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Preneed Activities Level 3 (Tables) - USD ($) $ in Thousands | 3 Months Ended |
--- | --- | ---
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020
Preneed Activities [Abstract] |  |  |
Investment related activities [Table Text Block] |
| Three months ended March 31, |
| 2021 |  | 2020 |
| (In thousands)
Deposits | $ | 120,283 |  |  | $ | 105,553 |  |
Withdrawals | $ | 112,580 |  |  | $ | 114,592 |  |
Purchases of securities | $ | 431,801 |  |  | $ | 434,367 |  |
Sales of securities | $ | 427,503 |  |  | $ | 334,140 |  |
Realized gains from sales of securities(1) | $ | 130,187 |  |  | $ | 52,157 |  |
Realized losses from sales of securities(1) | $ | (16,168) |  |  | $ | (85,402) |  |
Long-term receivable and investment components [Table Text Block] |
| March 31, 2021 |  | December 31, 2020
| (In thousands)
Preneed receivables, net | $ | 1,124,838 |  |  | $ | 1,069,965 |
Trust investments, at market | 6,062,704 |  |  | 5,851,188 |
Insurance-backed fixed income securities and other | 243,307 |  |  | 245,056 |
Trust investments | 6,306,011 |  |  | 6,096,244 |
Less: Cemetery perpetual care trust investments | (1,881,728) |  |  | (1,820,489) |
Preneed trust investments | 4,424,283 |  |  | 4,275,755 |
Preneed receivables, net and trust investments | $ | 5,549,121 |  |  | $ | 5,345,720 |
Preneed receivables, net comprised the following:
| March 31, 2021
| Funeral |  | Cemetery |  | Total
| (In thousands)
Preneed receivables | $ | 151,293 |  |  | $ | 1,024,209 |  |  | $ | 1,175,502 |
Unearned finance charges | (13,339) |  |  | (17,288) |  |  | (30,627) |
Preneed receivables, at amortized cost | 137,954 |  |  | 1,006,921 |  |  | 1,144,875 |
Reserve for credit losses | (11,450) |  |  | (8,587) |  |  | (20,037) |
Preneed receivables, net | $ | 126,504 |  |  | $ | 998,334 |  |  | $ | 1,124,838 |
| December 31, 2020
| Funeral |  | Cemetery |  | Total
| (In thousands)
Preneed receivables | $ | 143,896 |  |  | $ | 979,259 |  |  | $ | 1,123,155 |
Unearned finance charges | (14,018) |  |  | (19,968) |  |  | (33,986) |
Preneed receivables, at amortized cost | 129,878 |  |  | 959,291 |  |  | 1,089,169 |
Reserve for credit losses | (10,940) |  |  | (8,264) |  |  | (19,204) |
Preneed receivables, net | $ | 118,938 |  |  | $ | 951,027 |  |  | $ | 1,069,965 |
Preneed Funeral Receivables, Net and Trust Investments [Table Text Block] | The components of Preneed receivables, net and trust investments in our unaudited Condensed Consolidated Balance Sheet were as follows:
| March 31, 2021 |  | December 31, 2020
| (In thousands)
Preneed receivables, net | $ | 1,124,838 |  |  | $ | 1,069,965 |
Trust investments, at market | 6,062,704 |  |  | 5,851,188 |
Insurance-backed fixed income securities and other | 243,307 |  |  | 245,056 |
Trust investments | 6,306,011 |  |  | 6,096,244 |
Less: Cemetery perpetual care trust investments | (1,881,728) |  |  | (1,820,489) |
Preneed trust investments | 4,424,283 |  |  | 4,275,755 |
Preneed receivables, net and trust investments | $ | 5,549,121 |  |  | $ | 5,345,720 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] |
|  | March 31, 2021
| Fair Value Hierarchy Level | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Value
|  |  |  | (In thousands) |  |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. Treasury | 2 | $ | 46,312 |  |  | $ | 1,197 |  |  | $ | (374) |  |  | $ | 47,135 |
Canadian government | 2 | 29,396 |  |  | 45 |  |  | (4) |  |  | 29,437 |
Corporate | 2 | 1,445 |  |  | 10 |  |  | (15) |  |  | 1,440 |
Residential mortgage-backed | 2 | 1,072 |  |  | 77 |  |  | (5) |  |  | 1,144 |
Asset-backed | 2 | 283 |  |  | 2 |  |  | (17) |  |  | 268 |
