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Preneed Trust Investments (Tables) | 6 Months Ended
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Jun. 30, 2014
Preneed Trust Investments [Abstract] |
Components of preneed cemetery trust investments | The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2013 and June 30, 2014 are as follows (in thousands):
| December 31, 2013 |  | June 30, 2014
Preneed cemetery trust investments, at fair value | $ | 70,386 |  |  | $ | 77,790 |
Less: allowance for contract cancellation | (2,045 | ) |  | (2,144 | )
Preneed cemetery trust investments, net | $ | 68,341 |  |  | $ | 75,646 |
Cost and fair market values associated with preneed cemetery trust investments | The cost and fair market values associated with preneed cemetery trust investments at December 31, 2013 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 1,541 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,541 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 3,460 |  |  | 146 |  |  | (3 | ) |  | 3,603 |
Corporate debt | 2 |  | 32,958 |  |  | 386 |  |  | (1,150 | ) |  | 32,194 |
Preferred stock | 2 |  | 17,754 |  |  | 178 |  |  | (273 | ) |  | 17,659 |
Mortgage backed securities | 2 |  | 1 |  |  | — |  |  | — |  |  | 1 |
Common stock | 1 |  | 12,431 |  |  | 2,362 |  |  | (267 | ) |  | 14,526 |
Trust securities |  |  | $ | 68,145 |  |  | $ | 3,072 |  |  | $ | (1,693 | ) |  | $ | 69,524 |
Accrued investment income |  |  | $ | 862 |  |  |  |  |  |  | $ | 862 |
Preneed cemetery trust investments |  |  |  |  |  |  |  |  | $ | 70,386 |
Fair market value as a percentage of cost |  |  |  |  |  |  |  |  | 102.0 | %
The cost and fair market values associated with preneed cemetery trust investments at June 30, 2014 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 2,342 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,342 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Foreign debt | 2 |  | 4,835 |  |  | 227 |  |  | — |  |  | 5,062 |
Corporate debt | 2 |  | 30,451 |  |  | 906 |  |  | (919 | ) |  | 30,438 |
Preferred stock | 2 |  | 18,271 |  |  | 916 |  |  | (87 | ) |  | 19,100 |
Mortgage backed securities | 2 |  | 1 |  |  | — |  |  | — |  |  | 1 |
Common stock | 1 |  | 15,566 |  |  | 4,757 |  |  | (254 | ) |  | 20,069 |
Trust securities |  |  | $ | 71,466 |  |  | $ | 6,806 |  |  | $ | (1,260 | ) |  | $ | 77,012 |
Accrued investment income |  |  | $ | 778 |  |  |  |  |  |  | $ | 778 |
Preneed cemetery trust investments |  |  |  |  |  |  |  |  | $ | 77,790 |
Fair market value as a percentage of cost |  |  |  |  |  |  |  |  | 107.8 | %
Estimated maturities of fixed preneed cemetery trust income securities | 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 | 6,578 |
Due in five to ten years | 8,752 |
Thereafter | 39,271 |
Total | $ | 54,601 |
Schedule of fair market value and unrealized loss on cemetery merchandise and service trust investments | Our cemetery merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2014 and December 31, 2013, are shown in the following tables (in thousands):
| June 30, 2014
| 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 | $ | 5,331 |  |  | $ | (395 | ) |  | $ | 2,015 |  |  | $ | (524 | ) |  | $ | 7,346 |  |  | $ | (919 | )
Preferred stock | 1,712 |  |  | (16 | ) |  | 3,371 |  |  | (71 | ) |  | 5,083 |  |  | (87 | )
Common stock | 3,126 |  |  | (220 | ) |  | 102 |  |  | (34 | ) |  | 3,228 |  |  | (254 | )
Total temporary impaired securities | $ | 10,169 |  |  | $ | (631 | ) |  | $ | 5,488 |  |  | $ | (629 | ) |  | $ | 15,657 |  |  | $ | (1,260 | )
| December 31, 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 | $ | 802 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | 802 |  |  | $ | (3 | )
Corporate debt | 11,561 |  |  | (553 | ) |  | 769 |  |  | (597 | ) |  | 12,330 |  |  | (1,150 | )
Preferred stock | 9,601 |  |  | (273 | ) |  | — |  |  | — |  |  | 9,601 |  |  | (273 | )
Common stock | 1,077 |  |  | (171 | ) |  | 705 |  |  | (96 | ) |  | 1,782 |  |  | (267 | )
Total temporary impaired securities | $ | 23,041 |  |  | $ | (1,000 | ) |  | $ | 1,474 |  |  | $ | (693 | ) |  | $ | 24,515 |  |  | $ | (1,693 | )
