligations - The revenue recognition standard requires the disclosure of the aggregate amount of transaction price allocated to performance obligations that have not yet been satisfied as of the reporting date. The guidance provides certain practical expedients that limit this requirement, including performance obligations that are part of a contract that is one year or less. Since the majority of our contracts are one year or less, we have applied this practical expedient related to quantifying remaining performance obligations. In regards to contracts with terms in excess of one year, certain contract periods related to our government healthcare consulting, group health and benefits consulting, and property and casualty insurance businesses have an original specified contract duration in excess of one year, however, the agreements provide CBIZ and the client with the right to cancel or terminate the contract with no substantial penalty. We have applied the provisions of Topic 606 and the FASB Transition Resource Group memo number 10-14, and note that the definition of contract duration does not extend beyond the goods and services already transferred for contracts that provide both the Company and the client with the right to cancel or terminate the contract with no substantial penalty.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Accounts Receivable, Net

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net balances at December 31, 2022 and 2021 were as follows (in thousands):


	2022		2021
Trade accounts receivable	$	267,409	$	190,710
Unbilled revenue, at net realizable value	87,890		67,616
Total accounts receivable	355,299		258,326
Allowance for doubtful accounts	(20,801)		(16,158)
Accounts receivable, net	$	334,498	$	242,168

Changes in the allowance for doubtful accounts on accounts receivable are as follows (in thousands):


	2022		2021		2020
Balance at beginning of period	$	(16,158)	$	(14,894)	$	(14,379)
Provision	(13,545)		(9,422)		(9,323)
Charge-offs, net of recoveries	8,902		8,158		8,808
Balance at end of period	$	(20,801)	$	(16,158)	$	(14,894)

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

PROPERTY AND EQUIPMENT, NET

Property and equipment, net at December 31, 2022 and 2021 consisted of the following (in thousands):


	2022		2021
Buildings and leasehold improvements	$	47,300	$	41,894
Furniture and fixtures	30,369		29,588
Capitalized software	34,735		34,474
Equipment	32,927		27,206
Total property and equipment	145,331		133,162
Accumulated depreciation	(100,147)		(89,739)
Property and equipment, net	$	45,184	$	43,423

Depreciation expense for property and equipment was $11.2 million, $10.8 million and $9.6 million in 2022, 2021 and 2020, respectively.

Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

A summary of changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2022 and 2021 were as follows (in thousands):


	Financial Services		Benefits and Insurance Services		National Practices		Total Goodwill
Gross	$	412,086	$	321,111	$	33,873	$	767,070
Accumulated impairment	$	(44,047)	$	(7,733)	$	(32,207)	$	(83,987)
Net at December 31, 2020	$	368,039	$	313,378	$	1,666	$	683,083
Additions	58,646		1,800		—		60,446
Divestitures	—		(2,786)		—		(2,786)
Gross	470,732		320,125		33,873		824,730
Accumulated impairment	(44,047)		(7,733)		(32,207)		(83,987)
Net at December 31, 2021	$	426,685	$	312,392	$	1,666	$	740,743
Additions	79,147		—		—		79,147
Other adjustment	27		—		—		27
Gross	549,906		320,125		33,873		903,904
Accumulated impairment	(44,047)		(7,733)		(32,207)		(83,987)
Net at December 31,2022	$	505,859	$	312,392	$	1,666	$	819,917

We review goodwill at the reporting unit level at least annually, as of November 1, for impairment. We had five reporting units at November 1, 2022. No goodwill impairment was recognized as a result of the annual evaluation.

The components of goodwill and other intangible assets, net at December 31, 2022 and 2021 were as follows (in thousands):


	2022		2021
Goodwill	$	819,917	$	740,743
Intangibles :
Client lists	302,822		249,422
Other intangibles	11,463		11,454
Total intangibles	314,285		260,876
Total goodwill and other intangibles assets	1,134,202		1,001,619
Accumulated amortization:
Client lists	(173,286)		(152,326)
Other intangibles	(9,214)		(8,510)
Total accumulated amortization	(182,500)		(160,836)
Goodwill and other intangible assets, net	$	951,702	$	840,783

Amortization expense for client lists and other intangible assets was $21.7 million, $16.3 million and $13.6 million in 2022, 2021 and 2020, respectively. The weighted-average useful lives of total intangible assets, client lists and other intangible assets were 7.6 years, 7.7 years and 5.3 years, respectively. Other intangible assets are amortized over periods ranging from 3 to 15 years. Based on the amount of intangible assets subject to amortization at December 31, 2022, the estimated amortization expense is $20.7 million for 2023, $19.2 million for 2024, $17.8 million for 2025, $15.8 million for 2026, $14.7 million for 2027, and $43.5 million thereafter.

Financial Instruments

12 Months Ended

Dec. 31, 2022

Investments, All Other Investments [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

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 are classified as Level 1 in the fair value hierarchy. 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 classified as Level 2 in the fair value hierarchy.

Concentrations of Credit Risk - Financial instruments that may subject us to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. We place our cash and cash equivalents with highly-rated financial institutions, limiting the amount of credit exposure with any one financial institution. Our client base consists of large numbers of geographically diverse customers dispersed throughout the United States; thus, concentration of credit risk with respect to accounts receivable is not significant.

Available-For-Sale Debt Securities - Available-for-sale debt securities consist primarily of corporate and municipal bonds. The net par values of these securities total $44.4 million and $37.0 million at December 31, 2022 and 2021, respectively. The bonds have maturity dates or callable dates ranging from January 2023 through November 2025, and are included in “Funds held for clients — current” in the accompanying Consolidated Balance Sheets based on our intent and ability to sell these investments at any time under favorable conditions.

At December 31, 2022, 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 our bond activity for the years ended December 31, 2022 and 2021 (in thousands):


	2022		2021
Fair value at January 1	$	38,670	$	25,708
Purchases	19,771		26,980
Redemptions	(5,630)		(6,530)
Maturities	(6,770)		(8,347)
Change in bond premium	(645)		1,517
Fair market value adjustment	(1,911)		(658)
Fair value at December 31	$	43,485	$	38,670

In addition to the available-for-sale securities discussed above, we also held other depository assets in the amount of $0.9 million and $1.1 million at December 31, 2022 and December 31, 2021, respectively. 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 2022 credit facility, or the forecasted acquisition of such liability. To mitigate counterparty credit risk, we only enter into contracts with selected major financial institutions with investment grade ratings and continually assess their creditworthiness. There are no credit risk-related contingent features in our interest rate swaps nor do the swaps contain provisions under which we would be required to post collateral. We do not purchase or hold any derivative instruments for trading or speculative purposes.

The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument. A derivative qualifies for hedge accounting treatment if, at inception, it meets defined correlation and effectiveness criteria. These criteria require that the anticipated cash flows and/or changes in fair value of the hedging instrument substantially offset those of the position being hedged.

We had no fair value hedging instruments at December 31, 2022 or 2021. Our interest rate swaps are designated as cash flow hedges. Accordingly, the interest rate swaps are recorded as either an asset or liability in the accompanying Consolidated Balance Sheets at fair value. The mark-to-market gains or losses on the swaps are deferred and included as a component of accumulated other comprehensive loss (“AOCL”), net of tax, to the extent the hedge is determined to be effective, and reclassified to interest expense in the same period during which the hedged transaction affects earnings. The interest rate swaps are assessed for effectiveness and continued qualification for hedge accounting on a quarterly basis. For the years ended December 31, 2022 and 2021, the interest rate swaps were deemed to be highly effective.

As a result of the 2022 credit facility, CBIZ amended the interest rate swap agreements with respect to the existing swaps. Effective May 16, 2022, the scheduled reset date, the interest rate of the swaps are set to one-month term SOFR to align the swaps to term SOFR in the 2022 credit facility as a result of reference rate reform. No other terms under the swap agreements were amended.

The following table summarizes our outstanding interest rate swaps and their classification in the accompanying Consolidated Balance Sheets at December 31, 2022 and 2021 (in thousands). Refer to Note 7, Fair Value Measurements, to the accompanying consolidated financial statements for additional disclosures regarding fair value measurements.


	December 31, 2022
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location
Interest rate swap	$	15,000	2.571	%	6/1/2023	$	133	Other current asset
Interest rate swap	$	50,000	0.834	%	4/14/2025	$	3,726	Other non-current asset
Interest rate swap	$	30,000	1.186	%	12/14/2026	$	2,871	Other non-current asset
Interest rate swap	$	20,000	2.450	%	8/14/2027	$	1,079	Other non-current asset


	December 31, 2021
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location
Interest rate swap	$	20,000	1.770	%	5/14/2022	$	(120)	Other current liability
Interest rate swap	$	15,000	2.640	%	6/1/2023	$	(432)	Other non-current liability
Interest rate swap	$	50,000	0.885	%	4/14/2025	$	405	Other non-current asset
Interest rate swap	$	30,000	1.249	%	12/14/2026	$	(64)	Other non-current liability

During the third quarter of 2022, we entered into a new 5-year interest rate swap with a notional value of $20 million and fixed rate of 2.450%. One interest rate swap with a notional value of $20 million and fixed rate of 1.770% expired during the second quarter of 2022. As of December 31, 2022, we have four 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 amended agreements, and receive interest that varies with the one-month term SOFR.

During the next twelve months, the amount of the December 31, 2022 AOCL balance that will be reclassified to earnings is expected to be immaterial. The following table summarizes the effects of the interest rate swap on our accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2022 and 2021 (in thousands):


	Gain recognized in AOCL, net of tax				Gain (loss) reclassified from AOCL into expense
	Twelve Months Ended December 31,				Twelve Months Ended December 31,				Location
	2022		2021		2022		2021
Interest rate swaps	$	6,255	$	929	$	357	$	(1,152)	Interest expense

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

FASB ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy:

•Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities

•Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability

•Level 3 — Unobservable inputs for the asset or liability

We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As circumstances change, we will reassess the level in which the inputs are included in the fair value hierarchy.

For the years ended December 31, 2022 and 2021, there were no transfers between the valuation hierarchy Levels 1, 2 and 3. The following table summarizes our assets and (liabilities) at December 31, 2022 and 2021 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	December 31, 2022	December 31, 2021
Deferred compensation plan assets	1	118,862	136,321
Available-for-sale debt securities	1	43,485	38,670
Other depository assets	1	868	1,144
Deferred compensation plan liabilities	1	(118,862)	(136,321)
Interest rate swaps, net	2	7,809	(211)
Contingent purchase price liabilities	3	(132,010)	(79,139)

Contingent Purchase Price Liabilities - During the years ended December 31, 2022 and 2021, we recorded expense of $2.4 million and expense of $2.4 million, respectively, due to accretion, adjusting for expected results of acquired businesses and the revaluation of stock related to contingent payments. These changes are included in Other (expense) income, net in the accompanying Consolidated Statements of Comprehensive Income. Refer to Note 18, Business Combinations, for further discussion of our acquisitions and contingent purchase price liabilities.

The following table summarizes the change in fair value of our contingent purchase price liabilities identified as Level 3 for the years ended December 31, 2022 and 2021 (pre-tax basis, in thousands):


	Contingent Purchase Price Liabilities
Beginning balance — January 1, 2021	$	(54,391)
Additions from business acquisitions	(39,666)
Settlement of contingent purchase price payable	17,285
Change in fair value of contingency	(554)
Change in net present value of contingency	(1,813)
Balance — December 31, 2021	$	(79,139)
Additions from business acquisitions	(74,199)
Settlement of contingent purchase price payable	23,763
Change in fair value of contingency	662
Change in net present value of contingency	(3,097)
Balance — December 31, 2022	$	(132,010)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

For financial reporting purposes, income from continuing operations before income taxes includes the following components (in thousands):


	2022		2021		2020
United States	$	141,306	$	92,847	$	103,306
Foreign (Canada)	187		193		182
Total	$	141,493	$	93,040	$	103,488

Income tax expense included in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands):


	2022		2021		2020
Continuing operations:
Current:
Federal	$	20,910	$	12,369	$	21,926
Foreign	50		52		78
State and local	7,299		3,397		5,584
Total	28,259		15,818		27,588
Deferred:
Federal	5,667		5,029		(1,968)
State and local	2,195		1,282		(479)
Total	7,862		6,311		(2,447)
Total income tax expense from continuing operations	36,121		22,129		25,141
Discontinued operations:
Operations of discontinued operations:
Current	(7)		(5)		(11)

Total income tax benefit from discontinued operations	(7)		(5)		(11)
Total income tax expense	$	36,114	$	22,124	$	25,130

The provision for income taxes attributable to income from continuing operations differed from the amount obtained by applying the federal statutory income tax rate to income from continuing operations before income taxes, as follows (in thousands, except percentages):


	2022			2021			2020
Tax at U.S. federal statutory rates	$	29,714		$	19,538		$	21,733
State taxes (net of federal benefit)	9,019			4,498			5,354


Reserves for uncertain tax positions	337			(104)			(1,290)
Share-based compensation	(6,832)			(4,187)			(2,394)

Non-deductible officers' compensation	2,507			1,267			538
Other, net	1,376			1,117			1,200
Provision for income taxes from continuing operations	$	36,121		$	22,129		$	25,141
Effective income tax rate	25.5		%	23.8		%	24.3		%

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021, were as follows (in thousands):


	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	1,473	$	1,202
Allowance for doubtful accounts	4,682		3,613
Employee benefits and compensation	37,075		33,549
Lease costs	6,871		5,726

Deferral of employer FICA taxes	—		1,961
Other deferred tax assets	574		778
Total gross deferred tax assets	50,675		46,829
Less: valuation allowance	(3,156)		(2,046)
Total deferred tax assets, net	47,519		44,783
Deferred tax liabilities:

Goodwill and other intangibles	68,306		57,990
Property and equipment	1,185		1,488
Other deferred tax liabilities	2,791		745
Total gross deferred tax liabilities	72,282		60,223
Deferred income taxes, net	$	(24,763)	$	(15,440)

We have established valuation allowances for deferred tax assets related to certain employee benefits and compensation and state net operating loss (“NOL”) carryforwards at December 31, 2022 and December 31, 2021. The net increase in the valuation allowance of $1.2 million for the year ended December 31, 2022 related to changes in the valuation allowance for NOLs and certain employee benefits and compensation.

