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v3.19.3

Preneed Activities (Tables) | 9 Months Ended
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Sep. 30, 2019
Preneed Activities [Abstract] |
Long-term receivable and investment components |
| September 30, 2019 |  | December 31, 2018
| (In thousands)
Preneed funeral receivables | $ | 126,139 |  |  | $ | 107,612 |
Preneed cemetery receivables | 889,004 |  |  | 883,432 |
Preneed receivables from customers | 1,015,143 |  |  | 991,044 |
Unearned finance charge | (53,450 | ) |  | (44,981 | )
Allowance for cancellation | (51,550 | ) |  | (48,380 | )
Preneed receivables, net | $ | 910,143 |  |  | $ | 897,683 |
Trust investments, at market | $ | 5,019,631 |  |  | $ | 4,585,720 |
Insurance-backed fixed income securities and other | 254,641 |  |  | 265,787 |
Trust investments | 5,274,272 |  |  | 4,851,507 |
Less: Cemetery perpetual care trust investments | (1,615,779 | ) |  | (1,477,798 | )
Preneed trust investments | $ | 3,658,493 |  |  | $ | 3,373,709 |
Preneed receivables, net and trust investments | $ | 4,568,636 |  |  | $ | 4,271,392 |
Investment related activities |
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (In thousands)
Deposits | $ | 104,964 |  |  | $ | 96,539 |  |  | $ | 318,321 |  |  | $ | 296,651 |
Withdrawals | $ | 100,194 |  |  | $ | 97,525 |  |  | $ | 324,230 |  |  | $ | 318,818 |
Purchases of securities | $ | 545,926 |  |  | $ | 265,125 |  |  | $ | 1,236,839 |  |  | $ | 1,273,683 |
Sales of securities | $ | 546,172 |  |  | $ | 295,983 |  |  | $ | 1,109,589 |  |  | $ | 1,331,981 |
Realized gains (1) | $ | 71,531 |  |  | $ | 70,095 |  |  | $ | 169,812 |  |  | $ | 216,241 |
Realized losses (1) | $ | (39,176 | ) |  | $ | (20,358 | ) |  | $ | (88,058 | ) |  | $ | (50,210 | )
Schedule of Available-for-sale Securities Reconciliation |
| September 30, 2019
| Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Value
|  |  |  |  | (In thousands) |  |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. Treasury | 2 |  | $ | 49,468 |  |  | $ | 850 |  |  | $ | (124 | ) |  | $ | 50,194 |
Canadian government | 2 |  | 41,047 |  |  | 116 |  |  | (745 | ) |  | 40,418 |
Corporate | 2 |  | 10,352 |  |  | 59 |  |  | (155 | ) |  | 10,256 |
Residential mortgage-backed | 2 |  | 3,284 |  |  | 72 |  |  | (1 | ) |  | 3,355 |
Asset-backed | 2 |  | 134 |  |  | 4 |  |  | (3 | ) |  | 135 |
Equity securities: |  |  |  |  |  |  |  |  |
Preferred stock | 2 |  | 6,191 |  |  | 472 |  |  | (125 | ) |  | 6,538 |
Common stock: |  |  |  |  |  |  |  |  |
United States | 1 |  | 1,349,577 |  |  | 240,605 |  |  | (69,044 | ) |  | 1,521,138 |
Canada | 1 |  | 39,739 |  |  | 11,379 |  |  | (2,866 | ) |  | 48,252 |
Other international | 1 |  | 76,759 |  |  | 8,281 |  |  | (3,921 | ) |  | 81,119 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 769,779 |  |  | 13,971 |  |  | (88,424 | ) |  | 695,326 |
Fixed income | 1 |  | 1,230,610 |  |  | 18,331 |  |  | (39,873 | ) |  | 1,209,068 |
Other | 3 |  | 6,569 |  |  | 757 |  |  | — |  |  | 7,326 |
Trust investments, at fair value |  |  | 3,583,509 |  |  | 294,897 |  |  | (205,281 | ) |  | 3,673,125 |
Commingled funds |  |  |  |  |  |  |  |  |
Fixed income |  |  | 445,011 |  |  | 8,675 |  |  | (928 | ) |  | 452,758 |
Equity |  |  | 249,885 |  |  | 25,206 |  |  | (38 | ) |  | 275,053 |
Money market funds |  |  | 352,018 |  |  | — |  |  | — |  |  | 352,018 |
Private equity |  |  | 187,815 |  |  | 79,215 |  |  | (353 | ) |  | 266,677 |
Trust investments, at net asset value |  |  | 1,234,729 |  |  | 113,096 |  |  | (1,319 | ) |  | 1,346,506 |
Trust investments, at market |  |  | $ | 4,818,238 |  |  | $ | 407,993 |  |  | $ | (206,600 | ) |  | $ | 5,019,631 |
| 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 | $ | 47,329 |
Due in one to five years | 47,350 |
Due in five to ten years | 9,573 |
Thereafter | 106 |
Total estimated maturities of fixed income securities | $ | 104,358 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (In thousands)
Fair value, beginning balance | $ | 6,588 |  |  | $ | 20,194 |  |  | $ | 9,755 |  |  | $ | 9,067 |
Net unrealized (losses) gains included in Other income, net(1) | (54 | ) |  | 1,020 |  |  | (1,518 | ) |  | 750 |
Purchases | 850 |  |  | 36 |  |  | 855 |  |  | 43 |
Sales | (58 | ) |  | (9 | ) |  | (1,766 | ) |  | (9 | )
Acquisitions | — |  |  | (2,287 | ) |  | — |  |  | 9,103 |
Fair value, ending balance | $ | 7,326 |  |  | $ | 18,954 |  |  | $ | 7,326 |  |  | $ | 18,954 |
Schedule of Unrealized Loss on Investments |
| September 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 | $ | 2,249 |  |  | $ | (14 | ) |  | $ | 2,664 |  |  | $ | (110 | ) |  | $ | 4,913 |  |  | $ | (124 | )
Canadian government | — |  |  | — |  |  | 12,349 |  |  | (745 | ) |  | 12,349 |  |  | (745 | )
Corporate | 814 |  |  | (4 | ) |  | 4,763 |  |  | (151 | ) |  | 5,577 |  |  | (155 | )
Residential mortgage-backed | — |  |  | — |  |  | 50 |  |  | (1 | ) |  | 50 |  |  | (1 | )
Asset-backed | — |  |  | — |  |  | 28 |  |  | (3 | ) |  | 28 |  |  | (3 | )
Total temporarily impaired fixed income securities | $ | 3,063 |  |  | $ | (18 | ) |  | $ | 19,854 |  |  | $ | (1,010 | ) |  | $ | 22,917 |  |  | $ | (1,028 | )
| 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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