Preneed Trust Investments (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Available-for-sale Securities [Line Items]

Components of Preneed Cemetery Trust Investments

The components of Preneed cemetery trust investments on our Consolidated Balance Sheets at December 31, 2013 and 2014 were as follows (in thousands):



	December 31, 2013			December 31, 2014
Preneed cemetery trust investments, at market value	$	70,386		$	74,198
Less: allowance for contract cancellation	(2,045		)	(2,226		)
Preneed cemetery trust investments, net	$	68,341		$	71,972

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, 2014 are detailed below (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	5,591	$	—	$	—		$	5,591
Fixed income securities:
Municipal bonds	2	347		9		—			356
Foreign debt	2	5,874		—		(237		)	5,637
Corporate debt	2	30,108		362		(2,167		)	28,303
Preferred stock	2	19,154		199		(325		)	19,028
Mortgage backed securities	2	1		—		—			1
Common stock	1	13,128		2,357		(966		)	14,519
Trust securities		$	74,203	$	2,927	$	(3,695	)	$	73,435
Accrued investment income		$	763						$	763
Preneed cemetery trust investments									$	74,198
Market value as a percentage of cost									99.0		%

The cost and 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
Market value as a percentage of cost									102.0		%

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	5,740
Due in five to ten years	7,563
Thereafter	40,022
Total fixed income securities	$	53,325

Preneed cemetery trust investment security transactions

Preneed cemetery trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the years ended December 31, 2012, 2013 and 2014 were as follows (in thousands):



	Year ended December 31,
	2012			2013			2014
Investment income	$	4,038		$	3,349		$	2,840
Realized gains	10,497			3,018			5,712
Realized losses	(3,574		)	(763		)	(2,789		)
Expenses and taxes	(2,769		)	(2,934		)	(1,716		)
Increase in deferred preneed cemetery receipts held in trust	(8,192		)	(2,670		)	(4,047		)
	$	—		$	—		$	—

Purchases and sales of investments in preneed cemetary trusts

Purchases and sales of investments in the preneed cemetery trusts were as follows (in thousands):



	Year ended December 31,
	2012			2013			2014
Purchases	$	(126,043	)	$	(46,558	)	$	(53,443	)
Sales	125,897			47,318			58,022

Components of preneed funeral trust investments

The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2013 and 2014 were as follows (in thousands):



	December 31, 2013			December 31, 2014
Preneed funeral trust investments, at market value	$	100,005		$	100,579
Less: allowance for contract cancellation	(2,861		)	(2,972		)
Preneed funeral trust investments, net	$	97,144		$	97,607

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, 2014 are detailed below (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	17,501	$	—	$	—		$	17,501
Fixed income securities:
U.S. treasury debt	1	2,037		32		(15		)	2,054
U.S. agency obligations	2	30		—		—			30
Foreign debt	2	4,653		—		(188		)	4,465
Corporate debt	2	24,761		469		(1,718		)	23,512
Preferred stock	2	16,166		256		(261		)	16,161
Mortgage backed securities	2	309		8		(3		)	314
Common stock	1	10,544		1,926		(783		)	11,687
Mutual funds:
Equity	1	14,126		1,370		(181		)	15,315
Fixed income	2	5,351		115		(72		)	5,394
Other investments	2	3,560		—		(29		)	3,531
Trust securities		$	99,038	$	4,176	$	(3,250	)	$	99,964
Accrued investment income		$	615						$	615
Preneed funeral trust investments									$	100,579
Market value as a percentage of cost									100.9		%

The cost and 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
Market value as a percentage of cost									104.2		%

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	$	549
Due in one to five years	5,389
Due in five to ten years	6,864
Thereafter	33,734
Total fixed income securities	$	46,536

Preneed funereal trust investment security transactions

Preneed funeral trust investment security transactions recorded in Interest expense on our Consolidated Statements of Operations for the years ended December 31, 2012, 2013 and 2014 were as follows (in thousands):



	Year ended December 31,
	2012			2013			2014
Investment income	$	3,952		$	3,190		$	3,065
Realized gains	4,406			7,957			7,184
Realized losses	(2,536		)	(5,743		)	(2,313		)
Expenses and taxes	(1,550		)	(1,669		)	(1,470		)
Increase in deferred preneed funeral receipts held in trust	(4,272		)	(3,735		)	(6,466		)
	$	—		$	—		$	—

Purchases and sales of investments in preneed funeral trusts

Purchases and sales of investments in the preneed funeral trusts were as follows (in thousands):



	Year ended December 31,
	2012			2013			2014
Purchases	$	(72,424	)	$	(38,592	)	$	(57,297	)
Sales	72,639			39,853			60,352

Preneed Cemetery Trust Investments

Schedule of Available-for-sale Securities [Line Items]

Schedule of unrealized loss position, fair value

Our cemetery merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the years ended December 31, 2014 and 2013, are shown in the following tables (in thousands):



	December 31, 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:
Foreign debt	$	5,629	$	(237	)	$	—	$	—		$	5,629	$	(237	)
Corporate debt	18,051		(778		)	2,016		(1,389		)	20,067		(2,167		)
Preferred stock	10,342		(289		)	3,236		(36		)	13,578		(325		)
Common stock	6,904		(911		)	65		(55		)	6,969		(966		)
Total temporary impaired securities	$	40,926	$	(2,215	)	$	5,317	$	(1,480	)	$	46,243	$	(3,695	)



	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 Funeral Trust Investments

Schedule of Available-for-sale Securities [Line Items]

Schedule of unrealized loss position, fair value



	December 31, 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	$	500	$	—		$	836	$	(15	)	$	1,336	$	(15	)
Foreign debt	4,471		(188		)	—		—			4,471		(188		)
Corporate debt	14,310		(617		)	1,598		(1,101		)	15,908		(1,718		)
Preferred stock	8,300		(232		)	2,597		(29		)	10,897		(261		)
Mortgage backed securities	—		—			51		(3		)	51		(3		)
Mutual funds:
Equity	5,594		(739		)	53		(44		)	5,647		(783		)
Equity and other	4,204		(180		)	6		(1		)	4,210		(181		)
Fixed income	888		(19		)	1,026		(53		)	1,914		(72		)
Other investments	—		—			42		(29		)	42		(29		)
Total temporary impaired securities	$	38,267	$	(1,975	)	$	6,209	$	(1,275	)	$	44,476	$	(3,250	)



	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	)