In assessing the realization of deferred tax assets, management considers all available positive and negative evidence, including projected future taxable income, scheduled reversal of deferred tax liabilities, historical financial operations and tax planning strategies. Based upon review of these items, management believes it is more-likely-than-not that the Company will realize the benefits of these deferred tax assets, net of the existing valuation allowances.

We file income tax returns in the United States, Canada, and most state jurisdictions. CBIZ's federal income tax returns for years ending prior to January 1, 2019 are no longer subject to examination. With limited exceptions, our state and local income tax returns and non-U.S. income tax returns are no longer subject to tax authority examinations for years ending prior to January 1, 2018 and January 1, 2017, respectively.

The availability of NOLs and state tax credits are reported as deferred tax assets, net of applicable valuation allowances, in the accompanying Consolidated Balance Sheets. At December 31, 2022, we had state net operating loss carryforwards of $48.0 million and a state tax credit carryforward of $0.2 million. The state net operating loss carryforwards expire on various dates between 2023 and 2042 and the state tax credit carryforward expires in 2027.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	2022		2021		2020
Balance at January 1	$	1,594	$	1,536	$	2,536
Additions for tax positions of the current year	175		161		150
Additions for positions of prior years	486		400		—
Settlements of prior year positions	—		(374)		—
Lapse of statutes of limitation	(144)		(129)		(1,150)
Balance at December 31	$	2,111	$	1,594	$	1,536

Included in the balance of unrecognized tax benefits at December 31, 2022 are $1.4 million of unrecognized tax benefits that, if recognized, would affect the effective tax rate. We believe it is reasonably possible that certain of these unrecognized tax benefits could change in the next twelve months. We expect reductions in the liability for unrecognized tax benefits of approximately $0.1 million within the next twelve months due to expiration of statutes of limitation. Given the number of years that are currently subject to examination, we are unable to estimate the range of potential adjustments to the remaining balance of unrecognized tax benefits at this time.

We recognize interest expense and penalties related to unrecognized tax benefits as a component of income tax expense. During 2022, we recorded an immaterial increase in accrued interest, and, as of December 31, 2022, we had recognized a liability for interest expense and penalties of $0.3 million and $0.2 million, respectively, relating to unrecognized tax benefits. During 2021, we recorded an immaterial decrease in accrued interest, and, as of December 31, 2021, we had recognized a liability for interest expense and penalties of $0.2 million and $0.2 million, respectively, relating to unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt and Financing Arrangements

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt and Financing Arrangements

DEBT AND FINANCING ARRANGEMENTS

2022 credit facility

On May 4, 2022, we entered into the 2022 credit facility, which amends the 2018 credit facility. The 2022 credit facility increased our borrowing capacity from $400 million to $600 million, 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. Other important key terms of the 2022 credit facility include: (i) an accordion feature that permits lenders to extend an additional $200 million at later date; (ii) no change in pricing from the 2018 credit facility; (iii) upsizing of baskets and various sublimits to reflect the increased size of the Company's business; (iv) a swing line facility increase from $25 million to $50 million, which provides for same-day funds to cover daily liquidity needs; and (v) base interest rate amended from LIBOR to term SOFR.

In connection with our 2022 credit facility, we incurred approximately $2.1 million of financing costs during the second quarter of 2022. The financing costs are deferred and reported as a reduction of debt on the accompanying Consolidated Balance Sheets, are included as a component of cash flow from financing activities on the accompanying Consolidated Statements of Cash Flows, and are being amortized as interest expense over the term of the 2022 credit facility. In addition, we wrote-off approximately $41 thousand of unamortized deferred cost associated with the 2018 credit facility as additional interest expense in the second quarter of 2022.

The 2022 credit facility matures on May 4, 2027. The balance outstanding under the 2022 credit facility was $265.7 million at December 31, 2022. The balance outstanding under the 2018 credit facility was $155.3 million at December 31, 2021. The combined effective interest rates under the 2018 and 2022 credit facilities, including the impact of interest rate swaps associated with those credit facilities, were as follows:


	2022	2021
Weighted average rates	2.67%	1.88%
Range of effective rates	1.08% - 5.44%	1.06% - 3.64%

We had approximately $319.9 million of available funds under the 2022 credit facility at December 31, 2022, based on the terms of the commitment. Available funds under the credit facility are based on a multiple of earnings before interest, taxes, depreciation and amortization as defined in the credit facility, and are reduced by letters of credit, other indebtedness and outstanding borrowings under the credit facility. Under the 2022 credit facility, loans are charged an interest rate consisting of a base rate or term SOFR rate plus an applicable margin, letters of credit are charged based on the same applicable margin, and a commitment fee is charged on the unused portion of the credit facility.

The 2022 credit facility contains certain restrictive covenants customary for facilities of this type, including restrictions on indebtedness, liens or other encumbrances, making certain payments, investments, or to sell or otherwise dispose of a substantial portion of assets, or to merge or consolidate with an unaffiliated entity. The 2022 credit facility also limits our ability to make dividend payments. Historically, we have not paid cash dividends on our common stock. Our Board of Directors has discretion over the payment and level of dividends on common stock,

subject to the limitations of the credit facility and applicable law. The credit facility contains a provision that, in the event of a defined change in control, the credit facility may be terminated. In addition, the 2022 credit facility contains financial covenants that require us to meet certain requirements with respect to (i) a total leverage ratio and (ii) minimum interest charge coverage ratio which may limit our ability to borrow up to the total commitment amount. As of December 31, 2022, we are in compliance with all covenants.

Other line of credit

We have an unsecured $20.0 million line of credit by and among CBIZ Benefits and Insurance, Inc., our wholly owned subsidiary, and the Huntington Bank. We utilize this line of credit 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. Refer to Note 6, Financial Instruments, for further discussion regarding these investments. The line of credit, which was renewed on August 1, 2022 and will terminate on August 3, 2023, did not have a balance outstanding at December 31, 2022 and 2021. Borrowings under the line of credit bear interest at the prime rate.

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):


	2022		2021		2020
Credit facilities	$	8,033	$	3,843	$	4,919
Other line of credit	6		—		1
Other	—		25		63
	$	8,039	$	3,868	$	4,983

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components of accumulated other comprehensive income (loss) at December 31, 2022 and 2021 were as follows (in thousands):


	2022		2021
Net unrealized loss on available-for-sale securities, net of income tax benefit of $571 and $51, respectively	$	(1,518)	$	(127)
Net unrealized income (loss) on interest rate swap, net of income tax expense (benefit) of $1,924 and $(41), respectively	5,885		(101)
Foreign currency translation	(763)		(739)
Accumulated other comprehensive income (loss)	$	3,604	$	(967)

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Acquisitions - The purchase price that we normally pay for businesses and client lists consists of two components: an up-front non-contingent portion, and a portion which is contingent upon the acquired businesses or client lists’ future performance. The fair value of the contingent purchase price consideration is recorded at the date of acquisition and re-measured each reporting period until the liability is settled. Shares of our common stock that are issued in connection with acquisitions may be contractually restricted from sale for periods up to one year. Acquisitions are further disclosed in Note 18, Business Combinations. Indemnifications - We have various agreements in which we may be obligated to indemnify the other party with respect to certain matters. Generally, these indemnification clauses are included in contracts arising in the normal course of business under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations, warranties, covenants or agreements, related to matters such as title to assets sold and certain tax matters. Payment by us under such indemnification clauses are generally conditioned upon the other party making a claim. Such claims are typically subject to challenge by us and to dispute resolution procedures specified in the particular contract. Further, our obligations under these agreements may be limited in terms of time and/or amount and, in some instances, we may have recourse against third parties for certain payments made by us. It is not possible to predict the maximum potential amount of future payments under these indemnification agreements due to the conditional nature of our obligations and the unique facts of each particular agreement. Historically, we have not made any payments under these agreements that have been material individually or in the aggregate. As of December 31, 2022, we were not aware of any obligations arising under indemnification agreements that would require material payments, and therefore have not recorded a liability. Employment Agreements - We maintain severance and employment agreements with certain of our executive officers, whereby such officers may be entitled to payment in the event of termination of their employment. We also have arrangements with certain non-executive employees which may include severance and other employment provisions. We accrue for amounts payable under these contracts and arrangements as triggering events occur and obligations become known. During the years ended December 31, 2022, 2021 and 2020, payments under such contracts and arrangements were not material. 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 $5.0 million and $3.4 million at December 31, 2022 and 2021, 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 $2.3 million at December 31, 2022 and 2021, respectively. Legal Proceedings - On December 19, 2016, 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 seeking damages of up to $177.0 million out of the $200.0 million transaction price. Trial was held in October 2021. The jury found in favor of CBIZ on all fraud, contract and other claims before it. On November 14, 2022, the trial court ruled in favor of CBIZ and against Zotec’s claim for statutory securities fraud. The court also ruled in favor of CBIZ on its counterclaim for indemnification under contract. The trial court is expected to set further proceedings to determine the amount of damages owed by Zotec to CBIZ. In addition to the item disclosed above, the Company is, from time to time, subject to claims and lawsuits arising in the ordinary course of business. We cannot predict the outcome of all such matters or estimate the possible loss, if any. Although the proceedings are subject to uncertainties in the litigation process and the ultimate disposition of these proceedings is not presently determinable, we intend to vigorously defend these matters.

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefits	EMPLOYEE BENEFITSEmployee Savings Plan - We sponsor a qualified 401(k) defined contribution plan that covers substantially all of our employees. Participating employees may elect to contribute, on a tax-deferred basis, up to 80% of their pre-tax annual compensation (subject to a maximum permissible contribution under Section 401(k) of the Internal Revenue Code). Matching contributions by us are 50% of the first 6% of base compensation that the participant contributes, and additional amounts may be contributed at the discretion of the Board of Directors. Participants may elect to invest their contributions in various funds including: equity, fixed income, stable value, and balanced-lifecycle funds. Employer contributions (net of forfeitures) made to the plan during the years ended December 31, 2022, 2021 and 2020 were approximately $16.1 million, $13.2 million and $12.2 million, respectively. Non-qualified Deferred Compensation Plan - We sponsor a non-qualified deferred compensation plan, under which certain members of management and other highly compensated employees may elect to defer receipt of a portion of their annual compensation, subject to maximum and minimum percentage limitations. The amount of compensation deferred under the plan is credited to each participant’s deferral account and a non-qualified deferred compensation plan obligation is established by us. An amount equal to each participant’s compensation deferral is transferred into a rabbi trust and invested in various debt and equity securities as directed by the participants. The assets of the rabbi trust are held by us and recorded as “Assets of deferred compensation plan” in the accompanying Consolidated Balance Sheets. Assets of the non-qualified deferred compensation plan consist primarily of investments in mutual funds, money market funds and equity securities. The values of these investments are based on published market prices at the end of the period. Adjustments to the fair value of these investments are recorded in “Other income, net,” offset by the same adjustments to compensation expense (recorded as “Operating expenses” or “G&A expenses” in the accompanying Consolidated Statements of Comprehensive Income). We recorded a loss of $19.6 million related to those investments for the year ended December 31, 2022. In 2021 and 2020, respectively, we recorded income of $19.5 million and $15.4 million related to these investments. These investments are specifically designated as available to us solely for the purpose of paying benefits under the non-qualified deferred compensation plan. However, the investments in the rabbi trusts would be available to all unsecured general creditors in the event that we become insolvent. Deferred compensation plan obligations represent amounts due to plan participants and consist of accumulated participant deferrals and changes in fair value of investments thereon since the inception of the plan, net of withdrawals. This liability is an unsecured general obligation of ours and is recorded as “Deferred compensation plan obligations” in the accompanying Consolidated Balance Sheets. The assets and liabilities related to the non-qualified deferred compensation plan at December 31, 2022 and 2021 were $118.9 million and $136.3 million, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2022
Equity [Abstract]
Common Stock	COMMON STOCK Share Repurchase Program - Our Board of Directors approved various share repurchase programs that were effective during the years ended December 31, 2022 and 2021. Under these programs, shares may be purchased in the open market or in privately negotiated transactions according to SEC rules. The Share Repurchase Program does not obligate us to acquire any specific number of shares and may be suspended at any time. Repurchased shares are held in treasury and may be reserved for future use in connection with acquisitions, employee share plans and other general purposes. Under the 2022 credit facility, described in Note 9, Debt and Financing Arrangements, share repurchases are unlimited when total leverage is less than 3.0. When leverage is greater than 3.0, the annual share repurchase is limited to $35.0 million. Under the Share Repurchase Program, we repurchased 2.8 million and 3.0 million shares on the open market at a cost (including fees and commissions) of $122.8 million and $96.4 million during the years ended December 31, 2022 and 2021, respectively. Shares repurchased to settle statutory employee withholding related to vesting of stock awards were 0.2 million shares at a cost of $7.3 million during the year ended December 31, 2022 and 0.1 million shares at a cost of $3.0 million during the year ended December 31, 2021.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Employee Stock Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Employee Stock Plans

EMPLOYEE STOCK PLANSEmployee Stock Purchase Plan - The 2007 Employee Stock Purchase Plan (“ESPP”), which has a termination date of June 30, 2024, allows qualified employees to purchase shares of common stock through payroll deductions up to a limit of $25,000 of stock per calendar year. The price an employee pays for shares is 85% of the fair market value of our common stock on the last day of the purchase period. Purchase periods begin on the sixteenth day of the month and end on the fifteenth day of the subsequent month. Other than a one-year holding period from the date of purchase, there are no vesting or other restrictions on the stock purchased by employees under the ESPP.

