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Cemetery Perpetual Care Trust Investments | 6 Months Ended
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Jun. 30, 2013
Cemetery Perpetual Care Trust Investments [Abstract] |
CEMETERY PERPETUAL CARE TRUST INVESTMENTS | CEMETERY PERPETUAL CARE TRUST INVESTMENTS Care trusts’ corpus on our Consolidated Balance Sheets represent the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus as of December 31, 2012 and June 30, 2013 are as follows (in thousands):
| December 31, 2012 |  | June 30, 2013
Trust assets, at fair value | $ | 46,542 |  |  | $ | 39,485 |
Pending withdrawals of income | (659 | ) |  | (464 | )
Pending deposits | 37 |  |  | 112 |
Care trusts’ corpus | $ | 45,920 |  |  | $ | 39,133 |
The income from these perpetual care trusts provides funds necessary to maintain cemetery property and memorials in perpetuity. This trust fund income is recognized, as earned, in cemetery revenues. Trust management fees charged by our wholly-owned registered investment advisor are included in revenue in the period in which they are earned. Where quoted prices are available in an active market, investments held by the trusts are classified as Level 1 investments pursuant to the three-level valuation hierarchy. Our Level 1 investments include cash, common stock, U.S. treasury debt, U.S. agency obligations and equity mutual funds. Where quoted market prices are not available for the specific security, then fair values are estimated by using quoted prices of similar securities in active markets or other inputs other than quoted prices that can corroborate observable market data. These investments are corporate debt, preferred stocks, foreign debt, mortgage backed securities and fixed income securities, all of which are classified within Level 2 of the valuation hierarchy. There were no significant transfers between Levels 1 and 2 for the three months ended June 30, 2013. There are no Level 3 investments in the cemetery perpetual care trust investment portfolio. See Note 11 for further information of the fair value measurement and the three-level valuation hierarchy. The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at June 30, 2013 (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 4,025 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,025 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 1,451 |  |  | 40 |  |  | (41 | ) |  | 1,450 |
Corporate debt | 2 |  | 18,961 |  |  | 391 |  |  | (549 | ) |  | 18,803 |
Preferred stock | 2 |  | 9,818 |  |  | 169 |  |  | (22 | ) |  | 9,965 |
Mortgage backed securities | 2 |  | — |  |  | — |  |  | — |  |  | — |
Common stock | 1 |  | 4,672 |  |  | 439 |  |  | (376 | ) |  | 4,735 |
Trust securities |  |  | $ | 38,927 |  |  | $ | 1,039 |  |  | $ | (988 | ) |  | $ | 38,978 |
Accrued investment income |  |  | $ | 507 |  |  |  |  |  |  | $ | 507 |
Cemetery perpetual care trust investments |  |  |  |  |  |  |  |  | $ | 39,485 |
Fair market value as a percentage of cost |  |  |  |  |  |  |  |  | 100.1 | %
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less | $ | — |
Due in one to five years | 4,877 |
Due in five to ten years | 8,146 |
Thereafter | 17,195 |
| $ | 30,218 |
The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2012 (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 545 |  |  | $ | — |  |  | $ | — |  |  | $ | 545 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 1,267 |  |  | 284 |  |  | — |  |  | 1,551 |
Corporate debt | 2 |  | 24,324 |  |  | 556 |  |  | (323 | ) |  | 24,557 |
Preferred stock | 2 |  | 14,225 |  |  | 525 |  |  | (187 | ) |  | 14,563 |
Mortgage backed securities | 2 |  | 1 |  |  | — |  |  | — |  |  | 1 |
Common stock | 1 |  | 5,563 |  |  | 22 |  |  | (969 | ) |  | 4,616 |
Trust securities |  |  | $ | 45,925 |  |  | $ | 1,387 |  |  | $ | (1,479 | ) |  | $ | 45,833 |
Accrued investment income |  |  | $ | 709 |  |  |  |  |  |  | $ | 709 |
Cemetery perpetual care investments |  |  |  |  |  |  |  |  | $ | 46,542 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 99.8 | %
