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Cemetery Perpetual Care Trusts (Tables) | 9 Months Ended
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Sep. 30, 2015
Cemetery Perpetual Care Trust Investments [Line Items] |
Schedule of Unrealized Loss on Investments | Our merchandise and service trust investment unrealized losses, their associated fair values and the duration of unrealized losses as of September 30, 2015 are shown in the following tables:
| September 30, 2015
| In Loss Position Less Than 12 Months |  | In Loss Position Greater Than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  |  |  |  | (In thousands) |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 55,492 |  |  | $ | (1,257 | ) |  | $ | 13 |  |  | $ | (1 | ) |  | $ | 55,505 |  |  | $ | (1,258 | )
Canadian government | 1,242 |  |  | (20 | ) |  | 879 |  |  | (66 | ) |  | 2,121 |  |  | (86 | )
Corporate | 204 |  |  | (8 | ) |  | 2,441 |  |  | (104 | ) |  | 2,645 |  |  | (112 | )
Residential mortgage-backed | 27 |  |  | — |  |  | 19 |  |  | (2 | ) |  | 46 |  |  | (2 | )
Equity securities: |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |
United States | 300,606 |  |  | (47,051 | ) |  | — |  |  | — |  |  | 300,606 |  |  | (47,051 | )
Canada | 789 |  |  | (442 | ) |  | 1,231 |  |  | (749 | ) |  | 2,020 |  |  | (1,191 | )
Other international | 28,359 |  |  | (9,341 | ) |  | — |  |  | — |  |  | 28,359 |  |  | (9,341 | )
Mutual funds: |  |  |  |  |  |  |  |  |  |  |
Equity | 296,807 |  |  | (48,088 | ) |  | 1,889 |  |  | (514 | ) |  | 298,696 |  |  | (48,602 | )
Fixed income | 259,288 |  |  | (12,800 | ) |  | 13,519 |  |  | (553 | ) |  | 272,807 |  |  | (13,353 | )
Private equity | — |  |  | — |  |  | 8,325 |  |  | (2,976 | ) |  | 8,325 |  |  | (2,976 | )
Total temporarily impaired securities | $ | 942,814 |  |  | $ | (119,007 | ) |  | $ | 28,316 |  |  | $ | (4,965 | ) |  | $ | 971,130 |  |  | $ | (123,972 | )
| December 31, 2014
| In Loss Position Less Than 12 Months |  | In Loss Position Greater Than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  |  |  |  | (In thousands) |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 45,072 |  |  | $ | (605 | ) |  | $ | — |  |  | $ | — |  |  | $ | 45,072 |  |  | $ | (605 | )
Canadian government | — |  |  | — |  |  | 4,858 |  |  | (134 | ) |  | 4,858 |  |  | (134 | )
Corporate | 2,017 |  |  | (61 | ) |  | 1,936 |  |  | (55 | ) |  | 3,953 |  |  | (116 | )
Residential mortgage-backed | 33 |  |  | (1 | ) |  | — |  |  | — |  |  | 33 |  |  | (1 | )
Equity securities: |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |
United States | 192,015 |  |  | (11,706 | ) |  | 585 |  |  | — |  |  | 192,600 |  |  | (11,706 | )
Canada | 2,069 |  |  | (319 | ) |  | 778 |  |  | (522 | ) |  | 2,847 |  |  | (841 | )
Other international | 28,308 |  |  | (2,395 | ) |  | — |  |  | — |  |  | 28,308 |  |  | (2,395 | )
Mutual funds: |  |  |  |  |  |  |  |  |  |  |
Equity | 303,211 |  |  | (18,329 | ) |  | 1,577 |  |  | (101 | ) |  | 304,788 |  |  | (18,430 | )
Fixed income | 159,572 |  |  | (4,106 | ) |  | 15,113 |  |  | (596 | ) |  | 174,685 |  |  | (4,702 | )
Private equity | 88 |  |  | (100 | ) |  | 7,518 |  |  | (6,083 | ) |  | 7,606 |  |  | (6,183 | )
Other | 2 |  |  | (3 | ) |  | 259 |  |  | (68 | ) |  | 261 |  |  | (71 | )
Total temporarily impaired securities | $ | 732,387 |  |  | $ | (37,625 | ) |  | $ | 32,624 |  |  | $ | (7,559 | ) |  | $ | 765,011 |  |  | $ | (45,184 | )
Our cemetery perpetual care trust investment unrealized losses, their associated fair values and the duration of unrealized losses, are shown in the following tables.