The total number of shares of common stock that can be purchased under the ESPP shall not exceed 2.0 million shares.

Stock Awards - Effective May 9, 2019, the CBIZ shareholders approved CBIZ, Inc. 2019 Stock Omnibus Incentive Plan (“2019 Plan”), which amended and restated the CBIZ, Inc. 2014 Stock Incentive Plan (“2014 Plan”), of which we have granted various stock-based awards through the year ended December 31, 2022. Effective January 1, 2020, the 2019 Plan replaced and superseded the 2014 Plan. The operating terms of the 2019 Plan are substantially similar to those of the 2014 Plan. Under the 2019 Plan, which expires in 2029, 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. The terms and vesting schedules for the share-based awards vary by type and date of grant. At December 31, 2022, approximately 1.8 million shares were available for future grant under the 2019 Plan.

During the years ended December 31, 2022, 2021 and 2020, we recognized compensation expense (before income tax expense) for these awards as follows (in thousands):


	2022		2021		2020
Stock options	$	248	$	1,291	$	1,878
Restricted stock units and awards	5,204		5,603		4,960
Performance share units	9,237		4,513		2,031
Total share-based compensation expense	$	14,689	$	11,407	$	8,869

Stock Options - Certain employees and non-employee directors were granted stock options. Stock options awarded to non-employee directors have generally been granted with immediate vesting. Stock options awarded to employees are generally subject to a 25% incremental vesting schedule over a four-year period commencing from the date of grant. At the discretion of the Compensation Committee of the Board of Directors, options awarded under the 2019 Plan may vest in a time period shorter than four years. Stock options expire six years from the date of grant and are awarded with an exercise price equal to the market value of our common stock on the date of grant. Stock options may be granted alone or in addition to other awards and may be of two types: incentive stock options and non-qualified stock options. During the year ended December 31, 2021 and 2020, we granted 50 thousand and 50 thousand stock options to non-employee directors, respectively. We did not grant any stock options during the year ended December 31, 2022.

Stock option activity during the year ended December 31, 2022 was as follows (number of options in thousands):


	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2021	1,223	$	17.71

Exercised	(670)	$	14.98

Outstanding at December 31, 2022	553	$	21.03	1.83 years	$	14.3
Vested and exercisable at December 31, 2022	553	$	21.03	1.83 years	$	14.3

•The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2021 and 2020 was $0.4 million and $0.3 million, respectively.

•The aggregate intrinsic value of stock options exercised during each of the years ended December 31, 2022, 2021 and 2020 was $19.1 million, $13.6 million and $8.9 million, respectively. The intrinsic value is calculated as the difference between our stock price on the exercise date and the exercise price of each option exercised.

•At December 31, 2022, we didn't have any unrecognized compensation cost for stock options.

We utilized the Black-Scholes-Merton option-pricing model to determine the fair value of stock options on the date of grant. The fair value of stock options granted during the years ended December 31, 2021 and 2020 were $8.10 and $5.79, respectively. The following weighted average assumptions were utilized:


	2021		2020
Expected volatility (1)	27.49	%	27.27	%
Expected option life (years) (2)	4.71		4.67
Risk-free interest rate (3)	0.74	%	0.19	%
Expected dividend yield (4)	—	%	—	%

(1)The expected volatility assumption was determined based upon the historical volatility of our stock price, using daily price intervals.

(2)The expected option life was determined based upon our historical data using a midpoint scenario, which assumes all options are exercised halfway between the expiration date and the weighted average time it takes the option to vest.

(3)The risk-free interest rate assumption was upon zero-coupon U.S. Treasury bonds with a term approximating the expected life of the respective options.

(4)The expected dividend yield assumption was determined in view of our historical and estimated dividend payouts.

Restricted Stock Units and Awards - Under the 2019 Plan, certain employees and non-employee directors were granted restricted stock units and awards. Restricted stock units and awards are independent of option grants and vest at no cost to the recipients. Restricted stock units and awards are subject to forfeiture if employment terminates prior to the release of restrictions, generally one to four years from the date of grant. Recipients of restricted stock units and awards are entitled to the same dividend and voting rights as holders of other CBIZ common stock, subject to certain restrictions during the vesting period, and these are considered to be issued and outstanding from the date of grant. Shares granted under the 2019 Plan cannot be sold, pledged, transferred or assigned during the vesting period.

Restricted stock units and awards activity during the year ended December 31, 2022 was as follows (in thousands, except per share data):


	Number of Shares	Weighted Average Grant-Date Fair Value (1)
Non-vested at December 31, 2021	389	$	25.07
Granted	130	$	38.53
Vested	(238)	$	23.47
Forfeited	(4)	$	34.04
Non-vested at December 31, 2022	277	$	32.62

(1)Represents weighted average market value of the shares as the awards are granted at no cost to the recipients.

•At December 31, 2022, we had unrecognized compensation cost for restricted stock units and awards of $5.2 million to be recognized over a weighted average period of approximately 0.73 years.

•The total fair value of shares vested during the years ended December 31, 2022, 2021 and 2020 was approximately $5.6 million, $4.9 million and $4.6 million, respectively.

•The market value of shares awarded during the years ended December 31, 2022, 2021 and 2020 was $5.0 million, $5.0 million and $4.3 million, respectively. This market value was recorded as unearned compensation and is recognized as expense ratably over the periods which the restrictions lapse.

•Awards outstanding at December 31, 2022 will be released from restrictions at dates ranging from February, 2023 through February, 2025.

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 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 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 PSUs award activity during the twelve months ended December 31, 2022 (in thousands, except per share data):


	Performance Share Units	Weighted Average Grant-Date Fair Value Per Unit (1)
Outstanding at December 31, 2021	473	$	23.64
Granted	103	$	38.15
Vested	(211)	$	19.82
Adjustments for performance results (2)	122	$	25.75
Forfeited	(5)	$	33.21
Outstanding at December 31, 2022	482	$	28.84

(1) Represents weighted average market value of the shares; awards are granted at no cost to the recipients.

(2) Represents the change in the number of performance awards earned based on performance achievement for the performance period.

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share from continuing operations for the years ended December 31, 2022, 2021 and 2020 (in thousands, except per share data):


	Year Ended December 31,
	2022		2021		2020
Numerator:
Income from continuing operations	$	105,372	$	70,911	$	78,347
Denominator:
Basic
Weighted average common shares outstanding	51,502		52,637		54,288
Diluted
Stock options (1)	487		683		802
Restricted stock awards	141		192		195
Contingent shares (2)	14		—		74
Performance share units (3)	244		211		—
Diluted weighted average common shares outstanding	52,388		53,723		55,359
Earnings Per Share:
Basic earnings per share from continuing operations	$	2.05	$	1.35	$	1.44
Diluted earnings per share from continuing operations	$	2.01	$	1.32	$	1.42

(1)For the years ended December 31, 2022, 2021 and 2020, a total of 68 thousand, 23 thousand and 253 thousand stock based awards, respectively, were excluded from the calculation of diluted earnings per share as their exercise prices would render them 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 conditions have been met. For further details, refer to Note 18, Business Combinations.

(3)The denominator used in calculating diluted earnings per share did not include 0.2 million and 0.3 million performance share units for the twelve months ended December 31, 2022 and 2021, respectively. 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 years ended December 31, 2022 and 2021.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

LEASES

We determine if a contract is a lease at inception. We have leases for office space and facilities, automobiles and certain information technology equipment. All of our leases are classified as operating leases and the majority of which are for office space and facilities.

Supplemental balance sheet information related to the Company’s operating leases as of December 31, 2022 and 2021 was as follows (in thousands):


	December 31, 2022		December 31, 2021
Weighted-average remaining lease term	6.3 years		6.4 years
Weighted-average discount rate	4.14	%	3.54	%

The components of lease cost and other lease information as of and during the year ended December 31, 2022 and 2021 are as follows (in thousands):


	December 31, 2022		December 31, 2021
Operating lease cost	$	43,716	$	35,584
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for operating leases	$	45,378	$	38,042

Our leases have remaining lease terms ranging from 1 to 10 years. These leases generally contain renewal options for periods ranging from two to five years. Because the Company is not reasonably certain to exercise these renewal options, the options are not included in the lease term, and associated potential option payments are excluded from lease payments.

Maturities of operating lease liabilities at December 31, 2022 and minimum cash commitments under operating leases at December 31, 2021 were as follows (in thousands):


	December 31, 2022
2023	$	44,595
2024	40,516
2025	38,978
2026	35,205
2027	31,230
Thereafter	51,756
Total undiscounted lease payments	242,280
Less: imputed interest	(31,468)
Total lease liabilities	$	210,812


	December 31, 2021
2022	$	36,202
2023	33,490
2024	29,153
2025	27,779
2026	23,213
Thereafter	50,311
Total undiscounted lease payments	200,148
Less: imputed interest	(23,754)
Total lease liabilities	$	176,394

Related Parties	12 Months Ended
Related Parties	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Parties	RELATED PARTIES The following is a summary of certain agreements and transactions between or among us and certain related parties. Management reviews these transactions as they occur and monitors them for compliance with our Code of Conduct, internal procedures and applicable legal requirements. The Audit Committee reviews and ratifies such transactions annually, or as they are more frequently brought to the attention of the Audit Committee by our Director of Internal Audit, General Counsel or other members of Management. A number of the businesses acquired by us are located in properties owned indirectly by and leased from persons employed by us, none of whom are members of our senior management. In the aggregate, we paid approximately $1.9 million, $2.3 million and $2.2 million during the years ended December 31, 2022, 2021 and 2020, respectively, under such leases. Jerome Grisko, President and CEO of CBIZ, is a board member of Global Prairie PBC, Inc. ("Global Prairie"). Global Prairie performed consulting work for us during the year ended December 31, 2022 for which we paid approximately $0.2 million. We maintain joint-referral relationships and ASAs with independent licensed CPA firms under which we provide administrative services in exchange for a fee. These firms are owned by licensed CPAs who are employed by our subsidiaries and provide audit and attest services to clients including our clients. The CPA firms with which we maintain ASAs operate as limited liability companies, limited liability partnerships or professional corporations. The firms are separate legal entities with separate governing bodies and officers. We have no ownership interest in any of these CPA firms, and neither the existence of the ASAs nor the providing of services thereunder is intended to constitute control of the CPA firms by us. CBIZ and the CPA firms maintain their own respective liability and risk of loss in connection with performance of each of its respective services, and we do not believe that our arrangements with these CPA firms result in additional risk of loss.

Business Combinations

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Business Combinations

BUSINESS COMBINATIONS

Our acquisition strategy focuses on businesses with a leadership team that is committed to best in class culture, extraordinary client service and cross-serving potential. CBIZ has a long history of acquiring businesses that share common cultural values with us and provide value-added services to the small and midsize business market. The valuation of any business is a subjective process and includes industry, geography, profit margins, expected cash flows, client retention, nature of recurring or non-recurring project-based work, growth rate assumptions and competitive market conditions.

During the year ended December 31, 2022, we completed the following acquisitions:

◦Effective January 1, 2022, we acquired all of the non-attest assets of Marks Paneth LLP ("Marks Paneth"). Marks Paneth, based in New York City, is a provider of a full range of accounting, tax and consulting services to a wide range of industries. Marks Paneth is included as a component of our

Financial Services practice group. Operating results are reported in the Financial Services practice group.

