Preneed Trust Investments (Tables)

12 Months Ended

Dec. 31, 2016

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, 2015 and 2016 were as follows (in thousands):



	December 31, 2015			December 31, 2016
Preneed cemetery trust investments, at market value	$	65,486		$	71,834
Less: allowance for contract cancellation	(2,195		)	(2,138		)
Preneed cemetery trust investments, net	$	63,291		$	69,696

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, 2016 are detailed below (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	10,852	$	—	$	—		$	10,852
Fixed income securities:
Municipal bonds	2	496		18		(4		)	$	510
Foreign debt	2	7,574		160		(656		)	7,078
Corporate debt	2	20,621		1,569		(1,123		)	21,067
Preferred stock	2	16,287		8		(947		)	15,348
Mortgage-backed securities	2	949		372		(4		)	1,317
Common stock	1	13,250		2,191		(1,838		)	13,603
Mutual funds:
Fixed income	2	$	1,223	107		—			$	1,330
Trust securities		$	71,252	$	4,425	$	(4,572	)	$	71,105
Accrued investment income		$	729						$	729
Preneed cemetery trust investments									$	71,834
Market value as a percentage of cost									99.8		%

The cost and market values associated with preneed cemetery trust investments at December 31, 2015 are detailed below (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	8,296	$	—	$	—		$	8,296
Fixed income securities:
Municipal bonds	2	458		—		(63		)	$	395
Foreign debt	2	4,803		—		(695		)	4,108
Corporate debt	2	22,968		85		(4,279		)	18,774
Preferred stock	2	16,236		29		(885		)	15,380
Mortgage-backed securities	2	—		—		—			—
Common stock	1	20,387		682		(3,161		)	17,908
Trust securities		$	73,148	$	796	$	(9,083	)	$	64,861
Accrued investment income		$	625						$	625
Preneed cemetery trust investments									$	65,486
Market value as a percentage of cost									88.7		%

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	$	198
Due in one to five years	6,729
Due in five to ten years	5,813
Thereafter	32,580
Total fixed income securities	$	45,320

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, 2014, 2015 and 2016 were as follows (in thousands):



	Year ended December 31,
	2014			2015			2016
Investment income	$	2,840		$	2,562		$	2,250
Realized gains	5,712			2,952			2,141
Realized losses	(2,789		)	(3,671		)	(6,559		)
Expenses and taxes	(1,716		)	(1,790		)	(1,266		)
Decrease (increase) in deferred preneed cemetery receipts held in trust	(4,047		)	(53		)	3,434
	$	—		$	—		$	—

Purchases and sales of investments in preneed cemetary trusts

Purchases and sales of investments in the preneed cemetery trusts for the years ended December 31, 2014, 2015 and 2016 were as follows (in thousands):



	Year ended December 31,
	2014			2015			2016
Purchases	$	(53,443	)	$	(26,757	)	$	(25,643	)
Sales	58,022			23,141			25,846

Components of preneed funeral trust investments

The components of Preneed funeral trust investments on our Consolidated Balance Sheets at December 31, 2015 and 2016 were as follows (in thousands):



	December 31, 2015			December 31, 2016
Preneed funeral trust investments, at market value	$	88,444		$	91,980
Less: allowance for contract cancellation	(2,891		)	(2,740		)
Preneed funeral trust investments, net	$	85,553		$	89,240

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, 2016 are detailed below (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	22,787	$	—	$	—		$	22,787
Fixed income securities:
U.S. treasury debt	1	1,491		21		(10		)	1,502
Municipal bonds	2	447		17		(4		)	460
Foreign debt	2	7,692		170		(677		)	7,185
Corporate debt	2	21,454		1,566		(1,134		)	21,886
Preferred stock	2	17,037		64		(970		)	16,131
Mortgage-backed securities	2	1,165		400		(5		)	1,560
Common stock	1	13,675		2,256		(1,850		)	14,081
Mutual funds:
Fixed income	2	2,124		115		(66		)	2,173
Other investments	2	3,463		—		—			3,463
Trust securities		$	91,335	$	4,609	$	(4,716	)	$	91,228
Accrued investment income		$	752						$	752
Preneed funeral trust investments									$	91,980
Market value as a percentage of cost									99.9		%

The cost and market values associated with preneed funeral trust investments at December 31, 2015 are detailed below (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	21,458	$	—	$	—		$	21,458
Fixed income securities:
U.S. treasury debt	1	1,492		24		(12		)	1,504
Municipal bonds	2	478		—		(66		)	412
Foreign debt	2	4,938		—		(711		)	4,227
Corporate debt	2	24,787		133		(4,711		)	20,209
Preferred stock	2	17,496		158		(914		)	16,740
Mortgage-backed securities	2	273		4		(4		)	273
Common stock	1	20,864		738		(3,114		)	18,488
Mutual funds:
Fixed income	2	959		—		(82		)	877
Other investments	2	3,598		—		(30		)	3,568
Trust securities		$	96,343	$	1,057	$	(9,644	)	$	87,756
Accrued investment income		$	688						$	688
Preneed funeral trust investments									$	88,444
Market value as a percentage of cost									91.1		%