| September 30, 2015
| In Loss Position Less Than 12 Months |  | In Loss Position Greater Than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  |  |  |  | (In thousands) |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 3,262 |  |  | $ | (95 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,262 |  |  | $ | (95 | )
Canadian government | 15,585 |  |  | (40 | ) |  | 1,412 |  |  | (114 | ) |  | 16,997 |  |  | (154 | )
Corporate | 2,112 |  |  | (70 | ) |  | 4,474 |  |  | (209 | ) |  | 6,586 |  |  | (279 | )
Residential mortgage-backed | 200 |  |  | (1 | ) |  | 89 |  |  | (6 | ) |  | 289 |  |  | (7 | )
Asset-backed | 131 |  |  | (10 | ) |  | 372 |  |  | (16 | ) |  | 503 |  |  | (26 | )
Equity securities: |  |  |  |  |  |  |  |  |  |  |
Preferred stock | 4,911 |  |  | (626 | ) |  | — |  |  | — |  |  | 4,911 |  |  | (626 | )
Common stock: |  |  |  |  |  |  |  |  |  |  |
United States | 158,685 |  |  | (21,941 | ) |  | — |  |  | — |  |  | 158,685 |  |  | (21,941 | )
Canada | 692 |  |  | (303 | ) |  | 923 |  |  | (534 | ) |  | 1,615 |  |  | (837 | )
Other international | 10,060 |  |  | (2,494 | ) |  | 84 |  |  | (29 | ) |  | 10,144 |  |  | (2,523 | )
Mutual funds: |  |  |  |  |  |  |  |  |  |  |
Equity | 5,107 |  |  | (1,432 | ) |  | 255 |  |  | (36 | ) |  | 5,362 |  |  | (1,468 | )
Fixed income | 822,656 |  |  | (41,471 | ) |  | 4,384 |  |  | (453 | ) |  | 827,040 |  |  | (41,924 | )
Private equity | — |  |  | — |  |  | 14,564 |  |  | (6,773 | ) |  | 14,564 |  |  | (6,773 | )
Other | 14 |  |  | (11 | ) |  | 5,587 |  |  | (351 | ) |  | 5,601 |  |  | (362 | )
Total temporarily impaired securities | $ | 1,023,415 |  |  | $ | (68,494 | ) |  | $ | 32,144 |  |  | $ | (8,521 | ) |  | $ | 1,055,559 |  |  | $ | (77,015 | )
| December 31, 2014
| In Loss Position Less Than 12 Months |  | In Loss Position Greater Than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  |  |  |  | (In thousands) |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 497 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | — |  |  | $ | 497 |  |  | $ | (4 | )
Canadian government | — |  |  | — |  |  | 7,825 |  |  | (233 | ) |  | 7,825 |  |  | (233 | )
Corporate | 4,656 |  |  | (108 | ) |  | 3,198 |  |  | (102 | ) |  | 7,854 |  |  | (210 | )
Residential mortgage-backed | 256 |  |  | (5 | ) |  | 69 |  |  | (1 | ) |  | 325 |  |  | (6 | )
Asset-backed | 373 |  |  | (4 | ) |  | — |  |  | — |  |  | 373 |  |  | (4 | )
Equity securities: |  |  |  |  |  |  |  |  |  |  |
Preferred stock | 2,224 |  |  | (11 | ) |  | 49 |  |  | (1 | ) |  | 2,273 |  |  | (12 | )
Common stock: |  |  |  |  |  |  |  |  |  |  |
United States | 100,370 |  |  | (4,803 | ) |  | 419 |  |  | (78 | ) |  | 100,789 |  |  | (4,881 | )
Canada | 2,418 |  |  | (244 | ) |  | 757 |  |  | (352 | ) |  | 3,175 |  |  | (596 | )
Other international | 4,444 |  |  | (399 | ) |  | — |  |  | — |  |  | 4,444 |  |  | (399 | )
Mutual funds: |  |  |  |  |  |  |  |  |  |  |
Equity | 2,601 |  |  | (85 | ) |  | 153 |  |  | (8 | ) |  | 2,754 |  |  | (93 | )
Fixed income | 576,890 |  |  | (14,177 | ) |  | 2,581 |  |  | (86 | ) |  | 579,471 |  |  | (14,263 | )
Private equity | 9,213 |  |  | (798 | ) |  | 14,254 |  |  | (9,990 | ) |  | 23,467 |  |  | (10,788 | )
Other | 4,069 |  |  | (352 | ) |  | 6,276 |  |  | (2,180 | ) |  | 10,345 |  |  | (2,532 | )
Total temporarily impaired securities | $ | 708,011 |  |  | $ | (20,990 | ) |  | $ | 35,581 |  |  | $ | (13,031 | ) |  | $ | 743,592 |  |  | $ | (34,021 | )