◦Effective July 1, 2022, we acquired substantially all the assets of Stinnett & Associates, LLC ("Stinnett"). Stinnett, located in Tulsa, Oklahoma, is a professional advisory firm and certified Women's Business Enterprise providing internal audit, Sarbanes-Oxley compliance, cybersecurity reviews, business continuity and disaster recovery, and fraud investigations to businesses of all sizes including Fortune 1000 organizations in a variety of industries. Operating results are reported in the Financial Services practice group.

During the year ended December 31, 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 Berntson 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 specialties 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.

◦Effective September 1, 2021, we acquired all of the non-attest assets of Shea Labagh Dobberstein ("SLD"). SLD, based in San Francisco, California, is a provider of professional accounting, tax and advisory services to privately held businesses, individuals and nonprofit organizations. Operating results are reported in the Financial Services practice group.

◦Effective December 1, 2021, we acquired substantially all the assets of Kenneth Weiss & Company, P.C. dba Weiss & Company (“Weiss”). Weiss, based in San Diego, California, is a provider of tax compliance and consulting services to family groups and individuals. Operating results are reported in the Financial Services practice group.

The acquisitions of Marks Paneth and Stinnett added approximately $148.1 million in incremental revenue in 2022. During the year ended December 31, 2022, we recorded approximately $10.5 million in non-recurring transaction, retention and integration related costs associated with the Marks Paneth acquisition. 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 year ended December 31, 2022 and 2021, respectively.

The following table summarizes the aggregated consideration and purchase price allocation for the acquisitions completed during the year ended December 31, 2022 and 2021, respectively (in thousands):


	2022		2021
Common stock issued (number)	42		207
Common stock value	$	1,668	$	6,940
Cash paid	79,141		66,651

Recorded contingent consideration	74,199		39,665
Total recorded purchase price	$	155,008	$	113,256
Accounts receivable acquired, net	$	20,429	$	9,838
Fixed assets acquired	1,933		1,473
Identifiable intangible assets acquired	53,400		42,422
Operating lease right-of-use asset acquired, net	49,291		19,153
Other assets acquired, net	1,693		848
Operating lease liability acquired - current	(5,860)		(3,020)
Other current liabilities acquired	(1,594)		(1,771)
Operating lease liability acquired - noncurrent	(43,431)		(16,133)
Goodwill	79,147		60,446
Total net assets acquired	$	155,008	$	113,256
Maximum potential contingent consideration	$	77,075	$	41,720

The following table summarizes the aggregated goodwill and intangible asset amounts resulting from those acquisitions for the twelve months ended December 31, 2022 and 2021, respectively (in thousands):


	Twelve Months Ended December 31,
	2022				2021
	Financial Services		Benefits & Insurance		Financial Services		Benefits & Insurance
Goodwill	$	79,147	$	—	$	58,646	$	1,800
Client list	53,400		—		40,950		1,290
Other intangibles	—		—		136		46
Total	$	132,547	$	—	$	99,732	$	3,136

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 businesses 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 generally have an expected life of 10 years, and other intangibles, primarily non-compete agreements, have an expected life of 3 years. Client lists and non-compete agreements are valued using a discounted cash flow technique based on management estimates of future cash flows from such assets.

The following table summarizes the changes in contingent purchase price consideration for previous acquisitions and contingent payments made for previous business acquisitions during the year ended December 31, 2022 and 2021, respectively (in thousands):


	2022	2021
Net expense	2,435	2,367
Cash settlement paid	21,113	13,785
Shares issued (number)	65	109

Divestitures and Sale of Assets

In 2022, we sold one small book of business for $2.5 million in the Benefits and Insurance Services practice group and recorded a gain of $2.4 million. This gain is recorded as "Other (expense) income, net" in the accompanying Condensed Consolidated Statements of Comprehensive Income. Gain on book of business sales in 2021 was immaterial.

Divested operations and assets that do not qualify for treatment as discontinued operations are recorded as “Gain (loss) on sale of operations, net” in the accompanying Consolidated Statements of Comprehensive Income. In 2021, we sold one business for $9.7 million in the Benefit and Insurance practice group and recorded a gain of $6.3 million.

Segment Disclosures

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Disclosures

SEGMENT DISCLOSURES

Our business units have been aggregated into three practice groups: (i) Financial Services, (ii) Benefits and Insurance Services and (iii) National Practices, 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 practice group is provided in the table below.

Financial Services

Benefits and Insurance Services

National Practices

Accounting and Tax

Employee Benefits Consulting

Information Technology Managed Networking and Hardware Services

Financial Advisory

Payroll / Human Capital Management

Healthcare Consulting

Valuation

Property and Casualty Insurance

Risk and Advisory Services

Retirement and Investment Services

Government Healthcare Consulting

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 healthcare 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.

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 in the “Corporate and Other”.

We operate in the United States and Canada and revenue generated from such operations during the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
United States	$	1,410,255	$	1,103,183	$	962,272
Canada	1,724		1,742		1,625
Total revenue	$	1,411,979	$	1,104,925	$	963,897

There is no one customer that represents a significant portion of our revenue.

Segment information for the years ended December 31, 2022, 2021 and 2020 is presented below (in thousands). We do not manage our assets on a segment basis, therefore segment assets are not presented below.


	For the Year Ended December 31, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	1,010,068	$	358,007	$	43,904	$	—	$	1,411,979
Operating expenses	850,038		290,387		39,201		8,986		1,188,612
Gross margin	160,030		67,620		4,703		(8,986)		223,367
Corporate general and administrative expenses	—		—		—		55,023		55,023

Operating income (loss)	160,030		67,620		4,703		(64,009)		168,344
Other income (expense):
Interest expense	—		(6)		—		(8,033)		(8,039)
Gain on sale of operations, net	413		—		—		—		413
Other income (expense), net	269		2,392		10		(21,896)		(19,225)
Total other income (expense)	682		2,386		10		(29,929)		(26,851)
Income (loss) from continuing operations before income tax expense	$	160,712	$	70,006	$	4,713	$	(93,938)	$	141,493


	For the Year Ended December 31, 2021
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	734,026	$	332,323	$	38,576	$	—	$	1,104,925
Operating expenses	608,238		271,650		34,494		31,253		945,635
Gross margin	125,788		60,673		4,082		(31,253)		159,290
Corporate general and administrative expenses	—		—		—		56,150		56,150
Legal settlement, net	—		—		—		30,468		30,468
Operating income (loss)	125,788		60,673		4,082		(117,871)		72,672
Other income (expense):
Interest expense	—		—		—		(3,868)		(3,868)
(Loss) gain on sale of operations, net	(289)		6,284		—		—		5,995
Other income, net	263		827		3		17,148		18,241
Total other (expense) income	(26)		7,111		3		13,280		20,368
Income (loss) from continuing operations before income tax expense	$	125,762	$	67,784	$	4,085	$	(104,591)	$	93,040


	For the Year Ended December 31, 2020
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	629,778	$	297,758	$	36,361	$	—	$	963,897
Operating expenses	525,209		248,357		32,637		19,148		825,351
Gross margin	104,569		49,401		3,724		(19,148)		138,546
Corporate general and administrative expenses	—		—		—		46,066		46,066
Operating income (loss)	104,569		49,401		3,724		(65,214)		92,480
Other income (expense):
Interest expense	—		(34)		—		(4,949)		(4,983)
(Loss) gain on sale of operations, net	(612)		103		—		—		(509)
Other income, net	262		196		1		16,041		16,500
Total other (expense) income	(350)		265		1		11,092		11,008
Income (loss) from continuing operations before income tax expense	$	104,219	$	49,666	$	3,725	$	(54,122)	$	103,488

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Share Repurchase Program Subsequent to December 31, 2022 and up to February 22, 2023, we repurchased approximately 0.1 million shares of our common stock on the open market at a total cost of approximately $4.5 million. On February 7, 2023, our Board of Directors authorized the continuation of the Share Repurchase Program, which has been renewed annually for the past nineteen years. It is effective beginning March 31, 2023, to which the amount of shares to be purchased will be reset to 5.0 million, and expires one year from the respective effective date. This authorization allows us to purchase shares of our common stock (i) in the open market, (ii) in privately negotiated transactions, or (iii) under Rule 10b5-1trading plans. Somerset Acquisition Effective February 1, 2023, we acquired the non-attest assets of Somerset CPAs and Advisors ("Somerset"). Somerset, based in Indianapolis, IN, is a provider of a full range of accounting, tax, and financial advisory services to clients in a wide array of industries. Mayer Hoffman, with whom we maintain an ASA, acquired the attest assets from Somerset in a separate transaction. Annualized revenue from Somerset is estimated at $55.0 million. Somerset is included as a component of our Financial Services practice group.

Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Basis of Presentation

Use of Estimates

Revenue Recognition

Operating Expenses

Share-Based Compensation

Operating Leases

Operating Leases - We determine if a contract is a lease at inception. We have leases for office space and facilities, automobiles, and certain information technology equipment. Certain of these leases include options to extend the lease and some include options to terminate the lease early. Effective January 1, 2019, we adopted the New Lease Standard using the modified retrospective method of applying the new standard at the adoption date. As an accounting policy election, we elected not to apply the recognition requirements under the New Lease Standards to short term leases (a lease at commencement date that has a lease term of 12 months or less and does not contain a purchase option that we are reasonably certain to exercise). The ROU assets and lease liabilities are recognized as of the commencement date based on the present value of the lease payments over the lease term. The discount rate utilized for the measurement purpose is based on our secured fixed rate to borrow over a comparable term for the lease because the rate implicit in the lease is not determinable. The lease term may include the options to extend or terminate the lease when it is reasonably certain that we will exercise the applicable option. Related rent expense under such leases is recognized evenly throughout the term of the lease when the total lease commitment is a known amount, and recorded on an as incurred basis when future rent payment increases under the obligation are unknown due to rent escalations being tied to factors that are not currently measurable (such as increases in the consumer price index). Differences between rent expense recognized and the cash payments required under these leases are recorded as a component of “Operating lease liability” in the Non-current liabilities section of the accompanying Consolidated Balance Sheets. We may receive incentives to lease office facilities in certain areas. Such incentives are recorded as a change in lease payments and may require us to remeasure the lease liability to reflect the change in lease payments.

Cash and Cash Equivalents

Cash and Cash Equivalents - Cash and cash equivalents consist of cash on hand and investments with an original maturity of three months or less when purchased.

Restricted Cash

Accounts Receivable and Allowance for Doubtful Accounts

Funds Held for Clients and Client Fund Obligations

Property and Equipment


Buildings	25	to	40 years
Furniture and fixtures	5	to	10 years
Capitalized software	3	to	5 years
Equipment	3	to	7 years

Goodwill and Other Intangible Assets

Income Taxes

Business Combinations

Contingent Purchase Price Liabilities

Interest Rate Derivative Instruments

Interest Rate Derivative Instruments - We maintain interest rate swaps that are designated as cash flow hedges to manage the market risk from changes in interest rates on our floating-rate debt under our $600.0 million unsecured credit facility, by and among CBIZ Operations, Inc., CBIZ, Inc. and Bank of America, N.A., as administrative agent and bank, and other participating banks. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument. A derivative qualifies for hedge accounting treatment if, at inception, it meets defined correlation and effectiveness criteria. These criteria require that the anticipated cash flows and/or changes in fair value of the hedging instrument substantially offset those of the position being hedged.We utilize derivative instruments to manage interest rate risk associated with our floating-rate debt under the credit facility. Interest rate swap contracts mitigate the risk associated with the underlying hedged item. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the swap are deferred and included as a component of accumulated other comprehensive loss, net of tax, to the extent effective, and reclassified to interest expense in the same period during which the hedged transaction affects earnings.

Recent Accounting Pronouncements and Accounting Standards Adopted in 2022

reviewed and determined to be either not applicable or are not expected to have a material impact on the consolidated financial statements.