We are required by various state laws to pay a portion of the proceeds from the sale of cemetery property interment rights into perpetual care trust funds. We determine whether or not the assets in the cemetery perpetual care trusts have an other-than-temporary impairment on a security-by-security basis. This assessment is made based upon a number of criteria including the length of time a security has been in a loss position, changes in market conditions and concerns related to the specific issuer. If a loss is considered to be other-than-temporary, the cost basis of the security is adjusted downward to its fair market value. Any reduction in the cost basis due to an other-than-temporary impairment is also recorded as a reduction to Care trusts’ corpus. We have determined that the unrealized losses in our perpetual care trust investments are considered temporary in nature, as the unrealized losses were due to temporary fluctuations in interest rates and equity prices. The investments are diversified across multiple industry segments using a balanced allocation strategy to minimize long-term risk. We believe that none of the securities are other-than-temporarily impaired based on our analysis of the investments. Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the period as of June 30, 2013 and December 31, 2012, respectively, are shown in the following tables (in thousands):
| June 30, 2013
| In Loss Position Less than 12 months |  | In Loss Position Greater than 12 months |  | Total
| Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Foreign debt | $ | 1,013 |  |  | $ | (41 | ) |  | $ | — |  |  | $ | — |  |  | $ | 1,013 |  |  | $ | (41 | )
Corporate debt | 8,616 |  |  | (306 | ) |  | 578 |  |  | (244 | ) |  | 9,194 |  |  | (550 | )
Preferred stock | 2,097 |  |  | (21 | ) |  | — |  |  | — |  |  | 2,097 |  |  | (21 | )
Common stock | 1,177 |  |  | (234 | ) |  | 438 |  |  | (142 | ) |  | 1,615 |  |  | (376 | )
Total temporary impaired securities | $ | 12,903 |  |  | $ | (602 | ) |  | $ | 1,016 |  |  | $ | (386 | ) |  | $ | 13,919 |  |  | $ | (988 | )
| December 31, 2012
| In Loss Position Less than 12 months |  | In Loss Position Greater than 12 months |  | Total
| Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses |  | Fair market value |  | Unrealized Losses
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Corporate debt | $ | 7,236 |  |  | $ | (207 | ) |  | $ | 396 |  |  | $ | (116 | ) |  | $ | 7,632 |  |  | $ | (323 | )
Preferred stock | 664 |  |  | (34 | ) |  | 1,459 |  |  | (153 | ) |  | 2,123 |  |  | (187 | )
Common stock | 3,231 |  |  | (593 | ) |  | 608 |  |  | (376 | ) |  | 3,839 |  |  | (969 | )
Total temporary impaired securities | $ | 11,131 |  |  | $ | (834 | ) |  | $ | 2,463 |  |  | $ | (645 | ) |  | $ | 13,594 |  |  | $ | (1,479 | )
Perpetual care trust investment security transactions recorded in Interest expense, net of other income in the Consolidated Statements of Operations for the three and six months ended June 30, 2012 and 2013 are as follows (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2012 |  | 2013 |  | 2012 |  | 2013
Undistributable realized gains | $ | 1,269 |  |  | $ | 1,063 |  |  | $ | 2,400 |  |  | $ | 1,087 |
Undistributable realized losses | (1,027 | ) |  | (103 | ) |  | (1,079 | ) |  | (398 | )
Decrease in care trusts’ corpus | (242 | ) |  | (960 | ) |  | (1,321 | ) |  | (689 | )
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Perpetual care trust investment security transactions recorded in Cemetery revenue for the three and six months ended June 30, 2012 and 2013 are as follows (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2012 |  | 2013 |  | 2012 |  | 2013
Interest and dividends | $ | 1,152 |  |  | $ | 1,234 |  |  | $ | 2,303 |  |  | $ | 2,469 |
Realized gains | 300 |  |  | 600 |  |  | 300 |  |  | 1,161 |
Expenses | — |  |  | (266 | ) |  | — |  |  | (478 | )
Total | $ | 1,452 |  |  | $ | 1,568 |  |  | $ | 2,603 |  |  | $ | 3,152 |
Purchases and sales of investments in the perpetual care trusts were as follows (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2012 |  | 2013 |  | 2012 |  | 2013
Purchases | $ | (21,520 | ) |  | $ | (7,252 | ) |  | $ | (37,737 | ) |  | $ | (9,838 | )
Sales | 21,644 |  |  | 8,674 |  |  | 38,265 |  |  | 11,795 |

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- Definition This note represents disclosures relating to cemetery perpetual care activity and major accounts which also include: (1) fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments; (2) variable interest entities; and (3)all other required (as defined) and desired information. + References No definition available. + Details
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