Preneed cemetery trust investment security transactions | Preneed cemetery trust investment security transactions recorded in Interest expense o n our Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2014 were as follows (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2013 |  | 2014 |  | 2013 |  | 2014
Investment income | $ | 1,072 |  |  | $ | 889 |  |  | $ | 1,765 |  |  | $ | 1,432 |
Realized gains | 1,547 |  |  | 1,161 |  |  | 1,585 |  |  | 1,700 |
Realized losses | (144 | ) |  | (640 | ) |  | (574 | ) |  | (828 | )
Expenses and taxes | (1,684 | ) |  | (384 | ) |  | (2,065 | ) |  | (942 | )
Decrease in deferred preneed cemetery receipts held in trust | (791 | ) |  | (1,026 | ) |  | (711 | ) |  | (1,362 | )
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchases and sales of investments in preneed cemetary trusts | Purchases and sales of investments in the preneed cemetery trusts were as follows (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2013 |  | 2014 |  | 2013 |  | 2014
Purchases | $ | (11,543 | ) |  | $ | (13,498 | ) |  | $ | (15,705 | ) |  | $ | (21,658 | )
Sales | $ | 13,811 |  |  | $ | 14,383 |  |  | $ | 18,820 |  |  | $ | 22,921 |
Components of preneed funeral trust investments | The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2013 and June 30, 2014 were as follows (in thousands):
| December 31, 2013 |  | June 30, 2014
Preneed funeral trust investments, at market value | $ | 100,005 |  |  | $ | 103,237 |
Less: allowance for contract cancellation | (2,861 | ) |  | (2,890 | )
Preneed funeral trust investments, net | $ | 97,144 |  |  | $ | 100,347 |
Estimated maturities of fixed preneed funeral trust income securities | The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less | $ | 571 |
Due in one to five years | 6,403 |
Due in five to ten years | 8,092 |
Thereafter | 33,643 |
Total | $ | 48,709 |
Cost and fair market values associated with preneed funeral trust investments | The cost and fair market values associated with preneed funeral trust investments at December 31, 2013 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 14,631 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,631 |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. treasury debt | 1 |  | 2,212 |  |  | 47 |  |  | (54 | ) |  | 2,205 |
U.S. agency obligations | 1 |  | 401 |  |  | 8 |  |  | (7 | ) |  | 402 |
Foreign debt | 2 |  | 2,726 |  |  | 115 |  |  | (2 | ) |  | 2,839 |
Corporate debt | 2 |  | 27,993 |  |  | 375 |  |  | (957 | ) |  | 27,411 |
Preferred stock | 2 |  | 15,949 |  |  | 292 |  |  | (282 | ) |  | 15,959 |
Mortgage backed securities | 2 |  | 1 |  |  | — |  |  | — |  |  | 1 |
Common stock | 1 |  | 10,681 |  |  | 2,092 |  |  | (237 | ) |  | 12,536 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 11,632 |  |  | 2,708 |  |  | (22 | ) |  | 14,318 |
Fixed income | 2 |  | 5,455 |  |  | 88 |  |  | (179 | ) |  | 5,364 |
Other investments | 2 |  | 3,686 |  |  | — |  |  | (26 | ) |  | 3,660 |
Trust securities |  |  | $ | 95,367 |  |  | $ | 5,725 |  |  | $ | (1,766 | ) |  | $ | 99,326 |
Accrued investment income |  |  | $ | 679 |  |  |  |  |  |  | $ | 679 |
Preneed funeral trust investments |  |  |  |  |  |  |  |  | $ | 100,005 |
Fair market value as a percentage of cost |  |  |  |  |  |  |  |  | 104.2 | %
The cost and fair market values associated with preneed funeral trust investments at June 30, 2014 are detailed below (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 13,967 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,967 |
Fixed income securities: |  |  |  |  |  |  |  |  |
U.S. treasury debt | 1 |  | 2,605 |  |  | 39 |  |  | (28 | ) |  | 2,616 |
U.S. agency obligations | 2 |  | 31 |  |  | — |  |  | — |  |  | 31 |
Foreign debt | 2 |  | 3,886 |  |  | 182 |  |  | — |  |  | 4,068 |
Corporate debt | 2 |  | 25,165 |  |  | 898 |  |  | (741 | ) |  | 25,322 |
Preferred stock | 2 |  | 15,561 |  |  | 832 |  |  | (70 | ) |  | 16,323 |
Mortgage backed securities | 2 |  | 342 |  |  | 11 |  |  | (4 | ) |  | 349 |
Common stock | 1 |  | 12,737 |  |  | 3,903 |  |  | (210 | ) |  | 16,430 |