Accounting Standards Adopted in 2022

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Estimated Useful Lives Property and Equipment

Depreciation and amortization are provided on a straight-line basis over the following estimated useful lives:


Buildings	25	to	40 years
Furniture and fixtures	5	to	10 years
Capitalized software	3	to	5 years
Equipment	3	to	7 years

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue by Source

The following tables disaggregate our revenue by source (in thousands):


	For the Year Ended December 31, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	1,010,068	$	—	$	—	$	1,010,068
Core Benefits and Insurance Services	—		342,063		—		342,063
Non-core Benefits and Insurance Services	—		15,944		—		15,944
Managed networking, hardware services	—		—		33,503		33,503
National Practices consulting	—		—		10,401		10,401
Total revenue	$	1,010,068	$	358,007	$	43,904	$	1,411,979


	For the Year Ended December 31, 2021
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	734,026	$	—	$	—	$	734,026
Core Benefits and Insurance Services	—		319,684		—		319,684
Non-core Benefits and Insurance Services	—		12,639		—		12,639
Managed networking, hardware services	—		—		28,456		28,456
National Practices consulting	—		—		10,120		10,120
Total revenue	$	734,026	$	332,323	$	38,576	$	1,104,925


	For the Year Ended December 31, 2020
	Financial Services		Benefits and Insurance Services		National Practices		Consolidated
Accounting, tax, advisory and consulting	$	629,778	$	—	$	—	$	629,778
Core Benefits and Insurance Services	—		286,361		—		286,361
Non-core Benefits and Insurance Services	—		11,397		—		11,397
Managed networking, hardware services	—		—		26,458		26,458
National Practices consulting	—		—		9,903		9,903
Total revenue	$	629,778	$	297,758	$	36,361	$	963,897

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net balances at December 31, 2022 and 2021 were as follows (in thousands):


	2022		2021
Trade accounts receivable	$	267,409	$	190,710
Unbilled revenue, at net realizable value	87,890		67,616
Total accounts receivable	355,299		258,326
Allowance for doubtful accounts	(20,801)		(16,158)
Accounts receivable, net	$	334,498	$	242,168

Schedule of Changes in the Allowance for Doubtful Accounts on Accounts Receivable

Changes in the allowance for doubtful accounts on accounts receivable are as follows (in thousands):


	2022		2021		2020
Balance at beginning of period	$	(16,158)	$	(14,894)	$	(14,379)
Provision	(13,545)		(9,422)		(9,323)
Charge-offs, net of recoveries	8,902		8,158		8,808
Balance at end of period	$	(20,801)	$	(16,158)	$	(14,894)

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net at December 31, 2022 and 2021 consisted of the following (in thousands):


	2022		2021
Buildings and leasehold improvements	$	47,300	$	41,894
Furniture and fixtures	30,369		29,588
Capitalized software	34,735		34,474
Equipment	32,927		27,206
Total property and equipment	145,331		133,162
Accumulated depreciation	(100,147)		(89,739)
Property and equipment, net	$	45,184	$	43,423

Goodwill and Other Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill by Operating Segment

A summary of changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2022 and 2021 were as follows (in thousands):


	Financial Services		Benefits and Insurance Services		National Practices		Total Goodwill
Gross	$	412,086	$	321,111	$	33,873	$	767,070
Accumulated impairment	$	(44,047)	$	(7,733)	$	(32,207)	$	(83,987)
Net at December 31, 2020	$	368,039	$	313,378	$	1,666	$	683,083
Additions	58,646		1,800		—		60,446
Divestitures	—		(2,786)		—		(2,786)
Gross	470,732		320,125		33,873		824,730
Accumulated impairment	(44,047)		(7,733)		(32,207)		(83,987)
Net at December 31, 2021	$	426,685	$	312,392	$	1,666	$	740,743
Additions	79,147		—		—		79,147
Other adjustment	27		—		—		27
Gross	549,906		320,125		33,873		903,904
Accumulated impairment	(44,047)		(7,733)		(32,207)		(83,987)
Net at December 31,2022	$	505,859	$	312,392	$	1,666	$	819,917

Components of Goodwill and Other Intangible Assets, Net

The components of goodwill and other intangible assets, net at December 31, 2022 and 2021 were as follows (in thousands):


	2022		2021
Goodwill	$	819,917	$	740,743
Intangibles :
Client lists	302,822		249,422
Other intangibles	11,463		11,454
Total intangibles	314,285		260,876
Total goodwill and other intangibles assets	1,134,202		1,001,619
Accumulated amortization:
Client lists	(173,286)		(152,326)
Other intangibles	(9,214)		(8,510)
Total accumulated amortization	(182,500)		(160,836)
Goodwill and other intangible assets, net	$	951,702	$	840,783

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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+ Details

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, All Other Investments [Abstract]

Summary of Bond Activity

The following table summarizes our bond activity for the years ended December 31, 2022 and 2021 (in thousands):


	2022		2021
Fair value at January 1	$	38,670	$	25,708
Purchases	19,771		26,980
Redemptions	(5,630)		(6,530)
Maturities	(6,770)		(8,347)
Change in bond premium	(645)		1,517
Fair market value adjustment	(1,911)		(658)
Fair value at December 31	$	43,485	$	38,670

Summary of Outstanding Interest Rate Swaps


	December 31, 2022
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location
Interest rate swap	$	15,000	2.571	%	6/1/2023	$	133	Other current asset
Interest rate swap	$	50,000	0.834	%	4/14/2025	$	3,726	Other non-current asset
Interest rate swap	$	30,000	1.186	%	12/14/2026	$	2,871	Other non-current asset
Interest rate swap	$	20,000	2.450	%	8/14/2027	$	1,079	Other non-current asset


	December 31, 2021
	Notional Amount		Fixed Rate		Expiration	Fair Value		Balance Sheet Location
Interest rate swap	$	20,000	1.770	%	5/14/2022	$	(120)	Other current liability
Interest rate swap	$	15,000	2.640	%	6/1/2023	$	(432)	Other non-current liability
Interest rate swap	$	50,000	0.885	%	4/14/2025	$	405	Other non-current asset
Interest rate swap	$	30,000	1.249	%	12/14/2026	$	(64)	Other non-current liability

Summary of Effects of Interest Rate Swap

The following table summarizes the effects of the interest rate swap on our accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2022 and 2021 (in thousands):


	Gain recognized in AOCL, net of tax				Gain (loss) reclassified from AOCL into expense
	Twelve Months Ended December 31,				Twelve Months Ended December 31,				Location
	2022		2021		2022		2021
Interest rate swaps	$	6,255	$	929	$	357	$	(1,152)	Interest expense

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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 December 31, 2022 and 2021 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	December 31, 2022	December 31, 2021
Deferred compensation plan assets	1	118,862	136,321
Available-for-sale debt securities	1	43,485	38,670
Other depository assets	1	868	1,144
Deferred compensation plan liabilities	1	(118,862)	(136,321)
Interest rate swaps, net	2	7,809	(211)
Contingent purchase price liabilities	3	(132,010)	(79,139)

Change in Level 3 Fair Values of Contingent Purchase Price Liabilities


	Contingent Purchase Price Liabilities
Beginning balance — January 1, 2021	$	(54,391)
Additions from business acquisitions	(39,666)
Settlement of contingent purchase price payable	17,285
Change in fair value of contingency	(554)
Change in net present value of contingency	(1,813)
Balance — December 31, 2021	$	(79,139)
Additions from business acquisitions	(74,199)
Settlement of contingent purchase price payable	23,763
Change in fair value of contingency	662
Change in net present value of contingency	(3,097)
Balance — December 31, 2022	$	(132,010)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income from Continuing Operations Before Income Taxes

For financial reporting purposes, income from continuing operations before income taxes includes the following components (in thousands):


	2022		2021		2020
United States	$	141,306	$	92,847	$	103,306
Foreign (Canada)	187		193		182
Total	$	141,493	$	93,040	$	103,488

Income Tax Expense Included in Consolidated Statements of Comprehensive Income

Income tax expense included in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands):


	2022		2021		2020
Continuing operations:
Current:
Federal	$	20,910	$	12,369	$	21,926
Foreign	50		52		78
State and local	7,299		3,397		5,584
Total	28,259		15,818		27,588
Deferred:
Federal	5,667		5,029		(1,968)
State and local	2,195		1,282		(479)
Total	7,862		6,311		(2,447)
Total income tax expense from continuing operations	36,121		22,129		25,141
Discontinued operations:
Operations of discontinued operations:
Current	(7)		(5)		(11)

Total income tax benefit from discontinued operations	(7)		(5)		(11)
Total income tax expense	$	36,114	$	22,124	$	25,130

Provision for Income Taxes Attributable to Income from Continuing Operations


	2022			2021			2020
Tax at U.S. federal statutory rates	$	29,714		$	19,538		$	21,733
State taxes (net of federal benefit)	9,019			4,498			5,354


Reserves for uncertain tax positions	337			(104)			(1,290)
Share-based compensation	(6,832)			(4,187)			(2,394)

Non-deductible officers' compensation	2,507			1,267			538
Other, net	1,376			1,117			1,200
Provision for income taxes from continuing operations	$	36,121		$	22,129		$	25,141
Effective income tax rate	25.5		%	23.8		%	24.3		%

Tax Effects of Temporary Differences That Rises to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021, were as follows (in thousands):


	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	1,473	$	1,202
Allowance for doubtful accounts	4,682		3,613
Employee benefits and compensation	37,075		33,549
Lease costs	6,871		5,726

Deferral of employer FICA taxes	—		1,961
Other deferred tax assets	574		778
Total gross deferred tax assets	50,675		46,829
Less: valuation allowance	(3,156)		(2,046)
Total deferred tax assets, net	47,519		44,783
Deferred tax liabilities:

Goodwill and other intangibles	68,306		57,990
Property and equipment	1,185		1,488
Other deferred tax liabilities	2,791		745
Total gross deferred tax liabilities	72,282		60,223
Deferred income taxes, net	$	(24,763)	$	(15,440)

Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	2022		2021		2020
Balance at January 1	$	1,594	$	1,536	$	2,536
Additions for tax positions of the current year	175		161		150
Additions for positions of prior years	486		400		—
Settlements of prior year positions	—		(374)		—
Lapse of statutes of limitation	(144)		(129)		(1,150)
Balance at December 31	$	2,111	$	1,594	$	1,536

Debt and Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Unsecured Credit Facility

The combined effective interest rates under the 2018 and 2022 credit facilities, including the impact of interest rate swaps associated with those credit facilities, were as follows:


	2022	2021
Weighted average rates	2.67%	1.88%
Range of effective rates	1.08% - 5.44%	1.06% - 3.64%

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):


	2022		2021		2020
Credit facilities	$	8,033	$	3,843	$	4,919
Other line of credit	6		—		1
Other	—		25		63
	$	8,039	$	3,868	$	4,983

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) at December 31, 2022 and 2021 were as follows (in thousands):


	2022		2021
Net unrealized loss on available-for-sale securities, net of income tax benefit of $571 and $51, respectively	$	(1,518)	$	(127)
Net unrealized income (loss) on interest rate swap, net of income tax expense (benefit) of $1,924 and $(41), respectively	5,885		(101)
Foreign currency translation	(763)		(739)
Accumulated other comprehensive income (loss)	$	3,604	$	(967)

Employee Share Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Awards (Before Income Tax Expense)

During the years ended December 31, 2022, 2021 and 2020, we recognized compensation expense (before income tax expense) for these awards as follows (in thousands):


	2022		2021		2020
Stock options	$	248	$	1,291	$	1,878
Restricted stock units and awards	5,204		5,603		4,960
Performance share units	9,237		4,513		2,031
Total share-based compensation expense	$	14,689	$	11,407	$	8,869

Stock Award Activity

Stock option activity during the year ended December 31, 2022 was as follows (number of options in thousands):


	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2021	1,223	$	17.71

Exercised	(670)	$	14.98

Outstanding at December 31, 2022	553	$	21.03	1.83 years	$	14.3
Vested and exercisable at December 31, 2022	553	$	21.03	1.83 years	$	14.3

Schedule of Fair Value Option Award Weighted Average Assumptions Used

The following weighted average assumptions were utilized:


	2021		2020
Expected volatility (1)	27.49	%	27.27	%
Expected option life (years) (2)	4.71		4.67
Risk-free interest rate (3)	0.74	%	0.19	%
Expected dividend yield (4)	—	%	—	%

(1)The expected volatility assumption was determined based upon the historical volatility of our stock price, using daily price intervals.

(3)The risk-free interest rate assumption was upon zero-coupon U.S. Treasury bonds with a term approximating the expected life of the respective options.

(4)The expected dividend yield assumption was determined in view of our historical and estimated dividend payouts.

Schedule of Restricted Stock Award Activity

Restricted stock units and awards activity during the year ended December 31, 2022 was as follows (in thousands, except per share data):


	Number of Shares	Weighted Average Grant-Date Fair Value (1)
Non-vested at December 31, 2021	389	$	25.07
Granted	130	$	38.53
Vested	(238)	$	23.47
Forfeited	(4)	$	34.04
Non-vested at December 31, 2022	277	$	32.62

(1)Represents weighted average market value of the shares as the awards are granted at no cost to the recipients.

Schedule of PSU Award Activity

The following table presents our PSUs award activity during the twelve months ended December 31, 2022 (in thousands, except per share data):


	Performance Share Units	Weighted Average Grant-Date Fair Value Per Unit (1)
Outstanding at December 31, 2021	473	$	23.64
Granted	103	$	38.15
Vested	(211)	$	19.82
Adjustments for performance results (2)	122	$	25.75
Forfeited	(5)	$	33.21
Outstanding at December 31, 2022	482	$	28.84

(1) Represents weighted average market value of the shares; awards are granted at no cost to the recipients.