Cemetery Perpetual Care |
Cemetery Perpetual Care Trust Investments [Line Items] |
Investment related activities | The table below sets forth certain investment-related activities associated with our cemetery perpetual care trusts:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
Deposits | $ | 10,264 |  |  | $ | 9,202 |  |  | $ | 29,717 |  |  | $ | 29,439 |
Withdrawals | $ | 8,073 |  |  | $ | 8,680 |  |  | $ | 32,749 |  |  | $ | 23,879 |
Purchases of available-for-sale securities | $ | 29,129 |  |  | $ | 169,973 |  |  | $ | 174,243 |  |  | $ | 233,795 |
Sales of available-for-sale securities | $ | 14,466 |  |  | $ | 172,646 |  |  | $ | 120,602 |  |  | $ | 251,719 |
Realized gains from sales of available-for-sale securities | $ | 524 |  |  | $ | 7,034 |  |  | $ | 2,675 |  |  | $ | 21,903 |
Realized losses from sales of available-for-sale securities | $ | (156 | ) |  | $ | (935 | ) |  | $ | (4,478 | ) |  | $ | (1,599 | )
Long-term receivable and investment components | The components of Cemetery perpetual care trust investments in our unaudited condensed consolidated balance sheet at September 30, 2015 and December 31, 2014 are as follows:
| September 30, 2015 |  | December 31, 2014
| (In thousands)
Trust investments, at fair value | $ | 1,209,834 |  |  | $ | 1,192,966 |
Cash and cash equivalents | 94,385 |  |  | 148,410 |
Cemetery perpetual care trust investments | $ | 1,304,219 |  |  | $ | 1,341,376 |
Schedule of Available-for-sale Securities Reconciliation |
| September 30, 2015
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
|  |  |  |  | (In thousands) |  |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. Treasury | 2 |  | $ | 3,697 |  |  | $ | 26 |  |  | $ | (95 | ) |  | $ | 3,628 |
Canadian government | 2 |  | 33,094 |  |  | 507 |  |  | (154 | ) |  | 33,447 |
Corporate | 2 |  | 13,178 |  |  | 168 |  |  | (279 | ) |  | 13,067 |
Residential mortgage-backed | 2 |  | 968 |  |  | 18 |  |  | (7 | ) |  | 979 |
Asset-backed | 2 |  | 662 |  |  | 6 |  |  | (26 | ) |  | 642 |
Equity securities: |  |  |  |  |  |  |  |  |
Preferred stock | 2 |  | 6,264 |  |  | 33 |  |  | (626 | ) |  | 5,671 |
Common stock: |  |  |  |  |  |  |  |  |
United States | 1 |  | 237,356 |  |  | 7,740 |  |  | (21,941 | ) |  | 223,155 |
Canada | 1 |  | 5,381 |  |  | 2,049 |  |  | (837 | ) |  | 6,593 |
Other international | 1 |  | 12,825 |  |  | 40 |  |  | (2,523 | ) |  | 10,342 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 21,602 |  |  | 3,116 |  |  | (1,468 | ) |  | 23,250 |
Fixed income | 1 |  | 881,664 |  |  | 563 |  |  | (41,924 | ) |  | 840,303 |
Private equity | 3 |  | 38,631 |  |  | 1,988 |  |  | (6,773 | ) |  | 33,846 |
Other | 3 |  | 13,235 |  |  | 2,038 |  |  | (362 | ) |  | 14,911 |
Cemetery perpetual care trust investments |  |  | $ | 1,268,557 |  |  | $ | 18,292 |  |  | $ | (77,015 | ) |  | $ | 1,209,834 |
| December 31, 2014
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
|  |  |  |  | (In thousands) |  |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. Treasury | 2 |  | $ | 794 |  |  | $ | 40 |  |  | $ | (4 | ) |  | $ | 830 |
Canadian government | 2 |  | 31,993 |  |  | 442 |  |  | (233 | ) |  | 32,202 |
Corporate | 2 |  | 16,762 |  |  | 344 |  |  | (210 | ) |  | 16,896 |
Residential mortgage-backed | 2 |  | 910 |  |  | 15 |  |  | (6 | ) |  | 919 |
Asset-backed | 2 |  | 661 |  |  | 10 |  |  | (4 | ) |  | 667 |
Equity securities: |  |  |  |  |  |  |  |  |