Equity securities: |  |  |  |  |  |  |  |
Preferred stock | 2 | 1,378 |  |  | 54 |  |  | (5) |  |  | 1,427 |
Common stock: |  |  |  |  |  |  |  |
United States | 1 | 1,538,711 |  |  | 590,244 |  |  | (35,351) |  |  | 2,093,604 |
Canada | 1 | 41,103 |  |  | 14,098 |  |  | (2,165) |  |  | 53,036 |
Other international | 1 | 102,439 |  |  | 40,452 |  |  | (2,430) |  |  | 140,461 |
Mutual funds: |  |  |  |  |  |  |  |
Equity | 1 | 800,930 |  |  | 125,413 |  |  | (5,679) |  |  | 920,664 |
Fixed income | 1 | 1,048,187 |  |  | 18,413 |  |  | (13,254) |  |  | 1,053,346 |
Other | 3 | 187 |  |  | 2 |  |  | — |  |  | 189 |
Trust investments, at fair value |  | 3,611,443 |  |  | 790,007 |  |  | (59,299) |  |  | 4,342,151 |
Commingled funds |  |  |  |  |  |  |  |
Fixed income |  | 660,474 |  |  | 26,441 |  |  | (2,329) |  |  | 684,586 |
Equity |  | 278,866 |  |  | 100,757 |  |  | (93) |  |  | 379,530 |
Money market funds |  | 326,518 |  |  | — |  |  | — |  |  | 326,518 |
Private equity |  | 270,786 |  |  | 67,134 |  |  | (8,001) |  |  | 329,919 |
Trust investments, at net asset value |  | 1,536,644 |  |  | 194,332 |  |  | (10,423) |  |  | 1,720,553 |
Trust investments, at market |  | $ | 5,148,087 |  |  | $ | 984,339 |  |  | $ | (69,722) |  |  | $ | 6,062,704 |
|  | December 31, 2020
| Fair Value Hierarchy Level | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Value
|  |  |  | (In thousands) |  |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. Treasury | 2 | $ | 44,907 |  |  | $ | 1,566 |  |  | $ | (272) |  |  | $ | 46,201 |
Canadian government | 2 | 30,210 |  |  | 51 |  |  | (157) |  |  | 30,104 |
Corporate | 2 | 1,669 |  |  | 14 |  |  | (8) |  |  | 1,675 |
Residential mortgage-backed | 2 | 2,438 |  |  | 131 |  |  | — |  |  | 2,569 |
Asset-backed | 2 | 174 |  |  | 3 |  |  | (5) |  |  | 172 |
Equity securities: |  |  |  |  |  |  |  |
Preferred stock | 2 | 358 |  |  | — |  |  | (24) |  |  | 334 |
Common stock: |  |  |  |  |  |  |  |
United States | 1 | 1,500,125 |  |  | 503,757 |  |  | (54,748) |  |  | 1,949,134 |
Canada | 1 | 35,016 |  |  | 10,915 |  |  | (1,823) |  |  | 44,108 |
Other international | 1 | 110,775 |  |  | 39,837 |  |  | (1,831) |  |  | 148,781 |
Mutual funds: |  |  |  |  |  |  |  |
Equity | 1 | 821,406 |  |  | 95,155 |  |  | (10,437) |  |  | 906,124 |
Fixed income | 1 | 1,022,409 |  |  | 35,872 |  |  | (19,298) |  |  | 1,038,983 |
Other | 3 | 188 |  |  | 2 |  |  | — |  |  | 190 |
Trust investments, at fair value |  | 3,569,675 |  |  | 687,303 |  |  | (88,603) |  |  | 4,168,375 |
Commingled funds |  |  |  |  |  |  |  |
Fixed income |  | 657,219 |  |  | 37,474 |  |  | (173) |  |  | 694,520 |
Equity |  | 283,329 |  |  | 97,704 |  |  | — |  |  | 381,033 |
Money market funds |  | 330,745 |  |  | — |  |  | — |  |  | 330,745 |
Private equity |  | 217,953 |  |  | 68,846 |  |  | (10,284) |  |  | 276,515 |
Trust investments, at net asset value |  | 1,489,246 |  |  | 204,024 |  |  | (10,457) |  |  | 1,682,813 |
Trust investments, at market |  | $ | 5,058,921 |  |  | $ | 891,327 |  |  | $ | (99,060) |  |  | $ | 5,851,188 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The change in our market-based trust investments with significant unobservable inputs (Level 3) is as follows:
|  |  | Three months ended March 31,
|  |  | 2021 |  | 2020
|  | (in thousands)
Fair value, beginning balance |  |  | $ | 190 |  |  | $ | 8,218 |
Net realized and unrealized gains (losses) included in Other income (expense), net(1) |  |  | (1) |  |  | (974) |
Purchases |  |  | — |  |  | 10 |
Sales |  |  | — |  |  | (25) |
Transfers |  |  | — |  |  | (6,811) |
Fair value, ending balance |  |  | $ | 189 |  |  | $ | 418 |