(2) Represents the change in the number of performance awards earned based on performance achievement for the performance period.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share from Continuing Operations


	Year Ended December 31,
	2022		2021		2020
Numerator:
Income from continuing operations	$	105,372	$	70,911	$	78,347
Denominator:
Basic
Weighted average common shares outstanding	51,502		52,637		54,288
Diluted
Stock options (1)	487		683		802
Restricted stock awards	141		192		195
Contingent shares (2)	14		—		74
Performance share units (3)	244		211		—
Diluted weighted average common shares outstanding	52,388		53,723		55,359
Earnings Per Share:
Basic earnings per share from continuing operations	$	2.05	$	1.35	$	1.44
Diluted earnings per share from continuing operations	$	2.01	$	1.32	$	1.42

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Balance Sheet Information Related to Leases

Supplemental balance sheet information related to the Company’s operating leases as of December 31, 2022 and 2021 was as follows (in thousands):


	December 31, 2022		December 31, 2021
Weighted-average remaining lease term	6.3 years		6.4 years
Weighted-average discount rate	4.14	%	3.54	%

Schedule of Lease Cost and Other Lease Information

The components of lease cost and other lease information as of and during the year ended December 31, 2022 and 2021 are as follows (in thousands):


	December 31, 2022		December 31, 2021
Operating lease cost	$	43,716	$	35,584
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for operating leases	$	45,378	$	38,042

Schedule of Maturity of Operating Lease Liabilities

Maturities of operating lease liabilities at December 31, 2022 and minimum cash commitments under operating leases at December 31, 2021 were as follows (in thousands):


	December 31, 2022
2023	$	44,595
2024	40,516
2025	38,978
2026	35,205
2027	31,230
Thereafter	51,756
Total undiscounted lease payments	242,280
Less: imputed interest	(31,468)
Total lease liabilities	$	210,812


	December 31, 2021
2022	$	36,202
2023	33,490
2024	29,153
2025	27,779
2026	23,213
Thereafter	50,311
Total undiscounted lease payments	200,148
Less: imputed interest	(23,754)
Total lease liabilities	$	176,394

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Aggregated Consideration And Preliminary Purchase Price Allocation

The following table summarizes the aggregated consideration and purchase price allocation for the acquisitions completed during the year ended December 31, 2022 and 2021, respectively (in thousands):


	2022		2021
Common stock issued (number)	42		207
Common stock value	$	1,668	$	6,940
Cash paid	79,141		66,651

Recorded contingent consideration	74,199		39,665
Total recorded purchase price	$	155,008	$	113,256
Accounts receivable acquired, net	$	20,429	$	9,838
Fixed assets acquired	1,933		1,473
Identifiable intangible assets acquired	53,400		42,422
Operating lease right-of-use asset acquired, net	49,291		19,153
Other assets acquired, net	1,693		848
Operating lease liability acquired - current	(5,860)		(3,020)
Other current liabilities acquired	(1,594)		(1,771)
Operating lease liability acquired - noncurrent	(43,431)		(16,133)
Goodwill	79,147		60,446
Total net assets acquired	$	155,008	$	113,256
Maximum potential contingent consideration	$	77,075	$	41,720

Segment Allocation


	Twelve Months Ended December 31,
	2022				2021
	Financial Services		Benefits & Insurance		Financial Services		Benefits & Insurance
Goodwill	$	79,147	$	—	$	58,646	$	1,800
Client list	53,400		—		40,950		1,290
Other intangibles	—		—		136		46
Total	$	132,547	$	—	$	99,732	$	3,136

Contingent Consideration


	2022	2021
Net expense	2,435	2,367
Cash settlement paid	21,113	13,785
Shares issued (number)	65	109

Segment Disclosures (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Revenue from External Customers

We operate in the United States and Canada and revenue generated from such operations during the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
United States	$	1,410,255	$	1,103,183	$	962,272
Canada	1,724		1,742		1,625
Total revenue	$	1,411,979	$	1,104,925	$	963,897

Summary of Segment Information


	For the Year Ended December 31, 2022
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	1,010,068	$	358,007	$	43,904	$	—	$	1,411,979
Operating expenses	850,038		290,387		39,201		8,986		1,188,612
Gross margin	160,030		67,620		4,703		(8,986)		223,367
Corporate general and administrative expenses	—		—		—		55,023		55,023

Operating income (loss)	160,030		67,620		4,703		(64,009)		168,344
Other income (expense):
Interest expense	—		(6)		—		(8,033)		(8,039)
Gain on sale of operations, net	413		—		—		—		413
Other income (expense), net	269		2,392		10		(21,896)		(19,225)
Total other income (expense)	682		2,386		10		(29,929)		(26,851)
Income (loss) from continuing operations before income tax expense	$	160,712	$	70,006	$	4,713	$	(93,938)	$	141,493


	For the Year Ended December 31, 2021
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	734,026	$	332,323	$	38,576	$	—	$	1,104,925
Operating expenses	608,238		271,650		34,494		31,253		945,635
Gross margin	125,788		60,673		4,082		(31,253)		159,290
Corporate general and administrative expenses	—		—		—		56,150		56,150
Legal settlement, net	—		—		—		30,468		30,468
Operating income (loss)	125,788		60,673		4,082		(117,871)		72,672
Other income (expense):
Interest expense	—		—		—		(3,868)		(3,868)
(Loss) gain on sale of operations, net	(289)		6,284		—		—		5,995
Other income, net	263		827		3		17,148		18,241
Total other (expense) income	(26)		7,111		3		13,280		20,368
Income (loss) from continuing operations before income tax expense	$	125,762	$	67,784	$	4,085	$	(104,591)	$	93,040


	For the Year Ended December 31, 2020
	Financial Services		Benefits and Insurance Services		National Practices		Corporate and Other		Total
Revenue	$	629,778	$	297,758	$	36,361	$	—	$	963,897
Operating expenses	525,209		248,357		32,637		19,148		825,351
Gross margin	104,569		49,401		3,724		(19,148)		138,546
Corporate general and administrative expenses	—		—		—		46,066		46,066
Operating income (loss)	104,569		49,401		3,724		(65,214)		92,480
Other income (expense):
Interest expense	—		(34)		—		(4,949)		(4,983)
(Loss) gain on sale of operations, net	(612)		103		—		—		(509)
Other income, net	262		196		1		16,041		16,500
Total other (expense) income	(350)		265		1		11,092		11,008
Income (loss) from continuing operations before income tax expense	$	104,219	$	49,666	$	3,725	$	(54,122)	$	103,488

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Thousands		12 Months Ended
	Nov. 01, 2022 reporting_unit	Dec. 31, 2022 USD ($) practice_group reporting_unit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of practice groups \| practice_group		3
Revenue		$ 1,411,979	$ 1,104,925	$ 963,897
Maximum maturity period of investments		3 months
Allowance for doubtful accounts		$ 20,801	16,158	14,894	$ 14,379
Goodwill		819,917	740,743	683,083
Assets		1,879,124	1,627,934
Total stockholders' equity		$ 713,452	704,548	702,620	$ 659,238
Intangible assets amortization period		7 years 7 months 6 days
Number of reporting units \| reporting_unit	5	5
Increase (decrease) in the fair value of contingent consideration, net		$ 2,435	2,367	(629)
Unsecured credit facility		600,000
Other income (expense), net
Summary Of Significant Accounting Policies [Line Items]
Increase (decrease) in the fair value of contingent consideration, net		$ (2,400)	(2,400)	600
Performance share units
Summary Of Significant Accounting Policies [Line Items]
Shares vesting term		3 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Shares vesting term		3 years
Intangible assets amortization period		3 years
Minimum \| Capitalized software
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life		3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Shares vesting term		4 years
Intangible assets amortization period		15 years
Maximum \| Capitalized software
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life		5 years
Financial service
Summary Of Significant Accounting Policies [Line Items]
Revenue		$ 235,400	$ 174,800	$ 159,400

Basis of Presentation and Significant Accounting Policies - Summary of Estimated Useful Lives Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Buildings \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	25 years
Buildings \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	40 years
Furniture and fixtures \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	5 years
Furniture and fixtures \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	10 years
Capitalized software \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	3 years
Capitalized software \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	5 years
Equipment \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	3 years
Equipment \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	7 years

Revenue - Summary of Disaggregation of Revenue by Source (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,411,979	$ 1,104,925	$ 963,897
Financial Services
Disaggregation of Revenue [Line Items]
Total revenue	1,010,068	734,026	629,778
Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Total revenue	358,007	332,323	297,758
National Practices
Disaggregation of Revenue [Line Items]
Total revenue	43,904	38,576	36,361
Accounting, tax, advisory and consulting
Disaggregation of Revenue [Line Items]
Total revenue	1,010,068	734,026	629,778
Accounting, tax, advisory and consulting \| Financial Services
Disaggregation of Revenue [Line Items]
Total revenue	1,010,068	734,026	629,778
Core Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Total revenue	342,063	319,684	286,361
Core Benefits and Insurance Services \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Total revenue	342,063	319,684	286,361
Non-core Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Total revenue	15,944	12,639	11,397
Non-core Benefits and Insurance Services \| Benefits and Insurance Services
Disaggregation of Revenue [Line Items]
Total revenue	15,944	12,639	11,397
Managed networking, hardware services
Disaggregation of Revenue [Line Items]
Total revenue	33,503	28,456	26,458
Managed networking, hardware services \| National Practices
Disaggregation of Revenue [Line Items]
Total revenue	33,503	28,456	26,458
National Practices consulting
Disaggregation of Revenue [Line Items]
Total revenue	10,401	10,120	9,903
National Practices consulting \| National Practices
Disaggregation of Revenue [Line Items]
Total revenue	$ 10,401	$ 10,120	$ 9,903

Accounts Receivable, Net - Schedule of Accounts Receivables Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade accounts receivable	$ 267,409	$ 190,710
Unbilled revenue, at net realizable value	87,890	67,616
Total accounts receivable	355,299	258,326
Allowance for doubtful accounts	(20,801)	(16,158)	$ (14,894)	$ (14,379)
Accounts receivable, net	$ 334,498	$ 242,168

Accounts Receivable, Net - Schedule of Changes in the Allowance for Doubtful Accounts on Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ (16,158)	$ (14,894)	$ (14,379)
Provision	(13,545)	(9,422)	(9,323)
Charge-offs, net of recoveries	8,902	8,158	8,808
Balance at end of period	$ (20,801)	$ (16,158)	$ (14,894)

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 145,331	$ 133,162
Accumulated depreciation	(100,147)	(89,739)
Property and equipment, net	45,184	43,423
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	47,300	41,894
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	30,369	29,588
Capitalized software
Property, Plant and Equipment [Line Items]
Total property and equipment	34,735	34,474
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 32,927	$ 27,206

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense for property and equipment	$ 11.2	$ 10.8	$ 9.6

Goodwill and Other Intangible Assets, Net - Changes in Carrying Amount of Goodwill by Operating Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross	$ 903,904	$ 824,730	$ 767,070
Accumulated impairment	(83,987)	(83,987)	(83,987)
Goodwill [Roll Forward]
Beginning balance, Goodwill	740,743	683,083
Additions	79,147	60,446
Divestitures		(2,786)
Other adjustment	27
Ending balance, Goodwill	819,917	740,743
Financial Services
Finite-Lived Intangible Assets [Line Items]
Gross	549,906	470,732	412,086
Accumulated impairment	(44,047)	(44,047)	(44,047)
Goodwill [Roll Forward]
Beginning balance, Goodwill	426,685	368,039
Additions	79,147	58,646
Divestitures		0
Other adjustment	27
Ending balance, Goodwill	505,859	426,685
Benefits and Insurance Services
Finite-Lived Intangible Assets [Line Items]
Gross	320,125	320,125	321,111
Accumulated impairment	(7,733)	(7,733)	(7,733)
Goodwill [Roll Forward]
Beginning balance, Goodwill	312,392	313,378
Additions	0	1,800
Divestitures		(2,786)
Other adjustment	0
Ending balance, Goodwill	312,392	312,392
National Practices
Finite-Lived Intangible Assets [Line Items]
Gross	33,873	33,873	33,873
Accumulated impairment	(32,207)	(32,207)	$ (32,207)
Goodwill [Roll Forward]
Beginning balance, Goodwill	1,666	1,666
Additions	0	0
Divestitures		0
Other adjustment	0
Ending balance, Goodwill	$ 1,666	$ 1,666

Goodwill and Other Intangible Assets, Net - Additional Information (Details)		12 Months Ended
	Nov. 01, 2022 USD ($) reporting_unit	Dec. 31, 2022 USD ($) reporting_unit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of reporting units \| reporting_unit	5	5
Goodwill impairment	$ 0
Intangible assets amortization period		7 years 7 months 6 days
2023		$ 20,700,000
2024		19,200,000
2025		17,800,000
2026		15,800,000
2027		14,700,000
Thereafter		$ 43,500,000
Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period		3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period		15 years
Client Lists and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		$ 21,700,000	$ 16,300,000	$ 13,600,000
Client lists
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period		7 years 8 months 12 days
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period		5 years 3 months 18 days
Other intangibles \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period		3 years
Other intangibles \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets amortization period		15 years

