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v3.19.2

Preneed Activities (Tables) | 6 Months Ended
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Jun. 30, 2019
Preneed Activities [Abstract] |
Long-term receivable and investment components |
| June 30, 2019 |  | December 31, 2018
| (In thousands)
Preneed funeral receivables | $ | 120,424 |  |  | $ | 107,612 |
Preneed cemetery receivables | 896,550 |  |  | 883,432 |
Preneed receivables from customers | 1,016,974 |  |  | 991,044 |
Unearned finance charge | (50,402 | ) |  | (44,981 | )
Allowance for cancellation | (50,520 | ) |  | (48,380 | )
Preneed receivables, net | $ | 916,052 |  |  | $ | 897,683 |
Trust investments, at market | $ | 5,058,591 |  |  | $ | 4,585,720 |
Insurance-backed fixed income securities and other | 263,589 |  |  | 265,787 |
Trust investments | 5,322,180 |  |  | 4,851,507 |
Less: Cemetery perpetual care trust investments | (1,624,709 | ) |  | (1,477,798 | )
Preneed trust investments | $ | 3,697,471 |  |  | $ | 3,373,709 |
Preneed receivables, net and trust investments | $ | 4,613,523 |  |  | $ | 4,271,392 |
Investment related activities |
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (In thousands)
Deposits | $ | 112,905 |  |  | $ | 106,843 |  |  | $ | 213,357 |  |  | $ | 200,112 |
Withdrawals | $ | 116,680 |  |  | $ | 114,524 |  |  | $ | 224,036 |  |  | $ | 221,293 |
Purchases of securities | $ | 240,376 |  |  | $ | 407,859 |  |  | $ | 689,534 |  |  | $ | 1,007,748 |
Sales of securities | $ | 240,599 |  |  | $ | 419,357 |  |  | $ | 562,390 |  |  | $ | 1,035,357 |
Realized gains (1) | $ | 54,756 |  |  | $ | 87,840 |  |  | $ | 98,281 |  |  | $ | 146,146 |
Realized losses (1) | $ | (16,251 | ) |  | $ | (17,552 | ) |  | $ | (48,882 | ) |  | $ | (29,852 | )
Schedule of Available-for-sale Securities Reconciliation |
| June 30, 2019
| Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Value
|  |  |  |  | (In thousands) |  |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. Treasury | 2 |  | $ | 49,425 |  |  | $ | 666 |  |  | $ | (141 | ) |  | $ | 49,950 |
Canadian government | 2 |  | 49,627 |  |  | 118 |  |  | (1,196 | ) |  | 48,549 |
Corporate | 2 |  | 13,194 |  |  | 53 |  |  | (233 | ) |  | 13,014 |
Residential mortgage-backed | 2 |  | 3,311 |  |  | 48 |  |  | (1 | ) |  | 3,358 |
Asset-backed | 2 |  | 134 |  |  | 3 |  |  | (7 | ) |  | 130 |
Equity securities: |  |  |  |  |  |  |  |  |
Preferred stock | 2 |  | 6,114 |  |  | 498 |  |  | (116 | ) |  | 6,496 |
Common stock: |  |  |  |  |  |  |  |  |
United States | 1 |  | 1,280,063 |  |  | 272,490 |  |  | (60,342 | ) |  | 1,492,211 |
Canada | 1 |  | 38,568 |  |  | 10,489 |  |  | (1,824 | ) |  | 47,233 |
Other international | 1 |  | 83,107 |  |  | 14,817 |  |  | (2,952 | ) |  | 94,972 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 842,772 |  |  | 27,898 |  |  | (82,654 | ) |  | 788,016 |
Fixed income | 1 |  | 1,235,660 |  |  | 12,608 |  |  | (38,365 | ) |  | 1,209,903 |
Other | 3 |  | 6,010 |  |  | 578 |  |  | — |  |  | 6,588 |
Trust investments, at fair value |  |  | 3,607,985 |  |  | 340,266 |  |  | (187,831 | ) |  | 3,760,420 |
Commingled funds |  |  |  |  |  |  |  |  |
Fixed income |  |  | 432,113 |  |  | 5,185 |  |  | (3,083 | ) |  | 434,215 |
Equity |  |  | 209,194 |  |  | 48,175 |  |  | — |  |  | 257,369 |
Money market funds |  |  | 343,467 |  |  | — |  |  | — |  |  | 343,467 |
Private equity |  |  | 189,107 |  |  | 74,110 |  |  | (97 | ) |  | 263,120 |
Trust investments, at net asset value |  |  | 1,173,881 |  |  | 127,470 |  |  | (3,180 | ) |  | 1,298,171 |
Trust investments, at market |  |  | $ | 4,781,866 |  |  | $ | 467,736 |  |  | $ | (191,011 | ) |  | $ | 5,058,591 |
| December 31, 2018
| Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Value
|  |  |  |  | (In thousands) |  |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. Treasury | 2 |  | $ | 49,187 |  |  | $ | 153 |  |  | $ | (448 | ) |  | $ | 48,892 |
Canadian government | 2 |  | 56,343 |  |  | 23 |  |  | (1,797 | ) |  | 54,569 |
Corporate | 2 |  | 19,869 |  |  | 13 |  |  | (516 | ) |  | 19,366 |
Residential mortgage-backed | 2 |  | 3,611 |  |  | 10 |  |  | (50 | ) |  | 3,571 |
Asset-backed | 2 |  | 142 |  |  | 2 |  |  | (11 | ) |  | 133 |
Equity securities: |  |  |  |  |  |  |  |  |
Preferred stock | 2 |  | 9,058 |  |  | 180 |  |  | (412 | ) |  | 8,826 |
Common stock: |  |  |  |  |  |  |  |  |