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	$	212
Due in one to five years	8,105
Due in five to ten years	6,276
Thereafter	34,131
Total fixed income securities	$	48,724

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, 2014, 2015 and 2016 were as follows (in thousands):



	Year ended December 31,
	2014			2015			2016
Investment income	$	3,065		$	2,819		$	2,344
Realized gains	7,184			3,931			2,287
Realized losses	(2,313		)	(3,979		)	(6,642		)
Expenses and taxes	(1,470		)	(988		)	(1,174		)
Decrease (increase) in deferred preneed funeral receipts held in trust	(6,466		)	(1,783		)	3,185
	$	—		$	—		$	—

Purchases and sales of investments in preneed funeral trusts

Purchases and sales of investments in the preneed funeral trusts for the years ended December 31, 2014, 2015 and 2016 were as follows (in thousands):



	Year ended December 31,
	2014			2015			2016
Purchases	$	(57,297	)	$	(26,021	)	$	(26,457	)
Sales	60,352			42,582			27,425

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 as of December 31, 2016 are shown in the following tables (in thousands):



	December 31, 2016
	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:
Municipal bonds	$	228	$	(4	)	$	—	$	—		$	228	$	(4	)
Foreign debt	2,523		(180		)	2,868		(475		)	5,391		(655		)
Corporate debt	6,939		(233		)	2,168		(890		)	9,107		(1,123		)
Preferred stock	3,217		(121		)	11,635		(826		)	14,852		(947		)
Mortgage-backed securities	51		(5		)	—		—			51		(5		)
Common stock	2,608		(202		)	3,385		(1,636		)	5,993		(1,838		)
Total temporary impaired securities	$	15,566	$	(745	)	$	20,056	$	(3,827	)	$	35,622	$	(4,572	)

Our cemetery merchandise and service trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2015 are shown in the following tables (in thousands):



	December 31, 2015
	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:
Municipal bonds	$	395	$	(63	)	$	—	$	—		$	395	$	(63	)
Foreign debt	3,680		(384		)	406		(312		)	4,086		(696		)
Corporate debt	14,468		(2,992		)	3,056		(1,287		)	17,524		(4,279		)
Preferred stock	10,285		(436		)	5,168		(448		)	15,453		(884		)
Common stock	12,029		(1,989		)	3,564		(1,172		)	15,593		(3,161		)
Total temporary impaired securities	$	40,857	$	(5,864	)	$	12,194	$	(3,219	)	$	53,051	$	(9,083	)

Preneed Funeral Trust Investments

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

Schedule of unrealized loss position, fair value



	December 31, 2016
	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	$	834	$	(10	)	$	—	$	—		$	834	$	(10	)
Municipal bonds	244		(5		)	—		—			244		(5		)
Foreign debt	2,654		(186		)	2,905		(490		)	5,559		(676		)
Corporate debt	6,977		(215		)	2,234		(919		)	9,211		(1,134		)
Preferred stock	3,420		(128		)	11,750		(842		)	15,170		(970		)
Mortgage-backed securities	55		(5		)	11		(1		)	66		(6		)
Mutual funds:
Equity	2,795		(216		)	3,390		(1,634		)	6,185		(1,850		)
Equity and other	—		—			—		—			—		—
Fixed income	97		(7		)	644		(58		)	741		(65		)
Other investments	—		—			—		—			—		—
Total temporary impaired securities	$	17,076	$	(772	)	$	20,934	$	(3,944	)	$	38,010	$	(4,716	)

Our preneed funeral trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses as of December 31, 2015 are shown the the following tables (in thousands):



	December 31, 2015
	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	$	—	$	—		$	1,504	$	(12	)	$	1,504	$	(12	)
Municipal bonds	413		(66		)	—		—			413		(66		)
Foreign debt	3,763		(392		)	416		(319		)	4,179		(711		)
Corporate debt	15,929		(3,294		)	3,364		(1,417		)	19,293		(4,711		)
Preferred stock	10,623		(451		)	5,338		(463		)	15,961		(914		)
Mortgage-backed securities	—		—			272		(4		)	272		(4		)
Mutual funds:
Equity	11,848		(1,959		)	3,510		(1,154		)	15,358		(3,113		)
Fixed income	1		—			876		(82		)	877		(82		)
Other investments	—		—			42		(31		)	42		(31		)
Total temporary impaired securities	$	42,577	$	(6,162	)	$	15,322	$	(3,482	)	$	57,899	$	(9,644	)