Goodwill and Other Intangible Assets, Net - Components of Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 819,917	$ 740,743	$ 683,083
Intangibles :
Total intangibles	314,285	260,876
Total goodwill and other intangibles assets	1,134,202	1,001,619
Accumulated amortization:
Total accumulated amortization	(182,500)	(160,836)
Goodwill and other intangible assets, net	951,702	840,783
Client lists
Intangibles :
Total intangibles	302,822	249,422
Accumulated amortization:
Total accumulated amortization	(173,286)	(152,326)
Other intangibles
Intangibles :
Total intangibles	11,463	11,454
Accumulated amortization:
Total accumulated amortization	$ (9,214)	$ (8,510)

Financial Instruments - Additional Information (Details)	3 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) swap	Jun. 30, 2022 USD ($) swap	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Net par value of available-for-sale debt securities		$ 44,400,000		$ 37,000,000
Funds held for clients		$ 171,313,000		$ 157,909,000
Interest rate swaps
Debt Securities, Available-for-sale [Line Items]
Number of interest rate swaps held \| swap		4
Interest rate swap, August 2027 expiration \| Other non-current asset
Debt Securities, Available-for-sale [Line Items]
Interest rate swap, term of contract	5 years
Notional amount	$ 20,000,000
Interest rate swap, fixed interest rate	2.45%	2.45%
Interest rate swap, May 2022 expiration \| Other current liability
Debt Securities, Available-for-sale [Line Items]
Notional amount			$ 20,000,000
Interest rate swap, fixed interest rate			1.77%	1.77%
Number of interest rate swaps held \| swap			1
Certified deposits and other depository assets
Debt Securities, Available-for-sale [Line Items]
Funds held for clients		$ 900,000		$ 1,100,000

Financial Instruments - Summary of Bond Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available for Sale [Roll Forward]
Fair value at beginning of period	$ 38,670	$ 25,708
Purchases	19,771	26,980
Redemptions	(5,630)	(6,530)
Maturities	(6,770)	(8,347)
Change in bond premium	(645)	1,517
Fair market value adjustment	(1,911)	(658)
Fair value at end of period	$ 43,485	$ 38,670

Financial Instruments - Summary of Outstanding Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Interest rate swap, June 2023 expiration \| Other current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 15,000
Interest rate swap, fixed interest rate	2.571%
Fair value, asset	$ 133
Interest rate swap, June 2023 expiration \| Other non-current liability
Derivatives, Fair Value [Line Items]
Notional amount, liability				$ 15,000
Interest rate swap, fixed interest rate				2.64%
Fair value, liability				$ (432)
Interest rate swap, May 2022 expiration \| Other current liability
Derivatives, Fair Value [Line Items]
Notional amount, liability				$ 20,000
Interest rate swap, fixed interest rate			1.77%	1.77%
Fair value, liability				$ (120)
Interest rate swap, April 2025 expiration \| Other non-current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 50,000			$ 50,000
Interest rate swap, fixed interest rate	0.834%			0.885%
Fair value, asset	$ 3,726			$ 405
Interest rate swap, December 2026 expiration \| Other non-current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 30,000
Interest rate swap, fixed interest rate	1.186%
Fair value, asset	$ 2,871
Interest rate swap, December 2026 expiration \| Other non-current liability
Derivatives, Fair Value [Line Items]
Notional amount, liability				$ 30,000
Interest rate swap, fixed interest rate				1.249%
Fair value, liability				$ (64)
Interest rate swap, August 2027 expiration \| Other non-current asset
Derivatives, Fair Value [Line Items]
Notional amount, asset	$ 20,000
Interest rate swap, fixed interest rate	2.45%	2.45%
Fair value, asset	$ 1,079

Financial Instruments - Summary of Effects of Interest Rate Swaps (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Gain recognized in AOCL, net of tax	$ 5,986	$ 1,799	$ (1,525)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Gain recognized in AOCL, net of tax	6,255	929
Interest rate swaps \| Interest expense
Derivatives, Fair Value [Line Items]
Gain (loss) reclassified from AOCL into expense	$ 357	$ (1,152)

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 118,862	$ 136,321
Available-for-sale debt securities	43,485	38,670	$ 25,708
Deferred compensation plan liabilities	(118,862)	(136,321)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	118,862	136,321
Available-for-sale debt securities	43,485	38,670
Other depository assets	868	1,144
Deferred compensation plan liabilities	(118,862)	(136,321)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, net	7,809	(211)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase price liabilities	$ (132,010)	$ (79,139)

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value measurements, inter-transfers between levels	$ 0	$ 0
Increase (decrease) in the fair value of contingent consideration, net	2,435,000	2,367,000	$ (629,000)
Other income (expense), net
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Increase (decrease) in the fair value of contingent consideration, net	$ (2,400,000)	$ (2,400,000)	$ 600,000

Fair Value Measurements - Change in Level 3 Fair Values of Contingent Purchase Price Liabilities (Details) - Contingent Purchase Price Liabilities - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (79,139)	$ (54,391)
Additions from business acquisitions	(74,199)	(39,666)
Settlement of contingent purchase price payable	23,763	17,285
Change in fair value of contingency	662	(554)
Change in net present value of contingency	(3,097)	(1,813)
Ending balance	$ (132,010)	$ (79,139)

Income Taxes - Income from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ 141,306	$ 92,847	$ 103,306
Foreign (Canada)	187	193	182
Income from continuing operations before income tax expense	$ 141,493	$ 93,040	$ 103,488

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Income Tax Expense Included in Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 20,910	$ 12,369	$ 21,926
Foreign	50	52	78
State and local	7,299	3,397	5,584
Total	28,259	15,818	27,588
Deferred:
Federal	5,667	5,029	(1,968)
State and local	2,195	1,282	(479)
Total	7,862	6,311	(2,447)
Total income tax expense from continuing operations	36,121	22,129	25,141
Operations of discontinued operations:
Current	(7)	(5)	(11)
Total income tax benefit from discontinued operations	(7)	(5)	(11)
Total income tax expense	$ 36,114	$ 22,124	$ 25,130

Income Taxes - Provision for Income Taxes Attributable to Income from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax at U.S. federal statutory rates	$ 29,714	$ 19,538	$ 21,733
State taxes (net of federal benefit)	9,019	4,498	5,354
Reserves for uncertain tax positions	337	(104)	(1,290)
Share-based compensation	(6,832)	(4,187)	(2,394)
Non-deductible officers' compensation	2,507	1,267	538
Other, net	1,376	1,117	1,200
Total income tax expense from continuing operations	$ 36,121	$ 22,129	$ 25,141
Effective income tax rate	25.50%	23.80%	24.30%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Tax Effects of Temporary Differences That Rises to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 1,473	$ 1,202
Allowance for doubtful accounts	4,682	3,613
Employee benefits and compensation	37,075	33,549
Lease costs	6,871	5,726
Deferral of employer FICA taxes	0	1,961
Other deferred tax assets	574	778
Total gross deferred tax assets	50,675	46,829
Less: valuation allowance	(3,156)	(2,046)
Total deferred tax assets, net	47,519	44,783
Deferred tax liabilities:
Goodwill and other intangibles	68,306	57,990
Property and equipment	1,185	1,488
Other deferred tax liabilities	2,791	745
Total gross deferred tax liabilities	72,282	60,223
Deferred income taxes, net	$ (24,763)	$ (15,440)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Net increase in valuation allowance	$ 1.2
State net operating loss carryforwards	48.0
State tax credit carryforwards	0.2
Unrecognized tax benefits that would impact effective tax rate	1.4
Reductions in the liability for unrecognized tax benefits due to expiration of statues of limitation	0.1
Accrued interest expense		$ 0.0
Liability for interest expense	0.3	0.2
Liability for penalties	$ 0.2	$ 0.2

Income Taxes - Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 1,594	$ 1,536	$ 2,536
Additions for tax positions of the current year	175	161	150
Additions for positions of prior years	486	400	0
Settlements of prior year positions	0	(374)	0
Lapse of statutes of limitation	(144)	(129)	(1,150)
Ending Balance	$ 2,111	$ 1,594	$ 1,536

Debt and Financing Arrangements - Additional Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	May 04, 2022	May 03, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding balance under applicable credit facility		$ 265,700,000			$ 155,300,000
Other line of credit
Debt Instrument [Line Items]
Revolving loan commitment		20,000,000
Outstanding line of credit		0			0
Credit facilities
Debt Instrument [Line Items]
Revolving loan commitment			$ 600,000,000	$ 400,000,000
Revolving loan, accordion feature			200,000,000
Debt issuance costs	$ 2,100,000
Outstanding balance under applicable credit facility		265,700,000			$ 155,300,000
Available funds under credit facility		$ 319,900,000
Credit facilities \| Swing Line Facility
Debt Instrument [Line Items]
Revolving loan commitment			$ 50,000,000	$ 25,000,000
2018 credit facility
Debt Instrument [Line Items]
Write-off of deferred debt issuance cost	$ 41,000

Debt and Financing Arrangements - Summary of Unsecured Credit Facility (Details) - Credit facilities	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted average rates	2.67%	1.88%
Minimum
Debt Instrument [Line Items]
Range of effective rates	1.08%	1.06%
Maximum
Debt Instrument [Line Items]
Range of effective rates	5.44%	3.64%

Debt and Financing Arrangements - Summary of Recognized Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total	$ 8,039	$ 3,868	$ 4,983
Credit facilities
Debt Instrument [Line Items]
Total	8,033	3,843	4,919
Other line of credit
Debt Instrument [Line Items]
Total	6	0	1
Other
Debt Instrument [Line Items]
Total	$ 0	$ 25	$ 63

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Unrealized (loss) gain on available for sale securities, income tax (benefit) expense	$ (571)	$ (51)
Unrealized loss on interest rate swaps, income tax benefit	1,924	(41)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	713,452	704,548	$ 702,620	$ 659,238
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	3,604	(967)	$ (2,269)	$ (680)
Net unrealized loss on available-for-sale securities, net of income tax benefit of $571 and $51, respectively
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	(1,518)	(127)
Net unrealized income (loss) on interest rate swap, net of income tax expense (benefit) of $1,924 and $(41), respectively
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	5,885	(101)
Foreign currency translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	$ (763)	$ (739)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Commitments and Contingencies - Acquisitions (Details)	12 Months Ended
Commitments and Contingencies - Acquisitions (Details)	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Period of time shares are contractually restricted from sale (up to)	1 year

Commitments and Contingencies - Letters of Credit and Guarantees (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 5.0	$ 3.4
License bonds outstanding amount	$ 2.3	$ 2.3

Commitments and Contingencies - Legal Proceedings (Details) - CBIZ Operations and former employee of CBIZ MMP $ in Millions	Dec. 19, 2016 USD ($)
Commitments And Contingencies [Line Items]
Total transaction price	$ 200.0
Maximum
Commitments And Contingencies [Line Items]
Amount of damages sought (up to)	$ 177.0

Employee Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Maximum percentage of a participant's eligible compensation that a participating may elect to contribute, on a tax-deferred annually to the plan (as a percent)	80.00%
Percentage of matching contribution made by company, of first 6.0% of participating employees contributions (as a percent)	50.00%
Percentage of participating employees contribution, matched 100% (as a percent)	6.00%
Employer contribution	$ 16,100	$ 13,200	$ 12,200
Non-qualified deferred income (loss) on investment	(19,600)	19,500	$ 15,400
Non-qualified deferred compensation plan assets	118,862	136,321
Non-qualified deferred compensation plan liabilities	$ 118,862	$ 136,321

Common Stock (Details) shares in Millions	12 Months Ended
Common Stock (Details) shares in Millions	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Schedule Of Common Stock [Line Items]
Senior leverage ratio	3.0
Cost of shares repurchased to settle statutory employee withholding related to vesting of stock awards	$ 122,773,000	$ 96,382,000	$ 57,564,000
Share Repurchase Program
Schedule Of Common Stock [Line Items]
Stock repurchase program authorized to be repurchased (in shares) \| shares	2.8	3.0
Payment for acquisition of treasury stock	$ 122,800,000	$ 96,400,000
Shares repurchased to settle statutory employee withholding related to vesting of stock awards (in shares) \| shares	0.2	0.1
Cost of shares repurchased to settle statutory employee withholding related to vesting of stock awards	$ 7,300,000	$ 3,000,000
Maximum
Schedule Of Common Stock [Line Items]
Annual share repurchase limit	$ 35,000,000