Preferred stock | 2 |  | 4,439 |  |  | 60 |  |  | (12 | ) |  | 4,487 |
Common stock: |  |  |  |  |  |  |  |  |  |
United States | 1 |  | 225,129 |  |  | 9,340 |  |  | (4,881 | ) |  | 229,588 |
Canada | 1 |  | 7,419 |  |  | 2,737 |  |  | (596 | ) |  | 9,560 |
Other international | 1 |  | 8,102 |  |  | 90 |  |  | (399 | ) |  | 7,793 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 17,310 |  |  | 3,264 |  |  | (93 | ) |  | 20,481 |
Fixed income | 1 |  | 846,230 |  |  | 1,580 |  |  | (14,263 | ) |  | 833,547 |
Private equity | 3 |  | 34,288 |  |  | 408 |  |  | (10,788 | ) |  | 23,908 |
Other | 3 |  | 13,526 |  |  | 1,094 |  |  | (2,532 | ) |  | 12,088 |
Cemetery perpetual care trust investments |  |  | $ | 1,207,563 |  |  | $ | 19,424 |  |  | $ | (34,021 | ) |  | $ | 1,192,966 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The change in our trust investments measured at fair value with significant unobservable inputs (Level 3) is as follows:
| Three Months Ended
| September 30, 2015 |  | September 30, 2014
| Private Equity |  | Other |  | Private Equity |  | Other
| (In thousands)
Fair value, beginning balance | $ | 34,137 |  |  | $ | 14,089 |  |  | $ | 21,274 |  |  | $ | 11,983 |
Net unrealized gains (losses) included in Accumulated other comprehensive income(1) | 87 |  |  | 1,310 |  |  | (206 | ) |  | 23 |
Net realized losses included in Other income (expense), net(2) | (10 | ) |  | (13 | ) |  | (13 | ) |  | (17 | )
Contributions | — |  |  | — |  |  | 9,058 |  |  | — |
Distributions and other | (368 | ) |  | (475 | ) |  | (3,331 | ) |  | — |
Fair value, ending balance | $ | 33,846 |  |  | $ | 14,911 |  |  | $ | 26,782 |  |  | $ | 11,989 |
| Nine Months Ended
| September 30, 2015 |  | September 30, 2014
| Private Equity |  | Other |  | Private Equity |  | Other
| (In thousands)
Fair market value, beginning balance | $ | 23,908 |  |  | $ | 12,088 |  |  | $ | 19,779 |  |  | $ | 11,587 |
Net unrealized gains included in Accumulated other comprehensive income(1) | 6,380 |  |  | 1,344 |  |  | 1,091 |  |  | 704 |
Net realized losses included in Other income (expense), net(2) | (40 | ) |  | (36 | ) |  | (37 | ) |  | (29 | )
Sales | — |  |  | — |  |  | (17 | ) |  | — |
Contributions | 5,165 |  |  | 2,553 |  |  | 10,461 |  |  | — |
Distributions and other | (1,567 | ) |  | (1,038 | ) |  | (4,495 | ) |  | (273 | )
Fair market value, ending balance | $ | 33,846 |  |  | $ | 14,911 |  |  | $ | 26,782 |  |  | $ | 11,989 |
Investments Classified by Contractual Maturity Date | Maturity dates of our fixed income securities range from 2015 to 2045. Maturities of fixed income securities at September 30, 2015 are estimated as follows:
| Fair Value
| (In thousands)
Due in one year or less | $ | 26,894 |
Due in one to five years | 16,644 |
Due in five to ten years | 7,174 |
Thereafter | 1,051 |
| $ | 51,763 |

X
- Definition The aggregate fair value as of the balance sheet date of financial instruments and other positions may include: (1) mortgages, mortgage-backed and asset backed securities; (2) US government and agency obligations; (3) state and municipal government obligations; (4) other sovereign government debt; (5) corporate obligations; (6) corporate equities; (7) principal investments; (8) derivative contracts; and (9) physical commodities. Includes both pledged and unpledged holdings. + References No definition available. + Details
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