United States | 1 |  | 1,236,513 |  |  | 149,233 |  |  | (138,141 | ) |  | 1,247,605 |
Canada | 1 |  | 34,821 |  |  | 9,082 |  |  | (3,026 | ) |  | 40,877 |
Other international | 1 |  | 77,676 |  |  | 6,057 |  |  | (10,275 | ) |  | 73,458 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 760,887 |  |  | 7,104 |  |  | (151,853 | ) |  | 616,138 |
Fixed income | 1 |  | 1,180,325 |  |  | 800 |  |  | (89,179 | ) |  | 1,091,946 |
Other | 3 |  | 6,548 |  |  | 3,210 |  |  | (3 | ) |  | 9,755 |
Trust investments, at fair value |  |  | 3,434,980 |  |  | 175,867 |  |  | (395,711 | ) |  | 3,215,136 |
Commingled funds |  |  |  |  |  |  |  |  |
Fixed income |  |  | 419,206 |  |  | 2,419 |  |  | (18,981 | ) |  | 402,644 |
Equity |  |  | 205,789 |  |  | 19,567 |  |  | (11,723 | ) |  | 213,633 |
Money market funds |  |  | 466,429 |  |  | — |  |  | — |  |  | 466,429 |
Private equity |  |  | 215,618 |  |  | 72,897 |  |  | (637 | ) |  | 287,878 |
Trust investments, at net asset value |  |  | 1,307,042 |  |  | 94,883 |  |  | (31,341 | ) |  | 1,370,584 |
Trust investments, at market |  |  | $ | 4,742,022 |  |  | $ | 270,750 |  |  | $ | (427,052 | ) |  | $ | 4,585,720 |
Investments Classified by Contractual Maturity Date |
| Fair Value
| (In thousands)
Due in one year or less | $ | 53,448 |
Due in one to five years | 52,187 |
Due in five to ten years | 9,253 |
Thereafter | 113 |
Total estimated maturities of fixed income securities | $ | 115,001 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (In thousands)
Fair value, beginning balance | $ | 7,108 |  |  | $ | 8,533 |  |  | $ | 9,755 |  |  | $ | 9,067 |
Net unrealized (losses) gains included in Other income, net(1) | (322 | ) |  | 264 |  |  | (1,464 | ) |  | (270 | )
Purchases | 5 |  |  | 7 |  |  | 5 |  |  | 7 |
Sales | (203 | ) |  | — |  |  | (1,708 | ) |  | — |
Acquisitions | — |  |  | 11,390 |  |  | — |  |  | 11,390 |
Fair value, ending balance | $ | 6,588 |  |  | $ | 20,194 |  |  | $ | 6,588 |  |  | $ | 20,194 |
Schedule of Unrealized Loss on Investments |
| June 30, 2019
| In Loss Position Less Than 12 Months |  | In Loss Position Greater Than 12 Months |  | Total
| Value |  | Unrealized Losses |  | Value |  | Unrealized Losses |  | Value |  | Unrealized Losses
|  |  |  |  | (In thousands) |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 2,898 |  |  | $ | (113 | ) |  | $ | 4,830 |  |  | $ | (28 | ) |  | $ | 7,728 |  |  | $ | (141 | )
Canadian government | — |  |  | — |  |  | 18,246 |  |  | (1,196 | ) |  | 18,246 |  |  | (1,196 | )
Corporate | 979 |  |  | (2 | ) |  | 7,384 |  |  | (231 | ) |  | 8,363 |  |  | (233 | )
Residential mortgage-backed | — |  |  | — |  |  | 50 |  |  | (1 | ) |  | 50 |  |  | (1 | )
Asset-backed | — |  |  | — |  |  | 24 |  |  | (7 | ) |  | 24 |  |  | (7 | )
Total temporarily impaired fixed income securities | $ | 3,877 |  |  | $ | (115 | ) |  | $ | 30,534 |  |  | $ | (1,463 | ) |  | $ | 34,411 |  |  | $ | (1,578 | )
| December 31, 2018
| In Loss Position Less Than 12 Months |  | In Loss Position Greater Than 12 Months |  | Total
| Value |  | Unrealized Losses |  | Value |  | Unrealized Losses |  | Value |  | Unrealized Losses
|  |  |  |  | (In thousands) |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 6,899 |  |  | $ | (226 | ) |  | $ | 16,374 |  |  | $ | (222 | ) |  | $ | 23,273 |  |  | $ | (448 | )
Canadian government | 2,254 |  |  | (9 | ) |  | 25,330 |  |  | (1,788 | ) |  | 27,584 |  |  | (1,797 | )
Corporate | 11,579 |  |  | (206 | ) |  | 6,563 |  |  | (310 | ) |  | 18,142 |  |  | (516 | )
Residential mortgage-backed | 351 |  |  | (4 | ) |  | 3,010 |  |  | (46 | ) |  | 3,361 |  |  | (50 | )
Asset-backed | — |  |  | — |  |  | 79 |  |  | (11 | ) |  | 79 |  |  | (11 | )
Total temporarily impaired fixed income securities | $ | 21,083 |  |  | $ | (445 | ) |  | $ | 51,356 |  |  | $ | (2,377 | ) |  | $ | 72,439 |  |  | $ | (2,822 | )

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- Definition Tabular disclosure of the components of long-term receivables and investments, including trust investments, at market; cash and cash equivalents held by the trust; insurance policies held by the trust; and gross carrying value of long-term receivables from customers and unearned finance charges and cancellation allowance related to those receivables. + References No definition available. + Details
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