Employee Stock Plans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 09, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price an employee pays for shares as percentage of fair market value	85.00%
Holding period of stock	1 year
Stock options granted (in shares)	0	50,000	50,000
Fair value of stock options granted (in dollars per share)		$ 8.10	$ 5.79
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of incremental vesting schedule	25.00%
Incremental vesting schedule period	4 years
Options awarded under the plans vesting period	4 years
Stock options expiry date	6 years
Weighted-average grant-date fair value of stock options granted		$ 400,000	$ 300,000
Aggregate intrinsic value of stock options exercised	$ 19,100,000	13,600,000	8,900,000
Restricted stock units and awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for restricted stock awards	$ 5,200,000
Compensation cost for non-vested stock options weighted average period	8 months 23 days
Total fair value of shares vested during period	$ 5,600,000	4,900,000	4,600,000
Market value of shares awarded during period	$ 5,000,000	$ 5,000,000	$ 4,300,000
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options awarded under the plans vesting period	3 years
Share-based compensation arrangement by share-based payment award, remaining contractual terms	3 years
Achievement of an earnings per share target	70.00%
Achievement of total growth in revenue	30.00%
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share available for future grant (in shares)				3,100,000
2014 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share available for future grant (in shares)	1,800,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options awarded under the plans vesting period	3 years
Minimum \| Restricted stock units and awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options awarded under the plans vesting period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP allows qualified employees to purchase shares of common stock	$ 25,000
Shares purchased under ESPP	2,000,000
Options awarded under the plans vesting period	4 years
Maximum \| Restricted stock units and awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options awarded under the plans vesting period	4 years
Maximum \| Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of initial grant	200.00%

Employee Stock Plans - Schedule of Share-Based Compensation Awards (Before Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Stock options	$ 248	$ 1,291	$ 1,878
Restricted stock units and awards	5,204	5,603	4,960
Performance share units	9,237	4,513	2,031
Total share-based compensation expense	$ 14,689	$ 11,407	$ 8,869

Employee Stock Plans - Schedule of Stock Award Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Stock Option Activity
Outstanding beginning balance (in shares) \| shares	1,223
Exercised (in shares) \| shares	(670)
Outstanding ending balance (in shares) \| shares	553
Stock Option Weighted Average Exercise Price Per Share
Outstanding begging balance (in dollars per share) \| $ / shares	$ 17.71
Exercised (in dollars per share) \| $ / shares	14.98
Outstanding ending balance (in dollars per share) \| $ / shares	$ 21.03
Stock Option Activity, Additional Disclosures
Options outstanding, Weighted average remaining contractual term	1 year 9 months 29 days
Options outstanding, Aggregate intrinsic value (in dollars) \| $	$ 14.3
Options vested and exercisable, Number of Options (in shares) \| shares	553
Options vested and exercisable, Weighted average exercise price per share (in dollars per share) \| $ / shares	$ 21.03
Options vested and exercisable, Weighted average remaining contractual term	1 year 9 months 29 days
Options exercisable, Aggregate intrinsic value (in dollars) \| $	$ 14.3

Employee Stock Plans - Schedule of Fair Value Option Award Weighted Average Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Expected volatility	27.49%	27.27%
Expected option life ( in years)	4 years 8 months 15 days	4 years 8 months 1 day
Risk-free interest rate	0.74%	0.19%
Expected dividend yield	0.00%	0.00%

Employee Share Plans - Schedule of Restricted Stock Award Activity (Details) - Restricted stock units and awards shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Shares
Non-vested beginning balance (in shares) \| shares	389
Granted (in shares) \| shares	130
Vested (in shares) \| shares	(238)
Forfeited (in shares) \| shares	(4)
Non-vested ending balance (in shares) \| shares	277
Weighted Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share) \| $ / shares	$ 25.07
Granted (in dollars per share) \| $ / shares	38.53
Vested (in dollars per share) \| $ / shares	23.47
Forfeited (in dollars per share) \| $ / shares	34.04
Non-vested ending balance (in dollars per share) \| $ / shares	$ 32.62

Employee Stock Plans - Schedule of Performance Share Units Award Activity (Details) - Performance share units shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Performance Share Units
Non-vested beginning balance (in shares) \| shares	473
Granted (in shares) \| shares	103
Vested (in shares) \| shares	(211)
Adjustments for performance results (in shares) \| shares	122
Forfeited (in shares) \| shares	(5)
Non-vested ending balance (in shares) \| shares	482
Weighted Average Grant Date Fair Value Per Unit
Non-vested beginning balance (in dollars per share) \| $ / shares	$ 23.64
Granted (in dollars per share) \| $ / shares	38.15
Vested (in dollars per share) \| $ / shares	19.82
Adjustments for performance results (in dollars per share) \| $ / shares	25.75
Forfeited (in dollars per share) \| $ / shares	33.21
Non-vested ending balance (in dollars per share) \| $ / shares	$ 28.84

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Income (loss) from continuing operations	$ 105,372	$ 70,911	$ 78,347
Basic
Weighted average common shares outstanding	51,502	52,637	54,288
Diluted
Stock options (in shares)	487	683	802
Restricted stock awards (in shares)	141	192	195
Contingent shares (in shares)	14	0	74
Performance share units (in shares)	244	211	0
Diluted weighted average common shares outstanding (in shares)	52,388	53,723	55,359
Basic earnings per share from continuing operations (in dollars per share)	$ 2.05	$ 1.35	$ 1.44
Diluted earnings per share from continuing operations (in dollars per share)	$ 2.01	$ 1.32	$ 1.42
Share-based Payment Arrangement
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)	68	23	253
Performance share units
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)	200	300

Leases - Schedule of Balance Sheet Information Related to Leases (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term	6 years 3 months 18 days	6 years 4 months 24 days
Weighted-average discount rate	4.14%	3.54%

Leases - Schedule of Lease Cost and Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 43,716	$ 35,584
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for operating leases	$ 45,378	$ 38,042

Leases - Additional Information (Details)	Dec. 31, 2022
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	1 year
Operating lease, renewal term	2 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	10 years
Operating lease, renewal term	5 years

Leases - Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Year one	$ 44,595	$ 36,202
Year two	40,516	33,490
Year three	38,978	29,153
Year four	35,205	27,779
Year five	31,230	23,213
Thereafter	51,756	50,311
Total undiscounted lease payments	242,280	200,148
Less: imputed interest	(31,468)	(23,754)
Total lease liabilities	$ 210,812	$ 176,394

Related Parties (Details) - USD ($) $ in Millions	12 Months Ended
Related Parties (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Operating lease payments to related parties	$ 1.9	$ 2.3	$ 2.2
Global Prairie
Related Party Transaction [Line Items]
Related Party Costs	$ 0.2

- Definition

Direct costs arising from transactions with related parties who are not affiliates or joint Ventures. These costs are categorized as cost of goods sold.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

+ Details

Business Combinations - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) business	Dec. 31, 2021 USD ($) business	Dec. 31, 2020 USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Annual aggregate revenue	$ 148,100
Transaction and integration related costs	10,500
Proceeds from sales of assets and divested operations	$ 3,022	$ 9,710	$ 711
Benefits and Insurance Services
Business Acquisition, Contingent Consideration [Line Items]
Number of businesses sold \| business	1	1
Proceeds from sales of assets and divested operations	$ 2,500	$ 9,700
Gain (loss) on disposition of business	$ 2,400	$ 6,300
Client lists
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

Business Combinations - Aggregated Consideration And Preliminary Purchase Price Allocation (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 819,917	$ 740,743	$ 683,083
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Common stock issued (in shares)	42	207
Common stock value	$ 1,668	$ 6,940
Cash paid	79,141	66,651
Recorded contingent consideration	74,199	39,665
Total recorded purchase price	155,008	113,256
Accounts receivable acquired, net	20,429	9,838
Fixed assets acquired	1,933	1,473
Identifiable intangible assets acquired	53,400	42,422
Operating lease right-of-use asset acquired, net	49,291	19,153
Other assets acquired, net	1,693	848
Operating lease liability acquired - current	(5,860)	(3,020)
Other current liabilities acquired	(1,594)	(1,771)
Operating lease liability acquired - noncurrent	(43,431)	(16,133)
Goodwill	79,147	60,446
Total net assets acquired	155,008	113,256
Maximum potential contingent consideration	$ 77,075	$ 41,720

Business Combinations - Segment Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Combination Segment Allocation [Line Items]
Additions	$ 79,147	$ 60,446
Financial Services
Business Combination Segment Allocation [Line Items]
Additions	79,147	58,646
Total	132,547	99,732
Financial Services \| Client lists
Business Combination Segment Allocation [Line Items]
Intangibles	53,400	40,950
Financial Services \| Other intangibles
Business Combination Segment Allocation [Line Items]
Intangibles	0	136
Benefits and Insurance Services
Business Combination Segment Allocation [Line Items]
Additions	0	1,800
Total	0	3,136
Benefits and Insurance Services \| Client lists
Business Combination Segment Allocation [Line Items]
Intangibles	0	1,290
Benefits and Insurance Services \| Other intangibles
Business Combination Segment Allocation [Line Items]
Intangibles	$ 0	$ 46

Business Combinations - Changes in Contingent Purchase Price Consideration (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Net expense	$ 2,435	$ 2,367
Cash settlement paid	$ 21,113	$ 13,785
Shares issued (number) (in shares)	65	109

Segment Disclosures - Additional Information (Details)	12 Months Ended
Segment Disclosures - Additional Information (Details)	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of business units of the company	3

Segment Disclosures - Schedule of Revenue from External Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 1,411,979	$ 1,104,925	$ 963,897
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	1,410,255	1,103,183	962,272
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 1,724	$ 1,742	$ 1,625

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Segment Disclosures - Summary of Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 1,411,979	$ 1,104,925	$ 963,897
Operating expenses	1,188,612	945,635	825,351
Gross margin	223,367	159,290	138,546
Corporate general and administrative expenses	55,023	56,150	46,066
Legal settlement, net	0	30,468	0
Operating income (loss)	168,344	72,672	92,480
Other (expense) income:
Interest expense	(8,039)	(3,868)	(4,983)
(Loss) gain on sale of operations, net	413	5,995	(509)
Other income (expense), net	(19,225)	18,241	16,500
Total other (expense) income, net	(26,851)	20,368	11,008
Income from continuing operations before income tax expense	141,493	93,040	103,488
Financial Services
Segment Reporting Information [Line Items]
Revenue	1,010,068	734,026	629,778
Benefits and Insurance Services
Segment Reporting Information [Line Items]
Revenue	358,007	332,323	297,758
National Practices
Segment Reporting Information [Line Items]
Revenue	43,904	38,576	36,361
Operating Segments \| Financial Services
Segment Reporting Information [Line Items]
Revenue	1,010,068	734,026	629,778
Operating expenses	850,038	608,238	525,209
Gross margin	160,030	125,788	104,569
Corporate general and administrative expenses	0	0	0
Legal settlement, net		0
Operating income (loss)	160,030	125,788	104,569
Other (expense) income:
Interest expense	0	0	0
(Loss) gain on sale of operations, net	413	(289)	(612)
Other income (expense), net	269	263	262
Total other (expense) income, net	682	(26)	(350)
Income from continuing operations before income tax expense	160,712	125,762	104,219
Operating Segments \| Benefits and Insurance Services
Segment Reporting Information [Line Items]
Revenue	358,007	332,323	297,758
Operating expenses	290,387	271,650	248,357
Gross margin	67,620	60,673	49,401
Corporate general and administrative expenses	0	0	0
Legal settlement, net		0
Operating income (loss)	67,620	60,673	49,401
Other (expense) income:
Interest expense	(6)	0	(34)
(Loss) gain on sale of operations, net	0	6,284	103
Other income (expense), net	2,392	827	196
Total other (expense) income, net	2,386	7,111	265
Income from continuing operations before income tax expense	70,006	67,784	49,666
Operating Segments \| National Practices
Segment Reporting Information [Line Items]
Revenue	43,904	38,576	36,361
Operating expenses	39,201	34,494	32,637
Gross margin	4,703	4,082	3,724
Corporate general and administrative expenses	0	0	0
Legal settlement, net		0
Operating income (loss)	4,703	4,082	3,724
Other (expense) income:
Interest expense	0	0	0
(Loss) gain on sale of operations, net	0	0	0
Other income (expense), net	10	3	1
Total other (expense) income, net	10	3	1
Income from continuing operations before income tax expense	4,713	4,085	3,725
Corporate and Other
Segment Reporting Information [Line Items]
Revenue	0	0	0
Operating expenses	8,986	31,253	19,148
Gross margin	(8,986)	(31,253)	(19,148)
Corporate general and administrative expenses	55,023	56,150	46,066
Legal settlement, net		30,468
Operating income (loss)	(64,009)	(117,871)	(65,214)
Other (expense) income:
Interest expense	(8,033)	(3,868)	(4,949)
(Loss) gain on sale of operations, net	0	0	0
Other income (expense), net	(21,896)	17,148	16,041
Total other (expense) income, net	(29,929)	13,280	11,092
Income from continuing operations before income tax expense	$ (93,938)	$ (104,591)	$ (54,122)

Subsequent Events (Details) - USD ($) $ in Thousands				2 Months Ended	12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Feb. 07, 2023	Feb. 01, 2023	Feb. 22, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Share repurchases, value					$ 122,773	$ 96,382	$ 57,564
Business acquisition, annualized revenue					$ 148,100
Subsequent Event
Subsequent Event [Line Items]
Share repurchases (in shares)				100,000
Share repurchases, value				$ 4,500
Stock repurchase program duration		19 years
Subsequent Event \| Somerset Acquisition
Subsequent Event [Line Items]
Business acquisition, annualized revenue			$ 55,000
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Stock repurchase program authorized to be repurchased (in shares)	5,000,000
Renewal period of share repurchase	1 year