(1)All net realized and unrealized gains (losses) recognized in Other income (expense), net for our trust investments are offset by a corresponding reclassification in Other income (expense), net to Deferred receipts held in trust and Care trusts' corpus. |  |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
|  |  | Three months ended March 31,
|  |  | 2021 |  | 2020
|  | (in thousands)
Fair value, beginning balance |  |  | $ | 190 |  |  | $ | 8,218 |
Net realized and unrealized gains (losses) included in Other income (expense), net(1) |  |  | (1) |  |  | (974) |
Purchases |  |  | — |  |  | 10 |
Sales |  |  | — |  |  | (25) |
Transfers |  |  | — |  |  | (6,811) |
Fair value, ending balance |  |  | $ | 189 |  |  | $ | 418 |
Preneed Activities Text Block | Preneed Activities Preneed receivables, net and trust investments The components of Preneed receivables, net and trust investments in our unaudited Condensed Consolidated Balance Sheet were as follows:
| March 31, 2021 |  | December 31, 2020
| (In thousands)
Preneed receivables, net | $ | 1,124,838 |  |  | $ | 1,069,965 |
Trust investments, at market | 6,062,704 |  |  | 5,851,188 |
Insurance-backed fixed income securities and other | 243,307 |  |  | 245,056 |
Trust investments | 6,306,011 |  |  | 6,096,244 |
Less: Cemetery perpetual care trust investments | (1,881,728) |  |  | (1,820,489) |
Preneed trust investments | 4,424,283 |  |  | 4,275,755 |
Preneed receivables, net and trust investments | $ | 5,549,121 |  |  | $ | 5,345,720 |
Preneed receivables, net comprised the following:
| March 31, 2021
| Funeral |  | Cemetery |  | Total
| (In thousands)
Preneed receivables | $ | 151,293 |  |  | $ | 1,024,209 |  |  | $ | 1,175,502 |
Unearned finance charges | (13,339) |  |  | (17,288) |  |  | (30,627) |
Preneed receivables, at amortized cost | 137,954 |  |  | 1,006,921 |  |  | 1,144,875 |
Reserve for credit losses | (11,450) |  |  | (8,587) |  |  | (20,037) |
Preneed receivables, net | $ | 126,504 |  |  | $ | 998,334 |  |  | $ | 1,124,838 |
| December 31, 2020
| Funeral |  | Cemetery |  | Total
| (In thousands)
Preneed receivables | $ | 143,896 |  |  | $ | 979,259 |  |  | $ | 1,123,155 |
Unearned finance charges | (14,018) |  |  | (19,968) |  |  | (33,986) |
Preneed receivables, at amortized cost | 129,878 |  |  | 959,291 |  |  | 1,089,169 |
Reserve for credit losses | (10,940) |  |  | (8,264) |  |  | (19,204) |
Preneed receivables, net | $ | 118,938 |  |  | $ | 951,027 |  |  | $ | 1,069,965 |
At March 31, 2021, the amortized cost basis of our preneed receivables by year of origination was as follows:
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
| (In thousands)
Preneed receivables, at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Funeral | $ | 24,115 |  |  | $ | 52,370 |  |  | $ | 32,855 |  |  | $ | 11,182 |  |  | $ | 5,300 |  |  | $ | 12,132 |  |  | $ | 137,954 |
Cemetery | 142,146 |  |  | 399,260 |  |  | 209,141 |  |  | 132,126 |  |  | 75,248 |  |  | 49,000 |  |  | 1,006,921 |
Total preneed receivables, at amortized cost | $ | 166,261 |  |  | $ | 451,630 |  |  | $ | 241,996 |  |  | $ | 143,308 |  |  | $ | 80,548 |  |  | $ | 61,132 |  |  | $ | 1,144,875 |
At March 31, 2021, the payment status of our preneed receivables was as follows:
| Past Due |  |  |  |
| <30 Days |  | 30-90 Days |  | 90-180 Days |  | >180 Days |  | Total |  | Current |  | Total
| (In thousands)
Preneed receivables, at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Funeral | $ | 3,608 |  |  | $ | 2,047 |  |  | $ | 1,623 |  |  | $ | 16,453 |  |  | $ | 23,731 |  |  | $ | 114,223 |  |  | $ | 137,954 |
Cemetery | 25,626 |  |  | 17,921 |  |  | 4,322 |  |  | 888 |  |  | 48,757 |  |  | 958,164 |  |  | 1,006,921 |
