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Cemetery Perpetual Care Trust Investments | 3 Months Ended
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Mar. 31, 2017
Cemetery Perpetual Care Trust Investments [Abstract] |
CEMETERY PERPETUAL CARE TRUST INVESTMENTS | CEMETERY PERPETUAL CARE TRUST INVESTMENTS Care trusts’ corpus on our Consolidated Balance Sheets represents the corpus of those trusts plus undistributed income. The components of Care trusts’ corpus as of December 31, 2016 and March 31, 2017 were as follows (in thousands):
| December 31, 2016 |  | March 31, 2017
Trust assets, at market value | $ | 46,889 |  |  | $ | 47,716 |
Obligations due from trust | (599 | ) |  | (466 | )
Care trusts’ corpus | $ | 46,290 |  |  | $ | 47,250 |
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. The income earned from these perpetual care trusts offsets maintenance expenses for cemetery property and memorials. This trust fund income is recognized, as earned, in Revenues: Cemetery. Trust management fees charged by CSV RIA are included in revenue in the period in which they are earned. At March 31, 2017, none of our cemetery perpetual care trust investments were underfunded. 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 and common stock. 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 municipal bonds, foreign debt, corporate debt, preferred stock, mortgage-backed securities and fixed income mutual funds, all of which are classified within Level 2 of the valuation hierarchy. We review and update our fair value hierarchy classifications quarterly. There were no transfers between Levels 1 and 2 in the three months ended March 31, 2017. There are no Level 3 investments in the cemetery perpetual care trust investment portfolio. See Note 7 to the Consolidated Financial Statements included herein 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 March 31, 2017 (in thousands):
| Fair Value Hierarchy Level |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Market Value
Cash and money market accounts | 1 |  | $ | 5,407 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,407 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Municipal bonds | 2 |  | 367 |  |  | 5 |  |  | (24 | ) |  | 348 |
Foreign debt | 2 |  | 4,423 |  |  | 156 |  |  | (273 | ) |  | 4,306 |
Corporate debt | 2 |  | 13,400 |  |  | 743 |  |  | (696 | ) |  | 13,447 |
Preferred stock | 2 |  | 11,421 |  |  | 21 |  |  | (515 | ) |  | 10,927 |
Mortgage-backed securities | 2 |  | 650 |  |  | 205 |  |  | (8 | ) |  | 847 |
Common stock | 1 |  | 10,657 |  |  | 1,693 |  |  | (1,411 | ) |  | 10,939 |
Mutual funds: |  |  |  |  |  |  |  |  |
Fixed Income | 2 |  | 862 |  |  | 85 |  |  | — |  |  | 947 |
Trust securities |  |  | $ | 47,187 |  |  | $ | 2,908 |  |  | $ | (2,927 | ) |  | $ | 47,168 |
Accrued investment income |  |  | $ | 548 |  |  |  |  |  |  | $ | 548 |
Cemetery perpetual care investments |  |  |  |  |  |  |  |  | $ | 47,716 |
Market value as a percentage of cost |  |  |  |  |  |  |  |  | 100.0 | %
The estimated maturities of the fixed income securities included above are as follows (in thousands):
Due in one year or less | $ | 102 |
Due in one to five years | 2,903 |
Due in five to ten years | 3,088 |
Thereafter | 23,782 |
| $ | 29,875 |
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 | %
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. In the three months ended March 31, 2016, we recorded a $0.4 million impairment for other-than-temporary declines in the fair value related to unrealized losses on certain investments. We did no t record any impairments in the three months ended March 31, 2017. There is no impact on earnings until such time that the loss is realized in the trusts, allocated to preneed contracts and the services are performed or the merchandise is delivered, causing the contract to be withdrawn from the trust in accordance with state regulations. At March 31, 2017, we had certain investments within our perpetual care trust investments that had tax lots in loss positions for more than one year. Based on our analyses of these securities, the companies’ businesses and current market conditions, we determined that these investment losses were temporary in nature. Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended March 31, 2017 are shown in the following table (in thousands):
| March 31, 2017
| 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 | $ | 306 |  |  | $ | (24 | ) |  | $ | — |  |  | $ | — |  |  | $ | 306 |  |  | $ | (24 | )
Foreign debt | 583 |  |  | (13 | ) |  | 1,763 |  |  | (260 | ) |  | 2,346 |  |  | (273 | )
Corporate debt | 5,047 |  |  | (335 | ) |  | 1,151 |  |  | (361 | ) |  | 6,198 |  |  | (696 | )
Preferred stock | 1,287 |  |  | (41 | ) |  | 8,516 |  |  | (474 | ) |  | 9,803 |  |  | (515 | )
Mortgage-backed securities | 164 |  |  | (8 | ) |  | — |  |  | — |  |  | 164 |  |  | (8 | )
Common stock | 2,901 |  |  | (268 | ) |  | 1,904 |  |  | (1,143 | ) |  | 4,805 |  |  | (1,411 | )
Total temporary impaired securities | $ | 10,288 |  |  | $ | (689 | ) |  | $ | 13,334 |  |  | $ | (2,238 | ) |  | $ | 23,622 |  |  | $ | (2,927 | )
Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended December 31, 2016 are shown in the following table (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 | )
Perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the three months ended March 31, 2016 and 2017 were as follows (in thousands):
| For the Three Months Ended March 31,
| 2016 |  | 2017
Realized gains | $ | 47 |  |  | $ | 281 |
Realized losses | (1,249 | ) |  | (149 | )
Decrease (increase) in care trusts’ corpus | 1,202 |  |  | (132 | )
Total | $ | — |  |  | $ | — |
Perpetual care trust investment security transactions recorded in Revenues: Cemetery for the three months ended March 31, 2016 and 2017 were as follows (in thousands):
| For the Three Months Ended March 31,
| 2016 |  | 2017
Investment income | $ | 1,476 |  |  | $ | 1,705 |
Realized gain, net | (262 | ) |  | (499 | )
Total | $ | 1,214 |  |  | $ | 1,206 |
Purchases and sales of investments in the perpetual care trusts for the three months ended March 31, 2016 and 2017 were as follows (in thousands):
| For the Three Months Ended March 31,
| 2016 |  | 2017
Purchases | $ | (6,758 | ) |  | $ | (5,012 | )
Sales | $ | 4,748 |  |  | $ | 3,887 |

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- Definition CEMETERY PERPETUAL CARE TRUST INVESTMENTS + References No definition available. + Details
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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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