XML 53 R39.htm IDEA: XBRL DOCUMENT v3.6.0.2
Cemetery Perpetual Care Trust Investments (Tables)
 12 Months Ended
Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]  
Components of Care Trusts' Corpus
The components of Care trusts’ corpus as of December 31, 2015 and 2016 were as follows (in thousands): 
 
December 31, 2015

 
December 31, 2016

Trust assets, at market value
$
43,127

 
$
46,889

Obligations due from trust
(711
)
 
(599
)
Care trusts’ corpus
$
42,416

 
$
46,290
Cost and fair market values associated with the trust investments held in perpetual care trust funds
The following table reflects the cost and market values associated with the trust investments held in perpetual care trust funds at December 31, 2015 (in thousands): 
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market Value
Cash and money market accounts
1
 
$
5,472

 
$
—

 
$
—

 
$
5,472

Fixed income securities:
 
 
 
 
 
 
 
 
 
Municipal bonds
2
 
325

 
—

 
(45
)
 
280

Foreign debt
2
 
3,232

 
—

 
(480
)
 
2,752

Corporate debt
2
 
16,216

 
57

 
(3,094
)
 
13,179

Preferred stock
2
 
11,263

 
20

 
(611
)
 
10,672

Common stock
1
 
11,945

 
393

 
(1,939
)
 
10,399

Trust securities
 
 
$
48,453

 
$
470

 
$
(6,169
)
 
$
42,754

Accrued investment income
 
 
$
373

 
 
 
 
 
$
373

Cemetery perpetual care investments
 
 
 
 
 
 
 
 
$
43,127

Market value as a percentage of cost
 
 
 
 
 
 
 
 
88.2
%
The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2016 (in thousands):
 
Fair Value Hierarchy Level
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Market Value
Cash and money market accounts
1
 
$
6,522

 
$
—

 
$
—

 
$
6,522

Fixed income securities:
 
 
 
 
 
 
 
 
 
Municipal bonds
2
 
365

 
13

 
(3
)
 
375

Foreign debt
2
 
5,100

 
99

 
(435
)
 
4,764

Corporate debt
2
 
13,715

 
966

 
(821
)
 
13,860

Preferred stock
2
 
11,323

 
5

 
(664
)
 
10,664

Mortgage-backed securities
2
 
569

 
223

 
(3
)
 
789

Common stock
1
 
8,259

 
1,382

 
(1,146
)
 
8,495

Mutual funds:
 
 
 
 
 
 
 
 
 
Fixed income
2
 
855

 
76

 
—

 
931

Trust securities
 
 
$
46,708

 
$
2,764

 
$
(3,072
)
 
$
46,400

Accrued investment income
 
 
$
489

 
 
 
 
 
$
489

Cemetery perpetual care investments
 
 
 
 
 
 
 
 
$
46,889

Market value as a percentage of cost
 
 
 
 
 
 
 
 
99.3
%
Estimated maturities of fixed perpetual care trust income securities
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less
$
119

Due in one to five years
4,073

Due in five to ten years
4,083

Thereafter
22,177

Total fixed income securities
$
30,452
Perpetual care trust investment security transactions recorded in interest income and other, net
Perpetual care 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
Realized gains
$
3,468

 
$
1,773

 
$
872

Realized losses
(1,748
)
 
(2,431
)
 
(3,069
)
Decrease (increase) in Care trusts’ corpus
(1,720
)
 
658

 
2,197

Total
$
—

 
$
—

 
$
—
Perpetual care trust investment security transactions recorded in cemetery revenue
Perpetual care trust investment security transactions recorded in Revenues: Cemetery for the years ended December 31, 2014, 2015 and 2016 were as follows (in thousands):
 
Year ended December 31,
 
2014
 
2015
 
2016
Investment income
$
4,713

 
$
5,315

 
$
6,451

Realized gains (losses), net
1,112

 
436

 
(434
)
Total
$
5,825

 
$
5,751

 
$
6,017
Purchases and sales of investments in perpetual care trusts
Purchases and sales of investments in the perpetual care trusts for the years ended December 31, 2014, 2015 and 2016 were as follows (in thousands):
 
Year ended December 31,
 
2014
 
2015
 
2016
Purchases
$
(38,413
)
 
$
(16,694
)
 
$
(16,546
)
Sales
35,402

 
14,710

 
16,534
Perpetual Care Trust Invesments  
Schedule of Available-for-sale Securities [Line Items]  
Schedule of unrealized loss position, fair value
Our perpetual care 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
$
137

 
$
(3
)
 
$
—

 
$
—

 
$
137

 
$
(3
)
Foreign debt
1,619

 
(120
)
 
1,961

 
(315
)
 
3,580

 
(435
)
Corporate debt
4,679

 
(152
)
 
1,439

 
(669
)
 
6,118

 
(821
)
Preferred stock
2,038

 
(77
)
 
8,329

 
(587
)
 
10,367

 
(664
)
Mortgage-backed securities
31

 
(3
)
 
—

 
—

 
31

 
(3
)
Common stock
1,563

 
(121
)
 
2,004

 
(1,025
)
 
3,567

 
(1,146
)
Total temporary impaired securities
$
10,067

 
$
(476
)
 
$
13,733

 
$
(2,596
)
 
$
23,800

 
$
(3,072
)







Our perpetual care 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
$
280

 
$
(45
)
 
$
—

 
$
—

 
$
280

 
$
(45
)
Foreign debt
2,541

 
(265
)
 
281

 
(215
)
 
2,822

 
(480
)
Corporate debt
10,463

 
(2,164
)
 
2,210

 
(931
)
 
12,673

 
(3,095
)
Preferred stock
7,100

 
(301
)
 
3,568

 
(309
)
 
10,668

 
(610
)
Common stock
7,379

 
(1,220
)
 
2,186

 
(719
)
 
9,565

 
(1,939
)
Total temporary impaired securities
$
27,763

 
$
(3,995
)
 
$
8,245

 
$
(2,174
)
 
$
36,008

 
$
(6,169
)