Total preneed receivables, at amortized cost | $ | 29,234 |  |  | $ | 19,968 |  |  | $ | 5,945 |  |  | $ | 17,341 |  |  | $ | 72,488 |  |  | $ | 1,072,387 |  |  | $ | 1,144,875 |
The following table summarizes the activity for the reserve for credit losses on preneed receivables for the three months ended March 31, 2021:
| January 1, 2021 |  | Provision for Expected Credit Losses |  |  |  | Write Offs |  |  |  | Effect of Foreign Currency |  | March 31, 2021
| (In thousands)
Funeral | $ | (10,940) |  |  | $ | (1,366) |  |  |  |  | $ | 857 |  |  |  |  | $ | (1) |  |  | $ | (11,450) |
Cemetery | (8,264) |  |  | (408) |  |  |  |  | 89 |  |  |  |  | (4) |  |  | (8,587) |
Total reserve for credit losses on preneed receivables | $ | (19,204) |  |  | $ | (1,774) |  |  |  |  | $ | 946 |  |  |  |  | $ | (5) |  |  | $ | (20,037) |
The table below sets forth certain investment-related activities associated with our trusts:
| Three months ended March 31, |
| 2021 |  | 2020 |
| (In thousands)
Deposits | $ | 120,283 |  |  | $ | 105,553 |  |
Withdrawals | $ | 112,580 |  |  | $ | 114,592 |  |
Purchases of securities | $ | 431,801 |  |  | $ | 434,367 |  |
Sales of securities | $ | 427,503 |  |  | $ | 334,140 |  |
Realized gains from sales of securities(1) | $ | 130,187 |  |  | $ | 52,157 |  |
Realized losses from sales of securities(1) | $ | (16,168) |  |  | $ | (85,402) |  |
(1)All realized gains and losses are recognized in Other income (expense), net for our trust investments and are offset by a corresponding reclassification in Other income (expense), net to Deferred receipts held in trust and Care trusts’ corpus. The cost and market values associated with trust investments recorded at market value are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities held by the trusts.
|  | March 31, 2021
| Fair Value Hierarchy Level | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Value
|  |  |  | (In thousands) |  |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. Treasury | 2 | $ | 46,312 |  |  | $ | 1,197 |  |  | $ | (374) |  |  | $ | 47,135 |
Canadian government | 2 | 29,396 |  |  | 45 |  |  | (4) |  |  | 29,437 |
Corporate | 2 | 1,445 |  |  | 10 |  |  | (15) |  |  | 1,440 |
Residential mortgage-backed | 2 | 1,072 |  |  | 77 |  |  | (5) |  |  | 1,144 |
Asset-backed | 2 | 283 |  |  | 2 |  |  | (17) |  |  | 268 |
Equity securities: |  |  |  |  |  |  |  |
Preferred stock | 2 | 1,378 |  |  | 54 |  |  | (5) |  |  | 1,427 |
Common stock: |  |  |  |  |  |  |  |
United States | 1 | 1,538,711 |  |  | 590,244 |  |  | (35,351) |  |  | 2,093,604 |
Canada | 1 | 41,103 |  |  | 14,098 |  |  | (2,165) |  |  | 53,036 |
Other international | 1 | 102,439 |  |  | 40,452 |  |  | (2,430) |  |  | 140,461 |
Mutual funds: |  |  |  |  |  |  |  |
Equity | 1 | 800,930 |  |  | 125,413 |  |  | (5,679) |  |  | 920,664 |
Fixed income | 1 | 1,048,187 |  |  | 18,413 |  |  | (13,254) |  |  | 1,053,346 |
Other | 3 | 187 |  |  | 2 |  |  | — |  |  | 189 |
Trust investments, at fair value |  | 3,611,443 |  |  | 790,007 |  |  | (59,299) |  |  | 4,342,151 |
Commingled funds |  |  |  |  |  |  |  |
Fixed income |  | 660,474 |  |  | 26,441 |  |  | (2,329) |  |  | 684,586 |
Equity |  | 278,866 |  |  | 100,757 |  |  | (93) |  |  | 379,530 |
Money market funds |  | 326,518 |  |  | — |  |  | — |  |  | 326,518 |
Private equity |  | 270,786 |  |  | 67,134 |  |  | (8,001) |  |  | 329,919 |
Trust investments, at net asset value |  | 1,536,644 |  |  | 194,332 |  |  | (10,423) |  |  | 1,720,553 |
Trust investments, at market |  | $ | 5,148,087 |  |  | $ | 984,339 |  |  | $ | (69,722) |  |  | $ | 6,062,704 |
|  | December 31, 2020
| Fair Value Hierarchy Level | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Value