Mutual funds: |  |  |  |  |  |  |  |  |
Equity | 1 |  | 13,858 |  |  | 1,378 |  |  | (1 | ) |  | 15,235 |
Fixed income | 2 |  | 5,332 |  |  | 184 |  |  | (64 | ) |  | 5,452 |
Other investments | 2 |  | 2,838 |  |  | — |  |  | (29 | ) |  | 2,809 |
Trust securities |  |  | $ | 96,322 |  |  | $ | 7,427 |  |  | $ | (1,147 | ) |  | $ | 102,602 |
Accrued investment income |  |  | $ | 635 |  |  |  |  |  |  | $ | 635 |
Preneed funeral trust investments |  |  |  |  |  |  |  |  | $ | 103,237 |
Fair market value as a percentage of cost |  |  |  |  |  |  |  |  | 106.5 | %
Schedule of fair market value and unrealized loss on preneed funeral trust investments | Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of June 30, 2014 and December 31, 2013 are shown in the following tables (in thousands):
| June 30, 2014
| 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: |  |  |  |  |  |  |  |  |  |  |
U.S. debt | $ | 498 |  |  | $ | (2 | ) |  | $ | 826 |  |  | $ | (27 | ) |  | $ | 1,324 |  |  | $ | (29 | )
Corporate debt | 4,298 |  |  | (318 | ) |  | 1,624 |  |  | (422 | ) |  | 5,922 |  |  | (740 | )
Preferred stock | 1,375 |  |  | (13 | ) |  | 2,709 |  |  | (57 | ) |  | 4,084 |  |  | (70 | )
Mortgage backed securities | — |  |  | — |  |  | 86 |  |  | (4 | ) |  | 86 |  |  | (4 | )
Mutual funds: |  |  |  |  |  |  |  |  |  |  |
Equity | 2,589 |  |  | (182 | ) |  | 85 |  |  | (28 | ) |  | 2,674 |  |  | (210 | )
Equity and other | 61 |  |  | — |  |  | 20 |  |  | (1 | ) |  | 81 |  |  | (1 | )
Fixed income | 219 |  |  | — |  |  | 1,457 |  |  | (64 | ) |  | 1,676 |  |  | (64 | )
Other investments | — |  |  | — |  |  | 44 |  |  | (29 | ) |  | 44 |  |  | (29 | )
Total temporary impaired securities | $ | 9,040 |  |  | $ | (515 | ) |  | $ | 6,851 |  |  | $ | (632 | ) |  | $ | 15,891 |  |  | $ | (1,147 | )
| December 31, 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: |  |  |  |  |  |  |  |  |  |  |
U.S. debt | $ | — |  |  | $ | — |  |  | $ | 816 |  |  | $ | (54 | ) |  | $ | 816 |  |  | $ | (54 | )
U.S. agency obligations | — |  |  | — |  |  | 211 |  |  | (7 | ) |  | 211 |  |  | (7 | )
Foreign debt | 632 |  |  | (2 | ) |  | — |  |  | — |  |  | 632 |  |  | (2 | )
Corporate debt | 9,620 |  |  | (460 | ) |  | 640 |  |  | (497 | ) |  | 10,260 |  |  | (957 | )
Preferred stock | 9,918 |  |  | (282 | ) |  | — |  |  | — |  |  | 9,918 |  |  | (282 | )
Mutual funds: |  |  |  |  |  |  |  |  |  |  |
Equity | 954 |  |  | (152 | ) |  | 626 |  |  | (85 | ) |  | 1,580 |  |  | (237 | )
Equity and other | 314 |  |  | (13 | ) |  | 195 |  |  | (9 | ) |  | 509 |  |  | (22 | )
Fixed income | 865 |  |  | (43 | ) |  | 1,420 |  |  | (136 | ) |  | 2,285 |  |  | (179 | )
Other investments | — |  |  | — |  |  | 44 |  |  | (26 | ) |  | 44 |  |  | (26 | )
Total temporary impaired securities | $ | 22,303 |  |  | $ | (952 | ) |  | $ | 3,952 |  |  | $ | (814 | ) |  | $ | 26,255 |  |  | $ | (1,766 | )
Preneed funeral trust investment security transactions | Preneed funeral trust investment security transactions recorded in Interest expense o n the Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2014 were as follows (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2013 |  | 2014 |  | 2013 |  | 2014
Investment income | $ | 917 |  |  | $ | 846 |  |  | $ | 1,523 |  |  | $ | 1,491 |
Realized gains | 1,087 |  |  | 2,937 |  |  | 6,214 |  |  | 3,431 |
Realized losses | (221 | ) |  | (538 | ) |  | (5,553 | ) |  | (736 | )
Expenses and taxes | (807 | ) |  | (493 | ) |  | (1,055 | ) |  | (898 | )
Decrease in deferred preneed funeral receipts held in trust | (976 | ) |  | (2,752 | ) |  | (1,129 | ) |  | (3,288 | )
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchases and sales of investments in preneed funeral trusts | Purchases and sales of investments in the preneed funeral trusts were as follows (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2013 |  | 2014 |  | 2013 |  | 2014
Purchases | $ | (7,903 | ) |  | $ | (22,526 | ) |  | $ | (11,089 | ) |  | $ | (29,517 | )
Sales | $ | 10,313 |  |  | $ | 22,612 |  |  | $ | 14,228 |  |  | $ | 30,149 |

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