|  |  |  | (In thousands) |  |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. Treasury | 2 | $ | 44,907 |  |  | $ | 1,566 |  |  | $ | (272) |  |  | $ | 46,201 |
Canadian government | 2 | 30,210 |  |  | 51 |  |  | (157) |  |  | 30,104 |
Corporate | 2 | 1,669 |  |  | 14 |  |  | (8) |  |  | 1,675 |
Residential mortgage-backed | 2 | 2,438 |  |  | 131 |  |  | — |  |  | 2,569 |
Asset-backed | 2 | 174 |  |  | 3 |  |  | (5) |  |  | 172 |
Equity securities: |  |  |  |  |  |  |  |
Preferred stock | 2 | 358 |  |  | — |  |  | (24) |  |  | 334 |
Common stock: |  |  |  |  |  |  |  |
United States | 1 | 1,500,125 |  |  | 503,757 |  |  | (54,748) |  |  | 1,949,134 |
Canada | 1 | 35,016 |  |  | 10,915 |  |  | (1,823) |  |  | 44,108 |
Other international | 1 | 110,775 |  |  | 39,837 |  |  | (1,831) |  |  | 148,781 |
Mutual funds: |  |  |  |  |  |  |  |
Equity | 1 | 821,406 |  |  | 95,155 |  |  | (10,437) |  |  | 906,124 |
Fixed income | 1 | 1,022,409 |  |  | 35,872 |  |  | (19,298) |  |  | 1,038,983 |
Other | 3 | 188 |  |  | 2 |  |  | — |  |  | 190 |
Trust investments, at fair value |  | 3,569,675 |  |  | 687,303 |  |  | (88,603) |  |  | 4,168,375 |
Commingled funds |  |  |  |  |  |  |  |
Fixed income |  | 657,219 |  |  | 37,474 |  |  | (173) |  |  | 694,520 |
Equity |  | 283,329 |  |  | 97,704 |  |  | — |  |  | 381,033 |
Money market funds |  | 330,745 |  |  | — |  |  | — |  |  | 330,745 |
Private equity |  | 217,953 |  |  | 68,846 |  |  | (10,284) |  |  | 276,515 |
Trust investments, at net asset value |  | 1,489,246 |  |  | 204,024 |  |  | (10,457) |  |  | 1,682,813 |
Trust investments, at market |  | $ | 5,058,921 |  |  | $ | 891,327 |  |  | $ | (99,060) |  |  | $ | 5,851,188 |
Our private equity investments include several funds that invest in limited partnerships, distressed debt, real estate, and mezzanine financing. These investments can never be redeemed by the funds. Instead, due to the nature of the investments in this category, distributions are received through the liquidation of the underlying assets of the funds. The funds' managers have not communicated the timing of any liquidations. The change in our market-based trust investments with significant unobservable inputs (Level 3) is as follows:
|  |  | Three months ended March 31,
|  |  | 2021 |  | 2020
|  | (in thousands)
Fair value, beginning balance |  |  | $ | 190 |  |  | $ | 8,218 |
Net realized and unrealized gains (losses) included in Other income (expense), net(1) |  |  | (1) |  |  | (974) |
Purchases |  |  | — |  |  | 10 |
Sales |  |  | — |  |  | (25) |
Transfers |  |  | — |  |  | (6,811) |
Fair value, ending balance |  |  | $ | 189 |  |  | $ | 418 |
(1)All net realized and unrealized gains (losses) recognized in Other income (expense), net for our trust investments are offset by a corresponding reclassification in Other income (expense), net to Deferred receipts held in trust and Care trusts' corpus. Maturity dates of our fixed income securities range from 2021 to 2040. Maturities of fixed income securities (excluding mutual funds) at March 31, 2021 are estimated as follows:
| Fair Value
| (In thousands)
Due in one year or less | $ | 47,498 |
Due in one to five years | 24,382 |
Due in five to ten years | 7,313 |
Thereafter | 231 |
Total estimated maturities of fixed income securities | $ | 79,424 |
Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $45.0 million and $32.2 million, for the three months ended March 31, 2021 and 2020, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $20.8 million and $19.5 million for the three months ended March 31, 2021 and 2020, respectively. Trust fund income is up significantly compared to the prior year due to higher investment returns and from the increase in services performed. Deferred revenue, net Deferred revenue, net represents future revenue, including distributed trust investment earnings associated with unperformed trust-funded preneed contracts that are not held in trust accounts. Future revenue and net trust investment earnings that are held in trust accounts are included in Deferred receipts held in trust. The components of Deferred revenue, net in our unaudited Condensed Consolidated Balance Sheet were as follows:
| March 31, 2021 |  | December 31, 2020 |  |
| (In thousands)
Deferred revenue | $ | 2,151,333 |  |  | $ | 2,127,878 |  |  |
Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts | (649,759) |  |  | (638,969) |  |  |
Deferred revenue, net | $ | 1,501,574 |  |  | $ | 1,488,909 |  |  |
The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust:
| Three months ended March 31,
| 2021 |  | 2020
| (In thousands)
Beginning balance — Deferred revenue, net and Deferred receipts held in trust | $ | 5,761,291 |  |  | $ | 5,306,479 |
Net preneed contract sales | 313,483 |  |  | 238,471 |
(Dispositions) acquisitions of businesses, net | (441) |  |  | 12,743 |
Net investment (losses) gains(1) | 146,160 |  |  | (665,127) |
Recognized revenue from backlog(2) | (156,461) |  |  | (121,611) |
Recognized revenue from current period sales | (133,633) |  |  | (107,821) |
Change in amounts due on unfulfilled performance obligations | (10,387) |  |  | (2,555) |
Change in cancellation reserve | 113 |  |  | 1,095 |
Effect of foreign currency and other | 3,780 |  |  | (17,468) |
Ending balance — Deferred revenue, net and Deferred receipts held in trust | $ | 5,923,905 |  |  | $ | 4,644,206 |
(1)Includes both realized and unrealized investment (losses) gains. (2)Includes current year trust fund income through the date of performance. |  |
Deferred Preneed Funeral Revenues [Table Text Block] | The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust:
| Three months ended March 31,
| 2021 |  | 2020
| (In thousands)
Beginning balance — Deferred revenue, net and Deferred receipts held in trust | $ | 5,761,291 |  |  | $ | 5,306,479 |
Net preneed contract sales | 313,483 |  |  | 238,471 |
(Dispositions) acquisitions of businesses, net | (441) |  |  | 12,743 |
Net investment (losses) gains(1) | 146,160 |  |  | (665,127) |
Recognized revenue from backlog(2) | (156,461) |  |  | (121,611) |
Recognized revenue from current period sales | (133,633) |  |  | (107,821) |
Change in amounts due on unfulfilled performance obligations | (10,387) |  |  | (2,555) |
Change in cancellation reserve | 113 |  |  | 1,095 |
Effect of foreign currency and other | 3,780 |  |  | (17,468) |
Ending balance — Deferred revenue, net and Deferred receipts held in trust | $ | 5,923,905 |  |  | $ | 4,644,206 |
(1)Includes both realized and unrealized investment (losses) gains. |  |
Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,124,838 |  | $ 1,069,965
Assets Held-in-trust | 6,062,704 |  | 5,851,188
Insurance-backed fixed income securities and other [Line Items] | 243,307 |  | 245,056
Cemetery perpetual care trust investments | $ (1,881,728) |  | $ (1,820,489)
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturity dates of our fixed income securities range from 2021 to 2040. Maturities of fixed income securities (excluding mutual funds) at March 31, 2021 are estimated as follows:
| Fair Value
| (In thousands)
Due in one year or less | $ | 47,498 |
Due in one to five years | 24,382 |
Due in five to ten years | 7,313 |
Thereafter | 231 |
Total estimated maturities of fixed income securities | $ | 79,424 |

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